Friday, October 15, 2021

Las Vegas Monorail secures financing for new station servicing Venetian and MSG Sphere

The Las Vegas Monorail Company has secured long-term financing needed to help fund construction of a new station at Sands Avenue and to replace 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, the 18,000-seat entertainment venue 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. 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.

The new Monorail station funded through this transaction expands the creative opportunities to showcase sustainability-centered sponsorship programs.  The Las Vegas Monorail system has carried more than 87 million riders since opening, providing additional mobility and capacity in one of the most popular and congested visitor corridors in the world. It’s fully electric, zero emissions vehicles eliminate over 27 tons of emissions annually, and approximately 462 tons since opening. In addition, the mobility the system provides eliminates 2.1 million vehicle miles from Las Vegas roadways each year – totaling over 29 million vehicle miles since the system began operation.

Joe Kleimanhttp://www.themedreality.com
Raised in San Diego on theme parks, zoos, and IMAX films, Joe Kleiman would expand his childhood loves into two decades as a projectionist and theater director within the giant screen industry. In addition to his work in commercial and museum operations, Joe has volunteered his time to animal husbandry at leading facilities in California and Texas and has played a leading management role for a number of performing arts companies. Joe has been News Editor and contributing author to InPark Magazine since 2011. HIs writing has also appeared in Sound & Communications, LF Examiner, Jim Hill Media, and MiceChat. His blog, ThemedReality.com takes an unconventional look at the attractions industry. Follow on twitter @themedreality Joe lives in Sacramento, California with his fiancé, two dogs, and a ghost.

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