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.
> with the appropriate kickbacks to the local politicians
Umbrella business owners are likely paying off the local government and/or organized crime to keep competitors off.
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.