Sat, 03/13/2021 - 3:19am -- tim
Vermont Business Magazine Vail Resorts, Inc (NYSE: MTN), the owner of Mount Snow, Okemo and Stowe Mountain resorts in Vermont, has reported results for the second quarter of fiscal 2021 ended January 31, 2021 and provided the Company's ski season-to-date metrics through March 7, 2021, both of which were negatively impacted by COVID-19 and related limitations and restrictions. Revenues across the board were down, especially in the retail/rental segment, but overall skier visits and lift revenue overall down less than 9 percent. Separate resort information was not available.
Vail still has $1.4 billion of cash on hand. Total net revenue decreased $240.0 million, or 26.0%, to $684.6 million for the three months ended January 31, 2021, as compared to the same period in the prior year. Investment in Okemo will include upgrading the Quantum lift from a four-person to a six-person high speed chairlift and relocating the existing four-person Quantum lift to replace the Green Ridge three-person fixed-grip chairlift.