Epic pass resorts closing dates 202212/3/2023 Our liquidity position remains strong, and we are confident in the free cash flow generation and stability of our business model. Aside from these unique challenges, we continued to see strong demand throughout the quarter, which we believe highlights our guests' continued desire for outdoor experiences.Ĭommenting on the Company's liquidity, Lynch stated, "We remain focused on our disciplined approach to capital allocation. Our Tahoe resorts were negatively impacted by the Caldor fire, which resulted in the early closure of our summer operations in the region. We were able to reopen our Australian resorts for the last few weeks of the ski season, resulting in favorability relative to our expectations. Performance at our Australian resorts during the first quarter was negatively impacted by COVID-19-related limitations and restrictions including stay-at-home orders and periodic resort closures throughout the quarter. We are pleased with our results for the quarter, which exceeded our expectations. The quarter's results are primarily driven by winter operating results from our Australian resorts and our North American resorts' summer activities, dining, retail/rental and lodging operations, and administrative expenses. The Company expects the acquisition to close this winter.Ĭommenting on the Company's fiscal 2022 first quarter results, Kirsten Lynch, Chief Executive Officer, said, "Our first fiscal quarter historically operates at a loss, given that our North American mountain resorts are generally not open for ski season operations during the period. On December 8, 2021, the Company announced that it had entered into an agreement to acquire Seven Springs Mountain Resort, Hidden Valley Ski Resort and Laurel Mountain ski area.The Company reaffirmed its guidance for fiscal year 2022 of $785 million to $835 million of Resort Reported EBITDA, including an estimated $2 million of acquisition related expenses specific to Seven Springs.revolving credit facility (the "VHI Credit Agreement") effective October 31, 2021. The Company declared a cash dividend of $0.88 per share payable in January 2022 and exited the temporary waiver period under the Vail Holdings, Inc. and Whistler Blackcomb revolving credit facilities. The Company continues to maintain significant liquidity with $1.5 billion of cash on hand as of Octoand $636.2 million of availability under our U.S.dollar in both periods for Whistler Blackcomb pass sales. Pass product sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.78 between the Canadian dollar and U.S. Pass product sales through Decemfor the upcoming 2021/2022 North American ski season increased approximately 47% in units and approximately 21% in sales dollars as compared to the period in the prior year through December 6, 2020, without deducting for the value of any redeemed credits provided to certain North American pass product holders in the prior period.Additionally, the prior year period included the recognition of $15.4 million of lift revenue associated with the expiration of the credit offers that were made to 2019/2020 pass product holders in connection with COVID-19 related closures. Both periods continued to be negatively impacted by COVID-19 and related limitations and restrictions. Resort Reported EBITDA loss was $108.4 million for the first quarter of fiscal 2022, compared to a Resort Reported EBITDA loss of $94.8 million for the first quarter of fiscal 2021.of $153.8 million in the same period in the prior year. was $139.3 million for the first quarter of fiscal 2022 compared to a net loss attributable to Vail Resorts, Inc. ![]() Net loss attributable to Vail Resorts, Inc.(NYSE: MTN) today reported results for the first quarter of fiscal 2022 ended October 31, 2021, provided season pass sales results and certain early ski season indicators, reaffirmed its guidance for Resort Reported EBITDA for fiscal 2022, provided additional detail on its CY22 capital plan and declared a dividend payable in January 2022. 9, 2021 /PRNewswire/ - Vail Resorts, Inc.
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