Las Vegas Monorail Faces Bankruptcy

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.

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