Vail Resorts, Inc. visitations, excluding season pass holders, decreased 21% during the 2008-2009 ski season. This decrease includes fewer destination visits, as well as a wide shift to the Epic Season Pass. Visitation by pass holders, including new Epic Pass holders, increased 17.1% for the season. Taking into consideration this shift to more season pass products, CEO Robert Katz predicts visitation declined by approximately 15% for the ski season. The number of season passes sold for the 2008/2009 ski season was 12.2% greater than the number of passes sold for the 2007/2008 ski season. When combined with an 8.3% increase in effective pass price it amounted to a 21.8% increase
in season pass revenue.
Season pass holders skied on average 10.6 times per season pass compared to 9.7 times per season pass in the prior year. The mix of destination to in-state guest visits for the 2008/2009 ski season was approximately 57% to 43%, respectively, compared to approximately 63% to 37%, respectively, in the prior ski season. Total skier visits in the third quarter of fiscal 2009 decreased 7.2% at the company's four Colorado resorts and total skier visits including Heavenly decreased
9.0%, primarily as a result of decreased visitation from destination guests.
Through the end of spring season pass sales on May 31, 2009, the companys total season pass sales to date for the upcoming
2009/2010 season have increased approximately 39% in sales dollars and approximately 37% in units, over the same period last year, with the prior year spring selling period representing approximately 30% of the total passes sold for the 2008/2009 season.
Net income for the quarter ended April 30 was $61.6 million, a 29.4% drop from last year's income of $87.3 million. Through nine months, net income of $87.7 million 23.1% from the prior year period.
