Progressive Railroading 7/23/20
Virgin Trains advances financing for Vegas high-speed rail
Clark County, Nevada Commissioners earlier this week took steps to advance financing of Virgin Trains’ proposed high-speed rail project that would link Las Vegas and Southern California.
The commission unanimously approved findings made by the Nevada Department of Business and Industry related to the financing of the project being proposed by DesertXpress Enterprises LLC, Clark County officials said in a press release. DesertXpress Enterprises is an affiliate of Virgin Trains USA.
In 2019, Virgin Trains applied to the Nevada Department of Business and Industry for the right to sell $200 million worth of private activity bonds. With the commission's approval, the rail company can now leverage as much as $1.2 billion for the project, the Las Vegas Sun reported last year.