Schadenfreude: Vegas monorail junked

An AP article reports on financial trouble and “restructuring” at the privately financed “Las Vegas Strip monorail”: :

bq. Ridership on the monorail in January fell to 18,200 a day from a peak of 33,000 a day in July 2005, prompting Fitch Ratings last month to cut the rating on $451.4 million in first-tier bonds to junk status. Fare revenue for 2005 totaled $30.2 million, just more than half of the forecast when the bonds were sold, Fitch said.

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