LAS VEGAS -- The Las Vegas Monorail Co. announced it has emerged from Chapter 11 bankruptcy after restructuring.
According to a statement released by the company, the restructuring will allow it to serve Las Vegas visitors.
The Monorail has seven stops and runs between the MGM and the now shuttered Sahara hotel just east of the Las Vegas Strip. Stops include the Las Vegas Convention Center and the Flamingo.
Its ridership is in decline, transporting about 1.1 million passengers in its third quarter (July-Sept.).
During the same time period last year, the Monorail transported about 1.2 million passengers, a decrease of 12.8 percent.
Revenue is also in decline, down 15.4 percent, year-over-year. In the third quarter of 2011, the Monorail reported $5.6 million in revenue. During the same time period this year, its reported revenue was $4.8 million.
The Monorail filed for bankruptcy protection in January 2010 because of "difficulty serving its debt load." The company's long-term debt was reduced from about $650 million to about $13 million.
