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Brightline (Now Virgin Trains) Files To List On Nasdaq, Expects To Be Highly Profitable

Brightline (Now Virgin Trains) Files To List On Nasdaq, Expects To Be Highly Profitable

Miami-based Brightline filed to go public on Friday, shortly after announcing a name change to Virgin Trains.

The company plans to list on the Nasdaq under the symbol VTUS. Up to $100 million in shares will be sold, although that number is likely just a placeholder.

Separately, Richard Branson’s Virgin Enterprises Limited has agreed to purchase an undisclosed number of shares from the company at the same share price as the IPO.

Brightline’s Florida passenger rail service along with an expansion in Las Vegas are intended to generate “meaningful profits,” with expansion planned to other large markets in North America where the “too long to drive, too short to fly” model fits.

The Florida operation alone is expected to generate $810 million in revenue, including $700 million in ticket sales and $110 million in ancillary revenue, once operations are stabilized and a Tampa expansion is completed. An operating profit equaling 70% of revenue is being targeted.

The company also intends to pursue new real estate development opportunities at or around existing or future stations using land in Miami and Fort Lauderdale that they own, and on other land that may be acquired in the future.

An expansion to Orlando is now under construction, the filing states, while the company is the sole bidder filing with the state to build an Orlando-Tampa route (also linked to Miami).

Aside from Florida and Vegas, other potential expansion markets include Atlanta, Georgia to Charlotte, North Carolina (240 miles), Dallas to Houston, Texas (240 miles), Los Angeles to San Diego, California (120 miles) and Portland, Oregon to Vancouver, British Columbia (315 miles).

The filing also revealed details of an agreement with Tri-Rail. Brightline is now building $65 million in improvements at MiamiCentral for Tri-Rail, of which $3.6 million remains unpaid by Tri-Rail operator SFRTA as of September 30. The SFRTA has entered into an agreement to establish new commuter rail service on the Brightline corridor which must allow Brightline to maintain certain operating performance targets. However, there is no assurance that SFRTA will get the requisite funding to establish the commuter rail service or that the new rail service, if established, will not adversely affect the efficiency of Brightline service, the company warned.

 

Read: Full Virgin Trains USA LLC filing with the SEC.

 

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Anonymous
Anonymous

The Dade County courthouse looks so elegant in the back ground, hope it becomes a hotel and restore some of the court rooms to become looking bars.

transplant
transplant

Miami is missing such a bar scene. Everything doesn’t have to be a club or a Brickell bar only not a club by name.

Miami – its okay to sit, enjoy a cocktail, and not be loud lol

Anonymous
Anonymous

And that is why I go to breweries.

Anonymous
Anonymous

Check out Lost Boy at the Dupont Building. Fantastic happy hour with solid drinks.

Anonymous
Anonymous

This.
Every place in Miami has an identity crisis. Take AmSo for example. Is it a restaurant? Bar? Club? It does an average job at all three. Such is the case for so much in Brickell.

Anonymous
Anonymous

I’d want to see it become Miami’s city hall, but a luxury boutique hotel is a close second.

Anonymous
Anonymous

Capital infusion for growth

Anonymous
Anonymous

I still believe, they should add one station in Boca and another in Hollywood or Aventura.

Anonymous
Anonymous

Why would they do that? Have you not heard of TriRail? They already have stations there.

Anonymous
Anonymous

Because if you are going to have to drive from Boca to fort Lauderdale you may as well keep driving to Miami duh same as Aventura.

Anonymous
Anonymous

I think Brightline should do this as well and run Express and Local trains on the line, express stopping at the big cities and locals stopping at the places in between, this system works great in Osaka-the Keihan Line runs from Osaka to Kyoto with express trains getting you from downtown Osaka to downtown Kyoto in an hour and some, with local trains taking about 2 and half hours to complete the same journey. Ultimately, however, this corridor can only work with real density and expanded rail infrastructure out into the suburbs. The lack of political will or synchronized planning between the three southern counties is what is killing South Florida-that and the “every man a car” logic which continues to exist. Miami’s streets are gridded, building a synchronized rail system is not rocket science, it’s easy to do, but nobody wants to fit the bill cause god forbid politicians actually do something for the people they’re supposedly representing. Also-it’s hot everywhere so that excuse is useless.

