Ski resort increasing wages, quarterly dividends

Ski resort increasing wages, quarterly dividends
Posted at 6:57 PM, Mar 09, 2018
and last updated 2018-03-09 20:57:58-05

VAIL, Colo. (AP) — Vail Resorts is raising the minimum wage at its United States and Canadian resorts thanks to the new U.S. tax law.

The Vail Daily reports wages at Vail Resorts in the U.S. will increase from $11 per hour to $12.25 per hour.

Vail Resorts CEO Rob Katz said in an earnings call Thursday that the wage increase will be covered by a $40 million cash savings that the company expects to see in 2018.

The new tax law also gives the company room for a 40 percent increase in its quarterly dividend to shareholders.

The moves come during a year that company officials say has been challenging due to low snowfall at most of its U.S. ski resorts.