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A letter sent to U.S. Transportation Secretary Pete Buttigieg by a bipartisan group of lawmakers from California and Nevada asked for $3.75B in for federal funding for a high-speed train to connect Las Vegas to Rancho Cucamonga in the greater Los Angeles area. The amount would be part of a $10B proposal from Brightline West to build the highly-anticipated rail line. The plan envisions trains carrying 500 passengers at speeds of nearly 200 miles per hour.
The highway route between Las Vegas and Los Angeles has become increasingly packed before, during and after weekends – which has sparked renewed interest again in transportation solutions.
“This project is a major priority because it will make southern Nevada more accessible to millions of visitors each year,” noted U.S. Senator Jacky Rosen.
The push to build a high-speed train coincides with Las Vegas Strip revenue and traffic numbers continuing to recover after the pandemic lull.
During Q1, Las Vegas Strip gaming win increased 12% year-over-year to $2.15B. CBRE Equity Research analyst John DeCree said a big story for the Strip is the continued return of conventions. Of note, convention attendance increased 56% year-over-year to 771K in March to surpass the March 2019 attendance level by 40%.
