(Get Free Alerts for TSLA) 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.
Vegas Loop is expanding - 29 miles and 51 stations! Thanks to the Clark County team for the great partnership and to the Commissioners for unanimous approval. https://t.co/KrfF5SUsxq
— The Boring Company (@boringcompany) October 20, 2021
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.
Some details from the @boringcompany on the "Vegas Loop." The company's plans also call for an emphasis on use of local contractors and local workers. Boring also envisions expanding the line to other areas of the Las #Vegas Valley. #ClarkCounty #transportation #infrastructure pic.twitter.com/tjpoIAasFm
— Clark County Nevada (@ClarkCountyNV) October 20, 2021
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% higher in Wednesday’s trading at $865.80.
Photo: Courtesy of Steve Jurvetson via Flickr