From Las Vegas Advisor:

Monorail Update—The $650 million Las Vegas monorail project, which broke ground in August 2001, is roughly 75% complete. When it opens for business next January, nine trains will run along the three miles of track between MGM Grand and Sahara Avenue every four minutes between 6 am and 2 am. The one-way trip, with stops at seven stations, will take 15 minutes and cost $3. Discounted day, multi-day, and monthly passes will be available. The monorail is being touted as the "most modern transit system in the world," but it will need to attract 19.5 million riders a year (for many years) to pay off its financing. A two-mile extension is planned to link Sahara Ave. and Fremont Street.