Severe Recent Revenue/profit DeteriorationThe company experienced steep revenue declines in 2024 and 2025 and swung to a very large net loss in 2025. Such rapid deterioration undermines sustainable earnings power, pressures operating budgets, and raises execution risk for restoring product demand or resort visitation over the medium term.
Balance-sheet Weakening In 2025A notable equity step-down and increased debt in 2025 reduces financial flexibility and increases leverage risk. Weaker assets and a smaller equity base constrain the company’s ability to fund development cycles or weather continued demand weakness without raising costly capital or cutting strategic investments.
Inconsistent Cash Flow ConversionFree cash flow has alternated materially across years, with meaningful negatives in some periods. This uneven conversion of earnings into cash complicates planning, limits predictable reinvestment, and increases reliance on external financing during downturns, which can be durable impediment to steady recovery.