Friday, December 30, 2011
"Bankruptcy judge skeptical about Las Vegas Monorail plans"
When are we going to wake up and only fund projects that can pay for themselves?.
I bet more than one elected official's friends, relatives, and/or campaign contributors got rich on this one...
I bet more than one elected official's friends, relatives, and/or campaign contributors got rich on this one...
Steve Green writes about it at VegasInc.com:
"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."
