Nick Iluzada
Good luck trying to wash your hands, your face, your hair with snow; there’s not nearly enough of it to do all that. Vail Resorts is lowering its expected 2026 earnings after some of the lowest snowpack in recorded history has cratered visits at its North American locations by nearly 20% since the start of the season through January 4. Skiers staying home is taking its toll: Vail’s ski school revenue has dropped 14.9% since the start of the season compared to last year, and dining revenue fell nearly 16%, the company said in an investor statement released yesterday. Just how dry is it? A rare polar vortex and La Niña combination dumped record amounts of snow on the East Coast this year…while starving everywhere else. The company said snowfall during November and December at its Rocky Mountain locations was down almost 60% compared to the area’s historical 30-year average. Western US resorts were faring only slightly better, with 50% less snowfall than average.
Zoom out: The wipeout comes amid the return of CEO Rob Katz, who revolutionized the ski business by consolidating resort ownership and introducing the Epic Pass, after years of the company faltering financially without him in the C-suite. |