The Las Vegas Monorail Company operates the only privately funded public transportation system in the United States. Since opening, the Monorail has carried more than 35 million passengers and remains committed to its community as we continue to work towards improving mobility in one of the most congested corridors in the country. We are pleased to offer this page to investors, customers and others who are interested in learning more about our company.

 

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A Statement from Curtis Myles

President & CEO of the Las Vegas Monorail Company

"On Jan. 13, 2010, the Las Vegas Monorail Company filed for Chapter 11 bankruptcy protection. The filing will not affect system operations and will have no impact on the Monorail's hours of operation or service to our customers. The current economic downturn, including a 30 percent decline in convention traffic to Las Vegas, has increased the financial strain on the Monorail, like it has with every other tourism-dependent Las Vegas company. Despite these challenges, the Las Vegas Monorail generates sufficient revenue to pay its operating expenses as well as a portion of its finance costs, and that will make it possible to restructure the company's debt through the Chapter 11 process.

"The Las Vegas Monorail is the only public transportation system in the country that is run without public funding, meaning no federal, state or local subsidy was used for the system. As such, the filing will not affect the state's bond rating or finances. We are confident that this reorganization is the most effective strategy to ensure our continued operation, fulfilling the purpose of providing cost-effective, efficient, green transportation for visitors and locals within the Las Vegas Resort Corridor.

"The system recently carried its 40 millionth rider, a milestone for any transit system. The Monorail also contributed significantly to mobility during the most recent Consumer Electronics Show held at the Las Vegas Convention Center. Over the course of the four-day event, the system carried nearly 135,000 passengers - who otherwise would have further congested Resort Corridor roadways with 45,000 three-passenger taxi trips or more than 2,450 55-passenger bus trips.

"We have long expressed the importance of expanding our system to the airport and other points within the resort corridor. It is necessary that the company first get through this process to address its current capital structure before moving forward with those plans."

 

 

 

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(Note: The above document includes references to Conway, Del Genio & Gries (CDG). At the request of Ambac, in May 2008 the Company hired CDG as financial advisor and Michael Monaco of CDG as chief restructuring officer. CDG and the Company ended their relationship October 2009. In November 2009, Ambac retained the services of CDG to advise it during discussions to restructure the Company’s debt.)
(Note: The above document includes references to Conway, Del Genio & Gries (CDG). At the request of Ambac, in May 2008 the Company hired CDG as financial advisor and Michael Monaco of CDG as chief restructuring officer. CDG and the Company ended their relationship October 2009. In November 2009, Ambac retained the services of CDG to advise it during discussions to restructure the Company’s debt.)
(Note: The above document includes references to Conway, Del Genio & Gries (CDG). At the request of Ambac, in May 2008 the Company hired CDG as financial advisor and Michael Monaco of CDG as chief restructuring officer. CDG and the Company ended their relationship October 2009. In November 2009, Ambac retained the services of CDG to advise it during discussions to restructure the Company’s debt.)

Senior Indenture of the Director of the State of Nevada Department of Business and

    Industry Las Vegas Monorail Project Revenue Bonds 1st Tier Series 2000 and 2nd

    Tier Series 2000

 

 

*This section will be updated immediately following any public release.

 

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Curtis L. Myles, III

President and Chief Executive Officer

Las Vegas Monorail Company

 

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National Transit Comparison Statistics