案例库 · 财务与会计 · 财务决策 · 2000–2010
这条还没译成中文，下面是英文原文。
The Las Vegas Monorail borrowed $650M for 19 million riders a year — it peaked at 7.9M
Built for $650M on projections of 19–20 million riders, the Las Vegas Monorail peaked at 7.9 million and filed Chapter 11 in January 2010.
Las Vegas Monorail Company · 2010-01
怎么回事
The Las Vegas Monorail Company formed in 2000, bought the short MGM Grand–Bally's line, and raised $650 million in construction and startup loans to build a 3.9-mile elevated line along the east side of the Strip. It opened on 15 July 2004 — and shut down for four months almost immediately, losing about $85,000 a day in fares while faults were fixed.
The business plan needed 19–20 million riders a year to cover debt and operating costs. Even at peak, in 2007, the line carried 7.9 million. Its core market was convention traffic, and the recession cut that by 30%; 2009 ridership fell to 6 million. Fare revenue never came close to servicing the debt.
On 13 January 2010 the company filed Chapter 11 in Nevada, listing $500 million to $1 billion in debts owed to as many as 999 creditors, against $10 million to $50 million of assets; its largest creditor was builder Bombardier Transit Corporation. The trains kept running through bankruptcy. A second Chapter 11 came in September 2020, and that December the Las Vegas Convention and Visitors Authority took ownership.
为什么会这样
- Projections of 19–20 million annual riders carried the debt, but actual demand peaked at 7.9 million.
- The line served convention-goers on the Strip's east side — and the recession cut convention traffic by 30%.
- $650 million of construction and startup debt left no room for a ridership miss; fares could never cover both interest and operations.
教训
The Monorail borrowed $650M against 19 million riders a year and peaked at 7.9M. Two bankruptcies later the convention authority owns it — infrastructure debt doesn't care about forecasts.
后来呢
The LVCVA took ownership in December 2020 and has funded operations through 2035; long-term plans fold the route into the Vegas Loop.
资料来源
- Las Vegas Sun, 13 January 2010 — Las Vegas Monorail files for bankruptcy protection (Chapter 11 filed Wednesday 13 January 2010; debts listed between $500 million and $1 billion owed to 200–999 creditors, assets $10 million to $50 million; $650 million in construction and startup loans for the expanded system; largest listed creditor Bombardier Transit Corporation at $293,450; 6,005,024 riders in 2009 against a peak of 7,917,613 in 2007; expanded line opened July 2004 after the company formed in 2000 by acquiring the MGM Grand–Bally's line; causes included a 30% decline in convention traffic from the economic downturn and fare revenue insufficient to cover the debt)
- Wikipedia — Las Vegas Monorail (opened 15 July 2004; 3.9-mile system built for $650 million; original plan anticipated 19–20 million annual riders, peak ridership 7.9 million in 2007; four-month shutdown 8 September – 24 December 2004 costing about $85,000 a day in lost fares; Chapter 11 filed January 2010 and again September 2020; ownership transferred to the Las Vegas Convention and Visitors Authority in December 2020; received $12 million in May 2025 to keep operating until 2035)
发现哪里写错了？告诉我们。
类似的案例
这家公司栽倒的地方，别处有人漂亮地解开过。 第二意见 →
Comments · 0
登录 后就能评论。