The airport is currently operated by the consortium "Aeropuertos Andinos", who reshuffled and modernized the existing facilities.

In 1996, Faucett Perú Flight 251 was approaching Arequipa from Lima on its way to Coronel FAP Carlos Ciriani Santa Rosa International Airport in Tacna.

The airport was given in concession to Aeropuertos Andinos del Perú (AAP) for 25 years in 2011, even at that time the main terminal was operating at more than twice its planned capacity, the infrastructure was obsolete and neglected, part of the concession agreement required the airport operator to upgrade and expand the facilities.

In 2013, construction of two jet bridge's, expansion of the terminal and a new modern exterior work began and was completed that same year.

In 2023, Aeropuertos Andinos del Perú (AAP) announced another expansion and modernization of the airport with a planned investment of $26 million.

The new terminal is set to be completed in January 2026 and allow access to other countries such as Argentina, Bolivia and Chile.

Due to increased tourism and overall improvement of the economy by 2015 (only 2 years after the first phase expansion) the airport had once again reached the planned capacity for the Phase 1 expansion, 3 years ahead of schedule, causing passenger congestion, airplane delays and reducing overall operational efficiency, as a result some airlines decided to stop or reduce service to the city, even with the improvements made on Phase 1, the airport today still lacks many services that a more modern airport provides such as shopping areas, food court, business area, VIP Salon, hotels etc.

The total cost of the second phase expansion is expected to be between US$40-$60 million, depending on the final goals and requirements of the project.

Phase 3 expansion is expected to start once airport capacity exceeds 4 million passengers at that time the airport terminal area will be once again doubled to 60,000 sq mt and the main runway will be extended in order to accommodate even larger planes, permitting direct flights to/from North America, Asia and Europe, as a result and once construction is completed, it is expected that the maximum airport passenger capacity will be around 8 million passengers per year, this maximum capacity is expected to be reached on in the future.