Skift Take
Today’s edition of Skift’s everyday podcast looks better at Maui’s hotel scene, hotel development in China, and Wynn’s UAE casino.
Rashaad Jorden
Excellent morning from Skift. It’s Thursday, August 24. Here’s what you need to understand about the business of travel today.
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Episode Notes
Maui’s tourism market deals with an unpredictable future as the island recovers from the massive devastation triggered by recent wildfires. Maui’s hotels have actually suffered tremendously in the aftermath of the damage, composes International Tourist Press reporter Dawit Habtemariam.
Habtemariam reports that almost half of all hotel spaces in Maui were unfilled recently. The island’s hotel occupancy rates were 49% for the week ending August 19, according to business real estate information supplier CoStar.
Although the Hawaii Tourist Authority is encouraging tourists to check out areas of Maui away from the damage, Habtemariam composes the state’s tourism leaders are facing a messaging obstacle relating to the island. Three significant U.S. airlines have cut their number of arranged flights to Maui over the previous week. The wildfires have actually declared more than 110 lives in addition to causing billions of dollars of damage.
Next, U.S. hotel companies have actually viewed China’s financial boom as a car to enhance hotel advancement. Nevertheless, China’s economic chaos might derail their strategies, reports Senior Hospitality Editor Sean O’Neill.
Hilton, Hyatt and Marriott are companies that have unveiled major growth plans for China. Although O’Neill lists a number of reasons that hotel executives discover China attracting, including the potential to broaden quickly, he keeps in mind the country’s current economic problems are complicating development plans. Hotel advancement in China recorded an 8% year-over-year drop in the second quarter.
In addition, Bloomberg Economics Chief Economic expert Tom Orlik stated China’s greatest obstacle is that’s working-age population is decreasing. The nation population’s fell last year, with O’Neill composing that an aging population will develop multi-year issues economically.
Finally, Wynn Resorts expects to obtain a video gaming license soon for the United Arab Emirates’ first gambling establishment, reports Asia Editor Peden Doma Bhutia.
Wynn Resorts CEO Craig Billings stated just recently the company has whatever it needs to run video gaming at the Wynn Al Marjan home. Billings included that building on the casino has already begun. Skift reported last November that Wynn had actually confirmed the property would house a casino. Nevertheless, Bhutia keeps in mind that questions about the casino have stuck around to the country’s strict Islamic laws that generally don’t allow activities like gambling.
The Wynn Marjan is arranged to open in 2027.