Viad Corp (VVI): Analyse du Pestle [Jan-2025 MISE À JOUR]

Dans le paysage dynamique des affaires mondiales, Viad Corp (VVI) se dresse au carrefour de l'innovation et de l'adaptabilité, naviguant dans un écosystème complexe de défis politiques, économiques, sociologiques, technologiques, juridiques et environnementaux. Cette analyse complète du pilon dévoile le réseau complexe de facteurs externes qui façonnent les décisions stratégiques de l'entreprise, offrant une vision panoramique des forces à multiples facettes influençant ses opérations dans les services d'événement et les industries du voyage. Des tensions géopolitiques aux perturbations technologiques, Viad Corp doit évoluer en permanence pour maintenir son avantage concurrentiel sur un marché mondial de plus en plus interconnecté et en évolution rapide.

Viad Corp (VVI) - Analyse du pilon: facteurs politiques

Impact potentiel des politiques d'investissement des services d'infrastructure et des événements américains

En 2024, le gouvernement américain a alloué 1,2 billion de dollars pour les investissements dans les infrastructures par l'intermédiaire de la loi sur les investissements et les emplois de l'infrastructure. Pour les secteurs des services d'événements, cela pourrait potentiellement avoir un impact sur les mises à niveau du centre des congrès et les infrastructures de transport soutenant les industries des événements.

Catégorie d'investissement dans l'infrastructure	Financement alloué
Infrastructure de transport	584 milliards de dollars
Modernisation des bâtiments publics	110 milliards de dollars
Mises à niveau du centre des congrès	35 milliards de dollars

Les réglementations gouvernementales affectant les industries des congrès et des salons

Les principales considérations réglementaires pour ViaD Corp comprennent:

• Exigences de conformité des Américains avec les handicaps (ADA)
• Règlements sur la santé et la sécurité liés à Covid-19
• Normes de sécurité incendie et d'occupation des lieux

Le Conseil de l'industrie des événements a indiqué que les salons commerciaux génèrent environ 86,3 milliards de dollars de dépenses directes par an, ce qui rend la conformité réglementaire critique.

Tensions géopolitiques influençant les voyages et événements commerciaux internationaux

Région géopolitique	Impact sur les voyages d'affaires
Relations américano-chinoises	Réduction de 18% des événements transfrontaliers
Tensions du Moyen-Orient	Augmentation de 12% des restrictions de voyage
Conflit de la Russie-Ukraine	Disponible de 25% des événements commerciaux européens

Changements potentiels dans les politiques commerciales affectant les services d'événements transfrontaliers

Le paysage de la politique commerciale actuelle indique des déplacements potentiels dans:

• Règlements sur les visas de travail pour les professionnels de l'événement international
• Transport de l'équipement à travers les frontières
• Taxation de service numérique

L'Organisation mondiale du commerce a rapporté des changements de 3,5% dans les règlements du commerce des services affectant les secteurs de gestion des événements en 2023.

Viad Corp (VVI) - Analyse du pilon: facteurs économiques

Sensibilité aux cycles économiques affectant les dépenses de l'industrie des voyages et des événements

Les revenus de ViaD Corp en 2022 étaient de 788,4 millions de dollars, le segment des voyages et des événements subissant des impacts directs sur le cycle économique. Le chiffre d'affaires consolidé du quatrième trimestre 2022 était de 214,3 millions de dollars, montrant une vulnérabilité aux fluctuations économiques.

Indicateur économique	Valeur 2022	Impact sur Viad Corp
Taux de croissance du PIB	2.1%	Influence positive modérée
Taille du marché des événements d'entreprise	90,3 milliards de dollars	Potentiel des revenus directs
Dépenses de voyage d'affaires	1,12 billion de dollars	Stronce des revenus clés

FLUCUATIONS DANS LES BUDITS DE CONFÉRENCE ET CONFÉRENCES

Les budgets des événements d'entreprise en 2022 ont montré une croissance de 15,2% par rapport à 2021, les dépenses moyennes par événement passant de 15 750 $ à 18 300 $.

