The end of short term rentals?

Author

Jay Lutz
June 29, 2023

Sponsored by Big Gold

Is AirBnB collapsing?

Airbnb (Nasdaq: ABNB) has made headlines again with its latest promotion, bringing back the iconic Barbie-themed hot-pink DreamHouse mansion in Malibu. In partnership with Warner Bros., Airbnb is offering two lucky applicants a chance to enjoy a two-night stay in the luxurious mansion as part of the upcoming comedy film featuring Margot Robbie and Ryan Gosling.

The announcement has garnered attention, but beneath the excitement, concerns arise as new data indicates a drop in rental revenue in major US cities.

According to a tweet by Nick Gerli, CEO of Reventure Consulting, short-term rental data and analytics group AllTheRooms revealed a significant decline in revenue per available listing (RevPAL) across various top US cities. The data, calculated on a three-month-average basis between May 2022 and 2023, showed a staggering 47.6% drop in Sevierville, Tennessee, the hometown of country-music legend Dolly Parton and a popular tourist destination.

You can read more on the matter here.

Big Gold Inc. is a junior mining exploration company who’s initial focus is to conduct exploration programs on its recently acquired Tabor Property and the Martin Kenty Property, both located in Ontario. The geology and mineralization of the Tabor Project is currently viewed as being similar to the Moss Gold Project operated by Goldshore Resources, which has established an inferred resource of 6.0 million ounces of gold at 1.2 g/t.

What’s going on?

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  • Sri Lanka Seeks to Restructure $19.8 Billion of Domestic Debt (Bloomberg)

  • Lithium Americas: Ninth Circuit Court Hears Oral Arguments on Appeal of Approval of Thacker Pass Mining License (theDeepDive)

  • Polestar to adopt Tesla's supercharger network in the US, Canada (Reuters)

  • Three Arrows Capital Founders Face $1.3 Billion Lawsuit over Hedge Fund Collapse (theDeepDive)

  • Has Commercial Real Estate Bottomed In New York? (theDeepDive)

  • Meituan Buys Co-Founder’s Months-Old AI Startup for $234 Million (Bloomberg)

  • Bud Light Execs Behind Mulvaney Ad No Longer With The Company (theDeepDive)

The worst Canadian wildfire season

The stock market and stuff

  • Inflection AI raises $1.3 bln in funding from Microsoft, others (Reuters)

  • Binance Suspected To Be Aiding Money Laundering, Tax Evasion Activities In Ireland And Malta (theDeepDive)

  • H&M shares jump 17% as summer collection boosts profit (Reuters)

In the juniors

  • TerrAscend To Begin Trading On The TSX On July 4 (theDeepDive)

  • Overstock Acquires Bed Bath & Beyond Banner, To Make Retailer Online-Only (theDeepDive)

  • Canopy Growth Sells Off Five Facilities In Q1 2023 (theDeepDive)

Daily funny

FULL DISCLOSURE: Big Gold is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Big Gold. The author has been compensated to cover Big Gold on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.