Coronavirus has cost Vail Resorts more than $200 million. So far.
Vail Resorts lost $203 million in ski and lodging earnings in the fiscal year that ended in July, a rare downturn for the ski resort operator hit hard by the COVID-19 pandemic.
The company reported $503.3 million in resort earnings for its fiscal 2020, a 29% decline from the previous year. The company cited early resort closures as the pandemic erupted, credits awarded to pass holders who missed the last month of skiing and the slow rollout of summer activities at its ski resorts.
In September last year, Vail Resorts told investors it expected its fiscal 2020 resort earnings to fall somewhere between $778 million and $818 million. That was up from $707 million the previous year and indicative of the annual growth the company has seen in the last eight years.
In a relatively somber presentation on Thursday, Vail Resorts chief Rob Katz also reported $98.8 million in income, a 67% decline from the previous year and it’s lowest income since 2014.
But in a bit of good news, skiers are buying the company’s Epic Pass for the coming season. Pass sales are up 18% compared to the prior year through Sept. 20. Revenue from pass sales is down 4%, though, as a result of credits to skiers whose season was cut short. Without deducting those credits, pass sales revenue through Sept. 20 would be up 24% compared to last year.
Read more via The Colorado Sun.
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