Turks & Caicos Islands Airports Authority

were able to successfully turn Providenciales International around from a loss-making entity in 2007–basically, losing over $3 million per year – to a position where we now generate some $37 million per year. On the air side, the runway was completely rehabilitated and extended from 7,600 feet to 9,200 feet – as a result, we have the critical Boeing 777 British Airways aircraft operating into the territory. “Another thing we’re proud of is a substantial increase in passenger numbers.Working in collaboration with the Turks and Caicos Hotel and Tourism Association and the Turks and Caicos Tourist Board in our quest and success in attracting new carriers and new routes, such as Southwest, Jet Blue, and United, we’ve moved from having low connectivity to a much broader- based connectivity.We have flights coming in from New York (JFK and Newark), Miami, Charlotte, NC, and Dallas, as well as the opening of a direct flight into the Eastern Caribbean– British Airways now operates a 777 twice weekly on Sunday and Thursday into Antigua. That was significant because, until then, we had no direct flights into that region. And we have another start up of a new route - an American Airlines direct flight from Chicago. “One of the stresses we have at the moment, though, because the extent of our growth has exceeded our forecast, we’re now in the process TURKS & CAICOS ISLANDS AIRPORTS AUTHORITY of starting, in earnest, the drawings of the new terminal.We’re looking at doing that in short order to accommodate current growth and future expansion, as well. Because the Marriott now has a 12-story building in progress and there are others coming, we need to keep ahead of it.We are a major employer, not just by number (354 employees), but by the significance of the work we do and the important role it plays on the main economic driver, which is tourism.” BVC: How is the Airports Authority governed, and do you have the freedom to make decisions? Smith: “In the strictest business sense, we are a subsidiary of government, in that the Airports Authority is a statutory body corporation that is owned by the TCI Government.We have a Board that we report to and the Board is then responsible for ensuring the Airports Authority operates in the best interests of all.We have regular internal audits, plus an annual external audit that we publish on our website. It’s always in the public domain. In addition, there are various aspects of the Public Service that the government may, from time to time, impose on the Airports Authority to follow. Bringing in investments is also part of our role.We are free to engage in financing (we negotiated a $70 million loan that is almost paid off), although it does need the blessing of the government, which is the parent company, so to speak. “And it is incumbent upon us, working with the Hotel and Tourism Association and Tourist Board, to develop new routes, which makes sense because they have a vested interest in tourism, and they all bring different benefits to any