Travel Industry Economics: Guide For Financial Analysis, A 2nd

Description: Each year, people around the world spend well over one trillion dollars on travel and tourism, making this sector the world's largest, with employment of 300 million people, one-tenth of the global workforce. In this book Harold L. Vogel examines the business economics and investment aspects of major industry components that include airlines, hotels, casinos, amusement and theme parks, and tourism. The result is a concise, up-to-date reference guide for financial analysts, economists, industry executives, legislators, regulators and journalists interested in the economics, financing and marketing of travel-related goods and services. The new edition expands coverage to airport management, Asian gaming, recreational resorts, restaurants, private jet services and advertising. Sections on the pricing and availability of oil and public policy issues such as antitrust and predation have also been added. A glossary, timeline diagrams and technical appendices enhance the book's appeal as a reference tool.

Review: 'This new and refreshed edition provides timely and helpful updates on travel industry analysis and statistics while broadening the coverage to include new sections on airport management, restaurants, private jet services, golf, ski resorts, and advertising. Dr Vogel writes with clarity, wit, and insight and is to be congratulated for producing a book that serves the needs of a wide-ranging audience.' Joe Nellis, Cranfield University 'Travel Industry Economics provides a clear, concise, and indispensable analysis of the financial and economic aspects of the travel industry. Travel and tourism are a substantial part of our economy and jurisdictions around the world fiercely compete for that expenditure. Perhaps nowhere is this competition more evident than in casino gambling. Since publication of the first edition, Macau surpassed Las Vegas as the world's largest casino gambling market measured by total revenue. In addition, Pennsylvania surpassed Atlantic City, New Jersey, as the second largest gambling market in the United States. Around the world, travel, tourism, and casino gambling are being used as tools of economic development. Anyone interested in understanding the economics, financing, marketing, and accounting issues of the travel industry and the various segments that comprise it should have this book on their shelf.' Mark W. Nichols, University of Nevada, Reno Praise for the first edition: 'The author is a well-known financial analyst and has obvious experience in the economics of the entertainment industry. Part two of the book, entitled 'Getting There', is a well-written primer on the subject of transport industry and its various segments and contains one of the best-written short treatises on the commercial aviation industry that I have ever read. It dives into technology, regulation, operations, and operations systems including global distribution networks that are the successors to the simple reservations systems of old. The discussion of the economic characteristics of the industry is worth the whole price of the book.' Malcolm A. Noden, Cornell University

Contents: Part I. Introduction: 1. Economic perspectives; Part II. Getting There: 2. Wings; 3. Water and wheels; Part III. Being There: 4. Hotels; Part IV. Doing Things There: 5. Casinos; 6. Amusement/theme parks and resorts; 7. Tourism; Part V. Roundup: 8. Performance and policy; Appendix A; Appendix B; Appendix C; Glossary; References; Notes.



Author Biography: Harold L. Vogel is author of Financial Market Bubbles and Crashes (Cambridge University Press, 2010) and all editions of Entertainment Industry Economics: A Guide for Financial Analysis (Eighth Edition, Cambridge University Press, 2011), the latter of which is a companion to this volume. At Merrill Lynch & Co. for seventeen years, he was ranked by Institutional Investor magazine as top entertainment industry analyst for ten years and been inducted into its All-America Research Team Hall of Fame. A Ph.D. in financial economics, he writes and lectures on investment topics related to entertainment and media, travel, and market bubbles and crashes, while currently heading an independent investment and consulting firm in New York City.