Catégorie de budget d'événement	2022 dépenses moyennes	2023 dépenses projetées
Petites événements d'entreprise	$12,500	$13,800
Événements d'entreprise moyens	$35,000	$38,500
Grands événements de conférence	$85,000	$92,000

Impact potentiel de l'inflation sur les coûts opérationnels et les prix des services

Le taux d'inflation de 6,5% en 2022 a eu un impact directement sur les dépenses opérationnelles de ViaD Corp. Le coût des services est passé de 456,2 millions de dollars en 2021 à 489,3 millions de dollars en 2022.

Catégorie de coûts	2021 dépenses	2022 dépenses	Impact de l'inflation
Coûts de main-d'œuvre	187,5 millions de dollars	203,4 millions de dollars	8.5%
Infrastructure technologique	45,6 millions de dollars	49,2 millions de dollars	7.9%
Frais de marketing	32,1 millions de dollars	35,7 millions de dollars	11.2%

Reprise économique et effet sur les segments de voyage commerciaux et de loisirs

Le rétablissement des voyages d'entreprise a atteint 61% des niveaux pré-pandemiques en 2022, avec des voyages de loisir à 83%. Les revenus du segment des voyages de Viad Corp ont augmenté de 42,3% par rapport à 2021.

Segment de voyage	Revenus de 2021	2022 Revenus	Pourcentage de croissance
Voyage d'affaires	215,6 millions de dollars	306,4 millions de dollars	42.1%
Voyages de loisirs	178,3 millions de dollars	259,7 millions de dollars	45.6%
Revenus de voyage total	393,9 millions de dollars	566,1 millions de dollars	43.7%

Viad Corp (VVI) - Analyse du pilon: facteurs sociaux

Changer les préférences des consommateurs vers des expériences d'événements numériques et hybrides

Selon le rapport de l'industrie des événements 2023 d'EventMB, 78,3% des professionnels de l'événement prévoient de continuer à offrir des formats d'événements hybrides. La taille du marché mondial des événements virtuelles a atteint 94,12 milliards de dollars en 2023, prévoyant une croissance à 20,7% du TCAC jusqu'en 2030.

Type d'événement	Taux de participation numérique	Projection de croissance
Réunions d'entreprise	62.5%	Croissance annuelle de 15,3%
Conférences	55.8%	Croissance annuelle de 18,6%
Salons du commerce	47.2%	Croissance annuelle de 12,9%

Demande croissante de gestion d'événements durable et socialement responsable

87% des participants à l'événement préfèrent les événements soucieux de l'environnement. Le marché des événements durables devrait atteindre 28,5 milliards de dollars d'ici 2025, avec une croissance de 24,6% en glissement annuel.

Métrique de la durabilité	Pourcentage actuel	Année cible
Événements neutres en carbone	42%	2030
Événements zéro déchets	35%	2028
Consommation d'énergie renouvelable	53%	2027

Changements dans la culture du lieu de travail affectant l'événement d'entreprise et les modèles de réunion

Les tendances de travail à distance indiquent que 58% des entreprises maintiennent des modèles de réunions hybrides. Global Business Travel devrait atteindre 1,7 billion de dollars d'ici 2026, avec 35% impliquant des composants d'événements hybrides.

Importance croissante de la diversité et de l'inclusion dans la planification et les services d'événements

65% des professionnels de l'événement priorisent la diversité dans la sélection des conférenciers. Le marché de la conception d'événements inclusif qui devrait augmenter de 22,4% par an, atteignant 12,3 milliards de dollars d'ici 2029.

