Thursday, January 14, 2010

Las Vegas Monorail Corp Files Bankruptcy

The Las Vegas Monorail Company has filed for Chapter 11 bankruptcy.

Last year, the train carried 6 million passengers and brought in about $27 million in fare box and advertising revenues, according to the company.

In prior years, the ridership figures were between 7 million and 8 million.

Ridership is down since the recession as Las Vegas has hosted fewer conventions and attendance has decreased at the events that have been held.

The monorail company has plans for expansion, though, if it can settle with bond holders.

In a further object lesson that a recession should be about restructurings, and not bailouts. The monorail restructuring talks are well on their way, and expansion to the airport appears likely.

1 comment:

  1. Thank you comrade Barry, for your continued support of the Vegas business community.