{"id":22210,"date":"2020-04-02T09:27:49","date_gmt":"2020-04-02T15:27:49","guid":{"rendered":"https:\/\/www.skyhinews.com\/?p=64034"},"modified":"2020-04-02T09:27:49","modified_gmt":"2020-04-02T15:27:49","slug":"vail-resorts-announces-pay-cuts-furloughs-for-employees-pause-in-payouts-for-ceo-board-shareholders","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/krky\/local-news\/vail-resorts-announces-pay-cuts-furloughs-for-employees-pause-in-payouts-for-ceo-board-shareholders\/","title":{"rendered":"Vail Resorts announces pay cuts, furloughs for employees, pause in payouts for CEO, board, shareholders"},"content":{"rendered":"<p>Vail Resorts on Wednesday announced the company would be making a large reduction in expenses over the next few months.<\/p>\n<p>In a public letter, CEO Rob Katz said it\u2019s becoming less clear when the company\u2019s mountain, lodging, retail and transportation businesses will be able to reopen.<\/p>\n<p>Vail Resorts will furlough most hourly employees, and all salaried employees in the U.S. will receive a reduction in pay.<\/p>\n<p>The company will also pause payments to Katz and its board of directors, and dividend payouts to shareholders will not take place in July and October for the first time since&nbsp;the inception of&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.dividendinvestor.com\/dividend-history-detail\/mtn\/\" target=\"_blank\">Vail Resorts\u2019 common stock dividend<\/a><i class=\"fas fa-external-link-alt\"><\/i>&nbsp;in 2011.<\/p>\n<div class=\"row\">\n<div class=\"col\">\n<div class=\"row shn-donation p-0\">\n<div class=\"col-xl-4 p-2\">\n<div data-bg=\"url(https:\/\/cdn.skyhinews.com\/wp-content\/uploads\/sites\/9\/2020\/02\/shn-logo-2x-wht.png)\" class=\"p-0 mt-2 mb-2 h-75 text-center rocket-lazyload\"><img decoding=\"async\" src=\"https:\/\/cdn.skyhinews.com\/wp-content\/uploads\/sites\/9\/2020\/02\/shn-logo-2x-wht.png\" class=\"logo m-0 p-0 invisible\"><\/div>\n<\/div>\n<div class=\"col-xl-8 p-3 text-center\">\n<h3 class=\"d-inline mr-3\">Support Local Journalism<\/h3>\n<p><button class=\"btn d-inline\" type=\"button\"><a href=\"https:\/\/www.skyhinews.com\/donate\/?utm_source=website&amp;utm_medium=news%20article&amp;utm_campaign=donation\">Donate<\/a><\/button><\/div>\n<\/div>\n<p><\/div>\n<\/div>\n<h2>\u2018Outside of our control\u2019<\/h2>\n<p>Vail Resorts\u2019 37 ski areas will also defer most capital improvements, which includes expansion projects.<\/p>\n<p>Ryan Huff, Director of Communications for Vail Resorts\u2019 Colorado ski areas, confirmed on Wednesday that Beaver Creek\u2019s 250-acre expansion at McCoy Park project is on hold for now. McCoy Park was scheduled to open next season.<\/p>\n<p>\u201cI am&nbsp;very&nbsp;hopeful&nbsp;that&nbsp;both the economy and travel&nbsp;will&nbsp;return to normal&nbsp;by the&nbsp;time&nbsp;our&nbsp;North American winter&nbsp;season opens eight months&nbsp;from&nbsp;now,\u201d Katz wrote. \u201cHowever, we also need to remember that we have substantial business&nbsp;operations set to open over the&nbsp;next few months&nbsp;\u2014&nbsp;our Australian&nbsp;winter season,&nbsp;Grand Teton Lodge Company, as well as our lodging, retail, and summer mountain operations at our North American resorts, which&nbsp;collectively&nbsp;represent&nbsp;more than&nbsp;20% of our total revenue.&nbsp;With the&nbsp;very&nbsp;real possibility that the global stay-at-home orders&nbsp;could be&nbsp;extended,&nbsp;and travel reduced&nbsp;regardless,&nbsp;our business in May through&nbsp;October&nbsp;is at risk.&nbsp;We will&nbsp;work hard&nbsp;to&nbsp;reopen as soon as&nbsp;practical, but much of this is now outside of our control.