LAS VEGAS (KLAS) — The Las Vegas Monorail Company secured long-term financing needed to help fund construction of a new station at Sands Avenue. The announcement Thursday revealed that the money will also go toward replacing a short-term loan facility.
The new station will provide a direct connection to the Sands Expo Center, The Venetian, and The Palazzo resorts, and to the MSG Sphere, which is the 18,000-seat entertainment venue that is currently under construction.
The transaction is part of the company’s expansion program, which will also include a later expansion to the Mandalay Bay Resort with proximity to Allegiant Stadium.
“The completion of this initial financing is an important and necessary step in our expansion strategy for this system, which already provides substantial mobility benefits along our busy resort corridor,” said Las Vegas Monorail Company President & CEO Curtis Myles. “With two new stations, we will multiply those benefits for our customers, resort partners, sponsors, and our community.”
The Sands Avenue station is projected to be completed and open in conjunction with the Sphere project opening. Last month the Las Vegas Monorail Company announced a new sponsorship program led by Pharris Media, Inc. to promote its “green” advertising initiative.
The Las Vegas Monorail system is fully electric, zero-emissions vehicles eliminate over 27 tons of emissions annually and approximately 462 tons since opening.
With the addition of the Sands Avenue station, the expanded eight-station system will be connected to over 30,000 hotel rooms and more than 8 million-square-feet of convention space by the time it is completed.