U.S., California: California Again Delays Virgin Trains Decision on Bond Approval

By Romy Varghese, Bloomberg; February 4, 2020

California Treasurer Fiona Ma postponed a decision that had been expected next week on whether Virgin Trains USA could sell as much as $2.4 billion in tax-exempt debt for a railroad to Las Vegas.

The delay gives the company more time to secure an affirmation from the Federal Railroad Administration that it won’t require more environmental review for the project, which has been in the works for more than a decade under different owners. Virgin Trains, backed by Fortress Investment Group’s private equity funds, plans to build a rail line to the gambling hub from Apple Valley, a desert town 90 miles (145 kilometers) northeast of Los Angeles.

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