As Vail Resorts expands into Utah and international ski markets with their recent acquisition of Park City Mountain Resort, Canyons, as well as Perisher in Australia, it appears as though they have the revenues to match such aggressive moves.
According to the Denver Post, the resort group reported $1.4 billion in revenue from the 2015 ski season, which is a high water mark for a year that included lackluster snowfall for their California markets. In a recent press release, Vail resorts reported that pass sales rose 16% since 2014, which is surprising considering that the resort group also posted a 16.4% drop in Tahoe area skier visits.
“We achieved another year of record-breaking Resort revenue and Resort Reported EBITDA [Earnings before interest, taxes, depreciation, and amortization].”– Vail Resorts CEO Rob Katz
With the good news abounding, Vail Resorts has never been happier about their blossoming (although costly) prospects in Utah and Australia.
The Vail Resorts CEO had this to say about the recent acquisitions and developments:
“We are excited to head into fiscal 2016 with an even stronger network of world-class resorts and very attractive growth opportunities. In September 2014, we announced the acquisition of Park City and subsequently integrated the resort for the 2014/2015 ski season and outlined the $50 million transformational capital plan to connect Park City and Canyons for the 2015/2016 ski season. This transformational plan, one of the most ambitious and impactful investments in U.S. ski industry history, is on schedule and on budget and we are excited to welcome guests to the new Park City this winter, now the largest ski resort in the United States. On June 30, 2015, we closed on the acquisition of Perisher in Australia, our first international mountain resort. We have been thrilled with the in-season integration with the Perisher team and strong season to date results.”
Here are the highlights from the past season:
- 6.5% increase in skier visits
- $1.4 billion in revenue for 2015
- 20.9% increase in Epic Pass sales
- Lodging revenue grows by 5.3%
- 11.6% increase in total net revenue
About Vail Resorts
Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. The Company’s subsidiaries operate nine world-class mountain resorts and two urban ski areas, including Vail, Beaver Creek, Breckenridge andKeystone in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Perisher in New South Wales, Australia; Afton Alps in Minnesota and Mt. Brighton in Michigan. The Company owns and/or manages a collection of casually elegant hotels under the RockResort brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyoming. Vail Resorts Development Company is the real estate planning and development 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.