In a Summit Daily News article by Nicole Formosa on October 6, 2006, it was reported that Vail's CEO, Rob Katz, attributed the record year (Vail's fiscal year ends July 31) to early season snowfall and on-mountain improvements.
Vail Resorts owns Keystone and Breckenridge in Summit County, as well as Vail and Beaver Creek in Eagle County, Colorado and Heavenly Ski Resort in California.
FYE net income was $45.8 million, an increase of 97.8% over 2005. Mountain revenue increased 14.7% while lodging revenue fell 20.6%, mostly due to the sale of three hotels. The notable increase in mountain revenue can be attributed to a 5.9% increase in skier visits, and a 6.4% increase in lift ticket prices.
Breckenridge, the 2nd most visited ski resort in the U.S, saw a 10.1% increase in skier visites, the largest among Vail's 5 ski resorts.
Katz touted Vail's upcoming Peaks of Breckenridge real estate development, which plans 450 high-end residential units and 75,000 square feet of skier services at the base of Peaks 7 and 8. He expects the development, which is still in planning stages, to be one of the best properties in the resort because of its ski-in/out access to the mountain and its quick connection to downtown Breckenridge via the new gondola. Sales of the first phase of the Peaks of Breckenridge are scheduled to begin this coming ski season, and they will be priced "at the top end" of where properties sell in Breckenridge.
As blogged earlier, the new gondola "BreckConnect" is scheduled for a Christmas, 2006 opening.
To learn more about Breckenridge real estate possibilities, email Susan Gunnin, or check out her web site.
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