Harry Reid International Airport
Large HubLas Vegas, NV · LAS
Recent News
Updated Mar 29, 2026Harry Reid International Airport's February 2026 passenger total was down 3.3% to 3.8 million, marking the 13th consecutive month of declining passenger volume and the lowest single-month figure since February 2022. International travel fell 11% in February and is down 15% for the first two months of 2026. Southwest Airlines grew passenger volume by 6% in February.
TSA officers at Harry Reid International Airport are working without paychecks, with some receiving eviction notices as the government shutdown continues past 40 days. Nationwide, hundreds of TSA officers have resigned. President Trump stated on March 26 he would sign an order instructing the Homeland Security secretary to immediately pay TSA agents.
Harry Reid International Airport reported TSA wait times of 10 to 15 minutes on March 23, 2026, as operations continued smoothly without ICE agent deployment. Daily TSA call-outs at LAS reached 10 to 15 percent for weeks during the government shutdown, doubling normal rates to approximately 100 per day, but significantly lower than the 40-50% seen at other major airports.
Clark County Aviation Department announced plans to nearly double Terminal 1 gates from 39 to 65 by 2034 as part of a multibillion-dollar transformation. The modernization effort includes redesignating Terminal 3 as Terminal 2, constructing transit centers at both north and south ends of the airport, and roadway improvements by mid-2030. The airport is projected to be severely capacity constrained by 2033.
Airport Profile
Key Financial Data (FY 2025)
Enplaned Passengers (FAA CATS)
Cost per Enplanement (CPE)
Revenue
Expense
Ratemaking Overview
Settlement & True-Up
Fiscal year true-up
Extraordinary Coverage Protection (ECP)
Not available
Landing Fee Methodology
Airfield cost center net of non-airline revenues divided by estimated landed weight
Terminal Rental Rate
Terminal cost center allocated by rentable square footage
Common Use & Gate Allocation
Additional Bonds Test
Senior Additional Bonds require: (A) Net Revenues + Other Available Funds in last audited FY or any 12 of 18 months preceding issuance must equal larger of: (i) required deposits to all funds, or (ii) 125% of Maximum Aggregate Debt Service; OR (B) Airport Management Consultant certification that projected Net Revenues for 5 years post-completion equal larger of: (i) required deposits, or (ii) 125% of Aggregate Debt Service. Second Lien Additional Bonds (while PFC Bonds outstanding): require PFC Instruments tests: (1) PFC Revenues ≥ 135% of average annual debt service, or (2) Net Revenues + Other Available Funds ≥ 110% of max annual debt service AND sum + PFC Revenues ≥ 135% max debt service, or (3) Airport Management Consultant 5-year projection. When no PFC Bonds outstanding: Net Revenues + Other Available Funds ≥ 110% of max annual debt service for Senior + Second Lien Subordinate Securities.
Rate Covenant
Master Indenture: Gross Revenues + Other Available Funds must be sufficient to pay (a) O&M Expenses, and (b) the larger of: (1) required cash deposits to Bond Fund, DSRF, Subordinate Securities Fund, Working Capital Reserve, and Capital Fund; or (2) 125% of Aggregate Debt Service Requirements for Senior Bonds and Senior Securities. Series Indenture for Second Lien: Greater of Master Indenture requirement or 110% of Aggregate Debt Service for Senior Securities and Second Lien Subordinate Securities (excluding Third Lien).
Flow of Funds
Gross Revenues → Revenue Fund. Then to O&M Fund. After O&M, monthly transfers from Revenue Fund in priority: (i) Interest Account of Bond Fund (Senior Securities interest), (ii) Principal Account of Bond Fund (Senior Serial principal), (iii) Sinking Fund Account (Senior Term Securities), (iv) Redemption Account (Senior Securities prior redemption), (v) Debt Service Reserve Fund (restore to Maximum Aggregate Debt Service Requirements over 60 months if drawn), (vi) Subordinate Securities Fund (Second Lien + Third Lien debt service including 2024B Notes, with separate reserves for Second Lien; no reserve for Third Lien), (vii) Working Capital & Contingency Reserve Fund (8.333% of annual O&M, reaccumulate to minimum), (viii) Capital Fund (for General Obligation Requirements, capital costs, extraordinary maintenance, or to prevent default). Remaining Net Revenues may be used for any lawful Airport purposes.
Source Documents
Official Statements
Financial Statements
+5 more
Source: FAA CATS Form 5100-127, DOT T-100 Market Data, Airport Official Statements · Hub classification: FAA CY 2024 Enplanement Data · Prepared by DWU Consulting