Cayman Islands Exceed Annual Revenue Target in Six Months
(George Town, Cayman Islands – 21 July 2023) The Cayman Islands Ministry of Tourism and Ports (MOTP) has today announced that revenue collected from Tourism Accommodation Taxes and Fees (TATP) in the first six months of this year has already exceeded revenue projections for the full 12 months of 2023. Based on the current trend, the Ministry expects to surpass the revenues collected in 2019, which was the highest year on record.
Between January and June 2023, revenue from TATP amounted to CI$28.8 million, which is CI$12.4 million ahead of the mid-year projection and CI$3 million over the target anticipated for the full year. This means the level of revenue anticipated for the full year has already been collected within the first 6 months.
This impressive growth can be attributed in part to the successful marketing strategies implemented by the Ministry and Department of Tourism, as well as to the unwavering support and commitment from tourism partners and stakeholders.
Revenue collected from cruise passenger departure tax amounted to CI$4.4 million, which is approximately 6 percent ahead of the mid-year forecast.
In announcing the mid-year results, Minister for Tourism and Ports, Hon. Kenneth Bryan stated that stayover arrivals between January and June 2023 stood at 235,370 visitors, equating to 84 percent of visitor arrivals during the corresponding period in 2019.
“Tourism performance over the first half of the year has surpassed expectations and underscores the significant rebound in our tourism industry. Revenue collection influenced by the increase in the Average Daily Rate (ADR) of accommodations over the past year is indicating a strong and sustained interest in the Cayman Islands as a premier travel destination,” said Minister Bryan. As is customary, the United States made up 83.6% of total visitation, followed by Canada registering 7.5%. Europe accounted for 4.4% of visitor arrivals which is similar to the figures recorded in 2019.
Cruise passenger arrivals for the first half of the year amounted to 738.462 passengers or 73 percent of 2019’s pre-pandemic visitation numbers.
The Cayman Islands tourism success was bolstered by robust performance in traditional source markets as well as emerging regions, showcasing the destination’s appeal to a wide range of travelers seeking diverse experiences. Proactive efforts to improve air connectivity have also paid off significantly. Additional new flights and direct connections have given visitors more options for accessing their destination, resulting in increased bookings and enhanced convenience for business and leisure travellers.
Mrs. Rosa Harris, Director of Tourism, expressed her delight with the half-year tourism results, stating, “These figures, particularly the outstanding revenue collections demonstrate the resilience and adaptability of the Cayman Islands tourism industry. I am thrilled to see the numbers are ahead of our projections for the first half of 2023, particularly since revenue and visitation targets for 2022 were also exceeded. As we look ahead to the remainder of 2023, I am optimistic about sustaining this positive growth trajectory and maintaining the Cayman Islands’ position as a leading travel destination in the Caribbean. She continued, “The Department of Tourism is also working hard to build on this momentum by continuing to implement innovative strategies to attract more visitors to our shores.”