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The Las Vegas Monorail Company has filed for Chapter 11 bankruptcy.
The operator of the monorail that runs along a portion of the Strip made the announcement Monday.
LAS VEGAS (AP) — The idled Las Vegas Monorail is being bought by the local tourism authority with plans to arrange the system's second Chapter 11 bankruptcy after 16 years of operation by a not-for-profit corporation.
The Las Vegas Convention and Visitors Authority is exploring the possibility of acquiring the Las Vegas Monorail Company.
President and CEO Steve Hill told the LVCVA board of directors talks are in the early stages but could move rapidly in the coming weeks.
The Las Vegas Monorail Company says it has secured a new loan to pay off $10 million in bonds and interest due Monday.
A spokeswoman for the company told the Las Vegas Review-Journal that the new deal will also cover an additional $3 million in monorail bonds set to mature in 2055.
The cost of a proposed expansion to the Las Vegas Monorail has gone up since the project was first brought to the Clark County Commission.
The company asked commissioners this week to guarantee a public contribution of up to $135 million would be available.
The Las Vegas Monorail Company has submitted construction permits for its planned one-mile extension from the MGM Grand to
Clark County Commissioners gave the green light for the Las Vegas monorail to add a new station stop.
During their meeting Wednesday, commissioners voted unanimously for the permit needed to add the 8th stop to the monorail.
The Las Vegas Monorail may soon be expanding.
The monorail company is scheduled to appear before county commissioners next week to request the land use permits to add stops to its route.
The debate over whether or not the Las Vegas Monorail should be extended will continue through next month.
Plans to extend the Las Vegas Monorail have hit a small snag.
The Regional Transportation Commission of Southern Nevada is exploring whether or not to assist the Las Vegas Monorail in securing bonds