Tim Boyd, President and C.E.O. Peak Resorts.
Thank you Heather. Good Morning and on behalf of all, I would like to thank you all for your interest in Peak Resorts. We are excited about having the opportunity to talk to investors on this type of a forum for the first time. I would like to begin with some initial remarks to hopefully add some additional color to the data provided in the documents issued yesterday. Additionally, I would like to discuss the business strategy and opportunities for Peak Resorts as we move forward. I would like to give a quick overview of Peak Resorts for those of you who are unable to see our road show presentation. Peak is the leading owner and operator in the day and the overnight drive segment of the ski industry.
We have 13 resorts that serve many of the major metropolitan areas in the Midwestern and the Northeastern parts of the United States. With the success and growing our company through acquisitions and organic growth, we will be paying an attractive qualified dividend with strong coverage ratios. Our release intends to have covered our second quarter and six months results for the fiscal 2015, ended October 31st. Now typically, May through October are clearly the quietest times of the year for our business and our results illustrate that. Because we are getting into the heart of our ski season we feel it is important to spend some time discussing operations during the first two months of our 3rd Quarter. Historically, 90% of our revenue is generated during the 3rd and the 4th quarters. Also even in the 3rd Quarter, January constitutes more than 60% of the revenue for that quarter. With that in mind, I would like to highlight a few items concerning the first two months of our 3rd Quarter.
We have introduced our new RFID direct-to-lift technology for season pass holders at our Midwestern resorts and it has been well received. Our EB-5 program for Mount Snow has continued its progression and we now have more than $19 million in escrow. Our seasonal product sales are up in excess of 11% over our five years average. All the resorts are now 100% open. Through the holiday period our eastern resorts are up 19% over their five years average in Ski business. However our total visits are down by about 8.5% due to the late opening of our Midwest resorts. The Midwest properties are actually better positioned to make up this type of early season deficit due to their closer proximity to the customer base.
It should be noted that we are just getting started into the mid of our season which runs all the way into April. With this being a small snap shot and the bulk of the season still in front of us, our view of the ski season is still that it is more of a marathon than a sprint. We have spent almost $50 million in the last five years on major infrastructure upgrades at our existing resorts. These have included snow making, droving and look projects. We finished the last of these this summer with the $3 million snow making upgrade at Mount Snow, Attitash and Wild Cat. These infrastructure upgrades typically have 30 to 40 year lives.Our new shareholders will now realize the benefit of having these major capback infrastructure upgrades finished for our existing portfolio, which will now allow us to return to our normalized maintenance cap-backsnumber of approximately 5% of our revenue.
