Vail Resorts updates financial position following COVID-19 impact 

Negative impact of US$180M to $200M anticipated

click to enlarge PHOTO BY MIKE CRANE/TOURISM WHISTLER - Vail Resorts provided a financial update following the closure of its North American resorts due to COVID-19.
  • Photo by Mike Crane/Tourism Whistler
  • Vail Resorts provided a financial update following the closure of its North American resorts due to COVID-19.

Even with the current closure of all of its North American resorts, including Whistler Blackcomb, Vail Resorts believes it is in position to weather the COVID-19 crisis.

In an update to its prior statement released on March 9, Vail CEO Rob Katz said the company, which operates 37 mountain resorts and urban ski areas, is anticipating a negative impact in the range of US$180- to $200-million compared to its Resort Reported earnings before interest, tax, depreciation and amortization (EBITDA) as of March 1.

In the release, Katz said that Vail Resorts entered the challenging time period in strong financial shape, but must reassess its future plans.

"We also have significant liquidity through our cash on hand, our [US]$500-million revolver and our C$300-million Canadian revolver associated with Whistler Blackcomb," he said. "While we entered this situation in a strong financial position, we believe the potentially challenging economic environment ahead requires us to review our previously announced calendar year 2020 capital plans and our plans for returning capital to shareholders and will provide updates on those plans as we finalize decisions."

Katz said Vail Resorts is currently expecting to be fully operational for its North American summer and Australian ski seasons, contingent on the COVID-19 situation improving.

"Additionally, even if we are fully operational, we expect that our results in the fourth quarter of fiscal 2020 will be negatively impacted by the current economic and travel environment, but we are not able to fully assess that impact at this time," Katz said. "Our primary revenue generating businesses in the fourth fiscal quarter are our three ski areas in Australia, the Grand Teton Lodge Company in Wyoming and our summer mountain and lodging operations at our North American resorts."

As previously reported, if the pandemic and weather situations allow, Whistler Blackcomb, along with Breckenridge Ski Resort and Heavenly Ski Resort, may be reopened in late April or early May.

The full update is online at


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