Delaware | 001-09614 | 51-0291762 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
390 Interlocken Crescent Broomfield, Colorado | 80021 | |||
(Address of Principal Executive Offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 7.01. | Regulation FD Disclosure. |
Item 9.01. | Financial Statements and Exhibits. |
Vail Resorts, Inc. | ||||
Date: March 6, 2013 | By: | /s/ Mark L. Schoppet | ||
Mark L. Schoppet | ||||
Senior Vice President, Controller, Chief Accounting Officer and Interim Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release, dated March 6, 2013, announcing fiscal 2013 second quarter results. | |
99.2 | Press Release, dated March 6, 2013, announcing calendar 2013 capital expenditure plan. |
For immediate Release | News R e l e a s e |
• | Resort Reported EBITDA increased 17.0% for the second quarter of fiscal 2013 compared to the same period in the prior year. |
• | Net Income attributable to Vail Resorts, Inc. was $60.6 million for the second quarter of fiscal 2013, representing a 30.5% increase compared to the same period in the prior year. |
• | Excluding Kirkwood, Skiinfo, Afton Alps and Mt. Brighton (the “Acquisitions”), all of which were acquired subsequent to the second quarter of fiscal 2012: |
• | Total Mountain net revenue increased 9.5% for the second quarter of fiscal 2013 compared to the same period in the prior year. |
• | Mountain Reported EBITDA increased 13.7% for the second quarter of fiscal 2013 compared to the same period in the prior year. |
• | Total skier visitation increased 2.9% for the second quarter of fiscal 2013 compared to the same period in the prior year. |
• | Season-to-date skier metrics through March 3, 2013 across our seven mountain resorts improved from our metrics release in mid-January with increases in year-over-year growth in revenues in each line of business. |
• | The Company's Board of Directors authorized a 10% increase in the quarterly cash dividend to $0.2075 per share from $0.1875 per share beginning with the dividend payable on April 9, 2013. |
• | During the second quarter of fiscal 2013, we closed on four units at the Ritz-Carlton Residences, Vail and three One Ski Hill Place units in Breckenridge. Net Real Estate Cash Flow for the second quarter was $8.9 million and was $14.4 million year-to-date. Subsequent to quarter end, two additional Ritz-Carlton Residences, Vail and five additional One Ski Hill Place units have closed. |
• | Lift revenue increased $22.0 million, or 14.3%, to $175.7 million for the three months ended January 31, 2013 compared to the same period in the prior year. |
• | ETP excluding season pass holders, and excluding the Acquisitions, increased $5.46, or 7.6% for the quarter compared to the same period in the prior year. |
• | Mountain Reported EBITDA increased $20.2 million, or 16.8% to $140.8 million for the quarter compared to the same period in the prior year. |
• | Mountain Reported EBITDA includes $2.2 million and $1.8 million of stock-based compensation expense for the three months ended January 31, 2013 and 2012, respectively. |
• | Total Lodging net revenue (excluding payroll cost reimbursements) for the three months ended January 31, 2013 increased $1.2 million, or 2.8%, as compared to the same period in the prior year. |
• | For the three months ended January 31, 2013, average daily rate (“ADR”) increased 6.4% and revenue per available room (“RevPAR”) increased 1.5% at the Company's owned hotels and managed condominiums compared to the same period in the prior year. |
• | Lodging Reported EBITDA increased 43.4% to $1.7 million for the second quarter of fiscal 2013 compared to the same period in the prior year. |
• | Lodging Reported EBITDA includes $0.6 million and $0.4 million of stock-based compensation expense for the three months ended January 31, 2013 and 2012, respectively. |
