Skier visits up, spring Epic Pass sales down and slow real estate sales mark VR’s third-quarter earnings report
By Summit Voice
SUMMIT COUNTY — Skier visits and revenue during the 2010 spring break and Easter holiday periods rebounded to pre-recession levels at Vail Resorts’ four Colorado ski areas, company chairman and CEO Rob Katz said Wednesday in a press release, adding that the uptick gives some confidence that consumer trends are improving as ski resorts start planning for next season.
Vail released the numbers as part of its fiscal year 2010 third-quarter earning report. Destination visitation was up by 7.9 percent, while ski school, rental and retail revenue also showed double-digit increases. Heavenly Valley saw the biggest jump in skier visits, jumping 98.8 percent from the previous poor-snow season. Vail, Beaver Creek, Breckenridge and Keystone combined saw skier visits climb 3.7 percent from the previous year.
Katz also said that, through June 6, Epic Pass sales are down about 14 percent from last year. According to the press release, season pass holders skied about 10 days on average during the season.
The spring season pass sales period makes up about a third of total sales for the year, so those numbers could change when pass sales ramp up again in the fall.
Lodging revenue decreased, mainly because of a drop in group business at Keystone. Lift ticket revenue was up $10.4 million (7 percent) for the quarter, not including season pass revenue, which climbed $3.1 million (6.9 percent) for the quarter.
The company lost money in its real estate operations during the quarter ending April 30, due partly to the sale of 13 affordable housing units in Jackson Hole. the press release explains that Vail’s real estate revenue figures are driven mainly “by the timing of closings and the mix of real estate sold in any given period.”
Income during the quarter was derived mainly from one $9 million condo sale at the Arrabelle in Vail, according to the release.
Katz said Vail has closed on 23 units at One Ski Hill Place in Breckenridge, with more closings scheduled for the next few weeks. He said the company anticipates that some of the units under contract may default as some buyers won’t find financing. He said the long-term prospects for One Ski Hill place are good, and that Vail will exercise patience in its sales strategy to maximize profits.
Total revenue for the quarter was $350 million compared to $333.5 million in the same quarter last year.
Filed under: Keystone, ski industry, Ski Resorts, Summit County Colorado Tagged: | 2010 skier visits, Colorado ski industry, Summit County Colorado, Summit County News, Summit County skiing, Vail Resorts, Vail Resorts skier numbers