|
Getting your Trinity Audio player ready...
|
Vail Resorts needs snow – and lots of it
By Ted Cohen
The ski company that owns three Vermont mountains saw its stock price drop Monday amid disappointing upcoming season-ticket sales.
A 12 percent loss of Vail Resorts season tickets for this winter triggered the 2 percent stock drop reported Monday.
Vail, whose national holdings include Stowe, Okemo and Mount Snow, is hoping Vermont will get a lot of snow to help the company recoup losses out west due to a sluggish season last winter.
The bearish Vail report comes as the broader ski resort industry faces climate-related challenges, with declining snowfall levels forcing operators to increase investments in snowmaking infrastructure, according to Investing.com.
Barrons.com’s headline Monday of the challenge was “Skiers Are Skipping the Slopes. Vail Resorts Is Paying the Price.”
The company lost 20 percent of its skiers last year due to a lack of snow.
Commenting Monday on the company’s financials, CEO Rob Katz said, “This past winter was one of the most challenging in history.
“Conditions were particularly severe in the Rockies, where snowfall and snowpack were significantly below prior record-low seasons, the most difficult we have ever experienced,” Katz added.
Vail operates 42 mountains across four countries, making it the largest publicly traded ski operator, according to Investing.com.
The company bought Stowe Mountain Resort in 2017, Okemo in 2018 and Mount Snow in 2019.
Discover more from Vermont Daily Chronicle
Subscribe to get the latest posts sent to your email.
Categories: Environment, Tourism
Forget out West, Vermont had a legendary ski season last year. Keep your money local. People complained years ago when a previous owner of Stowe raised their ticket and pass prices to make the slopes less crowded. Now people complain that the pass price is too cheap, and the big problem at Stowe now is parking. They even charge you to park on the weekends, because the Town of Stowe wont let them build a bigger shuttle lot down the road. There are plenty of downhill skiing opportunities in Vermont besides Stowe.
Meanwhile, Jay Peak is legendary.
Mt Snow had a good snow year last year.
Blaming declining pass sales on climate change when Vermont is notorious for more bad years than good is preposterous.
It wouldn’t have anything to do with Vail’s management skills, or lack thereof?
It wouldn’t anything to do with charging people 30$ to park?
It wouldn’t have anything to do with charging 26$ for a marginal burger and fries?
It wouldn’t have anything to do with 2 of 3 base lodges being built in the 1950’s
It wouldn’t have anything to do with a whole bunch of lifts that are WAY past replacement time and stop and start constantly.
Mt Snow in the past, has been the second busiest mountain in New England, and Vail has chosen to treat the facility as a cash cow and not make needed investments. But you can bet that the Vail board and stockholders got their dividend and bonuses.
Mr Katz needs to understand that skiing is an experience NOT a commodity. Thats why your pass sales are down.
Thru frustration with the Vail/Fail experience I did not buy an Epic/Mt Snow pass this year, it’s the first time in 33 years!
I happily discovered Magic Mountain. —- You should too!
Forget the conditions…their prices are exorbitant. They only offer skiing for the wealthy. I used to be able to afford a season pass at Mt. Snow. In swoops Vail, and all that comes to an end.
Stowe once known as Stowe Mountain, correctly locally named Stail Mountain, the Vail of the east!
What they need is a program that would court foreign investors in exchange for green cards. What could possibly go wrong?