Harry Reid International Airport

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Las Vegas, NV · LAS

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Recent News

Updated Mar 8, 2026
New American Express Sidecar lounge opens at Harry Reid International Airport

Sidecar by The Centurion Lounge, a new speakeasy-inspired airport lounge concept from American Express, opened on March 5, 2026 near gate D1 at Harry Reid International. The lounge operates 8 a.m. to 10 p.m. daily and is the seventh branded lounge at LAS and second for AmEx, featuring QR code ordering technology.

Las Vegas Review-Journal·Mar 5, 2026
Spirit Airlines may further reduce Las Vegas presence amid bankruptcy restructuring

Spirit Airlines' plan to escape Chapter 11 bankruptcy protection may result in additional route cuts at Harry Reid International Airport beyond the fall 2025 cuts that eliminated nearly 400 Las Vegas-based flight attendant positions. Analysts expect further reductions particularly in western markets as Spirit restructures with creditors.

Las Vegas Review-Journal·Mar 2, 2026
Qantas to launch first-ever nonstop Australia-Las Vegas flights

Qantas announced plans to launch the first-ever nonstop flights between Australia and Las Vegas to Harry Reid International Airport, cutting off at least five hours of travel time from existing routes. The announcement was made in late February 2026, marking the longest flight to Reid airport.

Las Vegas Review-Journal·Feb 25, 2026
Vegas Loop approved to transport passengers to Harry Reid Airport

Vegas Loop, The Boring Company's underground people-mover system, received permit approval to take passengers to Harry Reid International Airport with drop-offs at the departure curb now available. Once transponders are installed for pickups, service will operate from Resorts World and Westgate at $12 per ride, with a 2.25 mile Airport Connector tunnel planned for Q1 2026.

KSNV News 3·Dec 30, 2025

Airport Profile

Governing EntityClark County Department of Aviation
Entity TypeCounty Department
Fiscal Year EndJune
Bond TypeGARB
Rate MethodologyHybrid Residual
AUA StatusActive
Agreement Period2010-07-01 – 2030-06-30
S&PA+
Moody'sA1
FitchA

Key Financial Data (FY 2025)

CPE$7.13
Signatory Landing Fee$1.2000
Enplanements28,642,319
Total Operating Revenue$605.0M
Total Operating Expense$542.8M
Operating Income$62.2M
Total Debt$2.3B
Rate Covenant1.25x
Unrestricted Cash$685.1M
Landed Weight (1000 lbs)32,565,751

Enplaned Passengers (T-100)

22.1M-20.8%

Cost per Enplanement (CPE)

$7.13+33.0%

Revenue

$605.0M+10.1%

Expense

$542.8M+4.8%

Ratemaking Overview

Overall MethodologyHybrid Residual
Ratesetting Typeagreement
Cost Center StructureAirfield, Terminal, Ground Transportation

Settlement & True-Up

Fiscal year true-up

Extraordinary Coverage Protection (ECP)

ECP TypeNone

Not available

Landing Fee Methodology

MethodologyResidual

Airfield cost center net of non-airline revenues divided by estimated landed weight

Terminal Rental Rate

Rate DivisorRentable Square Feet

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

Covenant Ratio1.25x

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.

1.O&M Fund — Payment of Operation and Maintenance Expenses for the Fiscal Year
2.Interest Account of Bond Fund — Monthly deposits in substantially equal installments for next maturing interest on Senior Securities
3.Principal Account of Bond Fund — Monthly deposits in substantially equal installments for next maturing principal on Serial Senior Securities
4.Sinking Fund Account of Bond Fund — Monthly deposits equal to 1/12 of next Sinking Fund Requirement for Senior Term Securities, commencing 1 year prior to due date
5.Redemption Account of Bond Fund — Monthly deposits sufficient to pay Debt Service Requirements on Senior Securities called for prior redemption
6.Debt Service Reserve Fund — Monthly deposits over 60 months to restore to Maximum Aggregate Debt Service Requirements for Senior Securities if drawn (excluding amounts where Qualified Surety Bonds reinstated). Reserve Requirement varies by series: 2010C Bonds = $0; 2015A Bonds = least of (a) $5,991,500 initially or (b) lesser of (a) and least of max annual DS, 125% avg annual DS, or 10% par; 2019B Bonds = least of (a) $23,151,535.33 initially or (b) lesser of (a) and least of max annual DS, 125% avg annual DS, or 10% par. 2015A, 2019B, and 2024A Bonds reserves maintained separately from DSRF.
7.Subordinate Securities Fund — Monthly deposits required for payment of principal and interest on Subordinate Securities (Second Lien + Third Lien including 2024B Notes) as same become due, including any reasonable reserves. Debt service reserve funds maintained for all Second Lien Subordinate Securities except 2008C and 2008D Bonds. No debt service reserve funds maintained for any Third Lien Subordinate Securities.
8.Working Capital and Contingency Reserve Fund — Monthly deposits equal to 1/12 of 8.333% of annual O&M Expenses (Minimum Working Capital Reserve), less any money available. No payment needed if moneys equal or exceed Minimum Working Capital Reserve. Used only to prevent deficiencies in O&M Fund. Any excess over Minimum Working Capital Reserve transferred to Revenue Fund.
9.Capital Fund — From remaining Revenue Fund moneys each FY: (a) monthly installments or greater amounts to pay General Obligation Requirements (if any) due in Comparable Bond Year; (b) not less than annually an amount up to $100,000 to accumulate/reaccumulate Minimum Capital Reserve of $1,000,000. May be withdrawn for: (A) General Obligation Securities payment, (B) capital costs (betterments, enlargements, extensions, improvements), (C) extraordinary/major repairs, renewals, replacements not defrayed as O&M, (D) any Securities payment to prevent default.
10.Discretionary Use — At end of FY or whenever all required deposits satisfied for that FY and any deficiencies cured, remaining Net Revenues may be used for any lawful Airport System purposes as Governing Body determines.

Source Documents

Official Statements

LAS-2012-PFC-OS.pdf
LAS-2013-Fuel-OS.pdf
LAS-2024B-OS.pdf

Financial Statements

LAS 2024 ACFR.pdf
LAS 2025 ACFR.pdf
LAS 23Q1 Report.pdf

Airline Use Agreements

LAS-2010-2030-AUA.pdf

Rate Books

LAS 25Q3 Report.pdf

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