At roughly 2,500 air miles, it's within the range of any of Southwest's 737s (perhaps with some payload restriction on the NG aircraft). And with only six or seven flights a day on three airlines, the market doesn't appear to be saturated. The only challenge that I can see is breaking into a market dominated by Alaska (Seattle's hometown airline with an outstanding service reputation) and JetBlue (another airline with an outstanding reputation and an employee culture second only to Southwest). Fares are probably already low given the carriers serving the market. It's certainly worth a try. Maybe they could test the demand out of Paine Field.
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