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Bankruptcy judge skeptical about Las Vegas Monorail plans
Las Vegas Sun ^ | 16 nov 2011 | Steve Green

Posted on 11/16/2011 6:19:19 AM PST by rellimpank

The Las Vegas Monorail was developed at a cost of $650 million — but based on its meager ridership and revenue levels it’s now worth just $16 million to $20 million.

That caused a bankruptcy judge to express skepticism Monday about Las Vegas Monorail Co.’s plan to emerge from bankruptcy in which it would still be encumbered by $44.5 million in debt — more than twice its value as a company.

On top of that, Judge Bruce Markell noted, the monorail’s own financial projections show it facing a deficit of $38.4 million in 2019.

“I don’t buy it,” Markell told Monorail attorneys during a day-long hearing

(Excerpt) Read more at vegasinc.com ...


TOPICS: Business/Economy; Government; News/Current Events; US: Nevada
KEYWORDS: monorail; rail; rails; trains

1 posted on 11/16/2011 6:19:19 AM PST by rellimpank
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To: Willie Green

—ping—


2 posted on 11/16/2011 6:20:41 AM PST by rellimpank (--don't believe anything the media or government says about firearms or explosives--)
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To: rellimpank

They should name this waste of money after Harry Reid!


3 posted on 11/16/2011 6:23:40 AM PST by Dr. Ursus
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To: rellimpank
They could probably easily double the ridership if they just ran it to the airport. I've never heard a good reason why they didn't other than the cabbies pitched a fit about the idea when it was planned.
4 posted on 11/16/2011 6:23:47 AM PST by KarlInOhio (Herman Cain: possibly the escapee most dangerous to the Democrats since Frederick Douglass.)
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To: rellimpank
But facts and figures will never dampen a socialist/communist Utopian dream of making people do it their way.
5 posted on 11/16/2011 6:25:00 AM PST by mountainlion (I am voting for Sarah after getting screwed again by the DC Thugs.)
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To: rellimpank

Just get Hairy “Dingy” Read to subsidize it, from his stash.


6 posted on 11/16/2011 6:26:58 AM PST by Paladin2
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To: rellimpank

I have ridden this monorail and it was pretty nice........ if you want to go to one of these 4 casinos. I thought it was just another tourist thing, don’t even remember if I paid to ride it.


7 posted on 11/16/2011 6:27:21 AM PST by Ditter
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To: rellimpank

Lyle Lanley: Well, sir, there’s nothing on earth
Like a genuine,
Bona fide,
Electrified,
Six-car
Monorail!
What’d I say?

Ned Flanders: Monorail!

Lyle Lanley: What’s it called?

Patty+Selma: Monorail!

Lyle Lanley: That’s right! Monorail!

[crowd chants `Monorail’ softly and rhythmically]

Miss Hoover: I hear those things are awfully loud...

Lyle Lanley: It glides as softly as a cloud.

Apu: Is there a chance the track could bend?

Lyle Lanley: Not on your life, my Hindu friend.

Barney: What about us brain-dead slobs?

Lyle Lanley: You’ll be given cushy jobs.

Abe: Were you sent here by the devil?

Lyle Lanley: No, good sir, I’m on the level.

Wiggum: The ring came off my pudding can.

Lyle Lanley: Take my pen knife, my good man.

I swear it’s Springfield’s only choice...
Throw up your hands and raise your voice!

All: Monorail!

Lyle Lanley: What’s it called?

All: Monorail!

Lyle Lanley: Once again...

All: Monorail!

Marge: But Main Street’s still all cracked and broken...

Bart: Sorry, Mom, the mob has spoken!

All: Monorail!
Monorail!
Monorail!

[big finish]

Monorail!

Homer: Mono... D’oh!


8 posted on 11/16/2011 6:27:34 AM PST by pogo101
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To: KarlInOhio
--because the recession hit before Harry Reid could get tax money for the extension to the airport, which was never stated but you can be sure was the original plan---

--had that occurred , you can bet the taaxpayer would be on the hook for a bunch---

9 posted on 11/16/2011 6:29:23 AM PST by rellimpank (--don't believe anything the media or government says about firearms or explosives--)
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To: rellimpank

But everything is going to be just fine...they have applied for federal grants!!!


10 posted on 11/16/2011 6:30:11 AM PST by ontap
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To: Ditter

—you paid—about 20% of what it would take to make it financially viable-—


11 posted on 11/16/2011 6:30:32 AM PST by rellimpank (--don't believe anything the media or government says about firearms or explosives--)
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To: pogo101

It’s been a long time since we had a good Monorail thread.


12 posted on 11/16/2011 6:30:37 AM PST by massgopguy (I owe everything to George Bailey)
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To: KarlInOhio
Not only that, but their fares are ridiculously high. If I recall correctly, it's somewhere around $5 for a one-time trip. You can get it down to about $3 if you buy multiple passes, but that's still too high.

The people who set the fares do their calculations like Democrats formulating tax policy. They figure they need X amount in revenue to cover costs and divide expected ridership by X. It never occurs to him that lowering the fares would lead to increased usage and more revenue.

Society supposedly learned this lesson back in the nineteenth century with the introduction of the penny post.

