Maine’s hospitality industry set to loss $1 billion in taxable revenues



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Maine’s hospitality industry set to loss $1 billion in taxable revenues

The long-hailed hospitality industry in the northernmost US state of Maine, a home to a swathe of natural attractions such as the Mount Katahdin and an endpoint of the Appalachian Trail, had been bracing for an at least $1 billion in losses compared to the same time a year earlier, a hospitality industry group had revealed on Monday.

In point of fact, according to an industry study conducted by the University of Maine and commissioned by an industry group named HospitalityMaine, Maine's hotels, restaurants and bars would likely to face off a combined loss of $1 billion in taxable revenues, while the research report was also quoted saying that the pandemic would likely to downsize the US state’s hospitality industry contribution by 25 per cent this year as the global-scale pandemic outbreak had taken a heavier toll during the 2020 Summer holiday season.

Maine's hospitality sector to contract for the first time in many decades

Apart from that, while this year’s contraction in Maine’s hospitality industry revenues would be putting an end to a decade-long streak of consecutive growth, the Northernmost US state is expected to contribute around $3 billion in taxable revenues, down from a $4 billion last year, a local daily newspaper Bangor Daily News had reported citing the industry report.

On top of that, ahead of what could be contemplated as the weirdest winter ever in more than a century in the Northernmost US state of Maine bordered with the Canadian city of Montreal that harbours a number of pluperfect natural landscapes likes of Acadia National Park and the sandy beaches in Ogunquit alongside Old Orchard, voicing a cautiously optimistic tone over Maine’s hospitality industry, the US state’s second-largest private sector in terms of directly taxable revenues, HospitalityMaine Chief Executive Steve Hewins was quoted saying followed by the reveal of the report, “It is going to take time, but we will rebound”.