Musk's tunnelling company bags $48.6 mn deal in Vegas

Tesla CEO Elon Musk's tunnelling company -Boring - has bagged a $48.6 million worth contract to build an underground transportation system around the Las Vegas Convention Center (LVCC), Engadget reported on Thursday.

Authorities conjured up the project to go with the LVCC's expansion -- the whole facility will span 200 acres after all construction is done, and people would have to walk two miles to go from one end to the other. 

The Campus Wide People Mover (CWPM) "LVCC Loop" would be able to take event attendees to their destination much faster.

"Boring Company starts digging Vegas tunnel in two months. Aiming to finish by end of year," Elon Musk posted on Twitter, confirming the deal. 

The contract's conditions specify that Boring Company will pay a penalty of $300,000 per event and up to $4.5 million total if it is unable to provide full passenger capacity during the LVCC Loop's first 18 months online, the report said. 

Earlier in April, Israeli Prime Minister Benjamin Netanyahu revealed that Musk has been in negotiations with Israel's government to build tunnels in the country.