They are really not.
I looked into this in 2019, when I was making a backup plan to get an investor visa in the EU. You can buy a hotel business in Greece for basically peanuts, but it is almost impossible to make _any_ profit without resorting to shady tactics.
That's also why large chains can move in so easily. They can spread a lot of expenses and risks across multiple properties.
It's not a healthy situation to be in.
Maybe it's only hotels that are low-margin, with Airbnb being a competitor, but otherwise everything is too expensive for any Greek to afford to go on vacation in our own country any more. The money must be going somewhere.
Umbrella business owners are likely paying off the local government and/or organized crime to keep competitors off.
> with the appropriate kickbacks to the local politicians
Shows profitability for tourism around 20% in New Zealand - although that's on the back of some pretty crappy service jobs.
Elsewhere in the report it implies that the government makes more than 20% (15% sales tax GST, plus other taxes).
I'm not a huge fan of tourism as a sector because it's so cyclical and paid service to tourists is often unpleasant. Although tourism is likely better than some other export earners... But tourism is a more significant earner for Greece: ouch.