Vail Resorts Weathered Lack of Snow: CEO
Vail Resorts CEO Rob Katz told CNBC Wednesday it was a victory of sorts that despite the worst winter for snow in U.S. history, cash flow managed to stay in the mid-single digits.
"We're pretty proud of how we did," the CEO of the ski resort operator told "Squawk on the Street."
Because snowfall was down in Colorado and other areas where Vail operates resorts, revenue from visits was down 12.5 percent for the just-completed ski season.
However, he considers the snow glass half full, because lift revenue was "essentially flat" and spending per skier was up 14 percent.
"For us, that's a pretty good performance," despite the lack of snow, Katz said.
How did the company do it? Vail has invested in shopping, dining and the hotels themselves at its resorts, he said, so those components were "actually quite healthy."
"People are going for many other reasons, not just the snow," he added.
While the resorts did well, the resort's real estate holdings did not, however.
"The real estate component was more challenging than the resort component," Katz said. "People are more nervous to make real estate purchases right now."