Shares of Vail Resorts wipe out for second time in two months as stock dives 13 percent - The Denver Post Denverpost.com - Sat 12 Jan 11:38 GMT
Heavier snowfall in November in Colorado and other western states didn’t deliver the expected surge in bookings at Vail Resorts’ properties, causing shares of the Broomfield company to …
Heavier snowfall in November didn’t deliver an expected surge in bookings at Vail Resorts’ properties, causing shares of the Broomfield company to do an ugly face plant on Friday.
“We believe this was driven by destination guests’ concerns from two prior years of poor pre-holiday conditions at our U.S. resorts, and we did not see the pickup in short-term bookings we had expected,” Katz said.
Since Labor Day, the company’s shares have lost around 37 percent of their value.
On Dec. 9, Vail shares opened at $258.60 and fell 17.85 percent to $223.25, marking the worst single-day drop since Vail Resorts became a public company in 1997.
Season-to-date lift ticket sales at the company’s North American resorts are up 12.2 percent compared to a year ago.