• | Resort net revenue was $408.3 million for the second quarter of fiscal 2013 up 12.1% compared to $364.2 million in the second quarter of the prior year. |
• | Resort Reported EBITDA was $142.6 million for the second quarter of fiscal 2013 up 17.0% compared to $121.8 million in the same period in the prior year. |
• | Real Estate segment net revenue was $14.2 million for the second quarter of fiscal 2013 compared to $9.1 million in the same period in the prior year. |
• | Net Real Estate Cash Flow (a non-GAAP measure defined as Real Estate Reported EBITDA, plus non-cash real estate cost of sales, plus non-cash stock-based compensation expense, plus change in real estate deposits less investment in real estate) was a positive $8.9 million for the second quarter of fiscal 2013. |
• | Real Estate Reported EBITDA was a negative $2.6 million the second quarter of fiscal 2013 compared to a negative $3.5 million in the same period in the prior year. |
• | Real Estate Reported EBITDA includes $0.4 million and $0.6 million of stock-based compensation expense for the three months ended January 31, 2013 and 2012, respectively. |
• | Total net revenue in the second quarter of fiscal 2013 was $422.5 million, or a 13.2% increase, when compared to the same quarter in the prior year. |
• | Net income attributable to Vail Resorts, Inc. was $60.6 million, or $1.65 per diluted share, for the second quarter of fiscal 2013 compared to net income attributable to Vail Resorts, Inc. of $46.4 million, or $1.27 per diluted share, in the second quarter of the prior year. |
• | Season-to-date total lift ticket revenue, including an allocated portion of season pass revenue for each applicable period, was up approximately 10.3% compared to the prior year season-to-date period. |
• | Season-to-date ancillary spending outpaced our growth in skier visitation, with dining revenue up 12.5%, ski school revenue up 11.8%, and retail/rental revenue up 10.0% compared to the prior year season-to-date period. |
• | Season-to-date total skier visits were up 3.8% compared to the prior year season-to-date. |
Fiscal 2013 Guidance | ||||||
(In thousands) | ||||||
For the Year Ending | ||||||
July 31, 2013 | ||||||
Low End Range | High End Range | |||||
Mountain Reported EBITDA (1) | $ | 234,000 | $ | 244,000 | ||
Lodging Reported EBITDA (2) | 8,000 | 13,000 | ||||
Resort Reported EBITDA (3) | 244,000 | 254,000 | ||||
Real Estate Reported EBITDA (4) | (17,000 | ) | (9,000 | ) | ||
Total Reported EBITDA | 227,000 | 245,000 | ||||
Depreciation and amortization | (130,000 | ) | (131,500 | ) | ||
Loss on disposal of fixed assets, net | (500 | ) | (1,100 | ) | ||
Investment income | 500 | 600 | ||||
Interest expense, net | (34,000 | ) | (34,000 | ) | ||
Income before provision for income taxes | 63,000 | 79,000 | ||||
Provision for income taxes | (24,090 | ) | (30,090 | ) | ||
Net income | 38,910 | 48,910 | ||||
Net loss attributable to the noncontrolling interests | 90 | 90 | ||||
Net income attributable to Vail Resorts, Inc. | $ | 39,000 | $ | 49,000 |
(1) | Mountain Reported EBITDA includes approximately $9 million of stock-based compensation. |
(2) | Lodging Reported EBITDA includes approximately $2 million of stock-based compensation. |
(3) | Resort Reported EBITDA represents the sum of Mountain and Lodging. The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. Readers are cautioned to recognize that the low end of the expected ranges provided for the Lodging and Mountain segments, while possible, do not sum to the low end of the Resort Reported EBITDA range provided because we do not necessarily expect or assume that we will actually hit the low end of both ranges, as the actual Resort Reported EBITDA will depend on the actual mix of the Lodging and Mountain components. Similarly, the high end of the ranges for the Lodging and Mountain segments do not sum to the high end of the Resort Reported EBITDA range. |
(4) | Real Estate Reported EBITDA includes approximately $2 million of stock-based compensation. |
