A voltage regulator is configured to regulate an alternating current source provided to a model toy railroad layout. The voltage regulator delivers a substantially constant voltage level to the features and accessories drawing power from the third rail of the railroad layout. The voltage regulator comprises a load control unit having an output configured to be coupled to a load. The load control unit is responsive to a load control signal for controlling the delivery of current to the load during at least a portion of an alternating current waveform. A feedback unit is coupled to the output of the load control unit and is configured to produce a feedback signal indicative of an average voltage level of the alternating current source applied at the output. A controller is responsive to the feedback signal and is configured to generate the load control signal such that the average voltage level substantially corresponds to a predetermined reference voltage level. The controller may be further configured to receive a user input signal defining the reference voltage level.

 
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