Vail Resorts Reports Certain Ski Season Metrics for the Season to Date Period Ended January 6, 2011
BROOMFIELD, Colo., Jan. 10, 2011 /PRNewswire/ — Vail Resorts, Inc. (NYSE: MTN) today reported certain ski season metrics for the comparative periods from the beginning of the ski season through January 6, 2011, and for the prior year period through January 7, 2010, with both periods including the holiday period through the Thursday after New Year’s Day. The data mentioned in this release is interim period data and subject to fiscal quarter end review and adjustments.
- Season to date total lift ticket revenue at the Company’s six mountain resort properties, adjusted as if Northstar-at-Tahoe (acquired in October 2010) was owned in both periods, and including an allocated portion of season pass revenue for each applicable period, was up approximately 7.4% through January 6, 2011, compared to the prior year season to date period ended January 7, 2010.
- Season to date total skier visits for the Company’s six mountain resort properties, adjusted as if Northstar-at-Tahoe was owned in both periods, were up approximately 10.1% through January 6, 2011, compared to the prior year season to date period ended January 7, 2010, including higher utilization by season pass holders.
- Season to date ancillary spending at the Company’s six mountain resort properties, adjusted as if Northstar-at-Tahoe was owned in both periods, increased significantly, with revenue from ski school up 11.5%, dining up 13.3%, and retail/rental up 17.5% through January 6, 2011, compared to the prior year season to date period ended January 7, 2010.
Commenting on the ski season to date, Rob Katz, Chief Executive Officer said, “Our early season visitation was strong, especially as our growing season pass holder base enjoyed the outstanding snow conditions across all of our mountain resorts. While the Christmas to New Year’s week was negatively impacted by storm related challenges in the Northeast that kept some of our guests at home, as well as two days of unusually cold temperatures in Colorado, we feel great about results to date and the momentum we have going into the remainder of the season. Importantly, we observed strong ancillary spending, yielding gains in all categories that outpaced lift ticket revenue growth and marked a continuation of the improving consumer spending trends we first reported in the spring of 2010. Furthermore, in our first season of operation, we are pleased with the performance of Northstar-at-Tahoe, as it is showing improved results to date over the prior year. Northstar is proving to be a great addition to our family of premier resort properties and Tahoe area skiers have embraced the opportunity to ski our two Tahoe resorts on one pass product, which contributed to the strong growth in visitation by season pass holders. We also saw strong revenue growth across our lodging division and are seeing a continued strong booking pace at all of our resorts.”
Below is a table highlighting the season to date metrics for our six resort properties, adjusted to include Northstar-at-Tahoe as if it was owned in both periods. Had Northstar-at-Tahoe been excluded for both periods, the results would have been similar to those reported.
Season to Date Metrics Adjusted for Northstar-at-Tahoe(1) (% change from prior period)
Season to Date -------------- 1/6/11 vs. 1/7/10 ----------------- Lift Ticket Revenue 7.4% Ski School Revenue 11.5% Dining Revenue 13.3% Retail/Rental Revenue 17.5% Skier Visits 10.1% (1)Adjusted to reflect as if Northstar-at-Tahoe were owned in both periods.
Vail Resorts, Inc., through its subsidiaries, is the leading mountain resort operator in the United States. The Company’s subsidiaries operate the mountain resort properties at the Vail, Beaver Creek, Breckenridge and Keystone mountain resorts in Colorado, the Heavenly Ski Resort and Northstar-at-Tahoe in the Lake Tahoe area of California and Nevada, and the Grand Teton Lodge Company in Jackson Hole, Wyoming. The Company’s subsidiary, RockResorts, a luxury resort hotel company, manages casually elegant properties across the United States and the Caribbean. Vail Resorts Development Company is the real estate planning, development and construction subsidiary of Vail Resorts, Inc. Vail Resorts, Inc. 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.
Statements in this press release, other than statements of historical information, are forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include but are not limited to prolonged weakness in general economic conditions, including adverse affects on the overall travel and leisure related industries; unfavorable weather conditions or natural disasters; adverse events that occur during our peak operating periods combined with the seasonality of our business; competition in our mountain and lodging businesses; our ability to grow our resort and real estate operations; our ability to successfully complete real estate development projects and achieve the anticipated financial benefits from such projects; further adverse changes in real estate markets; continued volatility in credit markets; our ability to obtain financing on terms acceptable to us to finance our real estate development, capital expenditures and growth strategy; our reliance on government permits or approvals for our use of Federal land or to make operational improvements; adverse consequences of current or future legal claims; our ability to hire and retain a sufficient seasonal workforce; 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; negative publicity that diminishes the value of our brands; our ability to integrate and successfully realize anticipated benefits of future acquisitions; and implications arising from new Financial Accounting Standards Board (“FASB”)/governmental legislation, rulings or interpretations.
SOURCE Vail Resorts, Inc.