00:00This is a more than $20 billion overhaul of Dulles Airport.
00:03The obvious question is, how is it going to be financed?
00:06Yeah, so a big portion of this project is going to be financed through the municipal bond market.
00:10You know, it's a very common financing tool when it comes to airport renovation projects across the country.
00:14So the airport authority that owns and operates Dulles Airport will work with United Airlines
00:19and other airlines that operate out of Dulles,
00:22and they will come together to finance the renovations happening to the concourses,
00:27the expansions to the facilities, and it'll come through the municipal bond market.
00:31Right, and the airport already has a $7 billion capital plan,
00:34so they have some runway to get started at least.
00:38I feel like we talk about this quite often, airports needing to renovate.
00:43Dulles is not necessarily an outlier here,
00:45but the amount that we're talking about is quite substantial
00:47compared to some of the other airport renovation projects.
00:49Yeah, I mean, over $20 billion is a huge number,
00:53but we're seeing those types of projects happen across the country.
00:55I mean, if you look at JFK, that's a $19 billion project that's happening.
00:59That's a combination of municipal bonds, private, you know, P3 projects,
01:03and so you have a combination of all these different financing tools
01:06to create these really big renovation projects, you know,
01:09that's happening all the way from New York to San Francisco and L.A.
01:12These airports are really old.
01:14You know, they were decades and decades ago they were built,
01:17and so now they're coming up on capacity constraints,
01:19they're coming up on passengers just wanting a more luxury, you know, premium experience.
01:24And so, you know, these airports really do have to invest.
01:27Everyone wants a lounge, too, so I guess that's part of the renovation.
01:30So talk a little bit about the specific renovations
01:32that we're looking for at Washington Dulles.
01:35So they're thinking of, you know, replacing the C&D concourses.
01:40A big portion of it is also getting rid of the people movers,
01:43so they have, like, these mobile lounges that are basically like shuttle buses.
01:46They get passengers between different gates throughout the airport,
01:49trying to get rid of that.
01:50And then also Trump said he wants to build a united Polaris lounge there,
01:54which should be the biggest in the world.
01:57Right.
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