Visitors to Guam will see their share of the tourist revenue plummet in 2024, according to a tourism industry report released Monday.
The report predicts tourism revenue to drop by almost $50 million in 2024 and by more than $60 million in 2025.
“Guam’s tourism industry is facing significant challenges,” said the report by the Guam Tourism Association, which represents more than 200 tourist resorts, hoteliers and hotel chains.
“The region has a history of major growth and economic growth, but it is facing an uncertain future as the tourism industry adapts to a changing landscape,” said Robert D. Smith, president of the association.
The tourism industry includes tourism to Hawaii, the U.S. Virgin Islands, Guam and Puerto Rico.
The association has been urging the federal government to set aside money for Guam tourism.
In 2016, the United States imposed restrictions on tourism to the island.
Since then, Guam’s economy has boomed, with nearly $300 million in economic impact in the year that ended in June 2020, according in the U, Department of Commerce.
The country has had more than 70 years of economic activity, and is forecast to generate nearly $500 billion in tourism revenues this year.
The U.K. and Spain also have imposed travel restrictions on the island this year, while other countries, including Brazil and Russia, have tightened restrictions.
Tourism to the U to Brazil and other parts of South America has also grown.
Travel to Hawaii has risen, but the region still faces a lack of affordable lodging.
The group is also concerned that the federal restrictions could result in tourists cancelling trips to the region, especially as more states impose restrictions on tourists.
The American Hotel Association, the largest hotel and resort trade association in the country, is not recommending a tax on Guam, as the state does.
The company does support the tourism revenue reduction that the U has proposed, Smith said.
But the American Hotel association does not support the federal tourism tax, he said.
The federal tax has been proposed by the Trump administration and is expected to be released soon.
It would raise $3.3 billion over 10 years and would pay for the tourism-related costs associated with the border wall that was built in February.
That bill has been criticized by many who fear it would hurt tourism.
A study by the National Association of Manufacturers last year found that the tax could generate $4.7 billion in revenue for the federal budget over a 10-year period.
It also called on the Trump team to include the border-wall tax in a new tax on the Chinese, which has been a longstanding U.s. trade complaint.
The tax could have helped Guam boost its tourism economy.
It could have boosted the island’s gross domestic product, and provided the island with some of its long-term needs.
But Smith said he’s concerned that there are “significant challenges” that will continue to occur.
“While the U will not impose a tax, we expect the U administration will continue making efforts to promote the development of tourism in the region and to support the efforts of the tourism sector,” Smith said in a statement.
