Vail Resorts Reports 20% Drop in Skier Visits Amid Low Snowfall

Vail Resorts has reported a significant decline in skier visits, with numbers down by 20% for the season, indicating the ongoing impact of low snowfall on the ski industry. The announcement, made on January 4, 2024, highlights the challenges faced by Colorado resorts amid unusually dry conditions, which have resulted in limited terrain availability.

Based in Broomfield, Colorado, Vail Resorts operates popular ski destinations including Vail, Beaver Creek, Breckenridge, Keystone, and Crested Butte, alongside 32 other resorts across North America. Unlike publicly traded companies, private resorts in Colorado typically do not disclose their skier day figures, making Vail Resorts’ data particularly valuable for understanding the current industry landscape.

In a statement to investors, chief executive Rob Katz noted, “We experienced one of the worst early season snowfalls in the western U.S. in over 30 years, which limited our ability to open terrain and negatively impacted visitation and ancillary spending for both local and destination guests during the period.” He also reported that snowfall at their western U.S. resorts for November and December was approximately 50% below the historical 30-year average. In the Rockies, snowfall was down nearly 60% compared to the same average, resulting in only about 11% of terrain being opened by December.

Impact on Revenue and Operations

The figures released by Vail Resorts cover the early part of the ski season, revealing a drop in ski school revenue of 14.9% and a decline in dining revenue of 15.9% compared to the previous year. This decline reflects not only the reduced number of visitors but also the overall spending patterns of those who did visit.

Despite these challenges, Katz mentioned that conditions have improved since the holiday period, although they remain near historic lows for this time of year. “Following the holiday period, conditions across our resorts in the Rockies have improved,” he stated. The current snowpack in Colorado is significantly below 50%, with Vail Mountain operating at 56% of its trails. Other resorts are faring differently: Keystone has 53%, Breckenridge 33%, Beaver Creek 26%, and Crested Butte 53% of their trails available.

Future Prospects

Looking ahead, forecasters indicate that there is little prospect for significant snowfall in the high country until late next week at the earliest, which may further affect skier visits and revenue for the remainder of the season. The combination of limited terrain options and reduced snowpack raises concerns about the overall health of the ski industry in Colorado.

As the situation evolves, Vail Resorts will continue to monitor conditions and adapt its operations accordingly. The company’s ability to navigate the current challenges will be crucial not only for its financial performance but also for the broader ski community reliant on winter tourism.

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