Vail Resorts, Inc on Thursday reported results for the third quarter of fiscal 2019 that ended April 30, 2019, as well as the company’s results of its early season pass sales for the 2019/2020 North American ski season. Net income was $292.1 million compared to $256.3 million in the same period in the prior year, although much of that growth came from the company’s acquisitions of Triple Peaks Resorts — Crested Butte in Colorado, Mount Sunapee in New Hampshire and Okemo Mountain in Vermont — as well as Stevens Pass in Washington.
Season pass sales through May 28, 2019, for the upcoming 2019/2020 North American ski season increased approximately 9% in units and 13% in dollars, compared to the record pass sales in the same period last year through May 29, 2018.
The main numbers:
- 16.4% increase in total lift revenue
- 14.3% growth in skier visitation
- 9.4% increase in ski school revenue
- 11.7% increase in dining revenue
- 9.5% increase in retail/rental revenue
- 16.8% increase in lodging revenue
Commenting on the results, Rob Katz, Chief Executive Officer, said:
“We are pleased with our overall results for the quarter and for the full 2018/2019 North American ski season, with strong growth in visitation and spending compared to the prior year, including a strong finish to the season with good conditions across our western U.S. destination resorts. We are seeing strong results from our Northern California and Utah guests, partially offset by more modest sales growth in our Colorado local market.
“Our Colorado, Utah, and Tahoe resorts experienced strong local and destination visitation throughout the third fiscal quarter, supported by favorable conditions across the western US which also allowed for an extension of the ski season for select resorts in Colorado and Tahoe. The Company continued experiencing relative weakness in international visitation compared to the prior year, particularly at Whistler Blackcomb.
Commenting on the Company’s season pass sales for the upcoming 2019/2020 North American ski season, Katz said:
“We are very pleased with the results for our season pass sales to date, which showed strong growth over the record pass sales results we saw last spring, with particular strength over the Memorial Day deadline. Pass sales through May 28, 2019, for the upcoming 2019/2020 North American ski season increased approximately 9% in units and 13% in sales dollars, as compared to the prior year period through May 29, 2018”