Vail Resorts Inc., today announced several positive early-season indicators and a wider-than-expected first-quarter loss in a conference call with investors
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Season pass sales to the Broomfield company’s five mountain resorts were up 21 percent in sales dollars over last winter s record numbers. Advanced hotel bookings are also on the increase, up 15 percent in terms of total room nights and 24 percent in sales dollars.
We are excited about the 2006-2007 ski season, Chief Executive Officer Rob Katz told investors. Our early season metrics are very favorable.
For the quarter ending Oct. 31, the company s first quarter net loss increased to $35.8 million, up from $34.3 million for the same period last year.
Vail Resorts reported total revenues of $113.5 million, up $28.1 million, or 32.9 percent, compared with last year. Earnings are traditionally low for ski resorts in August, September and October because the mountain resorts are not open for business.
Vail Resorts stock was down 71 cents in late morning trading, to $46.07.
The company also announced that it has begun selling memberships in the new Vail Mountain Club, a private, slope-side club being built just steps from the Vista Bahn Express lift. It plans to sell 150 full memberships, which include parking privileges, for a deposit of $250,000, and 300 social memberships, available for a $100,0000 deposit.
Although we just began accepting deposits for this premiere private club on Dec. 6, we already have sales commitments representing $15.2 million of total proceeds, Katz said.
The club is expected to open in early 2008.
Vail Resorts owns five mountain resorts, including Vail, Beaver Creek, Breckenridge and Keystone in Colorado and Heavenly in northern California. It also owns RockResorts, a chain of 11 luxury hotels, and the Grand Teton Lodge Co. in Wyoming. Vail Resorts is the second-largest ski operator in North America, behind Canada’s Intrawest Corp.
Staff writer Julie Dunn can be reached at 303-954-1592 or at jdunn@denverpost.com.
