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Las Vegas Monorail files for bankruptcy protection

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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 10:26 PM
Original message
Las Vegas Monorail files for bankruptcy protection




from the LV Sun:




Las Vegas Monorail files for bankruptcy protection
By Kyle Hansen

Published Wednesday, Jan. 13, 2010 | 3:07 p.m.
Updated Wednesday, Jan. 13, 2010 | 7:17 p.m.


The Las Vegas Monorail Company filed for Chapter 11 bankruptcy protection Wednesday, but will continue to operate, company officials said.

In a statement, President and Chief Executive Curtis Myles said the system has suffered as fewer people have visited Las Vegas.

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, Myles said. 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 companys debt through the Chapter 11 process.

Myles said the company wont reduce services or hours of operation while going through the restructuring.

The 3.9-mile system runs on an elevated track linking casinos and the Las Vegas Convention Center east of the Strip and is the only privately owned public transportation system in the United States. ...............(more)

The complete piece is at: http://www.lasvegassun.com/news/2010/jan/13/las-vegas-m... /




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MidwestTransplant Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 10:31 PM
Response to Original message
1. That thing is slow and expensive.
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proud2BlibKansan Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 10:34 PM
Response to Reply #1
4. And it's in a bad location
This bankruptcy doesn't surprise me at all.
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MidwestTransplant Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 11:15 PM
Response to Reply #4
6. Yes
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Roon Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 10:31 PM
Response to Original message
2. the only privately owned public transportation system in the United States.
There is another privatly owned public transportation system in this country as far as I know.
http://www.frontrangeexpress.com /

They are shutting down Feb.15th (which is a shame because I use it to visit my Mother 44 miles away.)
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spinbaby Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 04:52 AM
Response to Reply #2
12. Disney owns a monorail
A couple, even. And they're used for public transportation, even if it is within their own theme parks.

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Roon Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 01:40 PM
Response to Reply #12
17. True eom
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onehandle Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 10:32 PM
Response to Original message
3. 'I've sold monorails to Brockway, Ogdenville, and North Haverbrook.'
Episode written by: Conan O'Brien

THE MONORAIL SONG
Lyle Langley: I've sold monorails to Brockway, Ogdenville, and North Haverbrook. And, by gum, it put them on the map. Well, sir, there's nothing on earth like a genuine, bona fide, electrified, six-car monorail. What'd I say?
Flanders: Monorail!
Langley: What's it called?
Patty and Selma: Monorail. (Crowd softly chants "monorail" over and over)
Ms. Hoover: I hear those things are awfully loud.
Langley: It glides as softly as a cloud.
Apu: Is there a chance the track could bend?
Langley: Not on your life, my Hindu friend.
Barney: What about us brain-dead slobs?
Langley: You'll be given cushy jobs.
Grampa: Were you sent here by the devil?
Langley: No good sir, I'm on the level.
Wiggum: The ring came off my pudding can.
Langley: Take my pen knife, my good man. (Crowd stops chanting "monorail") I swear
it's Springfield's only choice! Throw up your hands and raise your voice!
Crowd: Monorail!
Langley: What's it called?
Crowd: Monorail!
Langley: Once again!
Crowd: Monorail!
Marge: But Main Street's still all cracked and broken.
Bart: Sorry, mom, the crowd has spoken.
Crowd: Monorail...Monorail...Monorail! Monorail!
Homer: Mono..d'oh!
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Romulox Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 01:43 PM
Response to Reply #3
18. "Sorry mom, the *MOB* has spoken!".
Edited on Mon Jan-18-10 01:45 PM by Romulox
edit: that's not a LV/mafia joke. It's the actual lyric.
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onehandle Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 02:52 PM
Response to Reply #18
21. I noticed that.
Didn't think anyone else would. ;-)

I copied and pasted from some random website.

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Romulox Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-19-10 11:28 AM
Response to Reply #21
24. I've been thinking about CoCo a lot recently, so it's been in my mind.
:donut: :thumbsup:
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liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 11:04 PM
Response to Original message
5. A ride that started as a free service
When they started charging they set the price high and it runs along the back side of all the casinos.

Vegas has priced its self right into the financial situation it is in.

I was there in early December and dining is out of sight. What happened to the $3.99 Steak and Eggs.

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Systematic Chaos Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 01:00 AM
Response to Reply #5
7. What happened was replacing the Mob with corporate bean counters.
I used to work in the Boardwalk Hotel and Casino on the Strip. That is now the site of the barely-functioning City Center.

The Boardwalk had a 24-hour buffet called the Surf Buffet. It was horrible, but the price for it was still ridiculous, and over the course of my six years at the place they raised it several times. I think at the end it was like $13 for dinner. For the absolute lowest quality food from some buffet catering company which had either three or four tiers of various dishes which they prepared for a number of buffets in town. Since the place was known for hiring completely inexperienced kitchen help, it was simplest just having food delivered in large metal bins daily, which were just heated up and thrown on the buffet line. Almost nothing was actually prepared on site.

