Mark Powers, B6
CFO, today at the Deutsche Bank Aviation conference:
We are also again, one of the nice things about having a large, if you will, cash balance and a low cost of debt is we are ready, willing, and able to invest in efficiency producing cost savings types of investments. This is just one of the big ones I'll just highlight. I think in a week or two or whenever, we can get the report out to the airport. We're going to break ground on $190 million expansion of our current facility at T5
. This will provide us additional gates to accommodate the processing of international arrivals. It's a facility that actually will pay for itself. On an operating basis, it's at the least neutral to what we're currently paying at T4
is the building right alongside us, but the big tower. You probably recognize it from all the Delta jets parked all over the place. So it assures us supply. It assures us of low cost. And believe it or not because of the congestion issues at JFK
, on a daily basis, we spend the equivalent of one plane at a time taxiing our planes after they've deplaned from T4
and getting to T5
. So essentially, cost neutral and we get an airplane back, so it's pretty compelling.
So, it sounds like jetblue needs to send some report to PANYNJ in order to break ground in the next week or two
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