LAS VEGAS — The dormant Las Vegas Monorail has filed for bankruptcy.
The Las Vegas Review Journal reported Monday that the Chapter 11 bankruptcy filing is part of a sales agreement with the Las Vegas Convention and Visitors Authority.
Las Vegas Monorail President and CEO Curtis Myles said in a statement that it was in the best interest of the Monorail.
Las Vegas Convention and Visitors Authority officials say the agency opted to buy the Monorail franchise because of a non-compete designation, which means future transit systems cannot operate along the Strip.
The authority last week approved, by a series of 12-1 votes, spending $24.26 million to acquire the 3.9-mile elevated train system. Las Vegas Mayor Carolyn Goodman voted no.
The elected Clark County Commission also approved the move.
The system shut down in March because of the coronavirus pandemic. It makes six north-south stops serving the Las Vegas Convention Center and several hotel-casinos east of the Las Vegas Strip.
Officials said management and operations will change after the purchase by the authority, which also owns and operates the convention center.