Anonymous
Anonymous

Brightline wasn’t conceived to be a commuter rail like metrorail or even Tri-rail. It was designed for long county to county commutes.

Anonymous
Anonymous

Say goodbye to free drinks soon…

Polo
Polo

Now that Virgin is taking over, are the trains going to be painted red with the Virgin logo?

Anonymous
Anonymous

They talked about re-branding the trains

Anonymous
Anonymous

Next year

Brightline Not virgin
Brightline Not virgin

I sure hope not Bc to me that would be wasting money because the trains are so new, what the should do is paint one the trains Brightline by Virgin trains USA and that’s it so they don’t have to spend all this money on something that is still new

Anonymous
Anonymous

“However, there is no assurance that SFRTA will get the requisite funding to establish the commuter rail service”

Alex
Alex

Serious question: Wasn’t a Hyperloop being discussed from Miami to Orlando? I haven’t heard anything in a while and would imagine with Virgin injecting money into Brightline (Virgin trains now) Hyperloop will be canceled.

Anonymous
Anonymous

The technology is not quite ready. And any Florida Hyperloop will face years of environmental studies.Look for India, Dubai and France first.

Anonymous
Anonymous

Hyperloop is a pipe dream being sold by a man who can barely control his own-so far unsuccessful-electric car company, while great for inspiration, Musk and his talk is usually hot air. What’s the need for a prohibitively expensive and dangerous technology like hyperloop when we already have highspeed rail?

Anonymous
Anonymous

So unsuccessful that his 10yr old car company has similar market cap to Ford and GM, and sold more electric cars than all other makers combined. This is not considering the Tunnel company and SpaceX, both successful.

Anonymous
Anonymous

overvalued

Anonymous
Anonymous

Tf you talking about? Tesla sells more luxury cars than Benz and BMW combined in the US… so far unsuccessful lol

Anonymous
Anonymous

they can sell as much as they want but they’re marginally profitable and often isn’t–you Elon freaks are a joke

Anonymous
Anonymous

what about coastal link can we get that done?

Anonymous
Anonymous

No Coastal Link was the bait for locals in the path of Brightline. Coastal link is never going to happen you suckers.

Eric
Eric

Miami where is the traffic? Everytime i come down there, it’s not much.

Anonymous
Anonymous

Somehow Branson turned the ridiculous sounding “Virgin” brand into something cool. So I guess it should work, since generic “Brightline” is not any better.

Anonymous
Anonymous

He founded it himself. It started as a record company whereas him and his business partner were “virgins” in the music industry. Not quite the first choice I’d pick, but it’s better than some stupid made-up, gibberish Latin name.

Brightline not Virgin
Brightline not Virgin

Ok I just want the colors of the trains to stay and everything else but our on the side of the train “Brightline By Virgin trains USA” like the hotels, “ Tru by Hilton or Double Tree by Hilton” like that people still call it Tru or Double Tree but it still has the main Companys name on the sign, and by new everyone have gottenused of the name of Brightline so to change it again is stupid. Now I do think for the Las Vegas to Los Angeles Line can be called Virgin trains form the start but in Florida it should stay the same and I mean it would cost so much money to paint every train the Virgin colors get new signs in the stations and everything else, I think that would just be wasting money. 🤷🏼‍♂️

Anonymous
Anonymous

Is there nothing capitalism can’t accomplish?

Anonymous
Anonymous

whos the bum who disliked this comment

Anonymous
Anonymous

double negative question: is there nothing capitalism can’t accomplish = is there anything capitalism can accomplish
answer: capitalism can accomplish most things, but not all of them

Anonymous
Anonymous

Proper sentence structure is apparently one of capitalisms great downsides.

Anonymous
Anonymous

Affordable health care where everyone is covered.

Anonymous
Anonymous

Okay smartass. If it wasn’t for capitalism, an increasing life expectancy, cures to illness, etc. wouldn’t exist making health care irreverent.