CONFERENCE REPORT
CONVENTIONS
Las Vegas Convention Centre $1.4bn expansion approved
Special report GTMC conference: Monaco
BBT DIGITAL EDITOR TOM NEWCOMBE joined bosses from some of the leading TMCs for the annual GTMC conference, held this year at Le Meridien Beach Plaza in Monaco. Boris Johnson’s former chief economic advisor told the conference to be more optimistic about the economy once the UK leaves the European Union. Economist Gerard Lyons said the next 20 years will be one of the strongest periods of economic growth for the global economy, but the challenge is being positioned to benefit from that. “We should be positive, not pessimistic, about the outlook,” said Lyons. “Too many economists are pessimistic and last year we were told there would be economic Armageddon and collapse if we voted to leave the EU, and I disagree. “Everyone is talking
about a hard or soft Brexit, but kick all of those terminologies in the bin because they mean nothing. Hard Brexit was something used by the Remain side to make it sound difficult. “You can either leave things clean or messy, and it’s a clean one we need and, if done right, it could be one of the best things ever to happen to the UK economy.” Lyons said Brexit is part of a “seismic” change in the world economy and the many
10 BBT July/August 2017
people who have not shared its economic success. Political commentator
Tim Montgomerie warned of “bumpy times” ahead as Britain negotiates its exit from the European Union.
DIRECT SELLING In his opening address, GTMC chief executive Paul Wait accused airlines that have introduced or plan to introduce a surcharge on GDS bookings of “disrespecting” the value of the B2B channel and not outlining the “true cost of direct selling”. Wait, who steps down from the organisation later this year, attacked British Airways and Lufthansa for introducing fees for each booking not made through a direct channel. He said: “We don’t believe or accept that our channel is the most expensive; not if you truly understand our value and take into consideration the true cost of direct selling, the technology development costs, the advertising, the look-to-book rates to deliver a low average ticket price. Or is it more about bags and seats? “We need an enhanced and extended version of what we have now – not an alternative… When NDC reaches critical mass they will realise it is far more expensive than their current distribution model.” n See GTMC column, p98
THE LAS VEGAS CONVENTION CENTRE has received final approval for a US$1.4 billion project that will add 557,420 sqm of new meeting space. The project will be financed with the help of a 0.5 per cent increase in Las Vegas room tax. The LVCVA (Las Vegas Convention and Visitors Authority) said the project will generate US$2.1 billion of construction- related economic activity and have an annual incremental economic impact of US$810 million, while attracting one million additional visitors each year. The expansion and renovation will be completed in a
phased operation with a projected completion date of 2023. Phase 1 will be the construction of the new 1.3 million sqm expansion with 557,420 sqm of exhibition space, plus accompanying meeting rooms and support space. This phase is projected to be complete by 2021. The second phase will be the complete renovation of the existing 3 million sqm facility. n See Las Vegas destination report, p90
CAR RENTAL
Europcar boosts low-cost presence with Goldcar deal
EUROPCAR HAS ACQUIRED LOW- COST European rival Goldcar in a €550 million deal. Goldcar is one of Europe’s largest low-cost car rental companies with a fleet of more than 50,000 vehicles across nearly 90 destinations. Europcar said the
acquisition will help it become a “major player” in the European low-cost segment. “The acquisition of Goldcar will create value for the Europcar Group as it will strengthen the group’s expertise and know-how in
low-cost operations and will therefore significantly improve the revenue growth prospects of Europcar’s low-cost business unit,” the car rental giant said in a statement. “This strategic move is fully in line with our 2020 Ambition and boosts our confidence in our ability to deliver the targets we announced in October 2016 of reaching at least €3 billion of annual revenue and an Adjusted Corporate EBITDA margin at the Group level of at least 14 per cent by the end of 2020.”
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