It has filed for bankruptcy reorganization plan that would erase more than 90% of its whopping $658.8 million debt, the newspaper says. But the plan is controversial and faces a court hearing at the end of the month.
Attorney Bruce Woodbury, a director of the nonprofit monorail told the Journal that the plan "reflects a lot of the concerns of the creditors." The question is whether the monorail, which runs behind much of the Strip from the Sahara (due to close mid-month) to the MGM Grand but does not yet extend to the airport, can turn a profit.
Rides cost $5 a pop or $12 for a day pass, but its range is limited. The paper says the number of passengers has dwindled.
"We're working very hard on a plan that would allow expansion to the airport and possibly additional stations," Woodbury told the newspaper.
The monorail began in the early '90s to link MGM Grand and Bally's, then became a nonprofit with a wider reach. It has been running since 2004, but has not repaid its investment. A Las Vegas Monorail spokeswoman did not return my call for comment.
In many trips to Vegas, I have never used the Las Vegas Monorail, though I might have were it more centrally located or if it ran right up and down the Strip (walking those long blocks can get tedious). Also, renting a car usually is a good deal, and casino resorts have free parking.
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