This statement is made pursuant to the Safe Harbor statement for forward-looking statements described in the Private Securities Litigation Reform Act of 1995. I'd like to begin the call by reading the Safe Harbor statement. With me on the call are Bill O'Dowd, Chief Executive Officer, and Mirta Negrini, Chief Financial Officer. And once again, welcome to Dolphin's Third Quarter 2022 Earnings Call. It's now my pleasure to turn the conference over to Mr. Please note this call will be recorded and I will be standing by if you should need any assistance. At this time, all participants are in a listen-only mode. Good day everyone, and welcome to today's Dolphin Entertainment Third Quarter 2022 Earnings Call. Mirta Negrini - CFO & COO, Dolphin Entertainment, Inc. James Carbonara - Investor Relations, Dolphin Entertainment, Inc.īill O'Dowd - Chairman & CEO, Dolphin Entertainment, Inc. were the top five origin cities for Rhode Island Airbnb guests (in order starting with the most).Dolphin Entertainment Third Quarter 2022 Earnings Call New York City, Boston, Providence, Philadelphia and Washington, D.C. “As we mark yet another historic summer and look ahead, we hope to keep working with State government, as well as towns and cities statewide, to ensure short-term rentals can continue to play a strong role in the entire Rhode Island economy.” “With more guest arrivals this summer than ever before, hosts and small businesses have been able to enjoy the opportunities created by an expanded tourism economy, while the State has benefitted from additional tax revenue as a result of this growth,” said Josh Meltzer, the head of Northeast public policy for Airbnb. Combined, short-term rentals accounted for about $83,000 of the revenue for Newport and Middletown from July 2018 through May 2019.Īirbnb accommodated 111,700 guest arrivals in Rhode Island from Memorial Day weekend through Labor Day and brought in $24.1 million in host income, according to the statement. The vast majority of the revenue comes from traditional hotels, not hosting platforms. ![]() The town brought in $971,698 from the two sources, an increase of $44,481, according to the reports. Middletown, on the other hand, saw an uptick in its share of lodging tax revenue, ranking fourth in the state. That is a drop of $57,335 across the same period the previous fiscal year, according to state revenue reports. and 5% to the Providence Warwick Convention and Visitors Bureau.įrom July 2018 through May 2019, Newport brought in the most revenue across the state from the two sources, totaling $2,191,134. Since July 1, 2018, the breakdown for lodging revenue derived in Newport County has been: Discover Newport receives 45% 25% goes to the host municipality 25% to the Rhode Island Commerce Corp. The other 5% is divided based on a formula established by the state legislature. People who stay at a hotel or short-term rental pay the 7% state sales tax they also pay an additional 6% lodging tax, of which 1% goes directly to the host community. The June report, the last of the past fiscal year, is not finalized yet, Department of Revenue spokesman Paul Grimaldi said. Lodging tax revenue reports compiled by the state Department of Revenue are only available through May. ![]() ![]() The top five destinations for Airbnb guests in Rhode Island were, in order starting with the most: Providence, Newport, North Kingstown, Middletown and Westerly, according to a statement from Airbnb. Providence County was second in guest arrivals with 31,800, and Washington County rentals reaped the second most income with $6.5 million. The numbers for the county, which were anchored by Newport and Middletown, included 43,300 guest arrivals and $11.6 million in host income. Airbnb rentals across Newport County paced Rhode Island in total number of guests and income from Memorial Day weekend through Labor Day, the hosting platform recently announced.
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