Vail Daily
Photo by Chris Dillmann / Vail Daily
EAGLE The COVID-19 pandemic has taken a toll on Vail Resorts’ bottom line.
On Thursday, Dec. 10, the global ski resort giant reported a net loss of $153.8 million for the first quarter of its current fiscal year that ended Oct. 31, a decrease of 44.4% compared to the same period last year. The company’s fiscal year runs from Aug. 1 to July 31.
In its release, Vail Resorts stated its business has been challenged by COVID-19-related limitations, restrictions and closures, and provided season pass sales results. In a Thursday afternoon earnings call with analysts, Vail Resorts CEO Rob Katz said the company’s summer visitation was “well below” historic levels.
Additional capacity restrictions and limited open terrain are causing headaches at ski areas across Summit County, leading to canceled reservations at Breckenridge Ski Resort this weekend. Vail Resorts officials announced the cancellations in a letter.