Vail Resorts’ earnings fall on bad snow
Vail, CO Colorado
VAIL, Colorado ” Vail Resorts reported that revenue and skier visits were down for November, December and January.
At Vail, skier visits dropped 6.2 percent, to 680,000 visits. Beaver Creek saw 402,000 visitors, down 1.5 percent.
In November, the ski resorts struggled with little natural snow and warm temperatures. Both resorts delayed their openings.
For the start of the ski season through mid-December, lift revenue was down 13.6 percent, the company said. But for the rest of the quarter, lift revenue was up by 11.1 percent.
Total revenue for the quarter slipped 0.3 percent compared to last year. Profit was down, too, from $53.0 million for the second quarter last year to $51.3 million this quarter.
International business helped the company, said Vail CEO Rob Katz, citing a 23 percent increase in international guests at the company’s resorts.
Katz touted frothy sales at the Vail Mountain Club, the private club being built at the base of Vail Mountain. The company has sold 332 memberships, and recently upped the price to join.
Broomfield-based Vail Resorts owns Vail, Beaver Creek, Breckenridge, Keystone and Heavenly.
The company, trading as MTN on the New York Stock Exchange, was down $0.95 in morning trading.
Staff Writer Edward Stoner can be reached at 748-2929 or firstname.lastname@example.org.
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Are we seeing more bears because there are more bears on the valley floor, or because we’re all spending more time at home? It could be a bit of both.