Three Months Ended January 31, | Six Months Ended January 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenue: | ||||||||||||||||
Mountain | $ | 361,741 | $ | 315,938 | $ | 413,653 | $ | 365,608 | ||||||||
Lodging | 46,543 | 48,306 | 99,051 | 101,900 | ||||||||||||
Real estate | 14,167 | 9,088 | 26,097 | 22,197 | ||||||||||||
Total net revenue | 422,451 | 373,332 | 538,801 | 489,705 | ||||||||||||
Segment operating expense: | ||||||||||||||||
Mountain | 220,997 | 195,489 | 328,545 | 294,044 | ||||||||||||
Lodging | 44,803 | 47,093 | 96,609 | 102,394 | ||||||||||||
Real estate | 16,739 | 12,563 | 32,353 | 30,410 | ||||||||||||
Total segment operating expense | 282,539 | 255,145 | 457,507 | 426,848 | ||||||||||||
Other operating expense: | ||||||||||||||||
Depreciation and amortization | (33,418 | ) | (33,050 | ) | (65,097 | ) | (61,980 | ) | ||||||||
Loss on disposal of fixed assets, net | (531 | ) | (919 | ) | (533 | ) | (1,033 | ) | ||||||||
Income (loss) from operations | 105,963 | 84,218 | 15,664 | (156 | ) | |||||||||||
Mountain equity investment income, net | 99 | 178 | 533 | 608 | ||||||||||||
Investment income, net | 99 | 310 | 153 | 374 | ||||||||||||
Interest expense, net | (8,534 | ) | (8,542 | ) | (16,909 | ) | (16,783 | ) | ||||||||
Income (loss) before (provision) benefit from income taxes | 97,627 | 76,164 | (559 | ) | (15,957 | ) | ||||||||||
(Provision) benefit from income taxes | (37,098 | ) | (29,743 | ) | 485 | 6,644 | ||||||||||
Net income (loss) | $ | 60,529 | $ | 46,421 | $ | (74 | ) | $ | (9,313 | ) | ||||||
Net loss (income) attributable to noncontrolling interests | 22 | (32 | ) | 45 | (7 | ) | ||||||||||
Net income (loss) attributable to Vail Resorts, Inc. | $ | 60,551 | $ | 46,389 | $ | (29 | ) | $ | (9,320 | ) | ||||||
Per share amounts: | ||||||||||||||||
Basic net income (loss) per share attributable to Vail Resorts, Inc. | $ | 1.69 | $ | 1.29 | $ | — | $ | (0.26 | ) | |||||||
Diluted net income (loss) per share attributable to Vail Resorts, Inc. | $ | 1.65 | $ | 1.27 | $ | — | $ | (0.26 | ) | |||||||
Cash dividends declared per share | $ | 0.1875 | $ | 0.15 | $ | 0.3750 | $ | 0.30 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 35,895 | 36,005 | 35,798 | 36,036 | ||||||||||||
Diluted | 36,663 | 36,651 | 35,798 | 36,036 | ||||||||||||
Other Data (unaudited): | ||||||||||||||||
Mountain Reported EBITDA | $ | 140,843 | $ | 120,627 | $ | 85,641 | $ | 72,172 | ||||||||
Lodging Reported EBITDA | $ | 1,740 | $ | 1,213 | $ | 2,442 | $ | (494 | ) | |||||||
Resort Reported EBITDA | $ | 142,583 | $ | 121,840 | $ | 88,083 | $ | 71,678 | ||||||||
Real Estate Reported EBITDA | $ | (2,572 | ) | $ | (3,475 | ) | $ | (6,256 | ) | $ | (8,213 | ) | ||||
Total Reported EBITDA | $ | 140,011 | $ | 118,365 | $ | 81,827 | $ | 63,465 | ||||||||
Mountain stock-based compensation | $ | 2,215 | $ | 1,757 | $ | 4,935 | $ | 4,317 | ||||||||
Lodging stock-based compensation | $ | 572 | $ | 399 | $ | 942 | $ | 1,001 | ||||||||
Resort stock-based compensation | $ | 2,787 | $ | 2,156 | $ | 5,877 | $ | 5,318 | ||||||||
Real Estate stock-based compensation | $ | 372 | $ | 632 | $ | 754 | $ | 1,502 | ||||||||
Total stock-based compensation | $ | 3,159 | $ | 2,788 | $ | 6,631 | $ | 6,820 |
Three Months Ended January 31, | Percentage Increase | Six Months Ended January 31, | Percentage Increase | |||||||||||||||||||
2013 | 2012 | (Decrease) | 2013 | 2012 | (Decrease) | |||||||||||||||||
Net Mountain revenue: | ||||||||||||||||||||||
Lift tickets | $ | 175,658 | $ | 153,699 | 14.3 | % | $ | 175,658 | $ | 153,699 | 14.3 | % | ||||||||||
Ski school | 41,723 | 37,252 | 12.0 | % | 41,723 | 37,252 | 12.0 | % | ||||||||||||||
Dining | 29,826 | 24,722 | 20.6 | % | 36,199 | 30,369 | 19.2 | % | ||||||||||||||
Retail/rental | 83,748 | 73,850 | 13.4 | % | 110,473 | 100,814 | 9.6 | % | ||||||||||||||
