Las Vegas Monorail bankrupt; Ambac big exposure

Reuters ^ | 1/14/10 | Ciara Linnane

[Kartographer]

The Las Vegas Monorail Co has filed for bankruptcy protection, marking the latest economic trouble to hit America's busiest gambling center, and exposing bond insurer Ambac Financial Group Inc to a potential $1.16 billion of liabilities.

[Kartographer]

I thought that new 'lite' rail systems was one of the ways that Obama is planning to use to better the economy!

[qam1]

[red tie]

Was this the high speed train that was announced for between Las Vegas and LA? If so, I thought Reid had pushed through funding for that already.

[CIB-173RDABN]

I rode this while in Las Vegas on my last trip there. I found it very difficult to use. Instead of having it run up and down the main drag it is set up to run behind the various hotels and casinos.

I do not know if it was by design or not, but it was very difficult to find your way out of the hotel/casino you got out on.

It was eaiser to take the bus that ran up and down the strip.

[KarlInOhio]

Was this the high speed train that was announced for between Las Vegas and LA? If so, I thought Reid had pushed through funding for that already.

No, this is the one which runs between the MGM Grand Hotel and the Sahara hidden behind the hotels on the east side of the strip, but doesn't go to the (#$(#( airport. Why didn't they run the rail to the airport?

[GreyFriar]

running it to the airport would have made too much sense. And also taken money away from the cabbies and “limousine” cattle cars that one pays $20 to ride from airport to hotel.

[Lurker]

I do not know if it was by design or not, but it was very difficult to find your way out of the hotel/casino you got out on.

It was by design. Every second you spend in the casino is another second they can separate you from your cash.

[red tie]

Thanks. I haven’t been there in years.

[sionnsar]

No. This is an existing monorail in LV. Rather stupidly (or perhaps due the taxi lobby — I found LV taxis to be VERY expensive) it does not run to the airport.

[Dr. Ursus]

Agreed. This monorail was a joke!

[red tie]

Yeah a train to no where does sound like a wonderful investment!

[kik5150]

The same thing happened in Ogdenville, North Haverbrook, and Brockway...

[festusbanjo]

Silly Ambac, don’t they know that every gamble in Vegas ends with the house winning?

[CIB-173RDABN]

I did not work in my case. I have a fixed amount I am prepared to lose. It is part of my entertainment budget. Once it is gone, I stop gambling.

I was mistaken in my thought that the monorail was designed to help guest move around the strip. It isn’t.

They deserve to go bankrupt.

[VegasCowboy]

Why didn't they run the rail to the airport?

Influence from taxi operators squelched that idea. That's the only way the monorail debacle would have worked, and of course it didn't happen.

[RikaStrom]

Tell me you’re surprised.

[ridesthemiles]

No- this is already in Las Vegas—just Las Vegas.

[pnh102]

Anyone who wants to build a Monorail needs to be made to watch that Simpsons episode.

[WOBBLY BOB]

Different boondoggle.Same result.

[Myrddin]

I attended a CAN/CANOpen conference in Las Vegas sponsored by CAN in Automation (CiA). Las Vegas was selected to highlight the monorail because all the automation is based on CANopen. It takes more than just good technology to succeed.