Report:  Meeting with Local Water Sports Community

On Monday July 8, 2024, Premier Honourable Charles Washington Misick, accompanied by the Deputy Premier Honourable Jamell Robinson and the Permanent Secretary of Tourism Mr Wesley Clerveaux, met with a delegation from the local water sports community to hear concerns regarding Red Hospitality’s business strategy, which is perceived to be a move to monopolize the water sports industry in the region, including the Turks and Caicos Islands.

The claim is that the company allegedly uses its financial power to engage in hostile takeover tactics of targeted businesses and a vertical integration business model to disrupt the market, forcing existing players at all levels in the industry out to create uncontested space to offer services across all subsectors (booking service, concierge service, tours operators, jet skis operators etc.) of the industry.

Addressing the raised concerns, the Premier made a firm commitment to investigate Red Hospitality’s operations in the Islands thoroughly. This proactive step underscores the government’s unwavering dedication to fostering fair competition, economic justice, inclusive growth, and sustainability for the benefit of all stakeholders, the tourism sector, and the economy.

“Our priority is to protect our local businesses, promote healthy competition, and ensure the sustainability of our water sports and tourism industry,” he added. The Premier reiterated the government’s unwavering support for local entrepreneurs and its commitment to maintaining an open dialogue with all industry stakeholders, a testament to our transparency and willingness to listen. Efforts are being made to find a solution that is mutually beneficial.