Maui's Long Road to Recovery
Skift Take
Key Points
- Maui's western region is reopening to tourism but faces a slow recovery with low expected visitor numbers.
- JetBlue reported a significant net loss in the third quarter due to weather disruptions and rising fuel costs, but noted an increase in corporate bookings.
- Colorado is considering a bill that could significantly increase tax rates for short-term rental properties based on their classification.
Summary
Maui's western region is reopening to tourism two months after a devastating wildfire, but the island's recovery is expected to be slow with low visitor numbers. JetBlue faced a harsh third quarter with a substantial net loss due to weather disruptions and rising fuel costs, though corporate bookings have surged since Labor Day. Colorado legislators are debating a bill that could raise taxes for short-term rental properties depending on their classification.
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Episode Notes
Maui’s western region will fully reopen to tourism on Wednesday, two months after it was devastated by a massive wildfire. But Global Tourism Reporter Dawit Habtemariam writes the island still faces a long road to recovery.
Sherry Doung, executive director of the Maui Visitors & Convention Bureau, said the organization wasn’t expecting large numbers of travelers to come to western Maui. Scheduled airline seats to Maui for November and December are still substantially below 2022 levels. While Habtemariam reports that the huge post-disaster decline in tourism to Maui has stopped, visitor numbers aren’t expected to substantially increase for some time.
Next, JetBlue Airways had a brutal third quarter, as weather-related disruptions and rising jet fuel costs dented its profits, reports Associate Editor Rashaad Jorden.
JetBlue posted a $129 million net loss, excluding one-time accounting charges. The company reported during its earnings call on Tuesday that it generated $2.4 billion in revenue, an 8.2% decrease from the same period last year. JetBlue Chief Financial Officer Ursula Hurley described the magnitude of air traffic control and weather-related delays as staggering.
However, the news coming out of the earnings call wasn’t all negative. JetBlue President Joanne Geraghty said the company has seen a surge in corporate bookings since Labor Day.
Finally, Colorado legislators held a public hearing on a proposed bill that would significantly impact short-term rental properties in the state, writes Short-Term Rental Reporter Srividya Kalyanaraman.
The bill, if passed, would result in short-term rental units being classified as a residential real property or a lodging property based on its use the previous year. Kalyanaraman reports that how a unit is classified would have a big impact on taxes that owners ultimately pay, with a substantial increase in the tax rates for short-term rentals.
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