Trouble in the Desert? The sources quoted in this article by Bloomberg aren't betting on the success of a high-speed rail line between Las Vegas and San Bernardino County in California.
Romy Varghese and Nathan Crooks reveals an underreported story involved in the effort by Virgin Trains USA to build a high-speed rail route between Southern California and Las Vegas: growing concerns about the business model of the private equity firm Fortress Investment Group, owner of the company.
Virgin Trains USA was full of positive news regarding the project over the summer, claiming the project would start construction in the coming year. But there is bad news about the company behind the company reported here. It starts with stagnant ridership on the company's existing service in Florida, and a stagnant expansion of the project:
There’s also no word on when additional stations may open in Tampa and at Walt Disney World. Tapping Disney tourists was an ultimate goal pitched to buyers of the high-yield municipal debt the company sold in April and June for the Orlando expansion. The sales occurred several months after the company put its initial public offering on hold. Since then, yields on the unrated bonds suggest the market is skeptical that the Florida train will work out as well as hoped.
The article quotes multiple sources who express doubts about getting involved in the Vegas project given the company's performance in Florida.
FULL STORY: A Private Equity Firm Wants to Build a Train to Las Vegas
California to Las Vegas High-Speed Rail: Expected for Construction in 2020
Virgin Trains USA, formerly Brightline, is making progress on long-anticipated plans for a high-speed rail connection between Las Vegas and Victorville, California.
Chinese Bullet Train to Come to American Southwest
America's third planned high-speed rail line received good news on Sept. 17, by entering an agreement with China Railway Group to receive $100 million to start building the 230-mile line from Victorville, Calif. to Las Vegas.
Las Vegas Uses ‘Mini-Roundabout’ for Traffic Calming
Roundabouts, commonly used in other countries, are starting to catch on in U.S. cities. They can improve traffic flow and bring efficiency benefits.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
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Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
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