Other | 30,786 | 26,415 | 16.5 | % | 49,600 | 43,474 | 14.1 | % | ||||||||||||||
Total Mountain net revenue | $ | 361,741 | $ | 315,938 | 14.5 | % | $ | 413,653 | $ | 365,608 | 13.1 | % | ||||||||||
Mountain operating expense: | ||||||||||||||||||||||
Labor and labor-related benefits | $ | 83,684 | $ | 72,730 | 15.1 | % | $ | 117,978 | $ | 102,821 | 14.7 | % | ||||||||||
Retail cost of sales | 35,244 | 29,427 | 19.8 | % | 51,435 | 44,954 | 14.4 | % | ||||||||||||||
Resort related fees | 17,396 | 16,742 | 3.9 | % | 18,385 | 17,826 | 3.1 | % | ||||||||||||||
General and administrative | 34,813 | 31,699 | 9.8 | % | 62,117 | 57,406 | 8.2 | % | ||||||||||||||
Other | 49,860 | 44,891 | 11.1 | % | 78,630 | 71,037 | 10.7 | % | ||||||||||||||
Total Mountain operating expense | $ | 220,997 | $ | 195,489 | 13.0 | % | $ | 328,545 | $ | 294,044 | 11.7 | % | ||||||||||
Mountain equity investment income, net | 99 | 178 | (44.4 | )% | 533 | 608 | (12.3 | )% | ||||||||||||||
Mountain Reported EBITDA | $ | 140,843 | $ | 120,627 | 16.8 | % | $ | 85,641 | $ | 72,172 | 18.7 | % |
Three Months Ended January 31, | Percentage Increase | Six Months Ended January 31, | Percentage Increase | |||||||||||||||||||
2013 | 2012 | (Decrease) | 2013 | 2012 | (Decrease) | |||||||||||||||||
Lodging net revenue: | ||||||||||||||||||||||
Owned hotel rooms | $ | 8,906 | $ | 8,691 | 2.5 | % | $ | 22,600 | $ | 20,723 | 9.1 | % | ||||||||||
Managed condominium rooms | 14,605 | 13,594 | 7.4 | % | 20,419 | 19,140 | 6.7 | % | ||||||||||||||
Dining | 5,492 | 5,094 | 7.8 | % | 16,102 | 14,651 | 9.9 | % | ||||||||||||||
Transportation | 7,123 | 7,089 | 0.5 | % | 8,814 | 8,791 | 0.3 | % | ||||||||||||||
Golf | — | — | — | % | 7,647 | 7,573 | 1.0 | % | ||||||||||||||
Other | 7,880 | 8,324 | (5.3 | )% | 17,752 | 17,773 | (0.1 | )% | ||||||||||||||
44,006 | 42,792 | 2.8 | % | 93,334 | 88,651 | 5.3 | % | |||||||||||||||
Payroll cost reimbursements | 2,537 | 5,514 | (54.0 | )% | 5,717 | 13,249 | (56.8 | )% | ||||||||||||||
Total Lodging net revenue | $ | 46,543 | $ | 48,306 | (3.6 | )% | $ | 99,051 | $ | 101,900 | (2.8 | )% | ||||||||||
Lodging operating expense: | ||||||||||||||||||||||
Labor and labor-related benefits | $ | 21,472 | $ | 20,839 | 3.0 | % | $ | 44,922 | $ | 43,408 | 3.5 | % | ||||||||||
General and administrative | 7,236 | 7,630 | (5.2 | )% | 14,261 | 15,158 | (5.9 | )% | ||||||||||||||
Other | 13,558 | 13,110 | 3.4 | % | 31,709 | 30,579 | 3.7 | % | ||||||||||||||
42,266 | 41,579 | 1.7 | % | 90,892 | 89,145 | 2.0 | % | |||||||||||||||
Reimbursed payroll costs | 2,537 | 5,514 | (54.0 | )% | 5,717 | 13,249 | (56.8 | )% | ||||||||||||||
Total Lodging operating expense | $ | 44,803 | $ | 47,093 | (4.9 | )% | $ | 96,609 | $ | 102,394 | (5.6 | )% | ||||||||||
Lodging Reported EBITDA | $ | 1,740 | $ | 1,213 | 43.4 | % | $ | 2,442 | $ | (494 | ) | 594.3 | % | |||||||||
Owned hotel statistics: | ||||||||||||||||||||||
ADR | $ | 232.85 | $ | 223.98 | 4.0 | % | $ | 198.83 | $ | 202.64 | (1.9 | )% | ||||||||||
RevPar | $ | 124.06 | $ | 120.49 | 3.0 | % | $ | 117.46 | $ | 109.56 | 7.2 | % | ||||||||||
Managed condominium statistics: | ||||||||||||||||||||||
ADR | $ | 416.08 | $ | 387.57 | 7.4 | % | $ | 338.20 | $ | 323.70 | 4.5 | % | ||||||||||
RevPar | $ | 122.84 | $ | 121.65 | 1.0 | % | $ | 76.58 | $ | 75.57 | 1.3 | % | ||||||||||
Owned hotel and managed condominium statistics (combined): | ||||||||||||||||||||||
ADR | $ | 344.26 | $ | 323.41 | 6.4 | % | $ | 262.07 | $ | 259.87 | 0.8 | % | ||||||||||
RevPar | $ | 123.16 | $ | 121.33 | 1.5 | % | $ | 89.49 | $ | 86.62 | 3.3 | % |
As of January 31, | ||||||||
2013 | 2012 | |||||||
Real estate held for sale and investment | $ | 216,815 | $ | 257,169 | ||||
Total Vail Resorts, Inc. stockholders’ equity | 796,014 | 807,261 | ||||||
Long-term debt | 489,497 | 490,302 | ||||||
Long-term debt due within one year | 806 | 1,058 | ||||||
Total debt | 490,303 | 491,360 | ||||||
