RICHMOND -- After nearly a decade of continuous growth, the Vancouver Airport Authority expects to see a dip in passenger volumes this year because of the global coronavirus pandemic.
Vancouver International Airport welcomed 26.4 million passengers in 2019, but it has now revised the estimate for this year down to 25 million.
”And I would add this big caveat – that’s as of today, the 11th of March,” said president and CEO Craig Richmond. “It could be a little worse or get a little better than that, but that’s what we’re looking at.”
Richmond went on to say that slump in passenger numbers will affect the airport’s bottom line – with revenues expected to fall five to 10 per cent below initial forecasts.
“Passenger footfall is important to every business, from parking to duty free and shops and food and beverage, so yes, we will notice a difference,” he said.
A multi-million dollar expansion of YVR's international terminal building is set to open to the public in June of this year, but with passenger volumes dropping it may not be fully utilized right away. Still, Richmond anticipates growth at the airport to rebound when health officials around the world get a handle on COVID-19.
“We think long term," he said. "We think, 'What are we going to need in five or 10 years? Certainly, we have to live through this like everybody does, but we’re well-positioned to come out the other side and pick up our traffic growth again.”
