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Sale of monorail to LVCVA gets approval
Purchase price is just shy of $25M
The Vox Agency
Las Vegas, NV (KXNT) - The Las Vegas Monorail is now officially owned by the Las Vegas Convention and Visitors Authority.
Bankruptcy judge approves LVCVA’s $24.26 purchase of the Las Vegas Monorail https://t.co/IfSWkxCnsT @CDCNewswire #LasVegas @LVCVA
— Howard Stutz (@howardstutz) November 25, 2020
A judge approved the sale of the Vegas Monorail yesterday.
The LVCVA purchased the transit system for a little over 24-million dollars.
Why would the LVCVA want to purchase the monorail, which has been a moneyloser since its inception? According to Rick Velotta of the Las Vegas Review Journal, The LVCVA’s primary interest in acquiring the system is to control a noncompete agreement that enables Elon Musk’s The Boring Co. to build a competing underground transit system on the east side of Las Vegas Boulevard.