Tesla Inc. CEO Elon Musk’s tunneling enterprise The Boring Company has received regulatory approval to build a tunnel-based transportation system under the Las Vegas Strip.
What Happened
The Boring Company took to Twitter to announce that the transportation system, dubbed the “Vegas Loop,” is expanding and thanked the regulators for their approval.The regulatory approval would enable the company to expand the Vegas Loop system to a 29-mile route with 51 stations.
Clark County said that the system would have the capacity to transport 57,000 passengers per hour and that no taxpayer money would be spent to build the project.
Why It Matters
Loop is an all-electric, zero-emissions, high-speed underground public transportation system that is also referred to as “Teslas in Tunnels,” the Boring Company says on its website.The company currently operates a small version of the system, consisting of 1.7 miles of tunnel, beneath the Las Vegas Convention Center.
The regulatory approval will enable the infrastructure-focused firm to expand the project and connect hotels as well as other destinations between Allegiant Stadium and the University of Nevada, Las Vegas.
Price Action
Tesla shares closed almost 0.2 percent higher in Wednesday’s trading at $865.80.By Madhukumar Warrier
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