Nevada Governor Says State Won't Back Las Vegas Monorail bonds
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-mile 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.