Developers of the Las Vegas Monorail announced last week that the $650 million futuristic transit system running along the Las Vegas Strip should be completed by March 1 next year, and $23 million under budget.
"We’re proud to near completion of a project of this magnitude on time and under budget, and are happy to report we have no claims outstanding," said Cam Walker, president, CEO and principal of Transit Systems Management, the management firm for the Las Vegas Monorail Company (LVMC). "This success is the result of great teamwork and partnership, and we need to recognize the great work of our contractors."
In addition to being a much-needed transit system that will ease traffic congestion on and around the Strip, Walker said the monorail will be another unique attraction for Las Vegas.
"The Las Vegas Monorail will be a huge benefit, convenience and an attraction for the millions of Las Vegas locals and visitors we expect to ride the monorail each year," said John Haycock, chairman of the LVMC board of directors.
The Las Vegas Monorail is the most technologically advanced public transportation system in the world. It will link eight major Las Vegas resorts with more than 24,000 hotel rooms and nine convention facilities, including the Las Vegas Convention Center.
The 4-mile system will connect the MGM Grand and Sahara hotel-casinos on a route running east of and parallel to the Las Vegas Strip. Plans call for the monorail to eventually connect downtown Las Vegas and McCarran International Airport.
Walker said the fare for a one-way trip on the Las Vegas Monorail will be $3, with round-trip fare costing $5.50. The monorail will run 20 hours per day, from 6 a.m. to 2 a.m., 365 days a year.
Led by the late Robert Broadbent, a former Clark County commissioner and mayor of Boulder City who chaired Transit Systems Management, the monorail is the result of a decade-long effort by entrepreneurs, business leaders and elected officials who successfully raised $650 million from revenue bonds.