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2007 ANNUAL REPORT Extraordinary Resorts

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2007 ANNUAL REPORT Extraordinary Resorts PeaPePeakk8 8, Brecrerecckenkene ridriddgege SkiSkSkki ReResorsosoro t 2007 ANNUAL REPORT Extraordinary Resorts. Exceptional Experiences.TM Why Vail Resorts 01 We are the premier mountain resort company in the world and a leader in luxury, destination-based travel at iconic locations. 02 Our mission is simple: Extraordinary Resorts. Exceptional Experiences.TM 03 Everything we do needs to be aligned with our five stakeholders: Our Guests Our Employees Our Communities Our Natural Environment Our Shareholders 04 Growth Engines: Our Mountain segment is growing organically and through opportunistic acquisitions. Our Lodging segment is expanding organically and through new mountain and warm-weather resorts. Our Real Estate segment pipeline is full with exciting new luxury development opportunities. October, 2007 To Our Shareholders: At Vail Resorts, our mission is simple: Extraordinary Resorts, Exceptional Experiences. Our Company operates resorts in some of the most iconic locations in the world, all defi ned by the spectacular natural setting that surrounds them. For the cover of our annual report this year, side, we continued the construction phase on several we thought it critical to make sure everyone of our vertical real estate developments as we understood the mission that drives our Company transition to closing on these existing projects in and our performance. And in fi scal 2007, our fi scal 2008 and beyond. Our net income rose 34.2% dedication to that mission resulted in delivering very in fi scal 2007 to $61.4 million. strong performance across so many metrics and taking numerous steps to help position our Company Vail Resorts is both a market share leader and a for the future. quality leader in the mountain resort industry. For the 2006/2007 ski season, our Breckenridge, In fi scal 2007, our Mountain and Lodging segments Vail and Keystone resorts were the three most visited experienced continued growth with Resort Reported ski resorts in the United States, and our Heavenly EBITDA, representing the combination of our and Beaver Creek resorts also were in the top ten. Mountain and Lodging segments, increasing 16.3% All fi ve resorts again fi nished in the top 20 SKI for the year. Over the last fi ve years our Resort Magazine rankings, including Vail at #2, Breckenridge Reported EBITDA has grown at a compound annual at #7, Beaver Creek at #8 and Keystone at #11. growth rate of 21.5%, with double-digit organic Although ranked #2 in 2007, Vail has been ranked growth in each year. Our Resort Reported EBITDA #1 for 14 of the past 20 years. The quality rankings success has been fueled by our strong operating are a testament to our passionate employee base model, including growing our mountain resort who create the top-notch service levels our guests destination visitation and our season pass revenue, enjoy, together with the iconic nature of our resorts consistent price increases, revenue growth across all themselves. The resorts are also further enhanced by of our ancillary businesses, increased revenue from our continued capital investments, including our our lodging operations and high fl ow through of signifi cant base area improvements driven by our that revenue to the bottom line. On the real estate real estate development. 01 We are committed to aligning the needs of our fi ve Total visitation at all fi ve of our resorts for the key stakeholders: Our Guests, Our Employees, 2006/2007 ski season decreased 1.1% compared to Our Communities, Our Natural Environment and the prior season. While the Colorado resorts’ visitation Our Shareholders. Our Company’s future intertwines for the 2006/2007 ski season increased 1.0%, with each of these constituents as we strive to create Heavenly’s visitation experienced a 12.0% decline value with and for each stakeholder. As a way to related to unfavorable weather conditions during the better communicate Vail Resorts’ goals, mission and ski season. The increase in Colorado visitation was story, we have recently redesigned our corporate driven by the 7.0% increase in destination guests, website at www.vailresorts.com. This is a great offset by an 8.6% decline from in-state visitation. venue for you to see what makes Vail Resorts truly In-state Colorado visitation, primarily refl ecting unique. The website was designed to provide visitors visitation by season pass holders, was negatively a greater insight into the Company as we share our impacted by adverse weather conditions, especially in perspectives on “Who We Are,” “What We Believe” the Denver metropolitan area. However, revenue and “What We Do” as well as the importance of our from those season pass holders was up signifi cantly as stakeholders and environmental initiatives. It also we essentially lock in the revenue from that segment has an enhanced investor relations section allowing of our visitation