Is Vail Resorts Stock a Buy?

Vail Resorts (NYSE: MTN) is the world's biggest ski resort operator, but like other vacation destinations, the company has been hit hard by the coronavirus pandemic. The global catastrophe forced the closure of its North American resorts on March 15, and it subsequently took a number of steps to shore up its financial position, including pausing its dividend for at least two quarters, cutting capital expenditures by $80 million to $85 million, furloughing hourly workers, cutting corporate salaries, and taking on $600 million in debt to help weather the storm. The company also offered credits to passholders for next season to encourage them to renew their passes, which will impact revenue for the 2020-21 ski season.