Wall Street Journal: Westchester County’s Airport Plan Hits Some Turbulence

I hope you all enjoyed Independence Day! Also on July 4th, the Wall Street Journal published two articles online regarding the privatization of our airport. Abbreviated versions also appear in today’s WSJ print edition.

Wall Street Journal: Westchester County’s Airport Plan Hits Some Turbulence

“Jonathan Wang, chairman of Citizens for a Responsible County Airport, notes the cap doesn’t apply to private planes and corporate jets, which make up about 80% of the airport’s operations. And the Westchester County Board of Legislators will now have a financial incentive to change the local law to raise the passenger cap to make more money once the airport is privatized, Mr. Wang said.

The county and the private operator will “have a strong incentive to increase profits whether by increasing the number of operations at the airport or by cutting costs on things like security or environmental protection,” said Mr. Wang, who lives in Purchase, N.Y.”

Wall Street Journal: Effort to Privatize Airports Fails to Take Off

“Oaktree Capital Management LP of California and Grupo Aeroportuario del Sureste of Mexico paid $615 million for a 40-year lease to operate the airport in 2013. In May, Oaktree sold its 50% stake in the venture for $430 million.

Oaktree is bidding for Westchester County Airport, in partnership with Connor Capital of California.”

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