Week in review: Tourism put up big numbers in 2017; panel supports BIW tax breaks

March 11th, 2018 by admin Leave a reply »

TOURISM

Lodging sales break $1 billion in banner year across industry

Maine’s hospitality industry reached new revenue highs last year, bringing in $3.8 billion as the state continued to attract more tourists. Lodging sales broke the $1 billion mark for the first time in 2017, increasing 7 percent from the year before, according to Maine Revenue Services sales records. Maine restaurants brought in nearly $2.8 billion, a 4 percent increase from 2016. The number of tourists reached 36 million in 2016, and 2017 will likely show strong growth again, according to early estimates. Roughly 1 million more people visited Maine during last year’s summer season, and overnight stays jumped about 8 percent, according to an estimate by DPA, a Portland-based research firm that studies tourism trends for the state. Read the story.

 MANUFACTURING

Verso posts $30 million loss in 2017, but expects turnaround

Verso Corp. reported a $30 million net loss in 2017, but expects sales to improve this year thanks, in part, to increased production of specialty products at its paper mill in Jay. The company had a “difficult start” to 2017, but had a strong turnaround in the second half of the year and is in a better cash position than before, CEO Christopher DiSantis said during an investor call Thursday. Overall revenue was $2.4 billion, off 7 percent from the year before, because of lower sales volume and idling the No. 3 paper machine at the Androscoggin mill in Jay at the beginning of 2017. That machine is being

Article source: https://www.pressherald.com/2018/03/11/week-in-review-tourism-puts-up-big-numbers-in-2017-legislative-panel-supports-biw-tax-breaks/

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