Maldives Guest House Industry to Lose Nearly USD 30 Million in Revenue
Maldives On a Budget
25 March, 2020
Guesthouse Association of Maldives (GAM) has revealed that according to the survey carried out to identify the impact of COVID-19, the Maldives guesthouse industry will lose nearly USD 30 million in revenue.
The survey results revealed that most guesthouses started the business with loans and they spend a large sum on land leases and rents. In addition to the bills incurred, the owners spend their income to pay the employees salaries as well. As per the records from 2019, the guesthouse owners spend 26% of their income on electricity, water, utility bills and for the TGST and green tax.
They spend 56% of their income on wages for their employees and for community related expenditures. This shows the important role guesthouse industry has on the community and the contribution it has on government revenues.
With the travel bans in effect from the major markets to the country like China, Italy and the nationwide shutdown of the guesthouses, the industry has come to a halt. However, the guesthouses are still incurring all these costs.
GAM estimates that it will take a minimum of 6 months for the guesthouse industry to be operational again and this will result in the industry to loose USD 28.9 million.
The survey was conducted to collect information on the current occupancy, forecast, cancellation, impacts and how GAM could lobby in the situation.
GAM informs that they will prepare a detailed report based on the result of survey and submit to all government related authorities.
This report will be used to help the related authorities on deciding grants, areas to support etc.
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