The Las Vegas Convention and Visitors Authority will shorten its operating agreement with The Boring Co. to operate and maintain the underground Convention Center Loop transit system.
Board members voted 11-1 to spend up to $4.5 million for a one-year agreement with Boring from July 1 to June 30, 2023. Las Vegas Mayor Carolyn Goodman cast the lone vote against approval. The LVCVA can cancel the agreement with a four-month notice.
The board approved the first Loop operations and management agreement on Jan. 12, 2021. The initial term of the agreement is from the period of Feb. 1, 2021, through June 30, and provides for an extension for one additional five-year period.The LVCVA staff is requesting a single-year extension instead of the five years considered in the original approval.
LVCVA President and CEO Steve Hill said there are opportunities to reduce system costs if autonomous operations and contractual reductions in system overhead costs occur when Boring builds out the larger Vegas Loop. That will include 18 miles of tunnels and 51 planned stations with routes going throughout the resort corridor, to Allegiant Stadium and to Harry Reid International Airport.
The LVCC Loop system is designed for 4,400 passengers per hour with three stations, while Vegas Loop is targeting 57,000 passengers per hour.
This is a developing story. Check back for updates.
Contact Richard N. Velotta at email@example.com or 702-477-3893. Follow @RickVelotta on Twitter.