13 posted on 11/16/2011 6:31:20 AM PST by Mr Ramsbotham (Laws against sodomy are honored in the breech.)
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To: rellimpank
It is easy to forget if you paid because everyone in Las Vegas has their hand out. It's all about the money.
14 posted on 11/16/2011 6:34:51 AM PST by Ditter
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To: Ditter

It was built behind the casinos. It is at least 1/2 mile walk to the Strip on several stops and it goes out to the Convention Center and Hilton (about 1/2 mile off the strip). I guess “build it and they will come” didn’t work out too well. It reminds me of most light-rail pie-in-the-sky projections of ridership and finances. Crony capitalism...take the money and run.


15 posted on 11/16/2011 6:40:00 AM PST by hal ogen (First Amendment or Reeducation Camp?)
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To: rellimpank
Didn't go on it. The bus for $3 a day went up and down the strip.
I was told the original purpose was to connect the airport with down town. The bus companies and cab unions have stopped it.
16 posted on 11/16/2011 6:41:43 AM PST by AGreatPer (Obama has NEVER given a speech where he did not lie!!!)
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To: rellimpank

There’s one good thing about the Las Vegas monorail. We finally got to see how profitable mass transit is when it’s actually built with private money. It only reinforces what we all knew all along.


17 posted on 11/16/2011 6:42:53 AM PST by BfloGuy (Even the opponents of Socialism are dominated by socialist ideas.)
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To: AGreatPer

—construction costs of tens of millions of dollars per mile had more to do with it , IMHO-—


18 posted on 11/16/2011 6:48:29 AM PST by rellimpank (--don't believe anything the media or government says about firearms or explosives--)
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To: hal ogen; Ditter; All
--when the monorail was first proposed, I was one of 11 employees at the free tram which runs from Excalibur to Luxor to Mandalay Bay--

--we all looked over the proposed route and stops and unanimously agreed that the thing wouldn't work, as it didn't really get anyone from where they were to where thay wanted to be--a fatal flaw for most public transportation.

19 posted on 11/16/2011 6:53:00 AM PST by rellimpank (--don't believe anything the media or government says about firearms or explosives--)
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To: Mr Ramsbotham

If they were charging $5 to ride it, I hope it was longer than I remember. Last time I rode it, it was free. It only ran from the MGM to Ballys and free was pretty much all it was worth.

Of course, I haven’t been to Las Vegas since ubama told us not to go there. I’ll go again when a future president tells us it’s OK to go again.


20 posted on 11/16/2011 6:55:49 AM PST by farmguy
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To: rellimpank
I was one of 11 employees at the free tram which runs from Excalibur to Luxor to Mandalay Bay--

Is the free tram still running?

21 posted on 11/16/2011 6:58:30 AM PST by FatherofFive (Islam is evil and must be eradicated)
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To: farmguy

—you weren’t on the monorail—you were on a tram, privately funded and built by casinos —


22 posted on 11/16/2011 6:58:59 AM PST by rellimpank (--don't believe anything the media or government says about firearms or explosives--)
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To: FatherofFive

—yep—


23 posted on 11/16/2011 6:59:21 AM PST by rellimpank (--don't believe anything the media or government says about firearms or explosives--)
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To: rellimpank

Maybe so, but it was called a monorail at the time and it looked just like the one at Disneyworld.


24 posted on 11/16/2011 7:04:11 AM PST by farmguy
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To: rellimpank

Maybe what I rode was the free tram because we were staying at the Mandalay Bay at the time.


25 posted on 11/16/2011 7:18:38 AM PST by Ditter
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To: rellimpank

Yeah, where’s Willie when we need him (for comic relief)?


26 posted on 11/16/2011 7:24:48 AM PST by achilles2000 ("I'll agree to save the whales as long as we can deport the liberals")
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To: rellimpank
650 million? somebody's fudging those numbers. They had to lay the rail, sure. But the cars they bought used from Disneyland.

CC

27 posted on 11/16/2011 8:07:56 AM PST by Celtic Conservative (Wisdom comes from experience. Experience comes from a lack of wisdom.)
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To: rellimpank
650 million? somebody's fudging those numbers. They had to lay the rail, sure. But the cars they bought used from Disneyland.

CC

28 posted on 11/16/2011 8:07:57 AM PST by Celtic Conservative (Wisdom comes from experience. Experience comes from a lack of wisdom.)
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To: rellimpank

Typical light rail projects cost $100,000,000.00 per mile.

The monorail was a bargain.


29 posted on 11/16/2011 8:15:00 AM PST by Tramonto (9 9 9)
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To: Tramonto

I read the article wrong. I think this thing cost even more than a typical light rail system.


30 posted on 11/16/2011 8:18:09 AM PST by Tramonto (9 9 9)
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To: rellimpank

I’ll give you 5 to 1 odds that Las Vegas didn’t think this through.


31 posted on 11/16/2011 8:20:41 AM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: rellimpank
from what I recall, the best thing they could do is run it TO the airport, with a long tern goal of running it between the airport and freemont street.

Cabbies can get the big fares and the street hails.

32 posted on 11/16/2011 9:28:01 AM PST by jimjohn (Herman Cain: git it on yer mind!)
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To: rellimpank
—yep—

So they spend $600 million to replace a 'free' service?

I wish I was that good a salesman.

33 posted on 11/16/2011 9:28:09 AM PST by FatherofFive (Islam is evil and must be eradicated)
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To: KarlInOhio

Expand it to run both to the airport, and to downtown, and they will get plenty of riders.


34 posted on 11/16/2011 1:13:56 PM PST by CGalen
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