Skier Visits Off 15.2 Percent At Vail Resorts

Vail Resorts, Inc. its retail sales and rental income slipped 0.7 percent on a 15.2 percent decline in skier visits to its western mountain resorts during the holiday period ended Jan. 2, 2012 compared to the same period a year ago, which ended Jan. 3, 2011.

Highlights

• Season-to-date total lift ticket revenue at the company's six mountain resort properties, and including an allocated portion of season pass revenue for each applicable period, was up approximately 0.6% through Jan. 2, 2012 , compared to the prior year season–to- date period ended Jan. 3, 2011.
  
• Season-to-date revenue for ski school was up 0.9% while dining was down 5.6% due to limited access to certain on-mountain dining facilities, through Jan. 2, 2012 , compared to the prior year season-to-date period ended Jan. 3, 2011.
  
• Fiscal year-to-date retail/rental revenue, which includes preseason ski sale events, was down 0.7% through Jan. 2, 2012 compared to the same period in the prior year.
  
• Season-to-date total skier visits for the company's six mountain resort properties were down approximately 15.3% through Jan. 2, 2012 , compared to the prior year season-to-date period ended Jan. 3, 2011 , including lower utilization by season pass holders.

Commenting on the ski season to date, Rob Katz , Chief Executive Officer said, “We have had some very unusual weather so far this season. For the first time in 30 years, a lack of snow has not allowed us to open the back bowls in Vail as of Jan. 6, 2012 and, for the first time since the late 1800s, it did not snow at all in Tahoe in December. Despite these conditions, we were very pleased that season to date our total lift ticket revenue was up 0.6% and ski school revenue increased 0.9% compared to the prior year when record snowfall was reported across our resorts. Our performance in these conditions highlights our strong season pass program, the full experience and comprehensive set of activities and amenities that we provide at our resorts, and the investments we have made across our resorts in constantly improving and broadening the guest experience. This is most apparent in Tahoe, where our investment in snowmaking has allowed us to open up more terrain than all the other resorts in the area combined. At this point, with three quarters of the ski season still remaining, we are not revising the earnings guidance we issued in September 2011 . However, we would acknowledge that those targets will be more difficult to achieve given the results over the holidays.”