Ridership in Decline, Monorail Emerges from Bankruptcy - 8 News NOW

Ridership in Decline, Monorail Emerges from Bankruptcy

Posted: Updated:
  • BusinessMore>>

  • Nevada Approves Tax Credit for Mall Cop 2

    Nevada Approves Tax Credit for Mall Cop 2

    Monday, March 17 2014 2:03 PM EDT2014-03-17 18:03:39 GMT
    CARSON CITY, Nev. (AP) -- Nevada's economic director has approved $4.3 million in transferrable film tax credits for the production of "Mall Cop: Blart 2" in Las Vegas. Sony Pictures plans to shoot theMore>>
    Nevada's economic director has approved $4.3 million in transferrable film tax credits for the production of "Mall Cop: Blart 2" in Las Vegas.More>>
  • Dozen With Local Ties Make Forbes Billionaires List

    Dozen With Local Ties Make Forbes Billionaires List

    Monday, March 3 2014 6:05 PM EST2014-03-03 23:05:04 GMT
    LAS VEGAS -- The latest Forbes world ranking of billionaires includes plenty of familiar faces, including a dozen with ties to Southern Nevada. Those with local connections are headed by Las Vegas SandsMore>>
    The latest Forbes world ranking of billionaires includes plenty of familiar faces, including a dozen with ties to Southern Nevada.More>>
  • Henderson Company on Cutting Edge of 3D

    Henderson Company on Cutting Edge of 3D

    Monday, February 24 2014 7:16 PM EST2014-02-25 00:16:24 GMT
    HENDERSON, Nev. -- Imagine being able to make a replica of anything. For example, a hard-to-find car part, a door stop or even a liver. It may sound like fiction, but it is quickly becoming a reality withMore>>
    Imagine being able to make a replica of anything. For example, a hard-to-find car part, a door stop or even a liver. It may sound like fiction, but it is quickly becoming a reality with 3D printing.More>>

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.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.