St. Joe Co., Southwest Airlines end guarantee program on Florida airport
July 2, 2012
...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:
St. Joe, Southwest end financial agreement
Airline's success means pact no longer needed, officials say
July 2, 2102
“I think this shows that Southwest is doing better than we thought,” said John Wheat, the airport’s executive director. “This is nothing but good news.”
The Northwest Florida Beaches International Airport has grown from capturing 9 percent of the Panhandle market share in 2009 to 25 percent this year, Wheat said.
Southwest has extended its lease agreement with the airport through 2015.
[Edited 2012-07-03 00:55:05]