Nevada Governor Says State Will Not Support Las Vegas Monorail Bonds | News


[ad_1]

LAS VEGAS (AP) – Plans to finance and build the Las Vegas monorail could derail after Nevada Gov. Steve Sisolak turned down state support for $ 200 million in tax-exempt bonds.

The directors of Las Vegas Monorail Co. have sought funds to repay a recent loan of $ 13 million and to build new stopovers near the Mandalay Bay complex and the future site of the MSG Sphere near the Venetian. Mandalay Bay is close to the 65,000-seat Allegiant Stadium slated for construction for the NFL Oakland Raiders’ move to Las Vegas in 2020.

“After careful consideration, the governor refused to sign the certificate,” Sisolak’s office said in a statement to FOX5.

Approved parking plan for the MSG Sphere project in Las Vegas

Clark County Commissioners Approve Monorail Extension

The monorail failed to repay $ 650 million in state guaranteed bonds issued to build a 3.9 mile track, and it filed for Chapter 11 bankruptcy in 2010.

Ingrid Reisman, Senior Vice President of Las Vegas Monorail Co., issued the following statement on Monday afternoon:

The expansion of the Las Vegas monorail system at both Sands Expo and the Mandalay Bay / Luxor resort campus offers substantial relief from congestion and environmental benefits that the company believes it can achieve. The mobility and air quality benefits that the expansion brings to the Southern Nevada community and tourism industry simply cannot be realized any faster or with such minimal public participation by all. other means currently existing. These types of benefits typically require communities to commit hundreds of millions of dollars in tax grants to build facilities offering similar benefits, as well as tens of millions per year in taxpayer grants to pay for operating costs and to build costs. routine maintenance. The Las Vegas Monorail offers these benefits without any subsidy. We continue to believe that these beneficial results are worth pursuing.

The monorail currently connects the Las Vegas Convention Center with stops near several resorts on the Strip.

[ad_2]

Comments are closed.