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Wednesday
July 8, 2009
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Finance

Downward Slope: Ski Industry Hit Hard By Global Recession

Jensen Says Signs Of Recovery For Ski Industry
Likely Won't Appear Until 2011-12 Season
Vancouver-based resort operator Intrawest CEO Bill Jensen yesterday at the Canadian Ski Council's annual conference in Whistler said that the North American ski industry has been "hit hard by the global recession and will not likely recover for another two seasons," according to Brenda Bouw of the CP. Jensen said that the recovery "will not be V-shaped, but more 'like a hockey stick' and that signs of a recovery won't likely appear until the 2011-12 season." He said that the industry has "slashed prices and sacrificed revenue gains built up over the past couple of years." Jensen: "People just don't want to open their wallet. ... What we offer isn't something people are required to have. It's optional." Jensen said that "poor snow conditions at certain ski destinations this past season have also hit resorts hard." The Canadian Ski Council yesterday released data showing that the number of skiers and snowboarders to hit Canadian slopes fell 10% year-over-year to 18.4 million visitors, "down from a record 20.5 million visitors" during the '07-08 season. Meanwhile, Jensen said that some benefits of the '10 Winter Olympics in Vancouver will include "improved infrastructure and the pride it brings local communities and athletes, but more money may not be one of them." Jensen: "There are a lot of positive things, but I don't know if it will ever be measured in dollars. The jury is out on whether we will experience ... a longer-term sustained bump" (CP, 7/7).

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