LAS VEGAS (KLAS) — The sale of the Las Vegas Monorail closed on Wednesday, transferring the assets to the Las Vegas Convention and Visitors Authority.

The transaction “further paves the way for the Boring Company’s underground tunnel, the Las Vegas Loop, to be constructed,” according to an LVCVA news release.

The LVCVA is expected to waive the monorail’s non-compete zone at its meeting on Thursday, Dec. 10.

The expanded vision of the tunnels includes “Vegas Loop” plans that could extend the underground transit system to the south Strip, Allegiant Stadium and eventually McCarran International Airport.

Boring Company founder Elon Musk has already secured approval for connections to the Encore and the yet-to-open Resorts World.

The sale of the Las Vegas Monorail Company was approved in U.S. Bankruptcy Court on Nov. 24.

A Buddhist group has protested the Bankruptcy Court’s action, citing its property rights and threatening a religious discrimination lawsuit.

The World Buddhism Association Headquarters owns property at Sahara Avenue and Paradise Road, where a monorail station was built on easements before they bought the property in 2018. The group does not oppose the sale of the monorail company.