Port Charlotte resort costs keep mounting for Allegiant

The Sunseeker Resort Charlotte Harbor may have a new owner soon, but for now it remains on Allegiant Travel Co.’s books. 

And that’s not a good thing for the Las Vegas airline, which already stands to lose $485 million on the sale of the property. 

The company, in its second quarter earnings report released Aug. 4, reported “special charges” of $102.2 million recorded during the quarter “reflecting a write-down to fair value less estimated costs to sell and other related expenses.” 

Allegiant announced in July it had reached a deal to sell the 785-room Port Charlotte resort to Blackstone Real Estate for $200 million. 

The cash deal is expected to close in September. The resort opened December 2023 — three years later than expected and at cost to Allegiant of $695 million, $225 million over budget. 

The delays and overruns were caused in large part by several construction shutdowns due to COVID and hurricane damage.