Los Angeles-Las Vegas high-speed rail project postponed
A high-speed rail link planned between Los Angeles and Las Vegas has gone off the rails – at least until business confidence returns.
Fortress Investment Group says it has suspended fundraising efforts for the Brightline West project linking the cities.
Fortress was seeking to raise $3.2 billion for tax-free private activity bonds authorized by California and Nevada, and later downgraded that to $2.4 billion due to lack of interest.
"Unfortunately, there is not a lot of liquidity in the market and a lot of economic uncertainty at this moment," California Treasurer Fiona Ma told Bloomberg News.
"The project is postponed until market liquidity improves."
That puts a halt on construction starting which was originally planned to start in late 2020.
Brightline said it is fully committed to the project and it would continue, but hasn’t given a timeline.
Written by Ray Montgomery, US Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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