Superyacht and boat business to hit the $100m in revenue
August 22, 2019 12:20 pm
A niche business in the tourism sector is expected to grow considerably in the coming years with the potential to hit the $100 million mark.
Superyachts and boats coming through to Fiji and berthing at the Port Denarau Marina bring an estimated $60 million in revenue, more than half of which is in actual cash spending in the economy.
PDM’s Managing Director, Nigel Skeggs says other than the progressive growth of this type of business, America’s Cup in New Zealand in 2021 is also expected to boost the arrival of Superyachts to our shores.
“So direct spending, actual cash spending, cash spent here is around $35 million a year but indirect spending through auxiliary businesses, employment and various other services that are associated with the yachting industry, we’re seeing somewhere around $60 to $65 million a year as a contribution to Fiji’s economy.”
Skeggs says there are a number of expansion plans as well in place for the Marina to construct new facilities to cater for the growing business.
He adds that around 65 percent of all tourists to Fiji go through the Port Denarau Marina to get to their holiday destinations in the Yasawas and Mamanucas.