\u201d<\/p>\n<h2>Vail a hot spot<\/h2>\n<p>In Colorado,&nbsp;<a href=\"https:\/\/www.vaildaily.com\/news\/colorados-first-coronavirus-case-confirmed-in-summit-county\/\" target=\"_blank\" rel=\"noopener noreferrer\">the first person diagnosed with the novel coronavirus<\/a><i class=\"fas fa-external-link-alt\"><\/i>&nbsp;was a skier who arrived at Denver International Airport Feb. 29 and then skied the Vail Resorts properties of Keystone and Vail. The man started developing symptoms on March 3 and went in for testing March 4. In the days that followed, Eagle County became known as a \u201chot spot\u201d area where infected people from&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.perthnow.com.au\/news\/public-health\/coronavirus-missy-higgins-dad-doctor-chris-higgins-sparks-covid-19-scare-in-melbourne-ng-b881482947z\" target=\"_blank\">Australia<\/a><i class=\"fas fa-external-link-alt\"><\/i>&nbsp;to&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.latimes.com\/world-nation\/story\/2020-03-20\/some-of-mexicos-wealthiest-residents-went-to-colorado-to-ski-they-brought-home-coronavirus\" target=\"_blank\">Mexico<\/a><i class=\"fas fa-external-link-alt\"><\/i>&nbsp;have traced probable contraction.<\/p>\n<p>Vail Resorts made the unprecedented decision to&nbsp;<a href=\"https:\/\/www.vaildaily.com\/news\/vail-resorts-to-shut-down-mountain-operations-march-15-22\/\" target=\"_blank\" rel=\"noopener noreferrer\">shut down its North American resorts after the lifts stopped spinning on Saturday, March 14<\/a><i class=\"fas fa-external-link-alt\"><\/i>. That decision was followed by an executive order from Colorado Gov. Jared Polis to shut down all the state\u2019s ski resorts for at least a week later that night.<\/p>\n<p>The closures then became permanent in the following days. Katz wrote in his letter that the early closure of Vail Resorts\u2019 North American operations&nbsp;will cost the company at least $180 million to $200 million in lost profitability in the company\u2019s third quarter, ending April 30.&nbsp;<\/p>\n<p>\u201cI am very hopeful that both the economy and travel will return to normal by the time our North American winter season opens eight months from now,\u201d Katz wrote. \u201cHowever, we also need to remember that we have substantial business operations set to open over the next few months \u2014 our Australian winter season, Grand Teton Lodge Company, as well as our lodging, retail, and summer mountain operations at our North American resorts, which collectively represent more than 20% of our total revenue. With the very real possibility that the global stay-at-home orders could be extended, and travel reduced regardless, our business in May through October is at risk. We will work hard to reopen as soon as practical, but much of this is now outside of our control.\u201d<\/p>\n<p><a href=\"https:\/\/www.skyhinews.com\/news\/vail-resorts-announces-pay-cuts-furloughs-for-employees-pause-in-payouts-for-ceo-board-shareholders\/\" target=\"_blank\" rel=\"noopener noreferrer\">via:: Sky-Hi News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vail Resorts on Wednesday announced the company would be making a large reduction in expenses over the next few months. In a public letter, CEO Rob Katz said it\u2019s becoming less clear when the company\u2019s mountain, lodging, retail and transportation businesses will be able to reopen. Vail Resorts will furlough most hourly employees, and all [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[56],"tags":[],"class_list":{"0":"post-22210","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-local-news"},"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-06-19 20:38:07","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KRKY Ski Country","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/krky","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/posts\/22210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/comments?post=22210"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/posts\/22210\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/media?parent=22210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/categories?post=22210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/tags?post=22210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}