before the season even starts. In fi scal you to easily review our latest fi nancial information 2007, season pass revenue comprised a signifi cant and presentations. We hope that you take advantage 25% of our total lift revenue, meaning that one of this tool as a way to get to know us better. quarter of our full year’s lift revenue is essentially secured from our most weather sensitive guests prior The Mountain Segment to the start of our season. The strong 10.3% ETP increase was favorably impacted by absolute price Our Mountain results were favorably impacted in increases, and the larger share of our visits coming fi scal 2007 by a 7.0% increase in destination visitation from destination visitors, who constitute nearly at our Colorado mountain resorts, a 10.3% increase two-thirds of our total visitation and generally in effective ticket price, or “ETP,” for all of our purchase the higher price lift ticket products. resorts, a 17.7% increase in season pass revenue and corresponding strong revenue increases in our Total lift ticket revenue represents less than 50% of ancillary businesses including ski school, dining and our total Mountain segment revenue, another strong retail/rental. We delivered all of these results despite indication of our comprehensive resort experience some challenging weather conditions, especially at our offering. Our non-lift ticket Mountain segment Heavenly resort. The continued growth in ETP is revenue, which includes our ski school, dining and certainly a strong indication that our guests see value retail/rental operations, increased 5.9% in fi scal 2007 in the experience we offer and the investments we as well. Given the high fi xed cost nature of our make at our resorts. business model and our ability to control costs, 02 VAIL RESORTS, INC. 2007 ANNUAL REPORT we were able to fl ow through a signifi cant 59% of EBITDA in fiscal 2007 was $18.2 million, our revenue increase to the Mountain segment representing a 38.8% increase over fi scal 2006. bottom line. Our Mountain Reported EBITDA as The increase was driven in part by the strong a percentage of Mountain revenue, which includes performance from our owned or managed hotels fully loaded general and administrative expenses, and condominiums at the base of our Colorado increased two percentage points from 29.2% to resorts, which leveraged the positive destination 31.2% in fi scal 2007. Overall Mountain Reported visitation trends in our Mountain segment. EBITDA increased 14.6% to $207.7 million. Our Lodging results also included revenue associated with termination fees, refl ective of the transition of replacing a few previously managed lodging The Lodging Segment properties outside of our mountain resorts with the In fi scal 2007, we were pleased by the expansion of several recently announced new RockResorts luxury our RockResorts luxury hotels portfolio with a resorts in truly iconic locations. number of truly iconic new locations, including the addition of The Hotel Jerome in Aspen; the upcoming The Real Estate Segment openings this year of The Arrabelle at Vail Square and The Landings St. Lucia; and the construction of Our real estate development projects provide us with The Chateau at Heavenly Village, Eleven Biscayne an opportunity to reshape the landscape at the base of Hotel & Spa in Miami, Rum Cay Resort Marina in our mountain resorts, drive our guest experience and The Bahamas and our most recent announcement of further the potential for our Mountain and Lodging One Ski Hill Place in Breckenridge. We continue to operations while generating opportunities to capture seek select opportunities to manage properties of profi ts on their own. While fi scal 2007 was still a distinction outside of our mountain resorts not only construction year for us, fi scal 2008 will mark an in the United States, but also in the Caribbean and exciting time for our Company as we begin to other warm-weather destinations, as we further transition from construction of our vertical real estate diversify the incredible landscapes and experiences development projects to closing on these projects. available within our collection of world-class resorts. Not only do these developments expand the destination bed base for our mountain resorts, The overall guest experience at our resorts is greatly they often include a number of amenities, which also enhanced by our Lodging segment and refl ected enhance the resort aesthetics. in the Lodging results for fi scal 2007. Our average daily rate and revenue per available room increased Our signifi cant projects that are currently in the 8.5% and 9.5%, respectively at our owned hotels development phase include The Arrabelle, The Lodge and managed condominiums around our mountain at Vail Chalets, The Ritz-Carlton Residences, Vail resorts on a same store basis. Lodging Reported and Crystal Peak Lodge and One Ski Hill Place in 03 Breckenridge. These projects will factor strongly into Capitalization our results in fi scal year 2008 and beyond.
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