Vail suspending all ski operations immediately

[drjeff]

Our Pass more than paid for itself...but ill take 20%.

I'm with you!

Used my for 34 days, and I'm getting 20% off of my next Epic, No complaints at all

 

[kingslug]

I'm glad I started early this year and ended up with a damn good season. Amazingly one of my better powder years.
But I never seem to get enough spring skiing in. And this year would have been pretty cold and frozen up there all month.

 

[thetrailboss]

Meanwhile....

https://www.saminfo.com/headline-news/9561-vail-resorts-raises-600-million-through-bond-offering

 

[machski]

So they basically doubled their liquidity while delaying debt requirements. Sounds nice but given the corner they had been pushed into, they totally needed this. They had become extremely high leveraged almost overnight as the season ended abruptly and spring pass sale revenues dried up to zilch. They will still have a tough road ahead for the next several years. I doubt we will see many on hill improvements for several summers at Vail resorts, not just this summer.

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[dblskifanatic]

I certainly agree that most class action lawsuits are frivolous and merely serve to enrich the lawyers. I have gotten the postcards like everyone else.

OTOH, jeez, class action lawsuits are an important check on corporate power. If not for class action, any corporation could rip people off for $1,000 or $2,000, and there would be very little recourse for consumers, because it's expensive to sue. So class action lawsuits are not all bad. That's all I want to say.

Yup. Corporations can rip you off the consumers get pennies back on the dollar while attorney rack in millions! What a racket!


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[JimG.]

I'm glad I started early this year and ended up with a damn good season. Amazingly one of my better powder years.
But I never seem to get enough spring skiing in. And this year would have been pretty cold and frozen up there all month.

Sounds like my season. Enjoyable while it lasted.

My last 2 days March 8-9 at K were classic spring days sunny 45-50. And it has been a cold spring with precipitation so far.

 

[dblskifanatic]

So for the few pass buyers that had a 2nd half of March trip planned, and didn't use the pass yet, Vail is offering an 80% refund? I get pro-rating for used days, but a 20% retainage for zero days used is an epic grab.

Probably assuming that the pass could have been used during the 80% of the season that passed.


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[thetrailboss]

So they basically doubled their liquidity while delaying debt requirements. Sounds nice but given the corner they had been pushed into, they totally needed this. They had become extremely high leveraged almost overnight as the season ended abruptly and spring pass sale revenues dried up to zilch. They will still have a tough road ahead for the next several years. I doubt we will see many on hill improvements for several summers at Vail resorts, not just this summer.

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Just saw it mentioned on another site that the recent corporate disclosure for the SEC stated that in this transaction Vail agreed not to make any major capital improvements or acquisitions until at least January 2022.

 

[machski]

Just saw it mentioned on another site that the recent corporate disclosure for the SEC stated that in this transaction Vail agreed not to make any major capital improvements or acquisitions until at least January 2022.

Not a hard decision, they are in survival mode. I doubt they will be able to swing many upgrades or CapEx at least til then. And I read in '22, they have like over $1B note coming due. I think I'd dump that stock if I owned any.

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[drjeff]

Doubt corporate will let him comment anymore than their public line, but on his FB page, Mount Snow's communications director the last few seasons, Jamie Storrs, announced on his FB page that he's now Senior manager for Communications for Eastern Resorts for Vail.

Since yesterday, April 30th, was the last day the Peak Resorts existed in the corporate sense, and the date that those from Peak who Vail let know that they'd be employed through, came to an end, seems like Jamie, who's been in good guy in the times I've met him, made the cut....

Now if the new Eastern Senior Communications director wants to try and see if the possibility of Bruce Jacques playing at Brewfest this Labor Day if it happens can occur, a bunch of Mount Snow regulars would love a Jacques/Tuohy combo!!

And for those who haven't heard of Bruce Jacques, he's a live musician/comedian who regularly plays Cuzzin's at Mount Snow most weekends during the prime winter season (as well as at Wachusett and a bunch of other bars/restaurants across the Northeast year round. He's done live Happy Hour streaming concerts from his house the last 4 Fridays and raised over 40k for various food banks from viewer donations during those 4 live happy hours!

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[BenedictGomez]

Just saw it mentioned on another site that the recent corporate disclosure for the SEC stated that in this transaction Vail agreed not to make any major capital improvements or acquisitions until at least January 2022.

The acquisition bit is fairly common; the no major capex bit is a little concerning, although I wonder if they put a dollar sum on "major" there?

 

[thetrailboss]

The acquisition bit is fairly common; the no major capex bit is a little concerning, although I wonder if they put a dollar sum on "major" there?

The source revised the summary of the article and I looked through the filing (see page 2). Max of $200 mill capital improvements a year.


http://investors.vailresorts.com/static-files/068599dd-a219-476d-9492-8f286d6a6a66


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[BenedictGomez]

I think that's all fairly reasonable in terms of the lender protecting itself & Vail still being able to spend on numerous projects

 

[mbedle]

Didn't they have only $180 million scheduled for this year's capital improvements?

 

[thetrailboss]

I think that's all fairly reasonable in terms of the lender protecting itself & Vail still being able to spend on numerous projects

Remind me....how many resorts do they own?

 

[thebigo]

Vail owns 37 'mountain resorts' per wikipedia. Peaks never installed a single new lift in NH, there are some that are simply going to reach the end of their service life over the coming years. The double at crotched is now over 50 years old and it operates 12+ hours nearly every day for 4 months a year. The mountain cannot operate without the double. Another example are the doubles at attitash.

 

[EPB]

Vail owns 37 'mountain resorts' per wikipedia. Peaks never installed a single new lift in NH, there are some that are simply going to reach the end of their service life over the coming years. The double at crotched is now over 50 years old and it operates 12+ hours nearly every day for 4 months a year. The mountain cannot operate without the double. Another example are the doubles at attitash.

That double at Crotched also sat idle during the closure and was refurbished when they opened back up. I also wonder about the useful lives of the Wildcat Express and Flying Yankee which are both over 20 years old and have done winter and summer duty for most of their lives.

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[mbedle]

Vail owns 37 'mountain resorts' per wikipedia. Peaks never installed a single new lift in NH, there are some that are simply going to reach the end of their service life over the coming years. The double at crotched is now over 50 years old and it operates 12+ hours nearly every day for 4 months a year. The mountain cannot operate without the double. Another example are the doubles at attitash.

Why would Crotched not be able to operate without the double?

 

[thebigo]

Why would Crotched not be able to operate without the double?

They do a good beginner and never ever business, currently segregated at the carpet and double. You cannot put beginners on the top and the fgq has one of the steepest ramps i have ever seen. Moon walk and milky way are already a shit show on weekends with the double running. Seen many excellent skiers end up in the woods off milky way due to the flat light and hump that develops. Also the carpet to the quad would be a hell of a slog for someone new to skiing.

There has been talk of a true beginner trail off the top since the rocket went in but there are terrain and property ownership issues.

 

[deadheadskier]

They do a good beginner and never ever business, currently segregated at the carpet and double. You cannot put beginners on the top and the fgq has one of the steepest ramps i have ever seen. Moon walk and milky way are already a shit show on weekends with the double running. Seen many excellent skiers end up in the woods off milky way due to the flat light and hump that develops. Also the carpet to the quad would be a hell of a slog for someone new to skiing.

There has been talk of a true beginner trail off the top since the rocket went in but there are terrain and property ownership issues.

Agree with all points

Crotched without the double would make it a bad place for true beginners.

Spent more time on that chair and Supernova with my 4 year old than any other terrain in New England this winter. Ventured over to the FG Quad a few times and it was nerve wracking in comparison.


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