Vail Resorts F2Q08 (Qtr End 1/31/08) Earnings Call Transcript

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2008-03-10 11:44:08.0

Tags: Vail Resorts Inc.

Question-and-Answer Session

Operator

(Operator Instructions) Our first question comes from Felicia Hendrix with Lehman Brothers.

Anthony Powell - Lehman Brothers

It’s actually Anthony Powell. I’m calling on behalf of Felicia. A question on February and March -- what’s your visibility for your visitation in February and March and how does it break down between international and domestic visitors?

Robert A. Katz

I guess two things; one is our visibility, obviously we have pretty good visibility into February because that’s just completed in terms of the skier visit numbers. And we do have visibility into -- good visibility into certainly parts of March. One of the things that we have seen this year is that the booking curve has really shortened and so people are booking their vacations much closer in. So what I would say is that we don’t have the -- you know, as you go out a number of weeks, we don’t have perfect visibility but obviously we feel very comfortable with the guidance we just put out.

In terms of international visitation, the main holiday week in February, which is President’s week, is not an international holiday, so we certainly didn’t see the same dynamics but we have seen those same dynamics in probably every other week since the end of January, other than President’s week, which is that international visitation is up significantly.

Anthony Powell - Lehman Brothers

Great, and also on lodging, do you expect any more pre-opening expense in the third quarter?

Jeffrey W. Jones

No, we’re -- we should be done with that generally. We might have a little bit, Anthony, as we opened up I think the spa in February and a couple of other things. There might be a little bit more expense relative to some of the things we opened up in February but for the most part, it should be complete.

Anthony Powell - Lehman Brothers

Great. And also in the second quarter, was there any sort of variability between how the different mountains performed? Was any mountain stronger than any other and how is that looking going into the third quarter?

Robert A. Katz

I think for the majority of the second quarter, kind of post the early season, I think all of the resorts did -- were all up and doing very well. I think that Heavenly in particular really had some strong results as you went into January because they have unbelievable snow. It was actually in all-time record for January for them.

 

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