Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
And here is one of the three 747's already at ASI's premises in Cotswold Airport in Gloucestershire.
https://www.gloucestershirelive.co.uk/news/cheltenham-news/corsair-boeing-747-becomes-third-4219984
Just to close the story on this remarketing, I've found on a French site the info that the three 747's are to be taken apart by Air Salvage International in UK. Spare parts for the 747 seem to be still very much in demand, especially so the motors, as the article mentions, so it seems the US buyer wanted them for their spare parts value. Hence the particular mention in the earlier article of there being two extra spare engines included in the sale.
"Les trois appareils (S/N 26880, 26877 et 26875), produits pour les besoins de la compagnie américaine United Airlines en 1992, ont ainsi été revendus à FTAI Aviation (Fortress Aviation and Investors). Le sort final des appareils est évidemment connu, devant être démantelés par Air Salvage International au Royaume-Uni."
« Il y avait un intérêt considérable pour ces B747, en particulier en raison de leur type de motorisation. Bien que le marché soit actuellement particulièrement difficile, certains types d'avions et de moteurs sont en demande » a précisé Tony Whitty, EVP Remarketing & ACMI chez Air Partner."
https://www.journal-aviation.com/actualites/44845-les-anciens-boeing-747-400-de-corsair-appartiennent-a-ftai-aviation
"Air Partner Remarketing, a division of the Air Partner group, announces that it has participated in the resale of the three Boeing 747-400s of the French airline Corsair, as well as two of their spare engines (PW4000), as an exclusive intermediary .
The three aircraft (S / N 26880, 26877 and 26875), produced for the needs of the American company United Airlines in 1992, were thus sold to FTAI Aviation (Fortress Aviation and Investors). The final fate of the aircraft is obviously known, to be dismantled by Air Salvage International in the United Kingdom.
“There was considerable interest in these B747s, especially due to their type of engine. Although the market is currently particularly difficult, certain types of aircraft and engines are in demand, ”said Tony Whitty, EVP Remarketing & ACMI at Air Partner.
Corsair separated from its latest 747-400 (F-GTUI), also the last French 747, during a ceremony organized in Orly on June 15. The three aircraft were acquired in 2005 from United Airlines to replace the 747-300."
https://www.sunnewsonline.com/covid-19-fg-reschedules-flight-from-uk-over-landing-clearance/
"The Federal Government has rescheduled the Air Peace Airlines flights billed to evacuate Nigerians stranded in the United Kingdom due to landing clearance issues.
The High Commission of Nigeria in London, in a statement posted on the Twitter account of the Minister of Foreign Affairs, Geoffrey Onyeama, informed prospective evacuees that the Air Peace flights billed to depart on July 13, from London Heathrow to Abuja and Lagos, had been rescheduled to depart on Tuesday, July 14, from Gatwick Airport.
‘Furthermore, Air Peace Airlines has contracted Air Partner to operate the flight on its behalf and any other information will be communicated directly to the passengers,’ the Nigerian High Commission said."
The charts here, from about 9'00 in, of the virus situation in the FACT states (Florida, Arizona, California, Texas) illustrate what is happening there and illustrates how AIR ought to have business in great volumes through its offices in three of those four states. Freighting in PPE plus private jet hire. Sad situation in human terms but that's the reality of how it is.
https://www.realvision.com/shows/daily-briefing/videos/daily-briefing-july-10-2020?utm_campaign=2020710_alert_briefing_leads_combo_1_standard&utm_medium=email&_hsmi=91171635&_hsenc=p2ANqtz--jAJCBtx4mIFJpxkT-p95_bnpxiozmiffPAuKqXspxJMHARZj-FQPRqHUL3dCx_GK3PjlnaUc5O67ZhgbUYApsLhxpCDR6uNX-zBJhJLMJyGLBv28&utm_source=leads_combo
(Very good site, btw)
Although this article is US-facing, it may well indicate new business for AIR through the three existing and the two recently-opened new US offices in Houston and LA, while also confirming that private jet travel is likely to benefit from fear of flying on regular commercial flights. Houston and LA (the two new offices), as well as Fort Lauderdale are all in states where the virus outbreak is still raging strongly and demand there for more secure personal air transport ought to be strong as well.
https://privatejetcardcomparisons.com/2020/07/10/heres-where-the-private-jets-were-flying-for-the-july-4th-holiday/
One model from 1992 quoted here, with PW 4000 series engines, seems to have a list price of US$16m, although I assume the actual sale price would be lower, especially in the current market conditions. Still, on three aircraft plus two spare engines, even 1%-2% (I understand fees are generally of that order) will be a tidy sum.
https://www.controller.com/listings/aircraft/for-sale/list/category/3/jet-aircraft/manufacturer/boeing/model-group/747
Yet another source of income. AIR's fee on this resale ought to be juicy.
"Three Boeing 747-400s formerly part of the fleet of French leisure airline Corsair have been sold to the aviation division of a US-based transport and energy sector investor.
