Vail, (AP) The Securities and Exchange Commission is ending a formal investigation into the accounting practices of Vail Resorts without recommending enforcement action. The ski resort operator says in a regulatory filing that the S.E.C.'s Central Regional Office told the company that the investigation had been terminated.
Vail Resorts issued a news release about the development late Monday. The S.E.C. launched the probe in February, 2003 after Vail Resorts restated financial results from 1999 through 2001, erasing some $14 million dollars in combined net income. Vail Resorts say it had booked revenue and profits from nonrefundable initiation fees up–front, instead of distributing the money over the life of club memberships.
The Avon–based company owns and operates Vail, Beaver Creek, Keystone and Breckenridge ski areas in Colorado, Heavenly in Nevada and California, and Grand Teton Lodge in Wyoming.
Copyright 2005 by the Associated Press. All rights reserved.
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