Kampgrounds of America (KOA) shares continued revenue increase in the third quarter of 2022, growing by 2.1% on a same-store basis from the third quarter of 2021.
“Our business saw an exponential jump over the past two years. Rather than returning to pre-pandemic levels of occupancy, a new higher bar has been set.” said Toby O’Rourke, president and CEO of KOA. “Legions of new campers were drawn to the outdoors and that interest is poised to continue.”
The bulk of KOA’s business is in short-term leisure travel. Over the first three quarters of last year, the company saw a 1.5% increase in same-store registration revenue.
Occupancy decreased for the third quarter by 6.6% as business adjusted to a new level established in the third quarter of 2021, KOA said. Short-term occupancy for the period was 29% above third-quarter 2020 levels and 11.5% above third-quarter 2019 levels, respectively.
O’Rourke said many of those who started camping during the last two years plan to continue, particularly in the current economic climate as camping is largely viewed as an affordable vacation option.
Looking toward long-term business, KOA posted a nearly 6% increase in registration revenue from the third quarter of 2021.
