El Niño powers record revenue for ski resorts
El Niño-fueled snowfall in the Sierra Nevada helped Lake Tahoe area resorts earn record revenue over the winter.
That’s according to the third quarter earnings report from Vail Resorts, Inc., which counts three Tahoe-area properties among its global portfolio.
Companywide, Vail reported that in the three-month period ending April 30 skier visits were up nearly 14 percent compared to the same period in 2015.
Kirkwood, Heavenly and Northstar resorts, Vail’s Tahoe-area operations, enjoyed an above-average snow year following several drought seasons. And it showed on the bottom line.
“Our Tahoe resorts benefited from dramatically better conditions throughout the ski season and achieved record revenue levels in all key business lines,” Vail CEO Rob Katz said.
Katz credited Tahoe-area resorts for powering much of Vail’s double-digit increases in ski school, dining, retail and rental revenue.
The snow boosted resorts late into the season.
“Our spring pass sales included strong results from Northern California, likely due to the terrific conditions there this season, especially as compared to last season,” Katz said.