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.
Read the 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.
Brightline West’s future may rely on $6 billion federal loan
The company has until Nov. 2 to make a $400 million equity investment into its proposed high-speed rail line.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
California plans to bury El Niño’s downpour
If the state plays its cards right, it may be able to store a billion acre-feet of El Niño’s water in aquifers.
Desperate measures: Advocates weigh draining Lake Powell to fill Colorado River
Draining the reservoir could reduce evaporation losses by a couple hundred thousand acre-feet.
Chicago voters approve permanent festival grounds, penalty for vacant property owners
Currently, major summer and fall festivals take over public parks for weeks at a time, drawing criticism from nearby residents
NYC votes to cut outdoor dining red tape, speed up permitting
New York City also voted to allow the Department of Transportation to begin work on urgent projects before notifying elected officials.
California appears to reject Prop. 45
The proposition would have expanded the projects that qualify for a streamlined environmental review, effectively paring down the California Environmental Quality Act.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
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