Why? Because they wanted to be sure it turned a profit! Casino restaurants back in the 70s and into the 80s were considered nothing more than "loss leaders", just to get 'em in the door and gambling. This was the mafia's way of doing it, and it worked. Once all the casinos became corporatized, everything changed.

I laugh every day at the amalgamation of sheer stupidity in this town.
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Leopolds Ghost Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 02:59 AM
Response to Reply #7
10. Ironic that the mob knew better how to run a loss leader. "TQM / Business unit" theory, anyone?
Business unit theory has nearly led to the destruction of the nation's
railroads and public infrastructure (pay phones, water fountains, etc.)
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liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 06:08 AM
Response to Reply #7
16. Exactly
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Greyhound Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 01:49 AM
Response to Reply #5
8. That's the corporate mindset, if they aren't making enough $$ and they can't fire anybody,
just raise the prices. It's not like people will stop buying.
:facepalm:


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global1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 02:29 AM
Response to Reply #5
9. Las Vegas Is Going To Have To Re-Invent Itself Again.....
I was there in December and the casinos were empty. The excitement was gone too. Remember when you went into a casino and heard all the bells and sirens going off and the sound of coins dropping into the troughs of the slot machines. Well they are gone. Replaced by bill receptacles on the machine that change your money into credits. You just bet credits now. When you win you get a bar-coded receipt that you use to change back into money. No coins dropping. No noise. No change cups to hold the coins. No need for money change people walking the casino. No rolls of coins. No more excitement.

It was the noise of the coins and the machines going off that beckoned people to sit down and spend their money. But they took that away along with all the cheap food, free drinks and glitter.

Now Las Vegas is awash with 'top chef' restaurants that put less and less on your plate - but make it look attractive - and take more of your money.

You used to be able to walk the strip and duck into each hotel casino. Now that's difficult because they built the hotels and casinos so far off the strip - it takes too much walking to get to them. And when you walk into a hotel - you have to pass by droves of high end shops to even get to a casino.

No - Las Vegas is really a shadow of its former self. The real essence of the town is gone. The Rat Pack was replaced by Cirque du Soleil and long running celebrity shows that hit you for $100 - $300 tickets.

In my mind they are going to have to reinvent themselves again and promote that it is an affordable place to visit again.

The economy took its toll on Vegas. The masses can't afford it now. At least in the past you felt you got something for your money. That's gone.

Wake up Las Vegas.

Time to re-invent.
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pinniped Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 04:00 AM
Response to Reply #9
11. They invented the one price all-day buffet. LOL.
I tried it at the Rio a few weeks ago. For $23.99 I had a big lunch and a light dinner 5-hours later. Breakfast was skipped.

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proud2BlibKansan Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 05:43 AM
Response to Reply #11
14. That Rio buffet is awesome.
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proud2BlibKansan Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 05:46 AM
Response to Reply #9
15. We were there at Christmas and the place was packed
with tourists from China.

I disagree about the coins. I don't miss the dirty fingers that took multiple washings. They were also such a hassle cashing in and lugging around. Yuck. Tickets are much better.
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Romulox Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 01:46 PM
Response to Reply #9
19. Gots to LEGALIZE it! nt
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proud2BlibKansan Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 05:41 AM
Response to Reply #5
13. We were there for Christmas
Couldn't find any buffets less than $10. And the cheap food at Slots O Fun was replaced with a Subway! Yuck. I was salivating about one of those dollar hot dogs and that place was gone!
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LWolf Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 01:49 PM
Response to Original message
20. I haven't been in almost 10 years.
But I spent a lot of time there when I was married; ex used to work periodically nearby for a few weeks at a time, lodging and (his) food paid.

I used to be able to sit in a sportbook all day waiting for him, making little $2 bets on horse races, getting free water, soda, tea, etc., grabbing a cheap snack from a nearby vendor, and walk away $20-$40 ahead when he got back from work.

We tended to see smaller shows; there were more moderately priced entertainments to be found. My oldest son keeps asking us to do a family Thanksgiving in Vegas; we've done it before, converging from our respective states to meet there. It hasn't been in the budget, and it doesn't look like it will be any time in the next few years.
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Dr.Phool Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-19-10 11:46 AM
Response to Reply #20
25. I used to go all the time too, mainly when I was single.
I started back in the late '70's. I liked it a lot better then, before they tried to make it a "Family Resort". I liked "Sin City" better. The last time I was there was about 10 years ago. And the last few times, we stayed downtown at the Golden Nugget. More of the old Vegas atmosphere, and 2 dozen casinos that were easy to walk to.

If you weren't gambling, every drink in the bar at Binions Horseshoe was a buck.

Not anymore. My sister works at Harrah's, and they've cut her hours down to nothing.
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LeftinOH Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 02:59 PM
Response to Original message
22. The Deuce Bus isn't cheap, but its a lot easier to get to -and has a bigger route. n/t
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izzybeans Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 03:07 PM
Response to Original message
23. I rode it once and thought, "this thing is worthless." Guess I was right.
Edited on Mon Jan-18-10 03:07 PM by izzybeans
I couldn't believe it cost that much to be moved that slowly.
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