Vail Holdings Credit Agreement

the current COVID-19) and travel costs and travel availability “We continued to conduct disciplined and rigorous cost controls throughout the quarter to partially mitigate the decline in revenues. The station`s net sales decreased by $132.1 million in the first quarter compared to the previous year, while Resort Reported`s EBITDA decreased by only $18.1 million over the same period due to cost reductions related to reduced seasonal and overall costs. The station`s net sales in the first quarter amounted to approximately 15.4 million euros. U.S. dollars of lifting income related to the expiry of uncouting credits offered to North American passport card holders in 2019/2020 (“credit offer”), for which we set aside a total of $120.9 million in revenue from our previous year`s revenue that would otherwise have been recorded in fiscal 2020. We expect to recognize the remainder of latent credit supply revenues, primarily in the second and third quarters of fiscal 2021. At the end of our sales period, Katz said, “As we approach the end of our sales period, Season ticket sales for the North American ski season increased by about 20% in units and were flat until December 6, 2020 compared to the previous period, which ended December 8, 2019, with this year`s dollar sales reduced by the value of credits cashed for 2019/2020. Excluding the value of the credits received, sales increased by about 19% compared to the previous year. The results of passport sales are adjusted to eliminate the impact of foreign currencies by applying an exchange rate of $0.78 between the Canadian and U.S. dollars for Whistler Blackcomb pass sales over both periods.

Passport sales will be reduced by the amount of Epic coverage applications that have been processed up to December 6, 2020, but do not include estimated discounts for future Epic coverage refunds. One of the terms of the company`s amended credit contract prohibits Vail from investing more than $200 million a year. Vail Resorts, Inc. is, through its subsidiaries, the world`s leading mountain resort. Vail Resorts subsidiaries operate 37 destination mountain resorts and regional ski resorts, including Vail, Beaver Creek, Breckenridge, Keystone and Crested Butte in Colorado; Park City, Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher, Falls Creek and Hotham in Australia; Stowe, Mount Snow and Okemo in Vermont; Hunter Mountain in New York; Mount Sunapee, Attitash, Wildcat and Crotched in New Hampshire; Stevens Pass in Washington; Liberty, Roundtop, Whitetail, Jack Frost and Big Boulder in Pennsylvania; Alpine Valley, Boston Mills, Brandywine and Mad River, Ohio; Hidden Valley and Snow Creek, Missouri; Wilmot, Wisconsin; Afton Alps, Minnesota; Mt. Brighton, Michigan; And Paoli Peaks in Indiana. Vail Resorts owns and/or manages a collection of stylish nonchalant hotels under the RockResorts brand and the Grand Teton Lodge Company in Jackson Hole, Wyoming.

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