Vail Resorts says pass sales are up
Vail, CO Colorado
BROOMFIELD – Vail Resorts said it made a profit of $49 million for the fiscal year ending in July, down 52.4 percent from the previous year.
Those results were in line with predictions made by the company last March.
CEO Rob Katz said that, considering the economic environment, the results were “solid.”
“I am pleased that Vail Resorts was able to deliver solid results for the fiscal year ended July 31, 2009, given the unprecedented economic environment and its impact on the travel and leisure sectors,” Katz said.
The results were released Thursday in Vail Resorts’ quarterly earnings report.
The company saw declines in lift ticket revenue as well as the number of overall skier visits and out-of-state visitors.
Meanwhile, season pass sales for next season are so far brisk, up 14 percent compared to last year through Sunday.
Katz predicted that the company will benefit from a more stable economic environment in the year to come. The company told investors its “resort reported EBITDA,” which is cash flow from its mountain and lodging division, will improve next year.
However, financial results from the real estate segment is expected to worsen significantly next year, as many of the homes in the company’s new projects have already sold.
This story will be updated.