Vail Resorts Increase Sales Income With Fewer Skiers
Vail Resorts Increase Sales Income With Fewer Skiers
Published : 08-Jun-2024 06:43
The world's largest ski resort operating company, Vail Resorts, which operates more than 40 ski areas in four countries on three continents, increased sales revenue by 1% despite seeing a 17% drop in skier visits in winter 2023-24.
The company credited income from ski school, dining and rental spending held up despite fewer skiers and ticket sales.
They also blamed a dip in skier activity after the covid bounce back season as well as poor snow conditions in the early season for declining ticket sales, not cost.
Commenting on the results and drop in ticket sales Vail CEO Kirsten Lynch told investors,
"…we believe (this) was driven by a combination of unfavourable conditions and broader industry normalization post-COVID, following record visitation in the US during the 2022-2023 ski season,"
Lynch also said revenuer was holding steady as after cutting pass prices by 20% in the 2021 covid winter, they have increased prices 25% in the following three years.
She said season pass renewals have held steady, but there have been fewer new season pass holders so far this fiscal year.
Vail stock prices dropped nearly 11 points immediately after the results announcement to its lowest level since mid-2020.
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