Less: cash and cash equivalents | 136,579 | 95,642 | ||||||
Net debt | $ | 353,724 | $ | 395,718 |
(In thousands) (Unaudited) Three Months Ended January 31, | (In thousands) (Unaudited) Six Months Ended January 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Mountain Reported EBITDA | $ | 140,843 | $ | 120,627 | $ | 85,641 | $ | 72,172 | ||||||||
Lodging Reported EBITDA | 1,740 | 1,213 | 2,442 | (494 | ) | |||||||||||
Resort Reported EBITDA* | 142,583 | 121,840 | 88,083 | 71,678 | ||||||||||||
Real Estate Reported EBITDA | (2,572 | ) | (3,475 | ) | (6,256 | ) | (8,213 | ) | ||||||||
Total Reported EBITDA | 140,011 | 118,365 | 81,827 | 63,465 | ||||||||||||
Depreciation and amortization | (33,418 | ) | (33,050 | ) | (65,097 | ) | (61,980 | ) | ||||||||
Loss on disposal of fixed assets, net | (531 | ) | (919 | ) | (533 | ) | (1,033 | ) | ||||||||
Investment income, net | 99 | 310 | 153 | 374 | ||||||||||||
Interest expense, net | (8,534 | ) | (8,542 | ) | (16,909 | ) | (16,783 | ) | ||||||||
Income (loss) before (provision) benefit from income taxes | 97,627 | 76,164 | (559 | ) | (15,957 | ) | ||||||||||
(Provision) benefit from income taxes | (37,098 | ) | (29,743 | ) | 485 | 6,644 | ||||||||||
Net income (loss) | 60,529 | 46,421 | (74 | ) | (9,313 | ) | ||||||||||
Net loss (income) attributable to noncontrolling interests | 22 | (32 | ) | 45 | (7 | ) | ||||||||||
Net income (loss) attributable to Vail Resorts, Inc. | $ | 60,551 | $ | 46,389 | $ | (29 | ) | $ | (9,320 | ) |
* | Resort represents the sum of Mountain and Lodging |
(In thousands) (Unaudited) Twelve Months Ended January 31, 2013 | |||
Mountain Reported EBITDA | $ | 212,377 | |
Lodging Reported EBITDA | 9,289 | ||
Resort Reported EBITDA* | 221,666 | ||
Real Estate Reported EBITDA | (14,050 | ) | |
Total Reported EBITDA | 207,616 | ||
Depreciation and amortization | (130,698 | ) | |
Loss on disposal of fixed assets, net | (964 | ) | |
Investment income, net | 248 | ||
Interest expense, net | (33,712 | ) | |
Income before provision for income taxes | 42,490 | ||
Provision for income taxes | (16,860 | ) | |
Net income | $ | 25,630 | |
Net loss attributable to noncontrolling interests | 114 | ||
Net income attributable to Vail Resorts, Inc. | $ | 25,744 |
* | Resort represents the sum of Mountain and Lodging |
(In thousands) (Unaudited) As of January 31, 2013 | ||||||
Long-term debt | $ | 489,497 | ||||
Long-term debt due within one year | 806 | |||||
Total debt | 490,303 | |||||
Less: cash and cash equivalents | 136,579 | |||||
Net debt | $ | 353,724 | ||||
Net debt to Total Reported EBITDA | 1.7 | x |
(In thousands) (Unaudited) Three Months Ended January 31, 2013 | (In thousands) (Unaudited) Six Months Ended January 31, 2013 | |||||||
Real Estate Reported EBITDA | $ | (2,572 | ) | $ | (6,256 | ) | ||
Non-cash Real Estate cost of sales | 10,659 | 19,900 | ||||||
Non-cash Real Estate stock-based compensation | 372 | 754 | ||||||
Change in Real Estate deposits less investments in Real Estate | 451 | (26 | ) | |||||
Net Real Estate Cash Flow | $ | 8,910 | $ | 14,372 |
For immediate Release | News Release |
• | Epic Discovery - This first phase of Epic Discovery, the Company's summer mountain activity plan, includes approximately $25 million to transform the summer experience at six of its mountain resorts (Vail, Beaver Creek, Breckenridge, Keystone, Heavenly and Northstar). Plans for each mountain, include a selection of zip lines, ropes courses, signature climbing walls, Forest FlyersTM, summer tubing, expanded hiking and mountain biking trails and education centers. Each of these new activities will capitalize on the existing summer visitation at each resort and leverage existing infrastructure, creating the opportunity for high-impact and high-return projects. The Company expects these activities, in total, to generate approximately $7 million of incremental Mountain Reported EBITDA in their first full summer of operation. |
