Vulnerability to declines in consumer discretionary spending, which can result in revenue declines during periods of economic hardship; Competitive pressures from alternative entertainment options for consumers; Seasonal nature of the mountain operations and reliance on good weather conditions for visitation and optimal profitability of ski operations; A limited number of mountain locations suitable for skiing and the significant capital investment required to develop a quality resort represent high barriers to entry in the ski resort industry; and Good geographic diversity, with ski resorts in eastern and western U.S. locations, and the adventure segment in British Columbia, Canada. Expected leverage to remain above 5x through fiscal year 2017; Expected funds from operations (FFO) to total debt to be about 12% through
