Administrators say the Las Vegas Monorail might seek Chapter 11 bankruptcy protection in an effort to restructure its bond debt.
Despite handing out extravagant raises for a losing operation, Board member Bruce Woodbury said the company hasn’t raised enough money from fares to pay off the $650 million in construction and startup loans floated to build and start operating the system in July 2004.
The 3.9-mile system runs on an elevated track linking several large hotel-casinos and the Las Vegas Convention Center east of the Las Vegas Strip.
And, despite its dismal failure, Woodbury says plans still call for building a whopping
$500 million extension to Las Vegas’ McCarran International Airport and other Strip resorts to boost revenues that didn’t happen with original monorail.
Vegas Backstage Access (VBA) 