Vail Resorts announces results for Fiscal Year 2017
CEO said Park City Mountain Resort contributed to strong growth
October 1, 2017
Vail Resorts recently announced its fourth-quarter and full-year fiscal results. The company, which owns Park City Mountain Resort, reported earnings before interest, tax, depreciation and amortization of $593.4 million, according to a press release.
Strong sales at Park City Mountain Resort contributed to the company's overall growth, said Rob Katz, chief executive officer, in the press release.
"In Park City, we experienced a double-digit EBITDA growth rate as our investment to create the largest ski resort in the U.S. continues to generate excitement among skiers and drive strong yield growth," Katz said.
The company's net income in fiscal year 2017, which ended July 31, was $210.6 million, a 40.6 percent increase from the previous year.
"With a strong high-end consumer, we are continuing to leverage our growing network of resorts and sophisticated marketing strategies to drive guest spending across our Mountain segment," Katz said.
While total skier visits increased, partly because of the group's addition of Whistler Blackcomb, visitation at U.S. resorts declined by 5.4 percent. Katz attributed it to poor early season conditions in Colorado and the late timing of the Easter holiday.
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There was, however, a large boost in season pass sales. The growth was driven by a large push to transition destination guests to season pass holders, the release stated. Ski pass sales increased by 17 percent.
"This year’s results highlight the positive impact of our expanding geographic diversification, the stability provided by our growing pass program and the success of our guest-focused marketing efforts," Katz said.