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Colorado-based Vail Resorts Inc., one of its biggest players, reported Thursday that its net income fell 52 percent in the fiscal year that ended July 31. Its mountain and lodging divisions earnings amounted to $171 million, 26 percent off the previous year's total of $230 million.
The number of skiers and snowboarders was down 5.3 percent, lift ticket revenue was off 8.4 percent. Destination visits by U.S. and international guests declined 15 percent.
But with current season-pass sales proceeding even better than last year's 17 percent increase, spurred by a discount that is still in effect, Vail chief executive Rob Katz said he thought the worst was over. "We anticipate that the revenue lines of our resort business will improve year-over-year," he said. "The cost savings initiatives implemented during fiscal 2009 will provide a favorable full-year impact in fiscal 2010."
While Vail Resorts does not have any holdings in Utah -- four in Colorado, one in California-- its experience can be an indicator of what happened in Utah's ski industry.
Vail's performance reflects the impact of economic forces that also affect Utah ski areas, all smaller than Vail. Unlike Utah ski resorts, which are privately owned and not required to disclose their financial records, it is publicly held and required to file quarterly and annual reports.
Skier visits to Vail itself
were up 3.3 percent last winter, 1.4 percent to its neighbor, Beaver Creek. But Breckenridge had a 6 percent decline, Keystone 13 percent and Heavenly 15 percent.
With the percentage of destination visitors slipping from 63 percent to 57 percent last winter, Vail Resorts also experienced double-digit drops in other revenue categories. Ski school revenue fell 20 percent. Dining revenue was off 16 percent. Revenue from retail sales and rentals fell 13 percent.
mikeg@sltrib.com
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