Kirkwood Mountain Resort recently announced record profits for the California ski area’s 2009-10 fiscal year ending in July, based upon operating results that were buoyed by a strong winter performance along with a noticeable increase in summer revenues.
The resort reported net profits that were 25% higher than any prior year in Kirkwood’s history and this marks the second year in a row that the resort posted over a 50% gain in profitability. These noteworthy fiscal results were published last week by the Moss Adams accounting firm.
Kirkwood real estate sales during the 2009-10 fiscal year exceeded those during the three prior years combined, nearing sales totals not seen since the last real estate boom in the mid 2000′s. Kirkwood Mountain Realty reported it sold over $30 million in real estate finished products over the last fiscal year. These sales included 28 units in the Timber Ridge property completed last year and several single family homes in the $2 million range. Slopeside ski-in, ski-out single family lots are priced in the $300,000 range while village fractional ownership condominiums start at $20,000.
“We are extremely pleased with the results from last year,” commented David Likins, CEO of Mountainspings Kirkwood LLC and Kirkwood Mountain Resort. “This level of performance clearly demonstrates what we have understood all along – namely that skiing provides such a great family value that it will not only survive but even thrive in the face of the very challenging macroeconomic climate gripping California today.”
Ski Lake Tahoe, a marketing cooperative consisting of the seven major resorts surrounding Lake Tahoe, including Kirkwood, reported a 17% increase in skier visitation last season while the National Ski Area Association announced that the 2009-10 winter season was the second busiest on record, driven in large part by a recent study that showed mountain leisure travelers outspend other travel segments such as beach travel by nearly double. And while last season’s impressive snowfall totals of close to 600 inches certainly helped contribute to the financial success of the resort, resort officials assert that an aggressive pricing structure also helped.
“Kirkwood managed to stay out in front of the economic downturn in late 2008 through its innovative mid-season vacation packages and discounted pass programs both of which yielded strong results,” said Likins. “The resort plans to continue to find ways to offer added value for its guests along with ushering in a number of off-season improvements both on and off the mountain.”