Skip to comments.Bankruptcy judge skeptical about Las Vegas Monorail plans
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 its 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 monorails own financial projections show it facing a deficit of $38.4 million in 2019.
I dont buy it, Markell told Monorail attorneys during a day-long hearing
(Excerpt) Read more at vegasinc.com ...
They should name this waste of money after Harry Reid!
Just get Hairy “Dingy” Read to subsidize it, from his stash.
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.
Lyle Lanley: Well, sir, there’s nothing on earth
Like a genuine,
What’d I say?
Ned Flanders: Monorail!
Lyle Lanley: What’s it called?
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!
Lyle Lanley: What’s it called?
Lyle Lanley: Once again...
Marge: But Main Street’s still all cracked and broken...
Bart: Sorry, Mom, the mob has spoken!
Homer: Mono... D’oh!
--had that occurred , you can bet the taaxpayer would be on the hook for a bunch---
But everything is going to be just fine...they have applied for federal grants!!!
—you paid—about 20% of what it would take to make it financially viable-—
It’s been a long time since we had a good Monorail thread.
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.
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.
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.
—construction costs of tens of millions of dollars per mile had more to do with it , IMHO-—
--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.
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.