Vail Resorts Revenues Down 50% Due to Pandemic
Vail Resorts’ revenues are down roughly 50 percent from last year as the pandemic upends travel around the globe.
Revenues were $131.5 million for the financial quarter ending Oct. 31, down from $263.6 million during the same timeframe last year, the Broomfield-based company said in an earnings statement on Thursday. The numbers reflect the results of ski season at Vail’s Australian resorts, as well as summer visits to its North American properties.
U.S. resorts are starting ski season as COVID-19 cases climb. Operators across Colorado are limiting capacity on the mountain and cutting back on amenities such as dining to reduce crowding. Vail announced over the summer that reservations would be required across its North American properties — even for season passholders.
“We implemented operating procedures that we believe will enable us to operate safely across our 34 North American ski resorts throughout the season,” Vail CEO Rob Katz said during a conference call for investors. “The reservation systems and our contingency planning around our operations has positioned us to react quickly to the changing circumstances surrounding COVID-19 restrictions across our resort jurisdictions, which we expect will continue throughout the season.”
More stories about ski resorts during the pandemic:
Vail executives aren’t giving investors a forecast on their financial prospects for the remainder of the year due to uncertainty on the path of the pandemic and how it will impact ski season.
Vail, among the largest ski companies in the world, owns several iconic Colorado resorts including Vail, Breckenridge, Keystone and Beaver Creek. Several of those resorts are located in counties deemed high risk under COVID-19 guidelines set by the Colorado Department of Health and Environment.
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