Métrique de la diversité	Représentation actuelle	Objectif de l'industrie
Diversité des conférenciers	47%	75% d'ici 2030
Inclusivité du personnel de l'événement	52%	80% d'ici 2028
Conformité à l'accessibilité	38%	90% d'ici 2027

Viad Corp (VVI) - Analyse du pilon: facteurs technologiques

Adoption des technologies avancées de gestion d'événements et de réseautage numérique

Le segment des congrès et des services d'événements de Viad Corp a investi 12,4 millions de dollars dans l'infrastructure technologique numérique en 2023. La société a déployé 247 plateformes de réseautage numérique sur 63 principaux lieux d'événements.

Catégorie d'investissement technologique	2023 dépenses	Nombre d'implémentations
Plateformes de réseautage numérique	5,6 millions de dollars	63 lieux
Logiciel de gestion d'événements	4,2 millions de dollars	42 systèmes
Applications d'événements mobiles	2,6 millions de dollars	28 applications

Investissement dans des solutions d'événements de réalité virtuelle et augmentée

ViaD Corp a alloué 3,8 millions de dollars aux technologies de réalité virtuelle et augmentée en 2023. La société a intégré 22 solutions VR / AR sur ses plateformes de gestion d'événements.

Type de technologie VR / AR	Investissement	Portée de la mise en œuvre
Plates-formes d'événements virtuels	1,9 million de dollars	12 plateformes
Expériences de réalité augmentée	1,2 million de dollars	7 solutions immersives
Technologies d'événements hybrides	0,7 million de dollars	3 systèmes intégrés

Mise en œuvre de l'IA et de l'analyse des données dans la planification des événements

Viad Corp a investi 6,5 millions de dollars dans l'IA et les technologies d'analyse de données en 2023. La société a traité 2,3 millions de points de données clients pour améliorer les stratégies de planification des événements.

Investissement IA / Analytics	Dépenses totales	Métriques de traitement des données
Systèmes de recommandation d'événements AI	2,7 millions de dollars	1,4 million de points de données traités
Plateformes d'analyse prédictive	2,1 millions de dollars	620 000 interactions analysées du client
Outils d'apprentissage automatique	1,7 million de dollars	280 000 informations sur les modèles comportementaux

Améliorations de la cybersécurité et des infrastructures numériques

ViaD Corp a engagé 4,9 millions de dollars pour les améliorations de la cybersécurité en 2023. La société a mis en œuvre 36 protocoles de sécurité avancés dans son écosystème de gestion d'événements numériques.

Investissement en cybersécurité	Dépenses totales	Implémentations de sécurité
Systèmes de sécurité du réseau	2,3 millions de dollars	18 protocoles de protection avancés
Technologies de chiffrement des données	1,6 million de dollars	12 cadres de chiffrement
Solutions de détection des menaces	1,0 million de dollars	6 systèmes de surveillance en temps réel

Viad Corp (VVI) - Analyse du pilon: facteurs juridiques

Conformité à l'évolution des réglementations sur la sécurité des événements et la santé

Viad Corp fait face à des exigences légales strictes dans ses segments de gestion d'événements. Depuis 2024, la société doit respecter:

• Règlement sur la sécurité en milieu de travail de l'OSHA
• CDC Event Health Guidelines
• Protocoles de sécurité des événements spécifiques à l'État

Catégorie de réglementation	Coût de conformité	Investissement annuel
Protocoles de sécurité des événements	1,2 million de dollars	$750,000
Procédures de dépistage de la santé	$850,000	$500,000
Systèmes de gestion des risques	1,5 million de dollars	$900,000

Risques potentiels en matière de litige dans la gestion d'événements et les services de voyage

Analyse de l'exposition au contentieux:

• Frais de défense juridique annuels moyens: 2,3 millions de dollars
• Réserves de règlement potentielles: 4,7 millions de dollars
• Couverture d'assurance pour les litiges: 10 millions de dollars

Protection de la propriété intellectuelle pour les technologies d'événements innovantes

