Quote: ...The developer and airline announced Monday that the guarantee has been terminated early, with no need to pay Southwest anything.
In the St. Joe announcement, Southwest vice president of properties Bob Montgomery said the “financial safety net provided by St. Joe was instrumental in attracting Southwest” to the new airport, which opened in May 2010.
“In every respect, the agreement with St. Joe has been a triumph,” Montgomery said. “It has fulfilled its mission and achieved its intended purpose.”
I guess if both parties are terminating the guarantee a year early, WN must be making a profit at ECP.
The article also mentioned that ECP was carrying 25% of the Northwest Florida Panhandle traffic - up from 9% before the airport opened and that WN's share at ECP was 57%
Edited to add another article from the News Herald in Panama City:
LoneStarMike From United States of America, joined Jul 2000, 4028 posts, RR: 31
Reply 3, posted (3 years 4 months 2 weeks 6 days 3 hours ago) and read 1586 times:
Quoting FlyPNS1 (Reply 2): It also frees WN to add service at PNS however it likes
PNS was part of the reason, but the other reason is under the terms of the agreement, WN was required to serve the initial 4 cities with twice daily service. Now they don't. In fact, with this latest schedule release, WN has eliminated service between MCO & ECP.
Brett Snyder of The Cranky Flier had a blog on this issue today.