EXPEDIA REVENUE DOWN 82% AS COVID-19 HAMMERS TRAVEL Comments Off on EXPEDIA REVENUE DOWN 82% AS COVID-19 HAMMERS TRAVEL 727

By Olivia Carville Bloomberg

Expedia Group’s whopping 82% decline in revenue in the second quarter has laid bare the devastation the coronavirus has wreaked on the travel sector. Shares dipped as much as 4.8% in post-market trading.

The Seattle-based online travel giant reported total gross bookings of $2.71 billion for the three-month period ended June 30, a decline of 90% from the same period a year earlier. Revenue fell to $566 million — the lowest it’s been in about a decade — and missed Wall Street’s already reduced expectations of $680 million for the quarter. The adjusted loss before interest, taxes, depreciation and amortization was $436 million, missing average analyst estimates of a $288 million loss.

“The second quarter of 2020 represented likely the worst quarter the travel industry has seen in modern history and Expedia was of course not spared,” Chief Executive Officer Peter Kern said in a statement. He also said that after hitting a low point in April, the company saw gross bookings improve slightly in May and June as cancellations abated.

Vrbo, Expedia’s vacation rental unit, led that tentative recovery as antsy city dwellers have started exploring the mountains, lakes and national parks within driving distance of their homes. Domestic vacation rentals are the one segment of the travel industry that’s bouncing back, however Kern acknowledged it will be “a bumpy and inconsistent recovery” for the entire sector.

On a conference call with analysts Thursday, executives said Expedia has seen air travel bounce back faster in the U.S. than in Europe, and said domestic vacation rentals will likely lead the recovery. 

Expedia had been struggling in the months leading up to the pandemic, as competition ramped up from startups like Airbnb and the choke-hold on advertising from companies like Alphabet’s Google began to sting. The board ousted the former chief executive late last year and cut 3,000 jobs in February. Kern, then vice chairman, was appointed as the new CEO in April. That same month, Expedia announced it was raising $3.2 billion to withstand COVID-19 impacts. Other rivals were also scrambling to survive: TripAdvisor and Airbnb each wound up eliminating about a quarter of their workforce, while Booking Holdings was forced to apply for government aid.

Global coronavirus lockdowns varied in severity and timing, but the pandemic shut down much of the U.S. starting in mid-March, affecting only the tail end of Expedia’s first-quarter sales. The second-quarter results represent the first time Expedia has reported the full force of COVID-19 on its bottom line.

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MAURITIUS INTRODUCES PREMIUM TRAVEL VISA FOR LONG STAYS Comments Off on MAURITIUS INTRODUCES PREMIUM TRAVEL VISA FOR LONG STAYS 648

Mauritius, one of the most beautiful islands in the world, has introduced a Premium Travel Visa, valid for a period of one year, renewable, to welcome esteemed travellers seeking to prolong their feeling of wellness arising from the gorgeous turquoise blue sea with silky sand beaches, tropical lagoons, the lush greens, the warmth and friendliness of locals, all in a COVID-safe destination.

The experience of natural beauty and balanced lifestyle that could only be encountered on a rare holiday has now been made available under the Premium Travel Visa to any non-citizen who intends to stay in Mauritius for a maximum period of one year as a tourist, retiree or a professional willing to come with his/her family and carry out his business or work remotely from Mauritius.

To qualify for the Premium Visa, interested visitors should produce proof of their long stay plans and sufficient travel and health insurance for the initial period of stay while meeting the following criteria:

  • the applicants should not enter the Mauritius Labour Market;
  • the main place of business and source of income and profits should be outside Mauritius;
  • documentary evidence to support application such as purpose of visit, accommodation etc.; and
  • other basic immigration requirements.

An online platform for the e-Visa application will be available shortly.

We invite you to come and live with us in Mauritius.

Looking for a property to buy visit www.real-estate-mauritius.com

HOSPITALITY SENTIMENT SURVEY 2020 – DELOITTE Comments Off on HOSPITALITY SENTIMENT SURVEY 2020 – DELOITTE 647

The COVID-19 outbreak brought the world to a standstill, and the hospitality sector is one of the hardest hit economic sectors, mainly due to the introduction of travel restrictions. In Mauritius, the hospitality sector represents a fair share of the economy and one of many forecasts made about the impacts of the pandemic is a contraction of 20 percent, which will span over the next three to five years.

The sanitary crisis has also other unquantifiable impacts on the tourism sector including the loss of livelihoods of locals, loan repayment commitment of impacted businesses, low to no occupancy rates of hotels that may lead to temporary or permanent closure, and cash flow issues.

In the face of these hardships, the Government has come forward with certain supporting measures such as the extended Wage Assistance Scheme for tourism sector, prolonged loan moratoriums and low interest rates, the waiver of the rental payment of state lands for the upcoming financial year to tide over the liquidity issues. The Mauritius Investment Corporation (MIC) has also been set up to propose investments in eligible companies through different investment tools including both equity and quasi-equity instruments. 

The Deloitte Hospitality Survey report provides the market sentiment of the leaders from the major hotels, resorts, villas, and business hotels in Mauritius on the budgetary measures, the current challenges, key focus areas, and the way forward for hospitality industry in the current and post-COVID times. Whilst the report conveys what people shared during the survey, it also provides Deloitte’s point of view based on our global and industry expertise.

DOWNLOAD SURVEY – CLICK HERE.

Source – https://www2.deloitte.com/mu/en/pages/life-sciences-and-healthcare/articles/hospitality-sentiment-survey-covid19.html