Bright days ahead? Brightline looks toward major progress in 2021. What you need to know.
By Joshua Solomon, Treasure Coast Newspapers
December 21, 2020
Note: The article is an overview of what Brightline has said to investors outlined in this report:
https://emma.msrb.org/P31404863-P31092183-P31501083.pdf
The coronavirus pandemic’s toll on tourism and transportation might have halted Brightline’s
Updated Crossing on Hood Rd., Palm Beach Gardens, Florida. Sign warns drivers, trains may exceed 80 miles per hour.
services and led to two-thirds of its staff temporarily cut, but construction of the higher-speed passenger railroad’s massive endeavor remains on time and on budget, the company told financial markets in newly released bond documents last week.
Brightline remains confident it will complete construction between West Palm Beach and Orlando International Airport by late 2022 — with remaining costs in excess of $1.43 billion.
The company anticipates reaching “fully stabilized operations” by 2024, which is to include stations at Disney Springs and in Boca Raton, Aventura and at PortMiami. By then it may generate $792 million in revenue from 9.9 million riders in the year, according to hundreds of pages of financial documents, reviewed by TCPalm.
The documents are part of the company’s remarketing of its $950 million in tax-exempt private-activity bonds. Brightline’s decision to come back to the bond market in Florida comes after failing to attract sufficient buyers for a separate offering of bonds for its similar Las Vegas-Los Angeles train.
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