This just in:
Vail Resorts announced today the deferral of lift construction projects slated for Beaver Creek, Breckenridge, Keystone, and Okemo due to a significant decline in revenue, which is expected to continue into 2021.
Vail said weeks ago coronavirus will cost the company between $180 and 200 million in March and April alone. Eliminating lift construction, terrain expansions, and discretionary base area improvements will save the publicly-traded company $80 to 85 million.
Also announced today: the furlough of nearly all year-round hourly employees, suspension of the company's shareholder dividend, salary reductions for non-hourly employees and the elimination of cash compensation for the CEO and Board of Directors.
Vail Resorts announced today the deferral of lift construction projects slated for Beaver Creek, Breckenridge, Keystone, and Okemo due to a significant decline in revenue, which is expected to continue into 2021.
Vail said weeks ago coronavirus will cost the company between $180 and 200 million in March and April alone. Eliminating lift construction, terrain expansions, and discretionary base area improvements will save the publicly-traded company $80 to 85 million.
Also announced today: the furlough of nearly all year-round hourly employees, suspension of the company's shareholder dividend, salary reductions for non-hourly employees and the elimination of cash compensation for the CEO and Board of Directors.
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