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VAIL RESORTS, INC.

(MTN)
  Report
Delayed Nyse  -  04:00:01 2023-02-08 pm EST
255.00 USD   -1.09%
01/18Vail Resorts Reports Increases in Visits, Revenue in North American Ski Resorts
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01/18Vail Resorts Inc : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
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01/18Vail Resorts Reports Certain Ski Season Metrics for the Season-to-Date Period Ended January 8, 2023
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Vail Resorts : CEO Announces Youth Organization Grant Recipients of $1.5 Million Donation as Part of Ongoing Social Justice and Youth Access Commitment

08/26/2020 | 08:14am EST

BROOMFIELD, Colo.- Vail Resorts CEO, Rob Katz, and his wife, Elana Amsterdam, New York Times bestselling author and founder of Elana's Pantry, today shared the grant recipients of their previously announced $1.5 million donation to support youth organizations in cities surrounding Vail Resorts' locations. Each of the 14 nonprofits receiving grants work to strengthen communities and support youth of color in urban centers across North America, including Boston, Baltimore, Chicago and Minneapolis, among others.

The donation is part of a five-year, $10 million commitment from the Katz Amsterdam Charitable Trust and Vail Resorts to expand its youth access program and broaden engagement in skiing and riding. However, due to the challenges presented by COVID-19, this year's grants will fund the top priorities determined by each organization for the kids they serve.

'We're honored to be partnering with these organizations now and look forward to our future efforts to enhance access to winter sports for underserved kids,' said Katz. 'As youth of color and their families have been especially hard hit by the pandemic, it's essential that the nonprofits receiving grants this year are able to determine the best use for their community. All of these organizations have had to pivot their services due to COVID-19, and, additionally, many are helping the youth they serve find their voice to be part of the national dialogue on systemic racism.'

'We were faced with many challenges prior to the pandemic that have only intensified since the COVID crisis began,' said Latisha Franklin, vice president of youth development, Boys & Girls Clubs of Metropolitan Baltimore. 'Having the ability to adjust programming and resources for youth and families is even more critical now. This grant significantly enhances our impact on Baltimore's youth by deepening our program services focused on social and emotional wellness, social justice, racial equity and aiding their transition to virtual schooling. We thank Katz Amsterdam Charitable Trust for their commitment to strengthen communities such as Baltimore.'

In Dec. 2019, Vail Resorts announced a significant initiative to expand its youth access program to all 34 of its North American resorts, including over a dozen that serve major metropolitan areas. Currently, Vail Resorts hosts nearly 4,500 underserved kids across many of its resorts each year and hopes to double that number when the new programs launch. The company provides free lift tickets, ski school, and equipment rentals while funds from the Katz Amsterdam Charitable Trust will help develop and expand programs and fund transportation. Nonprofit partners will combine those services with youth mentorship for enriching, on-mountain programs.

The youth organizations receiving this year's grants from the Katz Amsterdam Charitable Trust include:

Boys & Girls Clubs of Boston (Boston) - $200,000

Boys & Girls Clubs of Northeast Ohio (Cleveland) - $200,000

Good Shepherd Services (New York) - $200,000

Boys & Girls Clubs of Metro Baltimore (Baltimore) - $175,000

Chicago Youth Centers (Chicago) - $150,000

Boys & Girls Clubs of the Twin Cities (Minneapolis) - $150,000

SOS Outreach - $85,000

Girls. Inc. (Chicago) - $75,000

Boys & Girls Clubs of Salt Lake City (Salt Lake City) - $50,000

Boys & Girls Clubs of Metro Denver (Denver) - $50,000

Boys & Girls Clubs of Lake Tahoe (South Lake Tahoe, Calif.) - $50,000

Boys & Girls Clubs of North Lake Tahoe (North Lake Tahoe, Calif.) - $50,000

Zero Ceiling (British Columbia) - $15,000 (USD)

Additionally, the Squamish Lil'wat Cultural Centre in Whistler, British Columbia, will receive $50,000 (USD) from the Trust to help launch the Centre's new Cultural Sensitivity and Indigenous Leadership Program Development initiative. This program aims to develop a culturally rooted approach to Indigenous leadership, focused on elevating Indigenous people in the regional workforce and within their communities as leaders. It also includes cultural sensitivity training for local businesses to increase understanding of historical impacts that Indigenous people have suffered.

Today's grant announcement from the Katz Amsterdam Charitable Trust is part of a larger announcement from June 2020, which also included grants for COVID-19 relief and social justice.

About the Katz Amsterdam Charitable Trust and Foundation

Founded by Vail Resorts' CEO, Rob Katz, and his wife, Elana Amsterdam, New York Times bestselling author and founder of Elana's Pantry, the Katz Amsterdam Foundation believes that emotional and physical wellness is essential for people and their communities to thrive. With a primary focus on mountain communities, the Foundation strives to create an inclusive and equitable environment that empowers people to lead full and vibrant lives. Since 2016 Katz and Amsterdam have made contributions of almost $120 million to the Katz Amsterdam Foundation and Charitable Trust, representing 100% of the proceeds of any sales by Katz of Vail Resorts common stock. During that same time period they have made grants to non-profits totaling over $20 million.

About Vail Resorts, Inc. (NYSE: MTN)

Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. Vail Resorts' subsidiaries operate 37 world-class mountain resorts and urban ski areas, including Vail, Beaver Creek, Breckenridge, Keystone and Crested Butte in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher, Falls Creek and Hotham in Australia; Stowe, Mount Snow, Okemo in Vermont; Hunter Mountain in New York; Mount Sunapee, Attitash, Wildcat and Crotched in New Hampshire; Stevens Pass in Washington; Liberty, Roundtop, Whitetail, Jack Frost and Big Boulder in Pennsylvania; Alpine Valley, Boston Mills, Brandywine and Mad River in Ohio; Hidden Valley and Snow Creek in Missouri; Wilmot in Wisconsin; Afton Alps in Minnesota; Mt. Brighton in Michigan; and Paoli Peaks in Indiana. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.

Contact(s)

Marjory Elwell

Corporate Communications Manager

Email: melwell@vailresorts.com

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2023 2 935 M - -
Net income 2023 355 M - -
Net Debt 2023 1 660 M - -
P/E ratio 2023 28,5x
Yield 2023 3,02%
Capitalization 10 283 M 10 283 M -
EV / Sales 2023 4,07x
EV / Sales 2024 3,80x
Nbr of Employees 6 900
Free-Float 85,1%
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Mean consensus HOLD
Number of Analysts 11
Last Close Price 255,00 $
Average target price 278,80 $
Spread / Average Target 9,33%
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Managers and Directors
Kirsten A. Lynch Chief Executive Officer & Director
Angela Korch Chief Financial Officer & Executive Vice President
Robert A. Katz Executive Chairman
Timothy M. April Chief Information Officer & Executive VP
John F. Sorte Independent Director
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