The recession is taking its toll on ski industry giant Vail Resorts, Inc.

According to the Salt Lake Tribune, through March 1, total skier visits are down 5.1 percent from a year earlier. Lift ticket revenue is off 8 percent. Lodging bookings have slid 13.9 percent.

Ski school, dining and retail operations at Vail Resorts’ five ski areas — Vail, Breckenridge, Keystone and Beaver Creek in Colorado and Heavenly in California — have posted double-digit percentage declines.

To avoid layoffs in what Chief Executive Rob Katz called “this unprecedented environment,” Vail Resorts announced wage cuts Wednesday ranging from 2.5 percent for seasonal employees next year to 10 percent for executives. The cuts are projected to save $10 million.

“With the uncertainty that lies ahead, reducing cost is an imperative,” said Katz, who is bypassing his salary for 12 months and then will take a 15 percent reduction. “We have chosen to address this situation by making the preservation of jobs and protecting the guest experience our highest priorities.”

This entry was posted on Friday, March 20th, 2009 at 5:47 pm and is filed under Resort Operator News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.