BROOMFIELD, Colo., Jan. 17, 2020 /CNW/ -- Vail Resorts, Inc. (NYSE:
MTN) today reported certain ski season metrics for the comparative
periods from the beginning of the ski season through January 5, 2020, and for the prior year period
through January 6, 2019. The reported
ski season metrics are for our North American destination mountain
resorts and regional ski areas, including the results of Peak
Resorts in both periods and excluding the results of our Australian
ski areas in both periods. The data mentioned in this release is
interim period data and is subject to fiscal quarter end review and
adjustments.
- Season-to-date total lift ticket revenue, including an
allocated portion of season pass revenue for each applicable
period, was up 0.4% compared to the prior year season-to-date
period.
- Season-to-date ski school revenue was up 2.0% and dining
revenue was down 3.6% compared to the prior year season-to-date
period. Retail/rental revenue for North American resort and ski
area store locations was down 1.8% compared to the prior year
season-to-date period.
- Season-to-date total skier visits were down 7.8% compared to
the prior year season-to-date period.
Commenting on the ski season to date, Rob Katz, Chief Executive Officer said,
"Relative to the strong conditions in the prior year, the 2019/2020
North American ski season got off to a slower start, impacting both
our local and destination guest visitation in the pre-holiday
period through December 19,
2019. Excluding Whistler Blackcomb and Stevens Pass, results
improved over the holiday period between December 20, 2019 and January 5, 2020, compared to the prior year
holiday period, delivering growth in total skier visitation and
across all revenue lines which was in line with our
expectations. Results at Whistler Blackcomb and Stevens Pass
were below expectations, driven by the poor early season conditions
that continued through the holiday period. Season to date
snowfall at Whistler Blackcomb was 60% below the 30-year average
through December 31, 2019,
representing the lowest snowfall recorded in over 30 years for the
period. In recent weeks, conditions have improved at Whistler
Blackcomb with nearly all of the terrain now open."
Given the strong conditions last year, the initial guidance for
fiscal year 2020 incorporated the possibility of a slower start to
the season. While challenging results at Whistler Blackcomb
and Stevens Pass have put downward pressure on overall results, the
Company expects Resort Reported EBITDA for fiscal year 2020 to be
within the guidance range issued on September 26, 2019 given strong season pass
sales, results through the holiday period and the recently improved
conditions at Whistler Blackcomb and Stevens Pass. The
Company's guidance assumes continued normal conditions at the
resorts, a continuation of the current economic environment and the
foreign currency rates in place when the guidance was originally
issued.
Basis of Presentation
The reported ski season metrics include growth for season pass
revenue based on estimated fiscal 2020 North American season pass
revenue compared to fiscal 2019 North American season pass revenue.
The metrics include all North American destination mountain resorts
and regional ski areas, including Peak Resorts as if its regional
ski areas were owned in both periods, and are adjusted to eliminate
the impact of foreign currency by applying current period exchange
rates to the prior period for Whistler Blackcomb's results.
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts, Inc., through its subsidiaries, is the leading
global mountain resort operator. Vail Resorts' subsidiaries operate
37 world-class destination mountain resorts and regional ski areas,
including Vail, Beaver Creek, Breckenridge, Keystone and Crested
Butte 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, Falls Creek and Hotham
in Australia; Stowe, Mount
Snow, Okemo in Vermont;
Hunter Mountain in New York; Mount
Sunapee, Attitash, Wildcat and Crotched in New Hampshire; Stevens Pass in Washington; Liberty, Roundtop, Whitetail,
Jack Frost and Big Boulder in
Pennsylvania; Alpine Valley,
Boston Mills, Brandywine and Mad
River in Ohio; Hidden Valley and Snow Creek in Missouri; Wilmot in Wisconsin; Afton Alps in Minnesota; Mt. Brighton in Michigan; and Paoli Peaks in Indiana. 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
Certain statements discussed in this press release, other than
statements of historical information, are forward-looking
statements within the meaning of the federal securities laws,
including our expectations regarding our fiscal 2020 performance
and assumptions related thereto, including our expected Resort
Reported EBITDA, 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 the impact of natural
disasters; risks related to our reliance on information technology,
including our failure to maintain the integrity of our customer or
employee data and our ability to adapt to technological
developments or industry trends; risks related to cyber-attacks;
willingness of our guests to travel due to terrorism, the
uncertainty of military conflicts or outbreaks of contagious
diseases, and 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; risks related to a disruption in our water
supply that would impact our snowmaking capabilities and
operations; our reliance on government permits or approvals for our
use of public land or to make operational and capital improvements;
risks associated with obtaining governmental or third party
approvals; risks related to federal, state, local and foreign
government laws, rules and regulations; risks related to changes in
security and privacy laws and regulations which could increase our
operating costs and adversely affect our ability to market our
products and services effectively; risks related to our workforce,
including increased labor costs; loss of key personnel and our
ability to hire and retain a sufficient seasonal workforce; 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 successfully integrate acquired
businesses, or that acquired businesses may fail to perform in
accordance with expectations, including Falls Creek, Hotham, Peak Resorts or future
acquisitions; 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 where the Company
has foreign currency exposure, primarily the Canadian and
Australian dollars; changes in accounting judgments and estimates,
accounting principles, policies or guidelines or adverse
determinations by taxing authorities as well as risks associated
with uncertainty of the impact of tax reform legislation in
the United States; 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, 2019, which was filed on September 26, 2019.
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.