BROOMFIELD, Colo., April 26, 2017 /PRNewswire/ -- Vail Resorts,
Inc. (NYSE: MTN) today reported certain ski season metrics
for the comparative periods from the beginning of the ski season
through April 23, 2017, and for the
prior year period through April 24,
2016. The reported ski season metrics are for our North
American resorts, adjusted as if Whistler Blackcomb was
owned in both periods using comparable exchange rates in each
applicable period. The metrics exclude results from Perisher and
our urban ski areas in both periods. The following data is interim
period data and subject to fiscal quarter end review and
adjustments.
- Season-to-date total lift ticket revenue at the Company's North
American mountain resorts, including an allocated portion of season
pass revenue for each applicable period, was up 7.4% compared to
the prior year season-to-date period.
- Season-to-date ancillary spending increased compared to the
prior year, with ski school revenue up 4.5% and dining revenue up
3.3% at the Company's North American mountain resorts.
Additionally, retail/rental revenue for North American resort store
locations was up 3.4% compared to the prior year season-to-date
period.
- Season-to-date total skier visits for the Company's North
American mountain resorts were down 2.8% compared to the prior year
season-to-date period.
Commenting on the ski season metrics, Rob Katz, Chief
Executive Officer, said, "We are pleased with our results as the
2016/2017 ski season comes to its conclusion. While overall
visitation was impacted by the slower start to the season, our
results highlight the strong performance throughout the year and
the stability provided by our season pass, the benefit of our
increasing geographic diversification and the success of our
sophisticated marketing efforts that continue to support robust
destination visitation and guest spending."
Regarding the outlook for fiscal 2017, Katz said, "Based on our
performance this spring we expect that our fiscal year 2017 Resort
Reported EBITDA will be in the top half of the guidance range
issued on March 10, 2017."
Discussing spring season pass sales results, Katz continued,
"Our attention is already turning to the 2017/2018 season with
spring season pass sales underway. The strength of our resort
network and the value of our season pass products provide the most
compelling proposition for skiers and riders in the
industry. To date, we have seen strong overall results with
continued growth on top of the record results we saw last
spring."
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts, Inc., through its subsidiaries, is the leading
global mountain resort operator. Vail
Resorts' subsidiaries operate ten world-class mountain resorts
and three urban ski areas, including Vail, Beaver
Creek, Breckenridge and Keystone in Colorado; Park
City in Utah;
Heavenly, Northstar and Kirkwood in
the Lake Tahoe area
of California and Nevada; Whistler
Blackcomb in British Columbia, Canada; Perisher
in Australia; Wilmot
Mountain in Wisconsin; Afton
Alps in Minnesota and
Mt. Brighton in Michigan. Vail
Resorts owns and/or manages a collection of casually elegant
hotels under the RockResorts brand, as well as the Grand Teton
Lodge Company in Jackson Hole, Wyoming. Vail Resorts
Development Company is the real estate planning and
development subsidiary of Vail Resorts, Inc. Vail
Resorts is a publicly held company traded on the New York
Stock Exchange (NYSE: MTN). The Vail Resorts company
website is www.vailresorts.com and consumer website
is www.snow.com.
Forward Looking Statements
Statements in this press release, other than statements of
historical information, are forward-looking statements, including
our expectations regarding our fiscal 2017 performance, that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date hereof. All forward-looking statements
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those projected. Such
risks and uncertainties include but are not limited to prolonged
weakness in general economic conditions, including adverse effects
on the overall travel and leisure related industries; unfavorable
weather conditions or natural disasters; willingness of our guests
to travel due to terrorism, the uncertainty of military conflicts
or outbreaks of contagious diseases, the cost and availability of
travel options and changing consumer preferences; the seasonality
of our business combined with adverse events that occur during our
peak operating periods; competition in our mountain and lodging
businesses; high fixed cost structure of our business; our ability
to fund resort capital expenditures; our reliance on government
permits or approvals for our use of public land or to make
operational and capital improvements; risks related to a disruption
in our water supply that would impact our snowmaking capabilities;
risks related to federal, state, local and foreign government laws,
rules and regulations; risks related to our reliance on information
technology, including our failure to maintain the integrity of our
customer or employee data; adverse consequences of current or
future legal claims; a deterioration in the quality or reputation
of our brands, including our ability to protect our intellectual
property and the risk of accidents at our mountain resorts; our
ability to hire and retain a sufficient seasonal workforce; risks
related to our workforce, including increased labor costs; loss of
key personnel; our ability to successfully integrate acquired
businesses or that acquired businesses may fail to perform in
accordance with expectations, including Whistler
Blackcomb and Stowe Mountain Resort or future
acquisitions; our ability to realize anticipated financial benefits
from Park City; our ability to satisfy the requirements of
Section 404 of the Sarbanes-Oxley Act of 2002, with respect to
acquired businesses; risks associated with international
operations; fluctuations in foreign currency exchange rates,
particularly the Canadian dollar and Australian dollar; changes in
accounting estimates and judgments, accounting principles, policies
or guidelines; a materially adverse change in our financial
condition; and other risks detailed in the Company's filings with
the Securities and Exchange Commission, including the "Risk
Factors" section of the Company's Annual Report on Form 10-K for
the fiscal year ended July 31, 2016, which was filed
on September 26, 2016 and the Company's Quarterly Report
on Form 10-Q for the quarter ended October 31, 2016, which was
filed on December 9, 2016.
All forward-looking statements attributable to us or any persons
acting on our behalf are expressly qualified in their entirety by
these cautionary statements. All guidance and forward-looking
statements in this press release are made as of the date hereof and
we do not undertake any obligation to update any forecast or
forward-looking statements whether as a result of new information,
future events or otherwise, except as may be required by law.
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SOURCE Vail Resorts, Inc.