Hagen: Why There’s No Private Island to Exploit Guests

Torstein Hagen, the CEO of Viking, expressed confidence in the company’s core brand during a recent earnings call. Highlighting Viking’s unique approach, he stated, "We want to have clear focus on exactly who we are." One of the key differentiators for Viking is its commitment to providing a straightforward and enjoyable experience without the typical pitfalls found in the cruise industry. According to Hagen, there are "no children, no casinos, no nickel and dining," and notably, "no island you can go to get fleeced."

Hagen acknowledged that while not having certain lucrative revenue streams may affect profit margins, it ultimately enhances the guest experience. He emphasized that customers appreciate knowing exactly what their Viking experience will cost without unexpected charges.

Despite the competitive challenges in the market, Hagen noted that Viking has managed to maintain a strong financial position, boasting $2.5 billion in cash reserves. He believes that instead of returning this capital to shareholders, it would be more beneficial to invest it back into the business. Hagen stated, “I believe we can make better use of it in the company than I as a shareholder can do outside the company,” indicating a focus on future opportunities even during uncertain economic times.

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