Vail Resorts Has Good Financial Year Despite Dry Winter
Vail Resorts has submitted its financial report for the fourth quarter of 2018, and the fiscal year ending on July 31st of 2018. The results reflect last year’s poor winter at the Western ski resorts, but also some incremental improvements after the acquisition of Stowe, Vermont.
The net income attributed to Vail Resorts was a little under $380 million for the fiscal year. That’s an increase of 80.4 percent over the previous year.
Commenting on the report, Vail CEO Rob Katz said “Our western U.S. destination resorts experienced modest visitation declines compared to the prior year due to the historically poor conditions, particularly for the first half of the season. However, revenue at our western U.S. resorts was in line with prior year performance due to season pass sales and yield growth.”
The report also noted that season pass sales through this September 23rd, for the upcoming season, increased about 25 percent in units and 15 percent in sales dollars compared to the period in the prior year.
Their total skier visits increase 2.5 percent, primarily as a result of acquiring Stowe in June of last year. The report adds that Lift revenue was up by 7.6 percent.
The report has few references to Vail’s Park City holdings but noted that their ski school revenue was up by 6.8 percent, primarily from Park City, and Whistler, Blackcomb. Their net amount of debt includes $334.5 million of long-term capital lease obligations associated with the Canyons.
This August, Vail announced the acquisition of the Stevens Pass Resort in Washington state for about $64 million. Last week it was announced it was closing on the acquisition for about $74 million, of Triple Peaks. That’s the parent company of Crested Butte Mountain Resort, meaning Vail now owns five resorts in Colorado. Triple Peaks also owns Okemo Mountain Resort in Vermont and Mount Sunapee Resort in New Hampshire.