Punta Gorda Airport has been ranked as one of the nation’s most affordable airports, a Charlotte County Airport Authority commissioner told the county’s Metropolitan Planning Board on March 31.
T.J. Thornberry, who also sits on the MPO board, cited Department of Transportation data revealing PGD is ranked No. 6 on the list of most affordable airports with an average fare of $129.30 in 2024.
Meanwhile, Allegiant Air parent company Allegiant Travel Co. continues to tout the popularity of Punta Gorda as a destination. During a recent earnings call, Senior Vice President and Chief Commercial Officer Drew Wells compared the newly added Gulf Shores, Alabama, route’s popularity to that of Punta Gorda, “where we have been able to spur additional trips each year.”
PGD added a new route to Tennessee’s Chattanooga Metropolitan Airport in February, providing service twice a week.
“We look forward to welcoming new friends from Chattanooga to our sunny harborside hometown, where they can experience a relaxing lifestyle and the best outdoor activities Southwest Florida has to offer,” Punta Gorda Airport CEO James Parish said.
In November, Allegiant added Savannah, Georgia, to its PGD itinerary, that route runs until April.
Year to date, PGD passenger traffic has been higher than 2024, Airport Authority Chief Marketing Officer Kaley Miller said.
While Punta Gorda remains an overperforming destination for Allegiant, one of its assets is offsetting profits. The company is in the process of selling Sunseeker Charlotte Harbor that was beset with problems shortly after Allegiant broke ground in 2019 on the land it purchased for $30 million. The deal is expected to conclude this summer, company officials said.
Slated to open in 2020, Sunseeker suffered numerous setbacks before it opened three years later than planned and $225 million over budget, for a cost of more than $700 million. Construction was halted for 17 months due to the pandemic, and in September 2022, Hurricane Ian caused giant cranes to crash into the building, accounting for $35 million in damage. There was an on-site fire in February 2023 that shut down construction again.
The resort opened in mid-December 2023, but in September and October 2024, hurricanes Helene and Milton caused approximately $5.7 million in damage that was reported as a special charge on Allegiant’s fourth quarter income statement.
The resort’s high construction costs and continuous occupancy rates of 60% and lower have affected Allegiant Travel Co.’s bottom line and were reflected in earnings reports.
“Given the uncertainty around the timing of any potential transaction, we will only be providing guidance for Sunseeker on a quarterly basis. That said, we expect the property will earn positive [earnings before interest, taxes, depreciation and amortization] of $2 million during the first quarter, a nearly $7 million EBITDA swing compared to the same quarter in 2024,” Allegiant CEO Greg Anderson said.
During the earnings call, investors were given good news about the company’s airline assets performance. Anticipating first quarter success, Wells said company growth is expected to be more than 10% for the first time in more than three years.
Some of the company’s 44 new routes added in November will be discontinued, but none were to or from PGD.
Some of the 12 new Boeing 737 Max aircraft Allegiant ordered for 2025 might not be delivered on time due to delivery delays, causing the company to incur expenses for pilot training for aircraft that have not arrived and for lack of pilot productivity.
Despite the setbacks, Allegiant expects 15% growth throughout 2025. The company finished 2024 with a fourth quarter adjusted airline-only earnings of $3 per share.
