LAS VEGAS (KTNV) — The Las Vegas Convention and Visitors Authority is moving forward with its plans to own and operate the Las Vegas Monorail.
Clark County Commissioners gave the green light to transfer franchise rights during a meeting on Tuesday and the LVCVA Board of Directors approved the acquisition of the Las Vegas Monorail system for up to $24.26 million.
The board said this will preserve a key transportation solution for business and leisure travelers in Las Vegas.
“The board’s action today was significant as it is the first step toward keeping this very important transportation system in the heart of the resort corridor,” says Steve Hill, LVCVA CEO and president. “Convenient and efficient transportation around Las Vegas is an essential aspect of the visitor experience.”
RELATED TO THE MONORAIL:
The Las Vegas Monorail Company plans to file bankruptcy after COVID-19 forced it to shut down, and the LVCVA plans to file with the court to resolve the bankruptcy.
The monorail began operations in 2004 and is currently owned by the Las Vegas Monorail Company, a private not-for-profit corporation, but has suspended operations since March 18 due to the pandemic.
Hill says he believes the LVCVA can run the system more efficiently, partially because it has access to lower interest loans.
"Nearly a third of our convention attendees ride that monorail," said Hill. "Our customers, trade show organizers, have reached out to us asking us to please make sure the monorail remains a transportation option for their customers and our customers in Las Vegas."
The monorail carries about 5 million passengers a year and generates a little more than $2 million a year.
If successful in the monorail's acquisition, the LVCVA says it will contract with an outside firm to manage and operate the monorail system.
Also happening Tuesday, commissioners are considering raising poll worker wages even more as an incentive to get more people to apply for the job. Learn more about that here.