Thursday, July 9, 2009

All the fat cats are staying at home. Ecstatic now?

You'll recall that I previously wrote about how we are successfully countering the excesses of "junkets" - and throwing a lot of people out of work as a result. The New York Times lists more evidence of this:

[O]ne group of hospitality professionals is literally watching its livelihood go down the drain as corporate events are pared to the bone — the corporate event planners hired by companies to book and coordinate meetings.

“One hundred percent of my revenues are made on commission,” said Stephanie Edwards, a partner at Conference Consultants Worldwide. “I would say when we got our first-quarter results, they showed a 40 percent cut in revenue.”...

[I]f a meeting for 2,000 is suddenly scaled back to half that, or if a four-night booking is halved to become a two-night event, the amount of money people like Ms. Edwards earn automatically drops by 50 percent, even though the work they do does not change.

More here. Wonder how many people got out of tobacco and oil and into hotel investments?
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