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VAIL RESORTS Vail Resorts Reports Fiscal 2021 Second Quarter Results and Provides Outlook for Fiscal 2021 Third Quarter March 11 , 2021 BROOMFIELD , Colo . , March 11 , 2021 / PRNewswire / -- Vail Resorts , Inc. ( NYSE : MTN ) today 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 . Highlights • Net income attributable to Vail Resorts , Inc. was $ 147.8 million for the second fiscal quarter of 2021 , a decrease of 28.4 % compared to the second fiscal quarter of 2020 , primarily as a result of the negative impacts of COVID - 19 . • Resort Reported EBITDA was $ 276.1 million for the second fiscal quarter of 2021 , compared to a Resort Reported EBITDA of $ 378.3 million for the second fiscal quarter of 2020 , primarily as a result of the negative impacts from capacity restrictions related to COVID - 19 and challenging early season conditions , partially offset by disciplined cost management . • Results continued to improve in January and February following the peak holiday period , with season - to - date total skier visits down 8.2 % and total lift revenue down 8.9 % through March 7 , 2021 compared to the prior year season - to - date period through March 8 , 2020. Our ski school , food and beverage and retail / rental businesses continue to be more significantly impacted by the significant capacity and operating restrictions associated with COVID - 19 . • The Company issued guidance for the nine months ended April 30 , 2021 and expects Resort Reported EBITDA to be between $ 560 million and $ 600 million assuming current regulations , health and safety precautions and that levels of demand and normal conditions persist through the spring , consistent with current levels . • We continue to maintain significant liquidity with $ 1.4 billion of cash on hand as of February 28 , 2021 and $ 597 million of availability under our U.S. and Whistler Blackcomb revolving credit facilities . Commenting on the Company's fiscal 2021 second quarter results , Rob Katz , Chief Executive Officer , said , " Given the challenging operating environment as a result of COVID - 19 , we are very pleased with our results through this point in the 2020/2021 ski season across our 34 North American resorts . We have welcomed guests to each of our resorts with no major ongoing disruptions , which has been enabled by our focus on prioritizing the health and safety of our guests , employees and communities . While our results for the second quarter continued to be negatively impacted by COVID - 19 , total visitation across our North American destination mountain resorts and regional ski areas was only down approximately 5 % compared to the same period in the prior year . The strong visitation for the quarter highlights the underlying resiliency of our business , the loyalty of our guests and the strong appeal of skiing in guests ' leisure travel plans . As we moved past the peak holiday period , which was constrained by capacity limitations driven by both COVID - 19 and below average snow conditions , we saw improved results in January , particularly with lift ticket sales . While visitation trends improved throughout the quarter , our ancillary lines of business continued to be negatively impacted by COVID - 19 related capacity constraints and limitations , particularly in food and beverage and ski school . " We experienced strong results in the quarter from both our local and destination guests , with local visitation up slightly compared to the same period in the prior year and destination visitation proving more stable than we expected . Destination guests , including international visitors , modestly declined to 53 % of our U.S. destination mountain resort skier visits ( excluding complimentary access ) despite the travel challenges associated with COVID - 19 , which compares to 57 % in the same period in the prior year . International visitation , as expected , decreased significantly due to COVID - 19 related travel restrictions . Results at Whistler Blackcomb were disproportionately impacted throughout the second fiscal quarter due to the Canadian border remaining closed to international guests ( including guests from the U.S. ) , with destination guests , including international visitors , declining to 15 % of Whistler Blackcomb visits ( excluding complimentary access ) , which compares to 48 % in the same period in the prior year . " Katz continued , " Our season pass unit sales growth of 20 % for fiscal year 2021 created a strong baseline of demand heading into the season across our local and destination audience and will be one of the most important drivers of our performance and relative stability for this season . For the fiscal 2021 second quarter , 71 % of our visitation came from season pass holders compared to 59 % of visitation in the same period in the prior year . Our growth in pass holders this past year also positions us well as we head into the 2021/2022 season . We remain even more committed to the benefits advanced commitment offers our Company and intend to remain aggressive in providing the best value to skiers and riders who purchase in advance of the season and continuing our strategy to move lift ticket purchasers into our pass program . We are excited to launch our 2021/2022 lineup of Epic Pass products on March 23 , 2021 . " We maintained disciplined cost controls throughout the quarter as we operated the business at reduced capacity . Resort Reported EBITDA margin for the fiscal 2021 second quarter was 40.3 % compared to the prior year period of 40.9 % , while Resort net revenue decreased $ 240.1 million over the same period . These results reflect our rigorous approach to cost management and we exceeded our expectations for profitability at these revenue levels , relative to the illustrative model previously outlined in our September 2020 earnings release . " Season - to - Date Metrics through March 7 , 2021 & Interim Results Commentary The Company reported certain ski season metrics for the comparative periods from the beginning of the ski season through March 7 , 2021 , and for the prior year period through March 8 , 2020. The reported ski season metrics are for our North American destination mountain resorts and regional ski areas , and exclude the results of our Australian ski areas in both periods . The reported ski season metrics include growth for season pass revenue based on estimated fiscal year 2021 North American season pass revenue compared to fiscal year 2020 North American season pass revenue . Fiscal year 2020 season pass revenue was adjusted to exclude the impact of the deferral of pass product revenue as a result of pass holder credits offered to 2019/2020 North American pass holders . Fiscal year 2021 season pass revenue does not include the pass product revenue recognized in the first