BROOMFIELD, Colo. - April 17, 2009 - Vail Resorts, Inc. (NYSE: MTN) today reported certain ski season metrics for the comparative periods from the beginning of the 2008/2009 ski season through April 12, 2009, and for the prior year period through April 13, 2008, which includes interim period data and is subject to fiscal third quarter end review and adjustments.
- Season to date total skier visits through April 12, 2009, for the Company’s five mountain resorts were down 6.2% compared to the prior year season to date period ending April 13, 2008.
- Season to date total lift ticket revenue through April 12, 2009, including an allocated portion of season pass revenue for each applicable period, was down 8.7% compared to the prior year season to date period ending April 13, 2008.
- Additionally, the Company is providing the following update on bookings.
- Bookings for the 2008/2009 ski season through the Company’s central reservations and directly at the Company’s owned and managed properties as of March 31, 2009, were down 12.8% in room nights compared to the same prior year period, inclusive of actual guest stays season to date.
Commenting on the ski season metrics season to date, which does not include the final week of ski season operations at Vail, Breckenridge and Heavenly as well as any quarter end adjustments, Rob Katz, Chief Executive Officer said, “Our season to date metrics through Sunday, April 12, 2009, compared to the prior year period ending Sunday, April, 13, 2008, experienced a slight decline in the trends compared to the prior interim season statistics released through March 1, 2009, as compared to March 2, 2008, with total lift revenue down 8.7% versus the 8.0% reported for the March 1, 2009, season to date period. Ski school, dining and retail/rental revenue all experienced similar slight declines over this time period. This was attributable to a deterioration in our ski season metrics during the last two weeks of March 2009, where the close-in booking pattern, which had been strong throughout the winter ski season did not materialize to the same degree. This was partially offset by a recovery in our ski season metrics in April 2009, with Easter occurring on April 12, 2009, compared to March 23rd in the prior year period and with favorable snow conditions at our Colorado resorts.”
Commenting on Epic Season Pass sales, Katz continued, “On March 11, 2009, we announced the return of the Epic Season Pass for the 2009/2010 ski season. We are very pleased with the number of 2009/2010 Epic Season Passes sold to date, which is already significantly exceeding the number of Epic Season Passes sold in the entire prior year spring sales period through May 31, 2008.”
Vail Resorts Contacts:
Investor Relations: Michelle Lang, (303) 404-1819, email@example.com
Media: Kelly Ladyga, (303) 404-1862, firstname.lastname@example.org
Statements in this press release, other than statements of historical information, are forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include but are not limited to: sustained downturn in general economic conditions, including adverse effects on the overall travel and leisure related industries; terrorist acts upon the United States; threat of or actual war; unfavorable weather conditions; our ability to obtain financing on terms acceptable to us to finance our real estate investments, capital expenditures and growth strategy; our ability to continue to grow our resort and
real estate operations; competition in our mountain and lodging businesses; our ability to hire and retain a sufficient seasonal workforce; our ability to successfully initiate and/or complete real estate development projects and achieve the anticipated financial benefits from such projects; adverse changes in real estate markets; implications arising from new Financial Accounting Standards Board (“FASB”)/governmental legislation, rulings or interpretations; our reliance on government permits or approvals for our use of Federal land or to make operational improvements; our ability to integrate and successfully operate future acquisitions; and adverse consequences of current or future legal claims. 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, except as may be required by law. Investors are also directed to other risks discussed in documents filed by the Company with the Securities and Exchange Commission.
About Vail Resorts
Vail Resorts, Inc., through its subsidiaries, is the leading of mountain resort operator in the United States. The Company's subsidiaries operate the mountain resort properties at the Vail, Beaver Creek, Breckenridge and Keystone mountain resorts in Colorado, the Heavenly Ski Resort in the Lake Tahoe area of California and Nevada and the Grand Teton Lodge Company in Jackson Hole, Wyoming. The Company's subsidiary, RockResorts, a luxury resort hotel company, manages casually elegant properties across the United States and the Caribbean. Vail Resorts Development Company is the real estate planning, development and construction subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.