The Boring Company Gets Paid
"Las Vegas is set to give Elon Musk’s Boring Company its first payout: a $44m contract to build a high-speed underground transit system serving an expanded convention center," reports Mark Harris.
"According to the proposed contract between Musk’s company and the city, which was made public ahead of a vote on Wednesday by board members of the Las Vegas Convention and Visitors Authority (LVCVA), The Boring Company would build two 0.8-mile tunnels and three underground stations at the Las Vegas Convention Center…"
"The project is a gamble on technology that has yet to be demonstrated at a commercial scale, and on a company whose founder has a reputation for missing deadlines," adds Harris.
Las vegas is hedging its bet on The Boring Company by withholding more than two-thirds of payments until construction is complete.
In December, The Boring Company debuted its first tunnel, built in Southern California at the company's headquarters in Hawthorne, to mixed reviews.