The Las Vegas Monorail looking for a bailout because almost nobody’s riding its rail.
There’s enough riders to cover the day to day expenses of operating the thing, but not enough to pay off the massive debt payments which total $451 million. Fitch downgraded the company’s bonds to C rating, which means “default of some kind appears imminent or inevitable.”
So, like any good business in today’s economic environment, the company is “looking into possible federal loans or other sources of public funding,” according to KVBC.
But even as the company comes with its hand out for some cash, it’s working on an extension out to the airport, which will rack up more debt.
Our question: Why on Earth didn’t it start with an extension from the airport to the strip? We don’t think most Las Vegas tourists would travel around the town on a monorail, but we think almost all would take it into town, if given the option.
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