This story by Chris Mays was published by the Brattleboro Reformer on July 16.
WEST DOVER — Mount Snow’s parent company, Peak Resort, is reporting a record year for overall revenue, with a record number of skiers visiting the local resort this past season.
“Our strong fiscal fourth-quarter results complete what was a record year for Peak Resorts, as we generated revenue growth of 9 percent and a 4 percent increase in reported EBITDA [earnings before interest, taxes, depreciation and amortization] in the fiscal 2018 fourth quarter,” Timothy D. Boyd, president and chief executive officer of Peak Resorts, said Thursday, during a quarterly earnings call.
Fiscal year 2018 revenue totaled $56 million for Peak, according to the report. And Boyd pointed to investments in mountain infrastructure as ways to “mitigate the impacts of adverse weather while providing guests with terrific on-mountain experiences.”
“For example, Mount Snow had an exceptional year with record skier visits and increased revenue, as our expanded and improved snowmaking capabilities resonated with guests,” he said. “Skier visits for the 2017-2018 ski season were up 14 percent year over year at Mount Snow, which compares favorably to the roughly 1.2 percent increase seen across the state of Vermont, according to the Vermont Ski Areas Association. As a result, we believe our operating and financial performance at Mount Snow outperformed the industry in both Vermont and across the entire Northeast, demonstrating that our ongoing efforts at Mount Snow are paying off.”
Officials at Peak believe the opening of a new lodge at the Carinthia face of Mount Snow this fall will bring even more visits. Mount Snow Communications Manager Jamie Storrs told the Reformer the company does not share the actual number of skier visits at resorts nor individual resort revenue.
Christopher J. Bub, chief financial officer for Peak, said financial results for the full year were strong and left the company “with a stable balance sheet and healthy cash balance as we work throughout the summer” in preparation for the upcoming ski season.
“We invested $4.3 million in capital improvements in the fiscal 2018 fourth quarter and a total of $31 million for the full year, including nearly $22 million on our West Lake [snowmaking] and Carinthia [base lodge] expansions at Mount Snow,” he said referring to projects that also received $52 million in funding through the immigrant-investor EB-5 program.
Boyd told investors the past season, which lasted 145 operating days from November to April, demonstrated the value of a pass that allows holders to ski or snowboard at seven mountains in four states in the Northeast “in adding stability to our financial performance.”
“Across the balance of the Northeast, the strong appeal of our regional Peak Pass, our world-class guest experiences and our sought after snow and riding terrain, allowed us to outperform the broader industry despite extremely unpredictable and variable weather,” he said. “Industry-wide, season passes have become an important part of the guest offering. We believe our Peak Pass stands alone in that it is offered at a compelling price point for skiers and riders of all ages, features uncomplicated and unlimited access, and serves as the preferred way for Northeast skiers and riders to drive to and explore our diverse mountains and resorts in Vermont, New York, New Hampshire and Pennsylvania.”
Peak is based out of Missouri. The company owns 13 ski resorts and operates 14. Mount Snow is considered its flagship resort.
Hunter Mountain in New York is expected to see a 25 percent increase in available terrain for skiing and riding this coming season as well as automated snowmaking and a second six-passenger high-speed detachable lift, according to the report.
Boyd said his company is “working diligently to efficiently staff our properties and manage expenses” as labor costs in the leisure and hospitality industry rise.
During a presentation to investors in May, Peak officials called skiing and snowboarding “a very stable market.”
