Tourism spending hits record as overseas visitors return
Hotel occupancy in the main cities reached 84 percent in July
Spending by overseas visitors reached a record in July, official data showed, with hotel occupancy in the largest cities climbing to 84 percent and restaurants reporting their best month since before 2020.
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The project had stalled twice before, most recently last year, when a change in leadership at Brightline Robotics put several initiatives on hold. This time, the company says, the budget is approved and the contracts are signed.
The move comes as the sector adjusts to a year of slower growth. Analysts at the Meridian Institute estimate that spending in the category rose just 3 percent in the first half, compared with 11 percent a year earlier.
"The companies that will come out of this stronger are the ones that treated the slowdown as a chance to fix their cost base, not as a reason to freeze," said Felix Brandt, who follows the industry for the Meridian Institute.
Where visitors are coming from
Executives at Brightline Robotics said the plan will be rolled out in three stages, beginning with its largest markets. A second stage, covering smaller regional units, is scheduled for the second quarter of next year.
Not every investor is convinced. Shares in Brightline Robotics slipped 2 percent after the announcement, with some analysts questioning whether the projected savings of $48 million a year are achievable on the stated timeline.
The figures are modest by the standards of the largest players but significant for a company of this size. According to its latest filing, Brightline Robotics generated $48 million in revenue over the past twelve months, with margins improving in each of the last three quarters.