Katz added, "With a strong high-end U.S. consumer, we are continuing to leverage our growing network of resorts and sophisticated marketing strategies to drive higher visitation and yields across our Mountain segment. For fiscal 2016, total Mountain net revenue increased 18.2% to $1.3 billion. Total skier visits, including a full year of Perisher results, increased 18.5%, while total U.S. skier visits increased 13.2%. Total Effective Ticket Price ("ETP") increased 3.5%, driven by season pass and lift ticket price increases across our resorts, partially offset by higher visitation per pass. Our ancillary businesses also experienced growth with ski school, dining and retail/rental revenue, up 13.5%, 19.8% and 10.0%, respectively, compared to the prior year".
- Total skier visits for fiscal 2016 increased to approximately 10.0 million, an increase of 18.5% compared to the prior fiscal year.
- Season pass revenue increased $46.6 million, or 21.5%, compared to the prior fiscal year.
- U.S. ETP, excluding season pass holders, increased $8.49, or 9.8%, compared to the prior fiscal year.
- Mountain net revenue was $1,304.6 million for fiscal 2016, an increase of 18.2% compared to the prior fiscal year.
- Mountain Reported EBITDA for fiscal 2016 increased $96.7 million, or 29.5%, to $424.4 million, excluding the non-cash gain on the Park City litigation settlement in the prior fiscal year.
- Mountain Reported EBITDA includes $13.4 million and $11.8 million of stock-based compensation expense for fiscal 2016 and fiscal 2015, respectively.
- Resort net revenue was $1,579.2 million for fiscal 2016, an increase of 16.2%, compared to the prior fiscal year.
- Resort Reported EBITDA increased 29.5% to $452.6 million for fiscal 2016, excluding the $16.4 million non-cash gain on the Park City litigation settlement in the prior fiscal year.
- Resort EBITDA Margin was 28.7% in fiscal 2016, an increase of 300 basis points from the prior fiscal year, excluding the $16.4 million non-cash gain on the Park City litigation settlement in the prior fiscal year.
On August 8, 2016, Vail Resorts entered into an agreement to acquire 100% of the stock of Whistler Blackcomb Holdings Inc., which operates North America's largest and most visited mountain resort. We are pleased to report that the Canadian Competition Bureau has issued a no-action letter for the transaction and we continue to expect that the deal will close this fall pending Whistler Blackcomb shareholder and remaining Canadian regulatory approvals. The Company intends to share additional detail on its expectations from the Whistler Blackcomb acquisition during its December earnings conference call.