In the latest Vail Resorts news (NYSE:MTN), the company’s stock was plummeting as its pre-holiday visits were considerably lower than what it expected.
The Colorado-based mountain resort chain said that its guest visitation figures were “much lower” than expected during its pre-holiday period. The company added that due to its underwhelming pre-holiday numbers, it now sees its full-year resort EBITDA to be “slightly below the low end” of its previous guidance.
This guidance was slated to be in the range of $718 million to $750 million, according to figures that Vail Resorts had previously revealed. CEO Rob Katz added that he believes that the company’s weak, pre-holiday visitation occurred due to concerns linked with two prior years of weak pre-holiday conditions at its U.S. resorts.
Additionally, Katz said that this miss is also linked with a lack of increase in its short-term bookings, which it was banking on. The Vail Resorts boss added that during the actual holiday period, the company’s results were in line with expectations at all locations, with the exception of its Whistler Blackcomb and Tahoe resorts.
The ski resort operator added that its season-to-date lift ticket revenue in its North America mountain resorts grew by 12.2%. Plus, its sky school revenue was up by 9.5% during the period, while its total skier visits were 16.9% higher.
MTM stock is down more than 12.7% on Friday as of the day’s end of trading.