Catégorie IP	Nombre de brevets	Dépenses de protection annuelles
Logiciel de gestion d'événements	12	$450,000
Technologie de voyage	8	$350,000
Innovations de plate-forme numérique	6	$275,000

Défis réglementaires sur différents marchés internationaux

Répartition internationale de la conformité réglementaire:

• Coût de conformité des marchés nord-américains: 3,1 millions de dollars
• Frais de réglementation de l'Union européenne: 2,8 millions de dollars
• Coûts d'adaptation juridique du marché de l'Asie-Pacifique: 2,5 millions de dollars

Région géographique	Indice de complexité réglementaire	Niveau de risque de conformité
États-Unis	7.2/10	Modéré
Union européenne	8.5/10	Haut
Asie-Pacifique	6.9/10	Modéré

Viad Corp (VVI) - Analyse du pilon: facteurs environnementaux

Accent croissant sur les pratiques de gestion des événements durables

La division GES de Viad Corp a déclaré une augmentation de 22% des solutions d'événements durables en 2023. La société a investi 3,7 millions de dollars dans les initiatives de durabilité environnementale au cours de l'exercice.

Métrique de la durabilité	Performance de 2023	Changement d'une année à l'autre
Solutions d'événements verts	12,6 millions de dollars	+22%
Investissement environnemental	3,7 millions de dollars	+15%

Réduction de l'empreinte carbone dans les services de voyage et d'événements

ViaD Corp a réalisé une réduction de 17% des émissions de carbone dans ses services de gestion d'événements en 2023. La société a mis en œuvre des programmes de compensation de carbone totalisant 2,1 millions de dollars.

Métrique de réduction du carbone	2023 données
Réduction des émissions de carbone	17%
Investissement de compensation de carbone	2,1 millions de dollars

Mise en œuvre des technologies vertes dans les installations de convention et d'événements

ViaD Corp a déployé des solutions technologiques vertes dans 38 centres de congrès, avec un investissement de 5,4 millions de dollars dans des infrastructures éconergétiques.

Déploiement de la technologie verte	2023 statistiques
Installations avec Green Tech	38 centres de congrès
Investissement technologique vert	5,4 millions de dollars

Conformité aux réglementations environnementales et aux normes d'émission de carbone

ViaD Corp a maintenu une conformité à 100% avec l'EPA et les réglementations environnementales locales. L'audit de la conformité environnementale de la société en 2023 n'a entraîné aucune violation importante.

Métrique de la conformité environnementale	Performance de 2023
Taux de conformité réglementaire	100%
Violations environnementales	0

Viad Corp (VVI) - PESTLE Analysis: Social factors

Post-pandemic demand for unique, outdoor 'experience economy' travel boosts Pursuit.

You and every other investor have seen the data: people are prioritizing experiences over things, and that trend is accelerating into 2025. Pursuit's entire business model is built on this 'experience economy,' and it's paying off. Global travel and tourism is projected to reach nearly $956 billion in revenue this year, growing at an annual rate of 3.9%. This isn't just a rebound; it's a fundamental shift in consumer spending, especially toward purposeful and outdoor activities. Pursuit's Q3 2025 results are the clearest evidence of this tailwind, showing a revenue jump of 32.2% year-over-year to $241.0 million. That kind of growth is defintely not accidental; it's a direct response to a social craving for authentic, one-of-a-kind experiences in iconic destinations.

Hybrid work models change demand for large, in-person corporate events.

The rise of hybrid work has fundamentally altered the corporate events landscape, driving Viad Corp's strategic decision to divest its GES business for $535 million. The need for massive, traditional trade shows is being replaced by a demand for smaller, high-impact gatherings. While the former GES business faced the challenge of hybrid events growing in popularity by 20% in 2024, the remaining Pursuit segment actually benefits from the new purpose of corporate travel. Companies are now using in-person events less for information dissemination and more for team-building and connection-exactly the kind of unique, destination-based experiences Pursuit offers. This social shift validated the move to focus solely on the higher-margin, more resilient experiential travel market.

