BROOMFIELD, Colo., Jan. 18,
2024 /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 7, 2024, and for the prior year period
through January 8, 2023. The reported
ski season metrics are for the Company's North American destination
mountain resorts and regional ski areas, excluding the results of
the Australian ski areas and Andermatt-Sedrun 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 skier visits were down 16.2% compared to
the prior year season-to-date period.
- Season-to-date total lift ticket revenue, including an
allocated portion of season pass revenue for each applicable
period, was up 2.6% compared to the prior year season-to-date
period.
- Season-to-date ski school revenue was up 5.0% and dining
revenue was down 5.8% compared to the prior year season-to-date
period. Retail/rental revenue for North American resort and ski
area store locations was down 13.3% compared to the prior year
season-to-date period.
Commenting on the ski season-to-date, Kirsten Lynch, Chief Executive Officer said,
"Given the challenging conditions to start the 2023/2024 North
American ski season, we are pleased with our season-to-date results
and the guest service delivered at our resorts, highlighting the
stability provided by our season pass program and the investments
we have made in our resorts and employees. Through the holiday
period ended January 7, 2024,
conditions across our North American resorts were below average in
all regions compared to the strong early season conditions in the
prior year period, leading to a decline in both local and
destination skier visitation. The unfavorable conditions impacted
all of our North American resorts, and particularly our Eastern
U.S. (comprising the Midwest, Mid-Atlantic and Northeast) and Tahoe
resorts, which were impacted by limited natural snow and variable
temperatures that resulted in delayed openings, reduced terrain
offerings, and select resort closure days through the holiday
period. Although the conditions negatively impacted visitation
across our North American resorts, particularly among our local
guests, our season pass sales results significantly mitigated the
impact of the slower start to the season on overall lift revenue
and highlight the stability created by our advance commitment
strategy. Despite the decline in season-to-date visitation relative
to the prior year period, we are pleased with the strength in
ancillary spending per visit across our ski school, rental, and
dining businesses."
Lynch continued, "As a result of the challenging conditions
through the holiday period, season-to-date guest visitation and
revenue was below our expectations in North America. The majority of our North
American resorts experienced significant snowstorms leading up to
and over the Martin Luther King Jr. holiday weekend, which impacted
the guest experience, but also led to recently improved conditions
across our resorts. Based on our significant base of pre-committed
guests through advance commitment pass products and an improvement
in conditions across our resorts in recent weeks, we now expect
that Resort Reported EBITDA for fiscal 2024 will be in the lower
half of the guidance range issued on September 28, 2023. Our guidance assumes a
continuation of the improvement in conditions that we are currently
experiencing at our North American resorts, normal weather
conditions for the remainder of the 2023/2024 European ski season
and the 2024 Australian ski season, a continuation of the current
economic environment, and the foreign currency exchange rates as of
our original September 2023 guidance.
We are looking forward to the remainder of the season given the
recently improved conditions, the investments we have made to
continue elevating the guest experience, and the stability provided
by our season pass program."
Basis of Presentation
The reported ski season metrics include growth for season pass
revenue based on estimated fiscal 2024 North American season pass
revenue compared to fiscal 2023 North American season pass revenue.
The metrics include all North American destination mountain resorts
and regional ski areas, 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 is a network of the best destination and
close-to-home ski resorts in the world including Vail Mountain,
Breckenridge, Park City Mountain,
Whistler Blackcomb, Stowe, and 32 additional resorts across
North America; Andermatt-Sedrun in
Switzerland; and Perisher, Hotham,
and Falls Creek in Australia. We
are passionate about providing an Experience of a Lifetime to our
team members and guests, and our EpicPromise is to reach a zero net
operating footprint by 2030, support our employees and communities,
and broaden engagement in our sport. Our company owns and/or
manages a collection of elegant hotels under the RockResorts brand,
a portfolio of vacation rentals, condominiums and branded hotels
located in close proximity to our mountain destinations, as well as
the Grand Teton Lodge Company in Jackson
Hole, Wyo. Vail Resorts Retail operates more than 250 retail
and rental locations across North
America. Learn more about our company at
www.VailResorts.com, or discover our resorts and pass options at
www.EpicPass.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 the statements regarding expected fiscal 2024 performance
(including the assumptions related thereto), including our expected
Resort Reported EBITDA; our expectations regarding weather and
economic conditions, and their potential impacts on the business;
and our expectations regarding the performance of our ancillary
lines of business. 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 the economy generally,
and our business and results of operations, including the ultimate
amount of refunds that we would be required to refund to our pass
product holders for qualifying circumstances under our Epic
Coverage program; prolonged weakness in general economic
conditions, including adverse effects on the overall travel and
leisure related industries; risks associated with the effects of
high or prolonged inflation, rising interest rates and financial
institution disruptions; unfavorable weather conditions or the
impact of natural disasters or other unexpected events; the
willingness or ability of our guests to travel due to terrorism,
the uncertainty of military conflicts or public health emergencies,
and the cost and availability of travel options and changing
consumer preferences, discretionary spending habits or willingness
to travel; risks related to travel and airline disruptions, and
other adverse impacts on the ability of our guests to travel; risks
related to interruptions or disruptions of our information
technology systems, data security or cyberattacks; 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;
our ability to acquire, develop and implement relevant technology
offerings for customers and partners, including effectively
implementing our My Epic application; the seasonality of our
business combined with adverse events that may occur during our
peak operating periods; competition in our mountain and lodging
businesses or with other recreational and leisure activities; risks
related to the 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 related to federal, state, local and
foreign government laws, rules and regulations, including
environmental and health and safety laws 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, properties and services
effectively; potential failure to adapt to technological
developments or industry trends regarding information technology;
risks related to our workforce, including increased labor costs,
loss of key personnel and our ability to maintain adequate
staffing, including hiring and retaining a sufficient seasonal
workforce; 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; risks related to
scrutiny and changing expectations regarding our environmental,
social and governance practices and reporting; our ability to
successfully integrate acquired businesses, including their
integration into our internal controls and infrastructure; our
ability to successfully navigate new markets, including
Europe; or that acquired
businesses may fail to perform in accordance with expectations;
risks associated with international operations; fluctuations in
foreign currency exchange rates where the Company has foreign
currency exposure, primarily the Canadian and Australian dollars
and the Swiss franc, as compared to the U.S. dollar; changes in tax
laws, regulations or interpretations, or adverse determinations by
taxing authorities; risks related to our indebtedness and our
ability to satisfy our debt service requirements under our
outstanding debt including our unsecured senior notes, which could
reduce our ability to use our cash flow to fund our operations,
capital expenditures, future business opportunities and other
purposes; a materially adverse change in our financial condition;
adverse consequences of current or future litigation and legal
claims; changes in accounting judgments and estimates, accounting
principles, policies or guidelines; 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, 2023, which was filed on September 28, 2023.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/vail-resorts-reports-certain-ski-season-metrics-for-the-season-to-date-period-ended-january-7-2024-302038050.html
SOURCE Vail Resorts, Inc.