The Las Vegas Monorail: The Bleeding Continues

Las Vegas MonorailThe MS Las Vegas Real Estate Blog continues the thankless task of chronicling the sad saga of the Las Vegas Monorail. How are things going this year? Well, it depends on how you look at it. The number of passengers is down again although by some miracle the monorail itself isn’t. Revenue is actually up slightly however, and this is due to a fare increase from three dollars up to five. One thing is for sure, the cab drivers continue to laugh hysterically. Once upon a time, they were highly concerned that the monorail would eat into their business considerably. Not any longer! The $650 million privately financed monorail has not turned a profit since opening in mid-2004. The monorail is believed to have lost around $20 million in 2005. What does $20 million buy here in the Las Vegas Valley? Well, let’s just say that the most expensive piece of Las Vegas luxury real estate sold to date went for $14.5 million. Twenty million is serious money and you can bet they wish they had it back. Why? Monorail officials are still trying to line up financing to run the thing from MGM Grand out to the airport despite hideous losses!

Comments are closed.