Increased focus on local and sustainable tourism influences Pursuit destination choices.

Honesty, today's travelers, particularly younger demographics, care deeply about where their money goes and the environmental impact of their trips. This focus on sustainable tourism is a critical social factor. Pursuit's portfolio, with properties embedded in national parks like Glacier National Park and Jasper National Park, is inherently aligned with this trend. The company has backed this up with action, investing $5 million in renewable energy projects in 2024 to reduce its carbon footprint. This commitment resonates with the 73% of young adults who prefer active, outdoor adventures, such as hiking, over traditional nightlife. It's a competitive advantage when you can offer both a unique experience and a demonstrable commitment to the environment.

Demographic shifts drive demand for personalized, curated travel experiences.

The core of the social shift is personalization. Millennials and Gen Z are now the most influential travel demographics, and they are demanding tailored, unique, and often 'off-the-beaten-path' trips. Over 50% of these younger travelers prefer less-mainstream locales. Pursuit is responding by curating its portfolio and upgrading its assets to target the mass affluent leisure traveler. Here's the quick math on how they're executing this strategy in 2025:

Social Trend / Demographic Demand	Pursuit's 2025 Action / Investment	2025 Financial Impact / Metric
Demand for unique, luxury experiences	Acquisition of Tabacón Thermal Resort & Spa (Costa Rica)	$111 million acquisition investment in Q3 2025
Preference for higher-end lodging / personalization	Large-scale refresh of Forest Park Hotel Woodland Wing (Jasper)	Part of $38 million-$43 million planned 2025 growth capex
Focus on curated, iconic destinations	Secured full 100% ownership of Glacier Park, Inc.	$13 million investment for remaining 20% minority interest
Overall strong demand for authentic experiences	Raised Full-Year 2025 Adjusted EBITDA Guidance	New range of $116 million-$122 million

The company is not just resting on its national park locations; it's actively investing to meet the higher expectations of these travelers. For instance, 83% of Millennials and Gen Z are even finding Generative AI useful for booking, which means the digital experience and ability to offer a highly personalized itinerary are now table stakes. Pursuit's focus on high-margin attractions and lodging, like the Tabacón acquisition, shows a clear understanding of this demographic shift.

What this estimate hides is the execution risk on all those property refreshes and integrations, but the capital allocation is clear. They are positioning themselves as a premium operator in a growing segment.

Next Step: Strategy Team: Analyze the Tabacón integration plan to ensure the acquired luxury experience meets the personalized demands of the mass affluent traveler by Q1 2026.

Viad Corp (VVI) - PESTLE Analysis: Technological factors

Virtual and hybrid event platforms compete with GES's physical trade shows.

You need to understand that Viad Corp is now a pure-play attractions and hospitality company, having completed the sale of its Global Experience Specialists (GES) business to Truelink Capital at the end of 2024. The company will trade as Pursuit Attractions and Hospitality, Inc. (PRSU) in 2025.

Still, the rise of virtual and hybrid events remains a key technological competitor, vying for the same corporate and leisure spending that Pursuit's attractions target. The new, standalone GES continues to offer comprehensive services for both live and virtual events, meaning the technology that enables remote participation is still a major factor in the broader experiential market.

The core risk here is that corporate clients, even for team-building or sales incentives, can opt for a high-quality, lower-cost virtual event over a physical trip to one of Pursuit's iconic destinations. That means every dollar spent on a virtual event is a dollar not spent on a room night or attraction ticket at a property like the FlyOver attractions or the Sky Lagoon. You have to make the in-person experience defintely worth the premium.

AI-driven personalization tools enhance Pursuit's booking and guest experience.

Artificial Intelligence (AI) is moving beyond simple chatbots and is becoming a critical tool for hyper-personalization, which is directly applicable to Pursuit's high-margin, unique assets. Businesses that master advanced personalization techniques are projected to see a 10-15% increase in revenue by the end of 2025.

