XpressWest could draw about 21% of the total travel market by 2024 and 27% of the market by 2050.
The $8 billion-dollar project was initially scheduled to begin construction in 2016.
The property is one of two locations XpressWest has explored for a Las Vegas terminus for the initial phase of a 185-mile, dual-track line to Victorville, Calif.
The announcement is a blow to China, which has built the world's largest high-speed rail network in less than a decade.
The $8 billion, 185-mile, dual-track system with no grade crossings between Las Vegas and Victorville, would run roughly along the Interstate 15 right-of-way.
The initial phase of the XpressWest project, which will link Las Vegas to Victorville, Calif., will cost $8 billion.
The joint venture says construction could begin in September 2016 once it has acquired all the necessary approvals.
House Budget Committee Chairman Paul Ryan and Sen. Jeff Sessions, the top Republican on the Senate Budget Committee, claimed that the project is “costly, wasteful and risky.” ExpressWest’s founder/CEO and the National Association of Railroad Passengers both spoke out to defend the project.
An XpressWest representative attributed the extensive wait to the complexity of the project and amount of due diligence the Federal Railroad Administration must complete to approve the loan.
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