How Cancun’s Airport Group Ended Up Running the Shops at LAX and JFK

In December 2025, Mexican airport group ASUR completed its takeover of URW Airports, a US$295 million deal that granted it control over the retail and dining programmes at three major US airports: Los Angeles International (LAX), Chicago O'Hare, and New York JFK. ASUR, which operates Cancun, the busiest international airport in Latin America, expanded its reach into the largest aviation market in the world through this acquisition.

The purchase does not grant ASUR operational control over any US airport; instead, it makes the company the landlord and manager of the shops and restaurants inside selected terminals. This distinction is significant because commercial rent is unregulated revenue earned in dollars, while aeronautical charges in Mexico are capped by the federal transport ministry.

For investors in London or New York, the deal represents a test of a familiar concept: airport groups from emerging markets seeking to acquire a share of rich-country cash flows. ASUR aims to achieve commercial income per passenger above the American average. The transaction involved US$295 million in cash and a loan from JPMorgan Chase, with ASUR's Cancun subsidiary serving as guarantor for the group's obligations.

The deal covers specific terminals at each airport, including Terminals 1, 2, 3, 6 at LAX; Terminal 5 at Chicago O'Hare; Terminal 8 and New Terminal One at New York JFK. ASUR's first-quarter presentation indicated combined traffic at these terminals exceeded 70 million customers annually. CEO Adolfo Castro expressed the company's intention to expand the platform further into the US market.

While the American contracts are distinct from Mexico's airport concessions, they involve commercial space rather than the airfield, with the counterparty being the airport authority or terminal operator rather than a national regulator.