Pursuit Attractions & Hospitality Reports Slight Revenue Increase to $37.6 Million in Q1 2025

Pursuit Attractions & Hospitality, Inc. reported a slight increase in total revenue for the first quarter of 2025, reaching $37.6 million, up from $37.2 million in the same period last year. The growth was primarily driven by a 4.4% increase in attractions revenue, which totaled $24.0 million, attributed to a 1.7% rise in visitor numbers and a 2.7% increase in revenue per visitor. However, hospitality revenue saw a decline of 3.3%, totaling $11.2 million, largely due to a decrease in available room nights at the Forest Park Woodland Wing amid ongoing renovations.

The company's financial performance reflects significant changes compared to the previous fiscal period. Notably, Pursuit's net loss for the quarter was $31.4 million, compared to a loss of $26.2 million in the prior year. This increase in loss was influenced by higher selling, general, and administrative expenses, which rose by 33.7% to $17.2 million, largely due to transaction-related costs associated with the company's transition to a standalone entity following the sale of its GES Business. Additionally, interest expenses decreased significantly by 49.9%, reflecting a reduction in debt obligations.

Pursuit's operational metrics indicate a mixed performance. The number of visitors to attractions increased to 459,460, while the effective ticket price rose to $41.25, marking a 4.7% increase. However, the hospitality segment faced challenges, with a decrease in room nights available and a slight decline in rooms revenue. The company reported a RevPAR of $67.26, up 3.8% year-over-year, indicating improved pricing power despite fewer available rooms.

Strategically, Pursuit completed the sale of its GES Business to Truelink Capital in December 2024 for $535 million, allowing it to focus solely on its attractions and hospitality operations. The company has also initiated a Refresh, Build, Buy growth strategy, with planned capital expenditures of $70 million to $75 million for 2025, including investments in growth projects and renovations. As of March 31, 2025, Pursuit had $22.8 million in cash and cash equivalents and $189.3 million available under its revolving credit facility, providing a solid liquidity position to support its operational and strategic initiatives.

Looking ahead, Pursuit anticipates continued challenges in the hospitality sector due to seasonal fluctuations and ongoing renovations. However, the company remains optimistic about its attractions business, particularly with the recent opening of the Flyover Chicago attraction, which is expected to contribute positively to revenue in the coming quarters. The management's focus on enhancing customer experiences and expanding its offerings is expected to drive growth as the company navigates the evolving market landscape.