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American Airlines and the Los Angeles World Airports (LAWA) announced that American would continue its investment at LAX, committing more than $1.6 billion over the next 15 years. The investment will go toward improvements of Terminals 4 and 5.
American’s letter of intent sets the framework for negotiation of a new 15-year lease agreement and features airport improvement projects that would be made possible by the investment. The agreement also paves the way for American to receive additional gates as they continue to grow their operation and add destinations.
“This investment will not only improve the customer experience, but it will also give our employees a better place to work every day while allowing us to continue to grow in the marketplace,” said Doug Parker, Chairman and CEO of American Airlines.
“It’s an exciting time for the U.S. airline industry and for American in particular. Today, U.S. airlines are healthy and investing back into their businesses and the communities they serve. What we are doing here today is a great example of that.”