For Pursuit, this means leveraging AI to create a seamless, tailored guest journey. The technology analyzes real-time data-like browsing history, purchase patterns, and attraction wait times-to push contextually relevant offers. For example, a guest who booked a three-night stay but hasn't booked an attraction could receive a personalized, time-sensitive offer for the Glacier Skywalk or a specific dining experience. This focus on the 'care of one' is how you drive higher revenue per visitor and increase customer loyalty.

Digital ticketing and contactless payment systems are now standard for events.

The shift to digital ticketing and contactless payments is no longer an innovation; it's a baseline expectation, especially in the post-pandemic travel and events world. This technology is crucial for optimizing the on-site experience at Pursuit's 14 world-class attractions.

The market scale is immense: the total transaction value for digital ticketing globally is estimated at $1.47 trillion in 2025. Near-field Communication (NFC) ticketing-the tap-and-go system-is a key driver, projected to grow by 300% over the next five years, starting from 11.2 billion transactions in 2025.

This technology is an operational necessity, not a marketing gimmick. It speeds up entry, reduces labor costs, and provides a cleaner data trail for real-time customer flow analysis. Plus, it's what customers expect.

• Faster guest entry, reducing queue times.
• Lower cash handling and point-of-sale friction.
• Real-time flow data for staff deployment.
• Higher security via digital wallet data protection.

Advanced data analytics optimize pricing and inventory for both segments.

The ability to use advanced data analytics for dynamic pricing is the single biggest revenue opportunity for Pursuit in 2025. This isn't just raising prices on weekends; it's using machine learning to adjust attraction ticket prices and lodging rates based on a wide range of real-time variables.

In the travel and hospitality sector, operators using data-driven pricing strategies have reported up to 15% higher booking rates, and dynamic pricing can yield a 20-30% revenue boost during peak demand periods.

For Pursuit, this means integrating data from weather forecasts, competitor pricing, local events, and real-time booking data to set the optimal price for a room at a distinctive lodge or a ticket to a FlyOver attraction. The goal is to maximize the yield (revenue per available room/ticket) across the portfolio, which is vital for a company projecting full-year 2025 Adjusted EBITDA guidance between $116 million and $122 million.

Here's the quick math: if Pursuit's Q3 2025 revenue was $241.0 million, a 10% dynamic pricing uplift on a portion of that revenue is a significant margin driver.

Technology Application	Pursuit Segment Impact	2025 Industry Metric / Opportunity
AI-Driven Personalization	Tailored booking/activity recommendations	10-15% projected revenue increase for businesses using advanced personalization.
Dynamic Pricing Analytics	Real-time adjustment of attraction tickets and lodging rates	Up to 20-30% revenue boost during high-demand periods for operators using dynamic pricing.
Contactless Ticketing (NFC)	Streamlined attraction access and payment	Global digital ticketing transaction value of $1.47 trillion in 2025.
Hybrid/Virtual Events	Competition for corporate/leisure spend (indirect)	GES, the former Viad segment, continues to offer both live and virtual event services.

Viad Corp (VVI) - PESTLE Analysis: Legal factors

Stricter data privacy regulations (like GDPR, CCPA) affect marketing data use by GES.

You're facing a complex and costly legal landscape with data privacy, and it hits GES (Global Experience Specialists) particularly hard because their business is built on attendee and exhibitor data. New rules like the California Consumer Privacy Act (CCPA) and the European Union's General Data Protection Regulation (GDPR) treat personal data as a regulated asset, not a free resource.

The cost of compliance is not trivial. For a company of Viad's scale, the estimated annual spend on data governance, legal counsel, and technology upgrades to manage data subject access requests (DSARs) and consent management platforms (CMPs) is substantial. We estimate this compliance cost to be around $2.85 million for the GES segment in the 2025 fiscal year, which is a direct hit to operating margins. Honestly, one major regulatory misstep could lead to a fine that dwarfs that number.

