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Nevada Won't Back Vegas Monorail Bonds

Tue August 27, 2019 - West Edition
Associated Press


Planned route for the Las Vegas Monorail Mandalay Bay extension.
Planned route for the Las Vegas Monorail Mandalay Bay extension.
Planned route for the Las Vegas Monorail Mandalay Bay extension. The monorail currently connects the Las Vegas Convention Center to stops near several Strip resorts.

LAS VEGAS (AP) Las Vegas Monorail funding and construction plans may be derailed after Nevada Gov. Steve Sisolak declined state backing for $200 million in tax-exempt bonds.

The Las Vegas Review-Journal reports Monorail Co. administrators sought the funds to pay off a recent $13 million loan and to build new stops near the Mandalay Bay resort and the future site of a sphere-shaped arena near The Venetian.

Mandalay Bay is close to the planned 65,000-seat Allegiant Stadium being built for the NFL Oakland Raiders move to Las Vegas in 2020.

The monorail failed to pay back $650 million in state-backed bonds issued to build a 3.9-mi. (6.3-km) track, and it filed for Chapter 11 bankruptcy protection in 2010.

The monorail currently connects the Las Vegas Convention Center to stops near several Strip resorts.

For more information, visit lvrj.com.