to help itself these days
By STEVE FRIESS
Up until now, most of us assumed the folks operating the troubled, bankrupt Las Vegas Monorail were doing their best amid so many challenges. Its lousy location, its lack of an airport connection and its lackluster support from the resorts along the route seemed doom-making enough.
What I had never seriously considered was that the folks who run the thing had actually just given up on salvaging the mess. Until now.
Earlier this month, the system reported it lost $23.1 million in 2010, way up from $2 million in 2009, and shuttled 5.2 million riders along its tracks last year. In 2005, it had 10.3 million riders. In January 2010, the Monorail filed for Chapter 11 bankruptcy protection and is now in the process of reorganizing its deluge of debt.
None of this is surprising, but one statistic did provide a shock: The Monorail raked in a paltry $190,000 in advertising revenue in 2010, down from about $2.3 million in 2007. That’s a drop off of nearly 92 percent.
To which I had one thing to say: “Huh?”
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