LAS VEGAS — A top executive behind a high-speed rail project that would lay tracks between Las Vegas and Southern California contends construction is on schedule to begin within the second quarter of this yr.
“The world changed as a result of the pandemic, however, we continued to work wherever we probably might towards advancing the ball,” Reininger stated. “The project stays a very high priority for us.”
Brightline, the nation’s only privately-owned passenger railroad, sent a letter to the Nevada High-Speed Rail Authority in January and revealed the pandemic yr created significant hurdles to fund the train expected to reach high speeds of 200 mph.
The company had made progress with intentions to sell private activity bonds allotted for the project by the U.S. Department of Transportation and the states of Nevada and California to pay for construction.
However, the letter stated, “election uncertainty, the lack of approval of a Covid-19 vaccine, and lack of liquidity in the market didn’t allow us to price the bonds to provide long-term stability for the company.”
Last yr, Brightline announced that Fortress Investment Group, its parent company, had put the brakes on the $8 billion privately financed XpressWest project when it could not full financing.
In January, Brightline West President Sarah Watterson stated her company was preparing a revised financial plan that could see a second-quarter 2021 groundbreaking date.
“The tenor of the financial markets at the moment is dramatically different,” Reininger stated. “The stock market is doing extremely well, people are optimistic about a large rebound within the economy, jobs are heading in the right direction. That gives us confidence about our potential to keep the project on track.”
Meanwhile, Amtrak has teased plans to possibly set up a new line between Las Vegas and Los Angeles. If approved by Congress, President Joe Biden’s proposed $2 trillion American Jobs Plan would provide $80 billion to Amtrak to cover its backlog of repairs, modernize existing rails – and connect new city pairs.
Amtrak released a map showing where it could expand service if it gets the funding.
New service would be added to main cities that currently have no Amtrak service, including Las Vegas; Nashville; Columbus, Ohio; and Phoenix.
Other expanded services would run on the existing lines from Philadelphia to Pittsburgh; New York via Baltimore and Washington, D.C.; San Diego to San Luis Obispo, California; the Northwest corridor via Portland and Seattle; and several expansions and enhancements from Chicago.
At Brightline, Reininger welcomed the prospect of having two rail lines between Las Vegas and Los Angeles.
“Everything and anything that gets Individuals thinking about, talking about, and changing their habits towards trains as an acceptable and desirable mode of transportation, we’re fervent fans of,” he stated. “Our service, we believe, will be superior.”
