The Las Vegas Monorail announced that it has received a $33.6 million loan to cover the cost of building a new station for the upcoming MSG Sphere Arena. The new staton will be located on Sands Avenue near Koval Lane which is also near the Sands Convention Center.
The MSG Sphere is a huge 17,500 seat arena being built by the Madison Square Company and, once the extension is finished the arena as well as the Sand’s Convention Center should be a big boast of traffic for the monorail.
The monorail was originally seeking $90 million for the MSG station as well as an extension to the Mandalay Bay but then they decided to separate the two projects so the MSG station could get funded right away.
The loan also will help pay off short term debt and set up a reserve fund which should help the monorail whose future didn’t always look rosy.