Brightline West is looking to raise $2.5 billion through a bond offering for its planned $12.4 billion high-speed rail line linking Las Vegas to Southern California.
The two bond sales are made up of $1.85 billion in private activity bonds from California and $625 million from Nevada, according to documents filed to MuniOS last week. Morgan Stanley is the lead underwriter of the bond sales.
Work to construct the 218-mile rail line and stations in Nevada and California is expected to begin early this year. Crews will be working on multiple portions of the line at a given time. Brightline West is finalizing contracts with construction firms ahead of commencing work.
Las Vegas Paving is expected to design and construct the 34-mile Nevada portion of the rail line.
McCarthy Building Co. is expected to design and construct the Las Vegas Brightline Station on Las Vegas Boulevard near Blue Diamond Road. The station will include an at-grade train platform, featuring two 1,350-foot-long tracks, to allow two trains coupled together. Brightline West riders will be able to directly connect to ride hailing services, resort shuttles, car rental and other public and private transportation options.
Brightline officials have been touting their plan to launch service in time for the 2028 Olympic Games in Los Angeles, but the bond document states plans are now to be operable in December 2028.
The bond offering notes the projected average cost of a standard class, one-way ticket on the Brightline West’s system will be $119 in 2031, the first stabilized year of service, after a two-year ramp up period. It’s also noted that Brightline West plans to offer a premium cabin ticket, with an average projected one-way cost of $133 in 2031. Brightline projects will generate $1.1 billion in ticket revenue in 2031.
Stations are planned for Las Vegas in Nevada and Rancho Cucamonga, Hesperia and the Victor Valley in California. A vehicle maintenance facility is planned to be built in Sloan, with another maintenance facility slated to be built in Apple Valley, California.
Brightline expects a trip between Southern Nevada and Southern California to take around 2 hours. The Rancho Cucamonga station is 40 miles east of downtown Los Angeles, with riders able to transfer to the Metrolink passenger rail system to travel to Los Angeles or other Southern California destinations.
Southern Californians account for about 25 percent visitors to Las Vegas each year, the bond offering noted. Also highlighted is that 15 percent of long distance domestic and international travelers visit both Southern California and Southern Nevada during a trip, according to Visit California data.
Brightline West plans to feature 35 daily departures, with one-hour gaps between each train to allow for flexibility for travelers each day.
The rail line will be built within the Interstate 15 right-of-way, with barriers separating it from the interstate, with no at-grade crossings.
Brightline West held a groundbreaking ceremony in Las Vegas last year, with crews carrying out geotechnical work and surveying over the last year.
Brightline West last year received a $3 billion grant award from the Federal Railroad Administration. The project also received $5.5 billion in total bonding authority from the U.S. Department of Transportation. Brightline plans to pay for the rest of the project’s cost with a combination of equity contributions and debt.
Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on X.