Fortress Transportation & Infrastructure Investors, located in New York, is picking up the 747-400s – identified as bearing serial numbers 26880, 26877 and 26875.
All three aircraft were originally delivered to United Airlines during 1992-93.
The jets are powered by Pratt & Whitney PW4000 engines, and these powerplants have resulted in “considerable interest” in the aircraft, claims Air Partner executive vice-president for remarketing Tony Whitty.
“Although the market is currently more challenging, certain aircraft and engine types are in demand,” he says."
"Air Partner, which served as the exclusive remarketing agent for the Corsair 747s, points out that the agreement with Fortress includes two spare engines.
Corsair had parked the three 747-400s as part of a modernisation programme under which it intended to switch to a fleet entirely comprising Airbus A330s, including A330-900s – three of which are on order."
https://www.flightglobal.com/us-investment-firm-picks-up-corsairs-747-400-fleet/139222.article
LAS VEGAS (KSNV) — The Gaming Control Board approved the merger of gaming giants Caesars Entertainment and Eldorado Resorts, clearing another hurtle to combine the two.
Last month, the Federal Trade Commission concluded its review of the merger and conditionally approved plans to put about 60 casinos and resorts in 16 states under a single name.
RELATED | FTC approves merger of Caesars Entertainment and Eldorado Resorts
Regulators has demanded Eldorado has to sell some of its properties, including the Montbleu in Lake Tahoe, and the Eldorado Shreveport Resort and Casino in Louisiana.
William Hill will operate the sports books of the new Caesars properties, officials said.
State officials in Indiana and New Jersey still have to approve the deal.
https://news3lv.com/news/local/gaming-control-board-approves-caesars-eldorado-merger
https://seekingalpha.com/news/3589638-eldorado-caesars-deal-sees-green-light-in-nevada
It is perhaps Indiana being a bit difficult on approving the Caesars-Eldorado tie-up that has held back the share price today.
https://seekingalpha.com/news/3589128-indiana-regulators-raise-concerns-on-caesars-eldorado-deal
https://www.in.gov/hrc/files/PUBLIC%20REDACTED%20ExecDirectorRpt.pdf
"Another event worth monitoring is the Nevada Gaming Control Board meeting on July 8 with discussion covering the Caesars Entertainment (NASDAQ:CZR)-Eldorado Resorts (NASDAQ:ERI) merger, as well as William Hill's (OTCPK:WIMHY) application to take over the Caesars sportsbooks."
https://seekingalpha.com/article/4356924-stocks-to-watch-postmates-walgreens-and-cannabis-plays?utm_medium=email&utm_source=seeking_alpha&mail_subject=eri-dkng-stocks-to-watch-postmates-walgreens-and-cannabis-plays&utm_campaign=rta-stock-article&utm_content=link-0
"Figures released today by Air Partner, a world leader in global private jet travel, show a 321% surge in enquiries received for private jet travel in Europe during June 2020 compared to the same period last year, as a raft of Covid-19 travel restrictions begin to ease including the introduction of air bridges and the expected lift of the 14-day quarantine for arrivals to the UK.
A growing number of travellers, including many who have never previously used private jets, are exploring the option of private travel due to safety concerns around commercial flights and airports, as well as limited availability of commercial flights in Europe. Private jet travel eliminates the need to share cabins or travel through busy commercial airports, as well as being able to guarantee thorough disinfecting of aircrafts between flights.
Air Partner, which has access to more than 7,000 aircraft, listed the most enquired about European destinations this June as Nice (France), Ibiza (Spain), Palma (Spain), Faro (Portugal) and Mykonos (Greece).
A one-off flight in a private four-passenger jet from Farnborough Airport in the UK to Nice can cost from* around £7,500, while Farnborough to Ibiza starts from £8,500. However, private jet flyers most commonly choose to purchase ‘Jet Cards’, which means they buy a set number of flying ‘hours’ to be used at their discretion. In June Air Partner saw double the number of enquiries for Jet Cards compared to the year before, as this offers flyers considerably more flexibility during these uncertain times."
https://www.evaint.com/european-private-jet-travel-enquiries-up-321-this-june/
"The Group performed significantly ahead of budget in June and expects underlying PBT
for the period Feb-June 2020 to be at least £10m. In a previous note, which contained a
cautious and an optimistic scenario, we had forecast an underlying PBT range of £8.5m
to £10m for H1 FY2021, and a range of £9.5m to £12.5m for FY 2021. Based on the
progress reported to date, we believe the Group is well on its way to achieve, or possibly
exceed, these numbers and deliver record results."
https://bbga.aero/wp-content/uploads/2020/07/Canaccord-Genuity-note-on-Air-Partner-plc-020720.pdf
"Air Partner (AIR LN)
Forecasts withdrawn CORPORATE
2 July 2020
Another strong month of trading, with PBT of £10m delivered YTD
N+1 Singer view
Air Partner has issued a further shareholder update, confirming PBT of at least £10m in the first five months of the year to
June, an increase of £2.5m since the last update to May. The Group continues to deliver impressive results despite a
challenging market backdrop. As has been the case throughout the COVID-19 crisis, performance has been driven by
strong activity in the Freight and Group Charter divisions. Crisis driven activity is expected to reduce in H2, with an
anticipated recovery in the Group’s core activities, where the update reports positive early indications across the
Group’s divisions. The balance sheet is very well supported, with net cash at 30th June standing at £13m post the recent
£7.5m fund raise. The Group continues to have access to total debt facilities of £14.5m. Whilst visibility for H2 remains
limited, we believe the Group is well placed to deliver a strongly profitable FY21 result.
