Vail: Epic Pass sales up, 2.4M committed guests expected this season

BROOMFIELD — Vail Resorts Inc. (NYSE: MTN) expects 2.4 million guests to buy advanced passes to its global ski resorts.

Sales of Epic Passes in North America were up 4% year-over-year in terms of units sold and up 11% in total sales receipts, the Broomfield-based resort operator said in its earnings report for the first quarter of fiscal year 2024.

“We are pleased with the results of our season pass sales, which continue to demonstrate the compelling value proposition of our pass products, our network of mountain resorts, the strong guest experience created at each mountain resort and our commitment to continually invest in the guest experience,” Vail CEO Kirsten Lynch said in a prepared statement.

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Sales for the first quarter of 2024 were down 7.5% year-over-year to $258.6 million.

Net loss attributable to Vail Resorts Inc. was $175.5 million in the most recent quarter, compared with a loss of $137.0 million in the same period last year.

“Our first fiscal quarter historically operates at a loss, given that our North American and European mountain resorts are generally not open for ski season operations during the period. The quarter’s results are primarily driven by winter operating results from our Australian resorts and our North American resorts’ summer activities, dining, retail/rental and lodging operations, and administrative expenses,” Lynch said in a statement.

Looking ahead to the ski season, she said the company is “encouraged by staffing levels on track to deliver an outstanding guest experience and the strength of our pass sales, though it is important to note that our growth in pass sales is expected to be partially offset by reduced lift ticket sales as we continue to successfully convert guests from lift tickets to pass products. In addition, there continues to be uncertainty around the economic outlook and the impact that may have on travel and consumer behavior as we head into our primary operating season.”