Vail Resorts Reveals Ambitious 2024 Capital Plan For Hunter & Whistler
Vail Resorts, a name synonymous with top-tier ski destinations, has unveiled its eagerly awaited 2024 capital plan. This exciting initiative promises to transform the skiing experience for visitors across its premier locations. Let's dive into the details of what's in store for the upcoming winter season and beyond.
Hunter Mountain's Grand Transformation
The pièce de résistance of Vail Resorts' 2024 capital plan centres around Hunter Mountain. Here, the resort giant plans to replace the aging Broadway quad with a state-of-the-art six-seat detachable lift. This upgrade will not only significantly enhance uphill capacity but also provide improved access to vital terrain, offering guests a more immersive and progressive learning experience.
But that's not all. The existing Broadway lift equipment won't go to waste. Vail Resorts intends to relocate it to replace Lift E, a Hall double dating all the way back to 1968. This strategic move demonstrates Vail's commitment to enhancing the overall skiing experience while respecting the heritage of its resorts.
The location of the existing Broadway quad which will be replaced by the new 6-seater.
Whistler Blackcomb's Innovation Streak
At Whistler Blackcomb, Vail Resorts is on a roll, embarking on its fourth detachable lift project in just three years. The upcoming addition, named the Jersey Cream Six, will incorporate parts initially designated for the Eagle Express at Park City before local approval was withdrawn. While plans to replace the Jersey Cream quad and embark on the Fitzsimmons 8 project in 2023 faced labor shortages, only one project could be completed that fall.
Doppelmayr Canada, however, made significant progress by completing 11 out of 15 tower bases for the new Jersey Cream lift during the summer. Skiers and snowboarders can look forward to riding this impressive lift when it opens for the 2024-25 ski season.
Sunrise Gondola: A Glimpse into the Future
Vail Resorts isn't just focusing on the immediate future but also setting its sights on 2025. The company has exciting plans to introduce the Sunrise Gondola at Park City's Canyons Village. This 10-passenger gondola will connect near the new Pendry hotel to Red Pine Lodge, ensuring convenient access to breathtaking slopes and vistas.
Financial Highlights and Challenges
Alongside these thrilling developments, Vail Resorts has shared some key financial insights. Season pass sales have surged, with a notable 7 percent increase in units and an impressive 11 percent growth in sales dollars compared to the same period last year. However, the company did report a decrease in net income, dropping from $347.9 million for fiscal year 2022 to $268.1 million for fiscal year 2023. This decrease is primarily attributed to factors like a substantial gain on the disposal of fixed assets in 2022 and increased expenses in 2023 related to the estimated fair value of the contingent consideration liability linked to the Park City resort lease.
Additional factors impacting results include employee wages, an unfavourable winter in Australia, and reduced demand for summer mountain travel. Despite these challenges, Vail Resorts remains committed to delivering exceptional skiing experiences and continuously investing in the future of its iconic destinations.
In conclusion, Vail Resorts' 2024 capital plan promises exciting improvements and expansion across its portfolio, ensuring that visitors can look forward to memorable ski seasons for years to come. While financial challenges exist, the company's dedication to excellence in skiing and mountain experiences remains unwavering.
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