Vail Resorts stock took epic tumble Friday
Vail Resorts’ stock price tumbled down a double black diamond mountain Friday.
The Broomfield-based ski resort operator’s stock endured a record loss after the company released results for its most recent financial quarter that showed bigger than expected losses and slower than expected revenue gains for season pass sales.
After opening the day at $258.60 per share, Vail’s stock fell 17.85 percent during another rough day for the market, closing at $223.25. It was the biggest single-day price drop since Vail went public in 1997, outdoing a 17.3 percent drop on Nov. 14, 2008, according to Marketwatch.com, a decline that came when the market was imploding due to the mortgage crisis.
“Vail’s recent acquisitions and new season-pass offerings aren’t enough to sustain demand and will likely hurt its fiscal 2019 growth prospects,” Bloomberg Analytics wrote in response the Vail’s release, referencing summer buys that included Crested Butte and three other U.S. resorts.
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