FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--
BBX Capital Corporation (BBX) (BBXTB) ("BBX Capital"), announced that Bluegreen Vacations Corporation (BXG), which is 90% owned by BBX Capital, issued the following press release. Please see the Bluegreen press release below.
BBX Capital Corporation Investor Relations Contact:
Leo Hinkley, Managing Director, Investor Relations Officer
Bluegreen Vacations Corporation Provides Hurricane Dorian Update
Bluegreen Vacations Corporation (BXG) ("Bluegreen Vacations" or the “Company") today provided an assessment of the impact of Hurricane Dorian on its operations. Several of the Company's resorts in Georgia, the Carolinas and Florida were either in the path of, or anticipated path of, Hurricane Dorian. Current assessments are that physical damage to our properties was minimal. However, given the mandatory evacuations and related resort and sales office closures, the Company experienced cancellations in reservations, sales tours, rentals and other services over the important Labor Day weekend that we believe adversely impacted sales of VOIs in the range of $5.0 million to $7.0 million in the third quarter of 2019. As a result, the Company expects third quarter 2019 Adjusted EBITDA to be adversely impacted in the range of $2.0 million to $3.0 million.
About Bluegreen Vacations Corporation: Bluegreen Vacations Corporation (BXG) is a leading vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in top leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, vacation ownership plan with approximately 217,000 owners, 69 Club and Club Associate Resorts and access to more than 11,300 other hotels and resorts through partnerships and exchange networks as of June 30, 2019. The Bluegreen Resorts Collection, designed to deliver a seamless process for vacationers, features beautiful and unique resorts grouped by theme that range from beachside getaways, to theme park adventures, immersion in the great outdoors, historic and cultural exploration. Bluegreen Vacations also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services, to or on behalf of third parties. Bluegreen is approximately 90% owned by BBX Capital Corporation (BBX) (BBXTB), a diversified holding company. For further information, visit www.BluegreenVacations.com.
About BBX Capital Corporation: BBX Capital Corporation (BBX) (BBXTB) is a Florida-based diversified holding company whose principal investments include Bluegreen Vacations Corporation (BXG), BBX Capital Real Estate, Renin Holdings, and IT’SUGAR. For additional information, please visit www.BBXCapital.com.
Forward-Looking Statements: Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are based on current expectations of management and can be identified by the use of words such as “believe”, “may”, “could”, “should”, “plans”, “anticipates”, “intends”, “estimates”, “expects”, and other words and phrases of similar impact. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those set forth or implied by the forward-looking statements, including but not limited to risks that properties suffered more damage than the Company’s current assessment and that the impact on its sales of VOIs and Adjusted EBITDA will be more or less than the anticipated range. For a description of other risks and uncertainties, please see the “Risk Factors” section of Bluegreen’s Annual Report on Form 10-K for the year ended December 31, 2018. Bluegreen cautions that the foregoing factors are not exclusive. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made. Bluegreen does not undertake, and specifically disclaims any obligation, to update or supplement any forward-looking statements.