Welcome!

News Feed Item

2013/14 Mid-Season Ski Industry Update: Spotty Weather Creates 'Haves' and 'Have-nots'

MARTINSVILLE, N.J., Feb. 4, 2014 /PRNewswire/ -- Thus far, the 2013/14 ski/snowboard season has seen widely divergent performance across regions.  Some areas have enjoyed robust snowfall and cold temperatures, while others are suffering from a historic dearth of precipitation.  Against this backdrop, we reduce our forecast for total skier visits and now see low-to-mid single digit percentage gains over last year, or 58 to 60 million visits.

Much of the northeast U.S. has seen frigid temperatures and enjoyed several snowstorms so far this season, benefiting resorts in the region, particularly those in New York.  In Colorado and Utah, solid snowfall totals have also blanketed resorts.  However, in California and the Pacific Northwest, conditions have been poor.  California's 25 ski resorts have seen the lowest amount of snowfall since the 1971/72 season.  Mammoth Mountain, the third largest resort in the U.S. by number of visitors, has received just 48 inches of snow so far this year, compared to a 400 inch yearly average, and only has half of its 28 lifts turning.  According to data from the California Department of Water Resources, the state's snowpack is only 12% of what would be considered normal for this time of the year.  Since the department began collecting data in 1960, the previous record low was 21% of normal, which was registered in 1991.  This hardship extends north through Washington and into British Columbia, Canada.  Whistler Blackcomb, the region's flagship resort, has received only 121 inches of snow so far this season, which compares to a 10-year average of about 275 inches. 

Due to this, resorts in California have experienced declines of up to 50% in skier visits.  The aforementioned Mammoth Mountain has forecasted 950,000 skier visits this season, down from an average of 1.3 million.  On the other hand, through December, resorts in Colorado have seen a 22% increase in visits, according to Colorado Ski Country USA.  Visits in the state are now tracking 6.7% above the 5-year average as early snowfall allowed many mountains to open more terrain earlier in the season.  Vail Resorts, which owns a portfolio of ski areas across the U.S., recently reported that its overall skier visits were down 0.7% year-over-year, through January 5th.  Although its properties in Utah and Colorado were up 7.4%, its properties in the Lake Tahoe area saw a sharp 23.4% decline.  The resiliency in its headline figure displays the advantages of having a geographically diverse resort portfolio.  Intrawest Resorts, which owns resorts across the U.S. and Canada, as well as CMH, the world's premier heli-skiing operator, reported that its skier visit total was up 8% through January 5th.  The company went public via an IPO on January 31st, pricing its shares at $12, well below the expected range of $15-17 per share.  The struggles in California will likely strain the finances of some smaller resorts and could spark a wave of takeovers and consolidation.  Results in the northeast, however, have been favorable.  While resorts in Vermont have not benefited as strongly from recent storms that dumped over a foot of snow in areas of New York, Pennsylvania, and New Jersey, they have provided great marketing in major metro areas, such as New York City and Philadelphia, which helped bookings.  Jay Peak in northern VT noted that business was up 24% through year-end, while Killington Resort said that business was up 9.5% year-over-year, through Christmas.            

From a lodging perspective, DestiMetric's data show that occupancy at mountain resorts was up 6.2% nationally, with revenues up an even stronger 12.3%.  By region, western resorts were up 6.5%, while eastern locations registered a 2.1% gain.  Retailers have also benefited from cooperative weather in most areas of the U.S.  SnowSports Industries America (SIA) and the Leisure Trends Group's RetailTRAK said that snow sports retailers enjoyed a record holiday season, with sales through December hitting $2.20B, beating last year's $2.01B and 2010/11's record of $2.17B.  The report noted that while the drought in California hindered sales, favorable conditions in the northeast and record cold extending into the southern U.S helped drive sales, particularly for apparel.  By category, equipment sales rose 6%, apparel sales gained 7%, and accessories sales jumped 15%.  In the accessories vertical, action cameras experienced substantial growth, with unit sales rising 19% and dollar sales jumping 36%.  The report also noted that while an improving economy and rising stock market are helpful, approximately 75% of the year-to-year variance in snow sport retail sales can be explained by weather conditions. 

Overall, while weakness in California and the Pacific Northwest has created a drag, the 2013/14 ski season is off to a solid start.  Should snow conditions improve in those areas, and remain strong in the rest of the country, we could see acceleration through February as viewership of the Olympics generates interest and provides widely disseminated marketing for winter sports. 

Condor Capital

Founded in 1988, Condor Capital is an employee-owned, SEC-registered investment advisor based in Martinsville, N.J. employing 15 professional and support staff. Since Condor is a fee-only, investment management firm, its fees are based on portfolio size, not sales commissions or number of trades. For more information on Condor Capital, please visit www.condorcapital.com or call 732-356-7323.

Contact: Ken Schapiro, [email protected]

SOURCE Condor Capital

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...