Cyprus has been diversifying its visitor base and marketing approach as it fills the huge void left by the loss of Russians and Ukrainian tourists. The island was hit by a double whammy — the pandemic and the loss of Russian and Ukrainian tourists. Like other European Union countries, Cyprus banned Russian flights to the island in response to the Ukraine War. Russia has historically been a top...
Southwest reported a major decline in its profits for the second quarter as it announced that it will roll out premium seating in a bid to boost its declining revenues. The carrier had a net income of $367 million for the quarter, around a 46% decrease compared to the same time last year. Its revenues, however, were a record for the quarter at $7.35 billion. “We are taking urgent and deliberate...
Hilton has ridden high on a surging wave of vacationers. But executives at the hotel giant now see the return of corporate trips and conferences as powering the next phase of its growth. Executives predicted Wednesday that occupancy by corporate road warriors and conference-goers would fully recover to pre-pandemic levels soon. “By the end of the year from a demand point of view, we think...
Sphere Entertainment Co. announced its plans in October for a venue in Abu Dhabi, its second location outside of Las Vegas (not counting a failed effort in London). The company’s CEO James Dolan said during an earnings call Tuesday that it can handle more. “I think that we’re certainly interested in future Sphere announcements and expanding into other marketplaces. [If] you’re wondering whether...
India’s youngest airline Akasa Air is looking to cover the South Asian Association for Regional Cooperation (SAARC) countries, Southeast Asian countries and countries in the Middle East, co-founder Aditya Ghosh told CNBC TV18. Akasa Air recently added a 20th aircraft to its fleet — making it eligible to fly internationally — with the addition of Boeing 737-8-200. Planes on Order: The airline is...
Nearly a year since the start of global vaccine distributions and nearly six months since Skift’s first coverage on vaccine equity and its impact on the recovery of tourism, the needle hasn’t moved. Ten of the world’s richest countries are currently hoarding an excess of 870 million doses — the U.S. being the chief vaccine hoarder — of which approximately 241 million are estimated to expire by...
Middle East-based online travel marketplace Wego has acquired corporate travel platform Travelstop as part of its expansion into business travel and expense management. Speaking to Skift, Wego CEO and Co-Founder, Ross Veitch, refrained from disclosing the acquisition’s financial details. However, he said, “I see a wide-open opportunity to bring next-generation business travel and expense...
Good morning from Skift. It’s Tuesday, October 31. Here’s what you need to know about the business of travel today. Listen Now Subscribe Apple Podcasts | Spotify | Overcast | Google Podcasts | Amazon Podcasts Episode Notes Visa processing delays have hurt the travel industry’s recovery, especially in the U.S. and Europe. Associate Editor Rashaad Jorden turns to Ask Skift, our artificial...
Russia has seen its domestic travel recover faster than most other countries in the pandemic. That reality is highlighted by news on Wednesday that private equity firm Elbrus Capital and venture firm iTech Capital will invest $43 million in Aviasales, a Moscow-based travel price comparison search site that has been focused on Russian-speaking travelers. The fundraising is one of the largest in...
United Airlines on Tuesday reported “strong and steady domestic demand” and profits for key international markets at “record highs.” But it also broke out the potential business impact of a continuation of the Israel-Hamas war. Overall revenue in the third quarter rose 12.5%, with domestic revenue up 8.7%. “Domestic revenues in the quarter were second highest all-time and the domestic system...