Clark County Commissioners in Las Vegas have approved plans for The Boring Company’s Vegas Loop tunnel system.

The Boring Company anticipates the network will see as many as 57,000 passengers aboard a fleet of high-speed Tesla vehicles each hour.

It comes as Musk sits atop Bloomberg’s Billionaire list, with an estimated net worth of around US$242bn which is largely based on his stake in Tesla but gives less credit for his interests in The Boring Company or SpaceX.

In Vegas, the proposed transport network would span 29 miles with 51 different stops under Vegas.

Popular locations will be covered including various hotels and casinos on the Vegas strip, the new Allegiant American football stadium, the University of Nevada, McCarran International airport, and the Las Vegas convention centre.

The 3.6-mile journey from the football stadium to the Convention Centre will take only four minutes at a price of US$6.

Boring President Steve Davis told the Las Vegas Review that the company will build the system in phases and once it completes work on an individual station, it will open immediately.

Boring hopes to build five to 10 stations within the first six months of the project, and then between 15 and 20 every year thereafter, with the end goal of finishing construction within three years.

Davis also said it will be a point-to-point system, meaning passengers will “walk into a station and the vehicle [will be] waiting for you and go directly to your [desired] station, you can really solve the traffic problem.”

The company now needs to obtain the necessary permits before it can start excavating.

The transportation firm currently runs a smaller tunnel system underneath the city’s main Convention Centre, which has not lived up to Elon Musk’s expectations.

When first pitched, the initial system was supposed to move up to 4,400 passengers every hour, as of earlier this year, it was only capable of moving around 576 passengers per hour.

One day in the future the idea is that automated, self-driving Tesla vehicles with multiple layers of tunnels will be used to increase capacity.

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