The Central Bank is confirming that hotels in The Bahamas sustained whopping blows to their bottom line in the last quarter — following an earlier Guardian report pinning that decline at 21 percent.
"Preliminary indicators of tourism sector revenues suggest that hotel receipts, across all major markets, declined significantly during the review quarter," said the bank's latest quarterly report ending June 2009. "This reflected the combined adverse effects on average earnings of lower occupancy levels, various discounts and other incentive programs."
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