As a result, AirTran is the only airline offering direct service to Branson from Atlanta, Milwaukee and Orlando. While the airline would not give details on how many passengers have come through Branson since service started there nine months ago, a spokesman said the route was in line with the airline's overall load factor of 75 percent. "We are satisfied with the result so far," AirTran's Christopher White said.

The aggressive pursuit of non-aviation revenue through the sale of tour packages, hotel rooms and theater tickets is probably the future vision for all airports, Peet said.

"What we're developing in Branson has uses in a lot of different places," Peet said. "An operator that does take over a newly private airport, they're going to be seeking out creative ways to increase revenue."

That point is not lost on Smith. "The real opportunity for revenue development is increasing jobs and economic growth through airline service, auto parking, rental cars, merchandising, advertising, hospitality, ancillary services and food and beverage businesses," Smith said in an e-mail.

Still, in the 13 years since Congress approved the Airport Privatization Pilot Program, few American airports have applied for permission to privatize. Of those approved, none have been successful. The unique aspect of Branson Airport, if it succeeds, is it could reignite interest in privatizing airports. Propeller Investments could find itself among a field of candidates interested in Briscoe Field.

"That's the free market," Smith conceded. "It's a pioneering venture."