188bet login (188bet login) founded in 1968，The largest travel group in Europe，is facing its biggest crisis in 52 years。Compared to early January，188bet login’s share price has fallen by two-thirds in early April。

The impact of the epidemic has brought about travel restrictions in many countries，188bet login serving over 20 million users，Had to announce cancellation of packaged vacation in mid-March、Cruise、Hotels and other tourism products，Restore time to be determined。No product requirements，No income either，Asset-heavy model、188bet login, with tens of thousands of employees, needs external help。

The country extended a helping hand。Recent，188bet login announced that it has received a loan of 1.8 billion euros (equivalent to nearly 14 billion yuan)，From German Development Bank，If finally approved，Its total cash and credit are €3.1 billion。

188bet login will receive a loan of 1.8 billion euros (Source: company official website)

To obtain this loan，188bet login needs to give up its quarterly shareholder dividend for fiscal year 2019。

To further alleviate the crisis，April 1，188bet login announces its 1.10,000 employees (1 in total.More than 30,000 employees) are on unpaid leave。

Comprehensive epidemic trend，188bet login’s crisis may continue to rise，This has become a microcosm of the global tourism crisis。

1.8 billion euro loan, 11,000 188bet login furloughed without pay

Mid March，The epidemic is at a high rate around the world，Basically all countries around the world have issued travel restrictions，188bet login had no choice but to announce the cancellation of package holidays、Cruise、Hotels and other tourism products，Restore time to be determined。

188bet login CEO Joussen said，188bet login’s business model is quite complete，Serving more than 21 million customers。But the biggest difficulty now is the international travel restrictions，This results in the company currently having no products，No income either。This situation must be mitigated。

April 1，188bet login announces its 1.10,000 employees (1 in total.More than 30,000 employees) are on unpaid leave，It claims 4455 travel agency employees，About 99% of employees in retail stores will be furloughed due to closure of retail stores。The other 6545 employees on furlough are crew members、Pilots and other retail or headquarters employees。188bet login said it is already taking measures to solve this problem，Especially by paying some premiums for employees through the government’s job preservation scheme。

And on the same day，After 188bet login brought the last 265 tourists from Cancun, Mexico, back to Birmingham Airport in the United Kingdom，It will also be finally completed 4.Plan to bring 5 holidaymakers home (UK)，These tourists are scattered across Jamaica、Türkiye、Spain、Morocco、Tourist destinations in India and other countries。

188bet login’s business reach reaches almost all over the world，Refer to its data as of the end of September 2019，It serves more than 20 million customers in 115 countries，There are 150,000 destination activity products。

188bet login Group’s business is greatly affected by seasonality，Northern hemisphere tour operators typically operate at a loss from October to March，Mainly because the company purchased a large number of hotel rooms，Bring it to the summer vacation peak to turn losses into profits。Based on the current situation，The epidemic raging around the world means that 188bet login will have no harvest in this year’s peak season。

As of April 6, 11:44 am，188bet login is priced at 3 per share on the European stock market Deutsche Börse (Xetra).778€，Market value 22.100 million euros，Increased by 4 from the previous trading day.45%，But with 11 per share on January 2nd of the year.62 euros compared，The stock price fell by two-thirds。

Comparison of 188bet login’s stock prices on April 6 and January 2

188bet login’s current core business is hotels and resorts、Cruise etc.，Suffering an almost comprehensive impact from the epidemic。Reference Industry Situation，It can be seen。Back in mid-March，Viking Cruises, a well-known European river cruise brand, announced the temporary suspension of all its cruises，Until May 1st，And cruise giant Carnival Corporation、Royal Caribbean Cruises and MSC Cruises have announced a one-month suspension of operations。

Among them，Carnival Group also announced，188bet login raise US billion through the issuance of stocks and corporate bonds，includes issuance value 12.0 million in stock， billion in secured bonds and 17.USD 500 million convertible bonds，These bonds all have a maturity date of 2023。

188bet login has about 150 aircraft，18 cruise ships，It will be basically suspended for at least the next month。

Refer to industry data，The International Air Transport Association (IATA) once said，Global air passenger traffic is expected to drop by 50% year-on-year in March，Most airlines only have cash income in the first two months of 188bet login year。From a global perspective，Preliminary estimates indicate that the aviation industry needs up to US0 billion in emergency government assistance。

Specific to 188bet login，It owns 15 Boeing 737MAX (accounting for 10% of the total aircraft)，The grounding incident has caused huge losses and cost pressure，Mentioned in its financial report，If Boeing 737MAX can resume flying at the end of April，The financial impact of the grounding on fiscal year 2020 performance expectations is approximately 1.300 million euros，If you can’t go around，The financial impact may be between 2.200 million euros-2.Between 4.5 billion euros。

Based on the current epidemic situation，The return of these aircraft to April and beyond is highly unlikely，Then correspond to 188bet login’s entire machine capacity，The financial impact is really stressful。

Also refer to the number of employees of 188bet login in the first quarter of fiscal year 2020 (October-December 2019): 56,448，Huge pressure on labor costs，Similar to the UK 1 above.Measures to furlough 10,000 employees without pay，There is a high probability that coverage will be expanded。

The crisis 188bet login escalate further

188bet login never thought it would be like this.

