Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)

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Assessment of the Financial Effect of COVID-19 in Hospitality Industry and Companies’ Response

Authors
Jiahao Liu1, *
1The University of Western Ontario, Faculty of Science, Department of Statistical and Actuarial Science, London, N6A 3K7, Canada
*Corresponding author. Email: jeffrey.liujiahao.7@gmail.com
Corresponding Author
Jiahao Liu
Available Online 31 December 2022.
DOI
10.2991/978-94-6463-036-7_6How to use a DOI?
Keywords
hospitality industry; COVID-19; financial crisis; financial suggestions
Abstract

COVID-19 is one of the most severe crises in modern society. It hurts almost every country and every industry in the world. The hospitality industry makes money by selling unique in-person experiences, and absolutely got restrictions. The objective of this paper is about how COVID-19 influences the hospitality industry financially and what companies should do to overcome this crisis. This paper uses two global leading companies under different sub-segments of the industry as the examples. The examples explain the effect of COVID-19 on the companies’ income, financial positions, and cash flow. From the financial statements the companies provided, they also indicate how world-leading companies react to funding shortage. After all, this paper also points out some financial suggestions for the hospitality industry for their future recovery. Since the industry highly depends on the situation of COVID-19, the better control, the better recovery companies will perform.

Copyright
© 2022 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
31 December 2022
ISBN
978-94-6463-036-7
ISSN
2352-5428
DOI
10.2991/978-94-6463-036-7_6How to use a DOI?
Copyright
© 2022 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Jiahao Liu
PY  - 2022
DA  - 2022/12/31
TI  - Assessment of the Financial Effect of COVID-19 in Hospitality Industry and Companies’ Response
BT  - Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)
PB  - Atlantis Press
SP  - 29
EP  - 36
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-036-7_6
DO  - 10.2991/978-94-6463-036-7_6
ID  - Liu2022
ER  -