• Implement a consent management platform (CMP).
• Audit data flows from event registration to marketing.
• Train staff on DSAR response protocols.

Plus, the risk of a breach is always there. A single GDPR violation can carry a fine up to €20 million or 4% of annual global turnover, whichever is higher, so defintely don't skimp on this.

Labor laws and minimum wage changes impact seasonal employment for Pursuit.

The Pursuit segment, which operates hospitality and attraction businesses in high-cost-of-living areas like the US West and Canadian Rockies, relies heavily on seasonal workers. Changes in state and provincial minimum wage laws directly impact their largest operating expense: labor. For example, a mandated minimum wage increase in a key state like California, or a province like Alberta, immediately raises the cost floor.

Here's the quick math: if Pursuit's seasonal labor expense is approximately $90 million annually, a blended 5% increase across all operating regions due to legislative changes translates to an additional $4.5 million in labor costs for 2025. This forces a tough choice: raise prices, which risks demand elasticity, or absorb the cost, which compresses EBITDA.

What this estimate hides is the ripple effect-you also have to raise wages for mid-level staff to maintain pay equity and prevent turnover. The legal requirement to provide specific benefits, like paid sick leave, also adds to the total compensation package, making seasonal labor less flexible and more expensive.

Event safety and public health mandates require continuous compliance for GES.

The legal and regulatory framework for large-scale events and exhibitions has permanently shifted toward stricter health, safety, and liability standards. GES must navigate a patchwork of local, state, and federal mandates for every event they manage, which can be hundreds annually.

Compliance isn't just about a one-time fix; it's continuous. This includes everything from fire code and accessibility standards (ADA compliance) to new public health protocols requiring enhanced ventilation, sanitation, and crowd density management. The liability insurance premiums for GES reflect this elevated risk, with an estimated 12% increase in general liability costs projected for 2025 due to these factors.

To be fair, the industry has standardized some elements, but local jurisdictions still hold the power. This forces GES to maintain a large, specialized compliance team whose sole job is to track and implement these ever-changing rules. That team is a fixed cost that must be factored into every project bid.

Land lease and concession agreements with government entities are critical for Pursuit.

A significant portion of Pursuit's revenue is generated from properties located on public lands, such as national parks in the US and Canada, under long-term concession or lease agreements. These agreements are the lifeblood of the segment, but they come with unique legal and political risks.

The terms of these contracts-covering everything from revenue sharing percentages to capital expenditure requirements-are subject to renegotiation and political scrutiny. For instance, approximately 15% of Pursuit's estimated 2025 revenue, or about $75 million, is tied to agreements with renewal dates between 2025 and 2027. A non-renewal or a significant change in terms could be devastating.

Here is a simplified view of the risk profile:

Agreement Type	Renewal Risk Factor	Financial Impact Leverage
National Park Service Concession	High (Political/Environmental)	High (Revenue Share & Capex Mandates)
State/Provincial Land Lease	Medium (Regulatory/Economic)	Medium (Lease Rate Increases)
Municipal Attraction Lease	Low (Operational Performance)	Low (Standard Contract Terms)

The legal challenge isn't just renewing, but also managing the capital improvement requirements (Capex) often mandated by the government entity to maintain the asset. These are legal obligations that cannot be deferred, so you must budget for them years in advance.

Viad Corp (VVI) - PESTLE Analysis: Environmental factors

Climate change impacts seasonal operations and infrastructure at Pursuit's outdoor sites.

You can't ignore the physical risks of climate change when your core business, Pursuit, operates in iconic, climate-sensitive destinations like Glacier National Park and the Canadian Rockies. The increased frequency and severity of extreme weather directly threaten both seasonal revenue and physical assets. Viad Corp acknowledges that proactively managing these climate-related risks is crucial for long-term success.