In recent years，188bet login has been seeking to increase its business barriers，Including flexible responses to adverse external environments such as regional instability, etc.，But in the face of the epidemic，But it brings more constraints，Facing the danger，Difficult to have hedging ability，When dragged into danger。

This starts from 2014，At that time, 188bet login launched a vertical integration strategy，Penetrate business tentacles into all aspects of tourism services，Providing end-to-end full chain services，Including but not limited to inquiries and bookings from vacation products、Flight booking of own airline，To provide owned or operated hotels、Resort and Cruise Products and Services。

With capital support，188bet login continues to expand upstream and downstream，Strengthen upstream resources including hotels、Resource control such as airlines and cruise ships，Provide self-operated hotels and resorts for tourists，And cruise and other services，And strengthen the expansion of downstream distribution channels，Acquire customers in stores、Marketing, etc.，Perform Infiltration。On the one hand, effectively control resources and control costs，Product creation and service provision、Bargaining rights and other aspects bring more possibilities，At the same time, strengthen the influence of tourist source areas，Expand visitor sources，Provide continuous passenger flow for hotels, resorts, cruise ships, etc.，And strengthen tourists’ consumption stickiness and consumption scope in 188bet login product and service system，Close-loop and internalization effects are obvious。

An example to illustrate some of the benefits of 188bet login’s model。End of 2015，A Russian Kolavia Airlines passenger plane crashed in Sharm el-Sheikh, Sinai Peninsula, Egypt，Within 24 hours，188bet login bought its hotel beds in Spain for 26 million euros，Then make a new flight schedule，And made timely adjustments to the destinations on distribution channels。

But the other side，188bet login’s asset-heavy operations，Long-term funds、Operations bring huge pressure，At the same time, its profit level is not outstanding，its financial report shows，188bet login’s revenue in fiscal year 2019 is 19 billion euros，Operating profit 8.9.3 billion euros，This is also why it is seeking to expand its asset-light model，And improve the hotel、Consideration of utilization rates of aircraft and cruise ships。

Main financial data of 188bet login Group in fiscal year 2019

But in the face of an epidemic，188bet login Hotels & Resorts、An asset-heavy model with cruise as the core business，Suffered a heavy blow。

Hotels & Resorts、Cruise business is 188bet login’s growth engine。Looking from the perspective of tourism market trends，The development trend of leisure and vacation tourism with more focus on these businesses is obvious，Strong user demand、Fast revenue growth，The user service cycle and value chain are also relatively long。

188bet login has vacation experience and market&Two core businesses of aviation。Among them，Vacation experience includes hotels and resorts、Three major business segments of cruise and destination experience，And the market&Aviation business by Northern Europe、Composed of three parts: the central area and the western area。

188bet login financial report display，Its revenue in the first quarter of fiscal year 2020 (October-December 2019) 38.€5.1 billion，YoY growth of 6.8%。Underlying earnings before interest and tax (EBIT) is -1.46.9 billion euros，Among them, vacation experience achieved a profit of 75 million euros，A sharp decrease of 32% year-on-year.7%，And the market&Aviation performance is not satisfactory，Loss 1.97.9 billion euros，Decreased by 26 year-on-year.9%。But hotels and resorts revenue is 35.1 million euros，Cruise revenue 48.8 million euros，YoY growth of 3.8%，Is the only part of this business segment that has achieved growth。

A visible phenomenon is，188bet login has been increasing investment in hotels and resorts in recent years in destinations with higher revenue and higher return on investment，For example, the Caribbean、Mexico，Canary Island, Spain、North Africa, etc.，These areas have a pleasant climate，Can be vacationed all year round，Weakly affected by seasons，There are more tourists，Provide guarantee for hotel’s higher occupancy rate。Data display，More than 50% of 188bet login’s hotels and resorts are invested in year-round tourist destinations，About 40% of tourists from source markets go to the above annual tourist destinations for vacation。

But the global spread of the epidemic，Making Hotels and Resorts、Cruise and air services are about to reach freezing point，In addition, the current epidemic situation in Europe and other places has not yet reached its peak turning point，And the lag in demand-side release and recovery，Will cause 188bet login to be impacted and continue to rise，Estimated to be in the peak period from April to September，The overall business is hardly optimistic，The crisis will escalate further。