facilities were outdated and insufficient. In 2006, Nassau Airport Development Company (NAD) entered a 10-year management agreement with YVR Airport Services Ltd. (YVRAS), the commercial arm of Vancouver Airport Authority, to manage, operate and redevelop the airport. The redevelopment updated the airport facilities to international standards and expanded terminal capacity. The work was carried out in three stages. The first stage included the design and construction of a new U.S Departures Terminal, at a cost of $198.1 million. Stage 2 consisted of the complete renovation of the current U.S terminal, to serve as the new U.S/International Arrivals Terminal, with a budget of $127.9 million. Stage 3 involved the design and construction of a new domestic arrivals and departures terminal, as well as an International Departures Terminal at the location of the existing International Arrivals Hall. This last stage cost $83.5 million. The financing had to be restructured and therefore slightly delayed because of the turmoil on financial markets in the wake of the Bankruptcy of Lehman Brothers. Nevertheless, the first stage of the project was completed in March 2011. The $409.5 million invested resulted in of terminal space, a 21% increase, as well as the ability to accommodate 50% more passengers. The third and final phase of the project was completed in October 2013. The airport now features 10 jet bridge capable gates. Other features include four gates capable of taking Boeing 747-sized aircraft and one capable of handling the Airbus A380, the world's largest airliner. An additional 1 million square feet of airport operating surface has been added. There are also 24 new retail outlets and 16 bars and lounges located across the sprawling terminal complex. The airport handled 3.2 million passengers in 2008; and it is expected that the expansion will allow for roughly 5.2 million passengers to be processed by 2020, according to NAD. The airport contains US Border preclearance facilities allowing all US flights to operate as domestic flights upon arrival at their destination. In February 2015, the US Border Preclearance Facility installed 20 Automated Passenger Control (APC) self serve kiosks to improve the efficiency of passenger processing for US bound travelers. Airlines and destinations Passenger Cargo Statistics Operations The airport had the highest Turnaround Costs (landing, boarding bridge, passenger facility charge, security, measured on an Airbus 320) of Latin American airports in 2009. See also List of the busiest airports in the Caribbean References 17.