Delta says the Olympics will cost it $100 million as travelers skip Paris
For more than 10,000 Olympic athletes, making it to Paris this summer is a dream come true.
For more than 10,000 Olympic athletes, making it to Paris this summer is a dream come true. Thousands of potential tourists feel otherwise.
Delta Air Lines says travelers are avoiding the city this summer and booking to destinations elsewhere, amounting to a $100 million hit for the airline during an otherwise bustling summer for European travel, CEO Ed Bastian said.
Delta’s third-quarter profit and revenue forecast fell short of Wall Street expectations after airlines flooded the market with added flights. The airline reiterated its full-year outlook Thursday.
“Unless you’re going to the Olympics, people aren’t going to Paris...very few are,” Bastian told CNBC. “Business travel, you know, other type of tourism is potentially going elsewhere.”
Delta has the most service of any U.S. airline to Paris and has a joint venture with Air France. Together the two carriers have approximately 70% market share in nonstop service between the U.S. and France, according to consulting firm ICF.
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