Vail Resorts reports 67% decrease in net income for 2020, increase in pass sales for coming season
Vail Resorts reported a net income decrease of 67.2% in fiscal year 2020, “primarily as a result of the negative impacts of COVID-19,” according to a Thursday release.
“Our results for the full year were negatively impacted by COVID-19 and the resulting closure of our North American destination mountain resorts and regional ski areas beginning on March 15, 2020 for the safety of our guests, employees and resort communities,” Chief Executive Officer Rob Katz said in the release.
According to the report, in Fiscal Year 2020, total lift revenue decreased 11.6%; ski school revenue decreased 12.1%; dining revenue decreased 11.6%; lodging revenue decreased 20.8%; retail/rental revenue decreased 15.6%; resort revenue decreased 13.7%; and total net revenue decreased $307.9 million, or 13.6%,
The results included approximately one month of operations from North American summer and Australian winter seasons, which were also negatively impacted by certain COVID-19 related restrictions and closures.
In Austrailia, Perisher’s operations were negatively impacted by poor snowfall resulting in limited terrain and, as a result, limited guest capacity for a portion of July. Hotham and Falls Creek opened on July 6, but were closed again on July 9, following the issuance of stay at home orders by the Victorian government.
Season pass sales up
North American skiers are seemingly undeterred. Season pass sales through September 18 increased approximately 18% in units as compared to the period in the prior year.
The sales dollars from the passes, however, decreased approximately 4% due to the redeemed credits provided to 2019/2020 North American pass holders.
“Given the challenging circumstances surrounding the impacts of COVID-19, we are very pleased with the results of our season pass sales to date,” Katz said. “Through September 18 we have sold a total of approximately 850,000 passes for the upcoming North American season, which compares to approximately 1,140,000 total passes sold for the North American season last year through December 2, 2019.”
View the full release by clicking here.
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