The choice of the city of Rio de Janeiro to must the 2016 Olympics games brought the need to carry out transportation infrastructure projects. One of these projects involved the revitalization of the port area, known as the Porto Maravilha Project. One of the improvements projected was a new modal rail transport, the VLT Carioca. This paper analyzes the public-private partnership project VLT Carioca in port area of Rio de Janeiro city using real options. The purpose of this study is to determine the expected return of project for winning bidding consortium, analyzing the impact of government incentives to private partner, and the total costs to state. Stochastic demand is modeled as a Brownian geometric motion (GBM). The results indicate that the project has a small return on the initial investment, the guarantees offered by government increase the value of the project and the realization of the project under the public-private partnership modality brings to the public partner a gain of economy approximately 50 percent of the value.