Kammala wannan jumla: A ranar 1 ga Disamba, 1989, kamfanoni biyu, Net da Silkar, sun yi haɗin gwiwa tare da Aer Lingus don ƙirƙirar kamfanin jirgin sama mai ba da izini na yawon shakatawa mai suna Pegasus Airlines kuma an ƙaddamar da sabis a ranar 15 ga Afrilu 1990 tare da Boeing 737-400s biyu. A cikin tatsuniyoyin Girka, Pegasus (Girkanci: Πήγασος "Pégasos", 'ƙarfi') doki ne mai fuka-fuki wanda Poseidon ya haifa, a matsayinsa na allahn doki, kuma Gorgon Medusa ya haife shi. Koyaya, watanni huɗu bayan ƙaddamarwa,
Iraki ta mamaye Kuwait kuma mamayar watanni bakwai da ta biyo baya ta yi mummunan tasiri ga yawon shakatawa na Turkiyya. A shekara ta 1992, 'yan yawon bude ido sun fara dawowa kasar kuma Pegasus ya girma tare da sayen na uku 737-400. Kamfanin jirgin sama ya yi hayar ƙarin Airbus A320 guda biyu don biyan buƙatun bazara.