(The Center Square) – The Boring Co., an Elon Musk tunneling and transit company, has quietly bought land along a proposed 68-mile underground route for its Las Vegas Loop.
The loop, which connects city hubs via tunnels for Teslas to drive through, has eight stations in operation. With 104 stations already approved, recent real estate purchases could mean a boost to the project’s slow rollout. The project was approved by Clark County and the city of Las Vegas.
A report by Sunlight Research and The Nevada Independent found The Boring Co. had bought eight properties since the Las Vegas Loop opened in 2021, with all but one along the proposed expansion. Boring Co. affiliate company Object Dash bought six of the properties, as well as a $5.96 million plot of land next to Harry Reid International Airport.
The Boring Co. did not respond to The Center Square’s questions about the entire project’s cost or about affiliate Object Dash’s involvement in the real estate purchases.
The Boring Co. said its Las Vegas Loop’s expansion would span from south of Harry Reid International Airport to the north side of downtown Las Vegas at full operation. The company’s website added it would be able to serve 90,000 riders per hour with wait times between two and eight minutes.
But the project has already run into issues in its early stages.
Earlier this month Propublica reported how the company committed 800 environmental violations over the last two years. Workers have alleged burns, ankle-deep water in the tunnels and other injuries, according to Nevada’s Occupational Safety and Health Administration. Last month, a worker was crushed in a Las Vegas Loop tunnel and lifted via crane to be taken to the hospital.
One advantage is the Las Vegas Loop doesn’t cost taxpayers anything. Construction has been paid for by contracts such as the Las Vegas Convention and Visitors Authority’s $52.5 million pact for the convention center expansion. And The Boring Co. will hope to regain on investments by ticket sales – listed online between $5 and $12, depending on the segment of the route. That’s what motorists would pay.
Real estate purchases by The Boring Co. and its affiliates are potentially an indication of further investments into the loop, in development of land around transit hubs.