• | Improvements at Afton Alps & Mt Brighton - The Company is planning major enhancements and upgrades to the newly acquired Afton Alps near Minneapolis, Minn., and Mt. Brighton near Detroit, Mich. The Company plans to invest nearly $10 million at each resort to bring a completely new ski experience to these markets, which are home to more than 450,000 skiers and riders. The Company's plans include (i) dramatic improvements in snowmaking to extend the season and provide a more consistent and high quality snow surface, (ii) the creation of state-of-the-art terrain parks with extensive new features, animation and dedicated lifts; (iii) upgrades to base area facilities; (iv) the addition of EpicMix, EpicMix Racing and lift ticket scanning to personalize the guest experience and better promote the Company's western resorts to these skiers; and (v) improvements to guest safety and quality across the ski areas. These improvements are being announced along with new season pass plans for the resorts and a more dedicated sales effort in those markets to drive a stronger connection between those guests and the Company's Colorado and Tahoe resorts. The Company believes that following these plans, future capital spending at each resort will be more limited in scope. |
• | Peak 6 terrain expansion at Breckenridge - The Peak 6 terrain expansion includes two new chairlifts and 543 acres of new terrain, a 23 percent expansion to the resorts skiable acreage. Peak 6 will offer an intermediate “bowl” skiing experience, with the opportunity for a wide variety of guests to ski this new high alpine area that sits above tree line. Peak 6 will become another iconic feature of Breckenridge, and will better disperse skiers and improve the guest experience across the resort, which is perennially the #1 or #2 most visited mountain resort in the United States. |
• | New Red Tail Camp restaurant at Beaver Creek - In advance of the 2015 World Alpine Ski Championships, the Company is building a new 500 seat restaurant at Red Tail Camp, located at the finish of the men's and women's downhill courses, which more than doubles the existing restaurant's capacity. Red Tail Camp will offer gourmet dining options in an upscale cafeteria setting and will add a second high quality and high capacity dining venue for Beaver Creek, better positioning the resort for continued growth in visitation. The new restaurant will follow on the success the Company has had with the Tamarack Lodge at Heavenly, the Zephyr Lodge at Northstar and The 10th at Vail. |
• | Replacing Vail's Chair 4 (Mountain Top Express) with a high speed, six-person chairlift - Vail's Mountain Top Express (#4) is one of the most recognized and highly utilized chairlifts in North America- serving both a critical skiing pod for the mountain and an important transportation lift from Lionshead and Vail Village to the Back Bowls and Blue Sky Basin. The new six-person chairlift will increase capacity by 33 percent, dramatically reducing lift lines and building on this |
• | EpicMix Academy - EpicMix Academy will be the fourth generation of the groundbreaking and award-winning EpicMix application, following the introductions of EpicMix Photo and EpicMix Racing. With EpicMix Academy, the Company's ski school instructors will be able to certify the attainment of certain skills and ski levels for any of the students in their classes. Children and adults in both group and private ski lessons will be able to earn permanent recognition and review their accomplishments online. Parents will be able to track the progress of their kids and the Company's ski schools will immediately know the ability level of every student before the start of each lesson. EpicMix Academy will offer special certified digital pins, which can be easily shared through Facebook and Twitter along with pins for vertical feet, photos and racing medals. |