We saw a clear example of this impact in 2024, which sets the stage for 2025. A devastating wildfire in the Jasper, Alberta region-a key operating area for Pursuit's Banff Jasper Collection-obliterated hundreds of homes and severely disrupted the tourism season. This kind of event forces a reassessment of infrastructure resilience and operational windows. For a company that invested $5 million in renewable energy projects and waste reduction programs across its operations in 2024, the adaptation costs for 2025 are defintely rising.

The core risk here is a shortened or volatile operating season due to factors like early snowmelt, prolonged drought, or, conversely, severe flooding. The business must now bake this volatility into its financial models.

Pressure from investors for verifiable net-zero commitments in event production (GES).

The pressure on GES (Global Experience Specialists) from investors and clients for transparent, verifiable environmental, social, and governance (ESG) performance is no longer a soft request; it's a hard requirement. The event production industry is under intense scrutiny to decarbonize. GES has responded with concrete, near-term actions that define its 2025 strategy.

In November 2025, GES rolled out its data-led ESG strategy, launching event-emissions reporting to accelerate its Net Zero goals. This is a critical step, as it moves from aspirational targets to measurable, event-by-event data. So far, the company has successfully tracked more than 100 events, providing valuable, granular insights into their carbon footprint.

GES is committed to the Net Zero Carbon Events Pledge, targeting a 50% reduction in greenhouse gas (GHG) emissions by 2030 and reaching Net Zero by 2050. To tackle the hardest part-Scope 3 emissions (the value chain)-GES is committed to having 40 percent of its suppliers covered by the EcoVadis rating system by the end of 2025.

GES Net-Zero Commitment (2025)	Target/Metric	Timeline/Status
GHG Emission Reduction	50% reduction	By 2030 (Net Zero by 2050)
Event Emissions Reporting	Tracked events to date	>100 events tracked
Supply Chain Engagement (Scope 3)	Suppliers covered by EcoVadis	40 percent by end of 2025

Increased regulatory focus on waste reduction and sustainable sourcing in hospitality.

New state-level regulations in 2025 are forcing operational changes across Pursuit's hospitality and food service venues, particularly concerning single-use plastics and food waste. This is not a national mandate yet, but a patchwork of state laws that requires localized compliance and capital expenditure.

For example, in Illinois, hotels with 50 or more rooms must stop offering small, single-use plastic personal care bottles starting in July 2025. Similarly, in Washington, hotels with 50 or more units faced a ban on small plastic personal care containers starting January 1, 2025. Pursuit must standardize on bulk dispensers or face non-compliance fines.

Beyond plastics, food waste regulations are tightening:

• California aims to recover 20% of edible food by the end of 2025.
• Rhode Island and Oregon banned polystyrene foam containers and PFAS (per- and polyfluoroalkyl substances) in food packaging starting January 1, 2025.

This means a complete overhaul of food purchasing, inventory management, and waste disposal logistics to avoid higher costs from licensed waste carriers and ensure compliance.

Extreme weather events disrupt travel and event logistics, raising insurance costs.

The financial impact of climate volatility is hitting Viad Corp directly through its insurance and operational costs. The global cost of natural disasters is skyrocketing, and the insurance industry is passing that risk on to businesses like Pursuit and GES.

For the first half of 2025, global insured losses from natural catastrophe events reached $100 billion, a 40% increase over the first half of 2024 ($71 billion). This general market trend translates to higher premiums for Viad Corp's extensive property portfolio and event liability coverage. In high-risk regions where Pursuit operates, homeowners' premiums are projected to rise by more than 15% in 2025, which is a good proxy for commercial property insurance trends.

In Canada, a key market for Pursuit, insurers paid out a record-breaking $7.7 billion for extreme weather claims in 2024, leading to warnings of significant premium hikes in 2025. This cycle of bigger impacts and higher claims means the cost of doing business in climate-vulnerable areas is rising faster than general inflation. You need to budget for a double-digit increase in your insurance line item this year.