Business: Laker's Jackpot

A lift for Atlantic traffic

Freddie Laker, the poor man's Pegasus, is walking on air. His Laker Airways' no-frills Skytrain, a bold gamble to lure passengers between New York and London with a pinchpenny round-trip fare of $245, is paying off like the Irish Sweepstakes. After seven months of operation, an ebullient Laker reported last week:

"We've carried 117,000 passengers, averaged a 78% load factor and grossed some $14 million"—$1.5 million of it in profit.

Last week the British government granted Laker permission to offer a similar daily flight between Los Angeles and London for $382 round trip, beginning Sept. 26. This week Laker...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!