Peak Resorts Reports Pre-Season Pass Sales Results. 22% Year-Over-Year Increase In Peak Pass Sales Revenue Through October 19
Peak Resorts, Inc., provided updated preliminary results for pre-season sales of its 2018/2019 Peak Pass. Through the October 19, 2018 pre-season pricing deadline, Peak Pass sales increased by approximately 19% on a unit basis and by approximately 22% on a revenue basis, compared to the prior year. The year-to-date sales of Peak Pass products include continued strong sales of the Drifter Pass, the Company’s unlimited pass option for 18 to 29-year-olds, which will remain on sale at its discounted rate until December 15. Results exclude pre-season Snow Time buy-ups and pass sales which will continue until October 31.
Timothy D. Boyd, President and Chief Executive Officer, commented, “The rapidly approaching 2018/2019 ski season will be transformative for Peak Resorts in many ways and the growing momentum for our Peak Pass, as represented by our strong sales to-date, reflects our guests’ excitement for all that we have to offer across our resort portfolio. We have been hard at work over the summer making improvements that will further enhance the experience for our guests, including the completion of our new Carinthia base lodge at Mount Snow in November, which will dramatically transform the on-mountain enjoyment at our flagship resort and deliver an elevated experience for our guests. Guests at Hunter Mountain will benefit from our soon to be completed Hunter North expansion, which will increase skiable terrain at the resort by approximately 33% and create a new way to access what is the largest ski area for daily visitors from the New York metropolitan area. At the same time, we are working towards completing our proposed acquisition of Snow Time and welcoming Liberty Mountain Resort, Whitetail Resort and Roundtop Mountain Resort to the Peak Resorts family. We expect to close that transaction in the coming weeks and are confident that our customers will be excited to experience these three great additions to our mountain portfolio and the Peak Pass.
“Customers vote with their wallets when it comes to choosing where they go to enjoy outdoor winter activities and entertainment. Since introducing the Peak Pass for the 2016/2017 season, adoption of our unlimited and unrestricted season pass offerings among Northeast skiers and riders has grown steadily, reflecting the remarkable value of our season pass offerings as well as the world class on and off-mountain experiences we deliver. The investments we have made across our resorts, including upgrading our snowmaking, refining our dining options and modernizing our public areas, are all helping to drive increased visitation at our resorts and providing us with more stable operating results. As fall turns to winter and with snowmaking now underway, Peak Resorts is in a great position to provide our loyal guests with an unmatched skiing and riding experience.”
In only its third winter season, the Peak Pass has quickly captured the attention of outdoor enthusiasts, featuring a total of five pass options valid at seven different mountain locations in four Northeast states: Mount Snow in Vermont; Attitash, Wildcat and Crotched Mountain in New Hampshire; Hunter Mountain in New York; and Jack Frost and Big Boulder in Pennsylvania. With the expected completion of the proposed Snow Time acquisition ahead of the 2018/2019 ski season, the Peak Pass will expand to three additional resorts in Pennsylvania: Liberty Mountain, Whitetail and Roundtop Mountain.
