The Las Vegas Convention and Visitors Authority closed on its transaction on Dec. 9 to acquire the assets of the Las Vegas Monorail Company, preserving an important transportation option in Las Vegas and ensuring it can operate in the coming years.
The U.S. Bankruptcy Court approved the sale on Nov. 24. 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. It further paves the way for the Boring Company’s underground tunnel, the Vegas Loop, to be constructed throughout the destination; pending approval to waive the monorail’s non-compete zone by the LVCVA Board of Directors on December 10.
The 3.9-mile elevated monorail has moved nearly five million people a year, many of whom are attending meetings at the Las Vegas Convention Center. The LVCVA plans to resume operations of the monorail when there is visitor demand in the destination for the transportation service. Key staff expertise from the existing monorail team will be retained and part of Western Management Group contracted by the LVCVA to manage and operate the system.
Las Vegas Monorail facts:
• The monorail began in 1995 with service running between MGM Grand and Bally’s 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
• It’s 100 percent electric and runs zero emission trains
• Aids in the removal of an estimated 2.1 million vehicle miles from Southern Nevada’s roadways
• Reduces emissions by more than 27 tons of carbon monoxide in Southern Nevada
• Transports an average of 67,000 passengers during citywide tradeshows
The Las Vegas Convention and Visitors Authority is charged with marketing Southern Nevada as a tourism and convention destination worldwide, and with operating the Las Vegas Convention Center. With nearly 150,000 hotel rooms in Las Vegas alone and more than 13 million square feet of meeting and exhibit space citywide, the LVCVA’s mission centers on attracting leisure and business visitors to the area. For more info, visit www.lvcva.com or www.visitlasvegas.com or www.VegasMeansBusiness.com.