Port Says NO to a Cruise Dock, Royal Caribbean BUYS Hotel in Bahamas

Editorial Summary

Doug Parker reports on several significant developments within the cruise industry. In the Bahamas, Royal Caribbean and Celebrity Cruises have received government approval to purchase the Xanadoo Beach Resort in Freeport. This 40 acre site, which has been vacant since 2011, is intended to become a new entertainment center as part of a 348 million dollar project. This expansion follows other developments in Grand Bahama such as Carnival Celebration Key and the proposed Billy Key. In the Cayman Islands, a majority of voters rejected a proposal to build a new cruise pier. While proponents argue the move protects cruise jobs, an opposing group suggests upgrading the existing tender system instead. Additionally, Hawaii lawmakers have approved an 11 percent tax on cruise passengers for days spent docked in the islands. This tax, which functions similarly to a hotel bed tax, aims to raise 100 million dollars annually for conservation and disaster prevention. Norwegian Cruise Line has expressed opposition to the measure, suggesting potential legal action or the removal of its Hawaii based ship. Finally, the report notes positive movement in cruise industry stocks, with gains reported for Carnival Corporation, Royal Caribbean, Norwegian, and Viking.

Written by TripBacon from this video's transcript.