Lodging revenue for the first quarter increased $11.5 million, or 40%, to $40.1 million.
Real estate revenue for the first quarter rose from $15 million to $39.4 million. Total revenue for the quarter was $113.9 million compared to $73 million in the same period in 2002, an increase of 55.9%.
In fiscal 2002, Vail Resorts acquired numerous properties, including the Heavenly Ski Resort, the Vail Marriott and the Lodge at Rancho Mirage hotels, and a majority interest in the RockResorts brand name.
In addition, the company began recognizing its portion of the joint venture operating results associated with The Ritz-Carlton, Bachelor Gulch hotel in Beaver Creek, which opened Nov. 21, in the first quarter of fiscal 2003.
Excluding these acquisitions, "same-store" mountain revenue grew 7.1% while "same-store" lodging revenue grew 14.1% for the quarter. Total revenue excluding acquisitions rose 41.7%.
Adam Aron, chairman and chief executive officer, says that Vail Resorts performed better than expected. Vail Resorts is off to a good start this ski season, he adds.
"Early season snowfall has been abundant, the best in nearly two decades, allowing us to open our flagship resort, Vail, a week early to record skier numbers with a record amount of open terrain," Aron says. "Beaver Creek also opened with record numbers and record terrain. Indeed, early season visitation and spending at our ski resorts have been robust."
This could be a banner year, despite the trouble with US airlines, a weak national economy, and the possibility of war.
"It is much too early to declare victory as we look at Vail Resorts' fiscal 2003, but we are certainly off to a good start," he adds.
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