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Rail News: M&A
7/11/2005
Rail News: M&A
Las Vegas Monorail Co. to acquire management firm
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The Las Vegas Monorail Co. recently announced it will assume all assets of Transit Systems Management (TSM), which helped develop and manage the monorail system’s first phase, and appointed a new president.
The non-profit monorail company previously signed a management contract with TSM that expires at the end of August. Rather than renew the contract or seek bids from other management firms, Las Vegas Monorail officials decided to acquire TSM and handle management services in-house.
"With the design and construction complete, and the monorail up and running, it’s time to change the manner in which the monorail company manages the system and the organization," said TSM President Cam Walker in a prepared statement.
After a transition period, Walker and Henderson Mayor Jim Gibson no longer will serve as TSM president and chief operating officer, and chairman and chief executive officer, respectively. The Las Vegas Monorail Co. board will hire a new CEO to manage TSM’s staff.
Meanwhile, the board named Curtis Myles, currently deputy general manager of the Regional Transportation Commission of Southern Nevada, president of the Las Vegas Monorail Co. He has more than 19 years’ experience managing transportation companies.
Running four miles along the east side of the Las Vegas strip, the monorail travels at top speeds of 50 mph and includes stops at the Sahara, MGM Grand, Las Vegas Hilton, Las Vegas Convention Center, Harrah’s/Imperial Palace, Flamingo/Caesars Palace and Paris/Bally’s.
The non-profit monorail company previously signed a management contract with TSM that expires at the end of August. Rather than renew the contract or seek bids from other management firms, Las Vegas Monorail officials decided to acquire TSM and handle management services in-house.
"With the design and construction complete, and the monorail up and running, it’s time to change the manner in which the monorail company manages the system and the organization," said TSM President Cam Walker in a prepared statement.
After a transition period, Walker and Henderson Mayor Jim Gibson no longer will serve as TSM president and chief operating officer, and chairman and chief executive officer, respectively. The Las Vegas Monorail Co. board will hire a new CEO to manage TSM’s staff.
Meanwhile, the board named Curtis Myles, currently deputy general manager of the Regional Transportation Commission of Southern Nevada, president of the Las Vegas Monorail Co. He has more than 19 years’ experience managing transportation companies.
Running four miles along the east side of the Las Vegas strip, the monorail travels at top speeds of 50 mph and includes stops at the Sahara, MGM Grand, Las Vegas Hilton, Las Vegas Convention Center, Harrah’s/Imperial Palace, Flamingo/Caesars Palace and Paris/Bally’s.
