BROOMFIELD, Colo., Jan. 16,
2025 /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 5, 2025, and for the prior year period
through January 7, 2024. 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 and European resorts and 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 skier visits were down 0.3% 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 4.5% compared to the prior year season-to-date
period.
- Season-to-date ski school revenue was up 1.1% and dining
revenue was up 6.6% compared to the prior year season-to-date
period. Retail/rental revenue for North American resort and ski
area store locations was down 5.4% compared to the prior year
season-to-date period.
Commenting on the ski season-to-date, Kirsten Lynch, Chief Executive Officer said, "We
are pleased with our season-to-date results, which reflect the
stability provided by our season pass program, our investments in
the guest experience, and the execution of our mountain operations
teams across all of our mountain resorts. Season-to-date results
benefited from improved weather conditions, and were impacted by
the continued industry demand normalization and the late timing of
the Thanksgiving holiday in the current year as expected, along
with a shift of destination guest behavior to later in the season.
Early season conditions enabled a strong terrain offering and guest
experience, which drove improved local visitation relative to the
prior year. Through the holiday period, destination guest
visitation at our western North American destination mountain
resorts was below prior year levels, which we believe was driven by
a continued shift in visitation patterns across the ski industry to
later in the ski season that increased after challenging early
season conditions in the prior year. Ancillary spend per
destination guest visit was strong across our ski school and dining
businesses, with overall performance reflecting the higher mix of
local visitation during the period."
Lynch continued, "For the remainder of the season, we are
expecting improved performance compared to the season-to-date
period, with a shift in destination guest visitation, based on our
significant base of pre-committed guests, current lodging booking
trends, and historical guest behavior patterns. We expect to
achieve full year performance within the Resort Reported EBITDA
guidance range we reiterated on December 9,
2024. Our guidance assumes a continuation of the current
economic environment, industry normalization to pre-COVID guest
behavior, normal weather conditions for the remainder of the
2024/2025 North American and European ski season and the 2025
Australian ski season, and the foreign currency exchange rates
provided in our original September 26,
2024 guidance.
"In addition to the strong start to the winter season, we are
pleased to have reached an agreement with the Park City Mountain
patrol union that is consistent with the wage structure across all
of our mountain resorts. We deeply regret the disruptions caused to
our guests during the patrol union strike and are committed to
delivering an exceptional and safe experience for our guests, and
rebuilding their trust and loyalty."
Basis of Presentation
The reported ski season metrics include growth for season pass
revenue based on estimated fiscal 2025 North American season pass
revenue compared to fiscal 2024 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
and Crans-Montana Mountain Resort 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 and on the
conference call, other than statements of historical information,
are forward-looking statements within the meaning of the federal
securities laws, including the statements regarding fiscal 2025
performance and the assumptions related thereto, including, but not
limited to, our expected Resort Reported EBITDA; our expectations
regarding weather and economic conditions, and their potential
impact on our business; our expectations related to our season pass
products; our expectations regarding our ancillary lines of
business; and our expectations related to guest behavior, patterns,
mix, and visitation, and their anticipated impacts on our 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 risks related to a prolonged weakness in general
economic conditions, including adverse effects on the overall
travel and leisure related industries and our business and results
of operations; risks associated with the effects of high or
prolonged inflation, elevated interest rates and financial
institution disruptions; unfavorable weather conditions or the
impact of natural disasters or other unexpected events; the
ultimate amount of refunds that we could be required to refund to
our pass product holders for qualifying circumstances under our
Epic Coverage program; 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; 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; 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, or accurately identify
the need for, or anticipate the timing of certain 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 resource efficiency transformation initiatives; 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;
our ability to successfully launch and promote adoption of new
products, technology, services and programs; 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; risks related to labor
disruptions or strikes from labor unions representing certain of
our employees; 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; 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; risks associated
with international operations, including 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, 2024, which was filed on September 26, 2024.
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.
