The Las Vegas Convention and Visitors Authority plans to buy the local monorail system for $24 million as part of “a prepackaged bankruptcy,” according to published reports.
“Stepping up now and overseeing this transition is an important part of what we can do for Las Vegas,” the Reno Gazette Journal quoted LVCVA CEO Steve Hill as saying at board meeting.
The system, which cost $650 million to build, has been closed since March because of the COVID-19 pandemic.
“Ultimately, we feel that this can be a system that generates cash, but that requires the market getting back to a reasonable level of health,” KLAS quoted Hill as saying.
An extension of the system, including a connection to McCarran International Airport has long been rumored, but remains unbuilt.
