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||%|
|(1)Adjusted to reflect as if Northstar-at-Tahoe were owned in both periods.|