Event
? Group Charter - Group Charter had a strong month in June, carrying out repatriation work and corporate shuttles,
with the latter particularly strong in Europe and the USA, as companies continue to prioritise the safety and
wellbeing of their employees. The division also benefitted from a significant corporate project, however this was a
one off and will not repeat. Given the impact of COVID-19, the Group had seen a significant decrease in Sports
activity as numerous large sporting events scheduled for 2020, such as the Euros and Olympic Games, were
postponed or cancelled. However, it is now seeing a pick-up in demand as sporting events start to resume.
? Private Jets - Private Jets has shown positive signs of recovery, especially in the USA, and JetCard has delivered
strong sales for the month of June. The recovery in Private Jets in Europe has been slightly slower, hampered by the
UK’s 14-day quarantine policy for anyone arriving into the country.
? Freight - Freight continues to see high demand for the transportation of emergency PPE from Asia to the UK, Europe
and the US, though this is expected to normalise in H2, with a recovery in core freight activity anticipated.
? Safety & Security - As announced in June, the Safety & Security division has secured a long term contract with the
Civil Aviation Authority (CAA). It is now also providing consultancy services to private aviation company Jet Edge.
On the Security side, covert testing is showing early signs of recovery, while the Safety team delivered over 50
virtual courses during June, as clients adapt to new operating requirements and standards.
Impact on earnings & valuation
Our forecasts continue to be withdrawn. Management will give a more detailed outlook statement at the time of the
H1 results."
https://bbga.aero/wp-content/uploads/2020/07/N1-Singer-note-on-Air-Partner-020720.pdf
There ought to be still plenty of demand for urgent shipping of PPE into the US. One post below mentions a shipment to Puerto Rico. The situation in many of the southern states seems to be now critical. Air Partner may be much busier than yesterday's RNS rather cautiously (imo) forecast,
https://www.zerohedge.com/geopolitical/us-suffers-record-52k-new-covid-19-cases-holiday-weekend-begins-live-updates
"The business continued to perform significantly ahead of budget in June and the unaudited management accounts show an expected underlying profit before tax of at least £10.0m for the first five months of the year to 30 June 2020. As has been the case throughout the COVID-19 crisis, this performance has been driven by strong activity in our Freight and Group Charter divisions. Early indications for July are showing an adjustment in our business mix to pre COVID-19 levels, with a recovery in both Private Jets and Safety & Security."
https://www.investegate.co.uk/air-partner-plc--air-/rns/shareholder-update/202007020700037819R/
Then, Lord Lee putting his money where his mouth is! In a big way!
https://www.investegate.co.uk/air-partner-plc--air-/rns/tr-1--notification-of-major-holdings/202007020700047796R/
Shortages of PPE becoming evident all over the US. The demand for urgent freight provision can only benefit from this.
https://www.theguardian.com/world/2020/jun/29/demand-ppe-soars-again-amid-shortage-us-cases-rise
Here is an article from "Seeking Alpha" which goes into detail on the attractions in the CZR-ERI merger.
https://seekingalpha.com/article/4355890-caesars-eldorado-deal-galloping-home-stretch-see-winner-in-making-post-covidminus-19?utm_medium=email&utm_source=seeking_alpha&mail_subject=howard-jay-klein-caesars-eldorado-deal-galloping-into-the-home-stretch-we-see-a-winner-in-the-making-post-covid-19&utm_campaign=rta-author-article&utm_content=link-0
Then there's this interview with the CEO of Eldorado, including these comments:
"All Eldorado sportsbooks are operated by William Hill US. Reeg said that “as it sits today,” the combined company would likely bring Caesars’ sportsbooks under William Hill’s operations. As of September, Caesars Entertainment ran 29 of its own sportsbooks in seven states, including Nevada.
Eldorado took a 20 percent stake in William Hill last year. A 2019 statement from William Hill said the sportsbook operator has exclusive rights to operate sportsbooks at all properties owned or managed by Eldorado in the U.S., including any subsequent acquisitions.
“We can be a national player, likely even a leader, in the (sports wagering) space, given the partnerships, the power of the Caesars brand name, the power of the database, the execution that William Hill brings,” Reeg said.
https://www.yogonet.com/international/noticias/2020/03/02/52499-eldorado-ceo-sees-finish-line-for-caesars-merger-maryland-approves-the-deal
I doubt very much that the market is taking account of this likely new business, 29 sportsbooks in seven states.