Vegas closes in on Elon Musk’s Boring Company tunnel with monorail acquisition
The Las Vegas Convention and Visitors Authority (LVCVA) has completed its transaction to acquire the assets of the Las Vegas Monorail Company.
The U.S. Bankruptcy Court approved the sale on November 24, 2020. The transaction also enables alternative transportation options on the east side of Las Vegas Boulevard by eliminating the no-competition zone around the monorail system.
It also paves the way for the Boring Company’s underground tunnel, the Vegas Loop, to be built throughout the destination; pending approval of the lifting of the monorail no-competition zone by the LVCVA Board of Directors on December 10.
The 3.9-mile elevated monorail carries nearly five million people a year, many of whom attend meetings at the Las Vegas Convention Center (LVCC).
The LVCVA plans to resume monorail operations when there is visitor demand in the destination for transportation service. The expertise of key personnel from the existing monorail team will be retained and part of the Western Management Group will be contracted by the LVCVA to manage and operate the system.
The Las Vegas Monorail began in 1995 with service between MGM Grand and Bally’s using two used monorail trains that previously operated at Walt Disney World.