LVCVA Finalizes Purchase to Keep Las Vegas Monorail on Track
The Las Vegas Convention and Visitors Authority has acquired the assets of the Las Vegas Monorail Company to preserve an important transportation option along the Las Vegas Strip. The transaction was finalized on Dec. 9, following approval of the sale by the U.S. Bankruptcy Court on Nov. 24.
The company was purchased for more than $24 million, according to LVCVA officials.
The transaction also allows for other transportation options on the east side of Las Vegas Boulevard by eliminating the non-compete area around the monorail system while also paving the way for the Boring Company’s underground tunnel, the Vegas Loop, to be constructed throughout the desert destination. Approval to waive the monorail’s non-compete zone was granted by the LVCVA board of directors on Dec. 10.
Before its operations were suspended last Spring due to COVID-19, the 3.9-mile elevated monorail moved nearly 5 million people per year, many of whom attend meetings and trade shows at the Las Vegas Convention Center and in the hotel-resorts along the Strip.
Here are some key facts about the Las Vegas Monorail, which was previously the only privately owned public transportation system in the U.S.:
- The monorail began in 1995, with service running between MGM Grand and Bally’s Hotel & Casino using two used monorail trains that had previously operated at Walt Disney World.
- The system expanded and opened on July 15, 2004, with seven stops along the resort corridor including: MGM Grand, Bally’s/Paris Las Vegas, Flamingo/Caesars Palace, Harrah’s/The LINQ, Las Vegas Convention Center, Westgate Las Vegas and SAHARA Las Vegas
- The monorail is 100%electric and runs zero-emission trains
- It aids in the removal of an estimated 2.1 million vehicle miles from roadways and reduces emissions by more than 27 tons of carbon monoxide in Southern Nevada
- Transports an average of 67,000 passengers during citywide trade shows
According to LVCVA officials, the CVB hopes to resume operations in May ahead of Memorial Day weekend, when there will likely be higher visitor demand. Key staff expertise from the existing monorail team will be retained and part of Western Management Group will be contracted by the LVCVA to manage and operate the system.