The Office of Public Accountability has released the Guam Visitors Bureau (GVB) financial statements and confirmed what everybody knows — that tourism revenues are down.
According to OPA, GVB’s total revenues decreased by $8.3M, from $24.1M in FY 2019 to $15.8M in FY 2020.
GVB’s revenues are primarily appropriations from TAF, which significantly decreased from $22.3M in FY 2019 to $14.8M in FY 2020.
In-kind contributions also significantly decreased to $144 thousand (K) in FY 2020 from $374K in FY 2019, largely due to the postponement or cancellation of GVB events.
In FY 2020, GVB recorded $112K of federal contributions primarily from Coronavirus Aid, Relief, and Economic Security Act funding. The funds were used to facilitate remote work and set up online meeting platforms and implement various protocols for the health and safety of GVB’s staff and visitors.
GVB closed FY 2020 with a decrease in net position (net loss) of $1.0 million. This decreased GVB’s cumulative net position to $10.6M in FY 2020, from their FY 2019 net position of $11.6M.
Due to continued uncertainties surrounding the extent and duration of the COVID-19 outbreak and its impact, OPA said the outlook for visitor arrivals in 2021 and beyond remains uncertain.