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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Editorial Team
At CruiseShip.net, our editorial team is made up of passionate travelers, seasoned cruisers, and maritime industry enthusiasts who live and breathe life at sea. From the latest ship launches and destination spotlights to detailed reviews and onboard tips, we are dedicated to helping readers discover the joy of cruising. Our mission is to make every article both inspiring and useful, whether you are planning your first voyage or your fiftieth. We research, fact-check, and collaborate with cruise insiders around the world to bring you accurate, up-to-date, and exciting coverage of the global cruise industry. Join us as we chart new horizons, exploring one port, one ship, and one unforgettable experience at a time.
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