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Show Sat/Sun/Mon/Tues, March 17-20, 2018 The Park Record Vail Resorts sees net revenue increase despite low snowfall Lodging revenue and average daily rates were down PARK RECORD STAFF Despite a dry winter across the West, Vail Resorts recently announced in its quarterly results that it is still having a good season. In the company’s fiscal year 2018 second-quarter results, it reported net income of $235.7 million, a 58 percent increase from the second fiscal quarter of 2017. The total net revenue increased $9.4 million. In a press release announcing the results, Rob Katz, chief executive officer of Vail Resorts, said that visitation was down by 3.1 percent, particularly for non-pass skiers, but advanced purchase passes helped make the quarter a success. “Given the historically low snowfall across the western wU.S. this winter, we are pleased with our results for the quarter, which demonstrate the resil- y n r eContinued from A-16 n iency of our strategic business model and the network of resorts and loyal guests we have developed,” he said. He said that some resorts owned by the company, such as Whistler Blackcomb, saw more snow and sales, which balanced out sales from the weaker areas. “Through January 31, conditions across the western U.S. remained challenging, with season-to-date snowfall in Vail, Beaver Creek and Park City at the lowest levels recorded in over 30 years while Tahoe was more than 50 percent below the 20-year average,” he said. “While open terrain in Colorado began to improve toward the end of the quarter, it remained very low in both Utah and Tahoe.” But Katz said that recent storms in Tahoe and Utah created better conditions for spring skiing. The lodging segment net revenue for the quarter decreased by $2.1 million, a 3.4 percent drop. The average daily rate decreased by 1.6 percent at the company’s owned hotels and managed condominiums. A-17 Kings park city Crown The report also announced updates that will take place at the company’s resorts this year. At Park City Mountain Resort, there are plans to upgrade the fixed-grip High Meadow chair to be a four-person, high-speed lift. There are also plans to improve the grading and expand snowmaking in the Canyons area to create a beginner and family learning zone. Plus, the Cloud Dine restaurant, which overlooks the resort, will gain an additional 200 seats, and the Mid-Mountain Lodge will undergo renovations to improve the dining experience. “Each of these projects reinforces our commitment to Park City’s position as the best resort for families and culinary experiences and continues to build on the significant improvements we’ve made at Park City over the last four years,” Katz said. Vail Resorts announced in the report that it plans to invest about $3 million in the 2018 calendar year for EpicDiscovery summer activities. Another $6 million will go toward capital projects to repair infrastructure. LUXURY LIVING FROM MOUNTAIN TO MAIN STREET Subway to move KINGS CROWN h . 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An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office is Owned by a Subsidiary of NRT LLC. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor sales associates and are not employees of Coldwell Banker Real Estate LLC, Coldwell Banker Residential Brokerage or NRT LLC. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Where can a family like Where can Where can mine turn? a a family family like like mine mine turn? turn? No matter what’s happening in the markets or your life, Mogul Financial Group can help guide you with thoughtful advice. You’ll work with our team to uncover the right questions and address them. Most importantly, you’ll know the steps you need to take today to pursue the financial future No what’s happening in the markets youmatter envision tomorrow. 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Noah Levine Noah Senior Levine Vice President–Wealth Management Senior Vice President–Wealth Management noah.levine@ubs.com noah.levine@ubs.com Mogul Financial Group UBS Financial Services Inc. 255 Heber Avenue, PO Box 2879 Park City, UT 84060 435-252-3825 888-219-4914 ubs.com/team/mogul Mogul Financial Group Mogul Financial GroupInc. UBS Financial Services UBS Heber Financial Services Inc.2879 255 Avenue, PO Box CIMA is a registered certification mark of the Investment Management Consultants Association in the United States of America and worldwide. For designation disclosures, visit ubs.com/us/ 255 Heber Avenue, PO Box 2879 Park City, UT 84060 en/designation-disclosures. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand Park City, UT 84060 435-252-3825 888-219-4914 the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit © UBS 2018. All rights reserved. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC. CJ-UBS-912846366 Exp.: 01312019 our website at ubs.com/workingwithus. 435-252-3825 888-219-4914 ® Kelly Rogers Global Real Estate Advisor 435-640-7600 KellyRogers.evusa.com | kelly.rogers@evusa.com ©2016 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act. ® ubs.com/team/mogul ubs.com/team/mogul CIMA® is a registered certification mark of the Investment Management Consultants Association® in the United States of America and worldwide. For designation disclosures, visit ubs.com/us/ en/designation-disclosures. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment CIMA® is a registered certification mark of the Investment Management Consultants Association® in the United States of America and worldwide. For designation disclosures, visit ubs.com/us/ advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand en/designation-disclosures. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand our website at ubs.com/workingwithus. © UBS 2018. All rights reserved. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC. CJ-UBS-912846366 Exp.: 01312019 the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. © UBS 2018. All rights reserved. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC. CJ-UBS-912846366 Exp.: 01312019 |