GVB Requests $26M for next Fiscal Year

GVB will share the final results of the survey in the coming weeks and will utilize it to help develop the next strategic plan for the tourism industry.

During a budget hearing held earlier today – the Guam Visitors Bureau made a request of over $26 Million dollars

PNC’s Damen Michael has this story

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GVB requested from the legislation approximately 26.7 million dollars for the upcoming fiscal year 2023. During the budget hearing according to GVB’s presentation, the Fy 2023 budget breakdown comprises approximately 5.2 million for administrative work, approximately 5.2 million for destination development, majority of the funds will be spent on marketing which equals approximately 15.5 million, and lastly for research around 800,000 dollars.

Gerry Perez, Vice President, Guam Visitors Bureau stated, “it’s important for us when we talk about.
More than twice what we are requesting..” he added, ” this is just a sampling on why the money we need is really money we need to make a difference.”

For the upcoming fiscal year, GVB reports that they are working on a major project that looks to expand opportunities, live the destination experience, and reimagine the concept of tourism for the island. Tano I Famaguon or Land Of the Children is a smart park being constructed at the Joseph Flores Memorial Park or Ypao Park. As of right now this project has a total of 20 million dollars in capital investments but will cost approximately 50 million dollars for completion,

Gerry Perez, Vice President, Guam Visitors Bureau stated, “developing smart park is creating the reason for visitors to come, learn and experience the islands cultural heritage and unique brand equity. .”

According to the presentation on reimagining Guam’s tourism industry, there are two goals that are embraced in the Leo Guerrero – Tenorio tourism vision. The first is increasing the island’s destination value and financial yield per visitor and the second developing institutional capacity to perpetuate and sustain the island’s cultural heritage.

The goal looks to create an educational and fun experience that can ignite or deepen interest in the history and culture of the island among young and old residents and visitors while also creating a high-tech-driven smark park employing 5th generation wireless technology.

Damen Michael PNC News First.