Vail Resorts: Higher prices led to revenue hike despite fewer skiers
Execs are ‘pleased’ with results
BROOMFIELD — Despite fewer overall visitors and a strike that disrupted operations at Vail Resorts Inc.’s (NYSE: MTN) largest mountain during one of the busiest times of the skiing calendar, higher pass prices allowed the Broomfield-based company to increase its 2024/2025 season lift revenue.
From the beginning of the current ski season through Jan. 5, 2025, Vail’s visitorship was down 0.3% year over year, while lift ticket sales receipts rose 4.5%.
Ski school and dining sales were up 1.1% and 6.6%, respectively. Retail and rental revenue was down 5.4% compared to the 2023/2024 ski season.
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“We are pleased with our season-to-date results, which reflect the stability provided by our season pass program, our investments in the guest experience, and the execution of our mountain operations teams across all of our mountain resorts,” Vail CEO Kirsten Lynch said in a prepared statement. “Season-to-date results benefited from improved weather conditions, and were impacted by the continued industry demand normalization and the late timing of the Thanksgiving holiday in the current year as expected, along with a shift of destination guest behavior to later in the season.”
Looking ahead to the late portion of the current ski season, “we are expecting improved performance compared to the season-to-date period, with a shift in destination guest visitation, based on our significant base of pre-committed guests, current lodging booking trends, and historical guest behavior patterns,” she said.
Negotiators with Broomfield-based Vail and the Park City Professional Ski Patrol Association union reached a deal last week on a new labor contract, putting an end to a two-week ski patrol strike at the massive Utah resort.
The work stoppage by union members resulted in hours-long waits for ski lifts at the Utah resort, according to social media users. The long waits and limited mountain access left some Park City visitors angry and frustrated with both the striking patrollers and Vail Resorts.
“In addition to the strong start to the winter season, we are pleased to have reached an agreement with the Park City Mountain patrol union that is consistent with the wage structure across all of our mountain resorts,” Lynch said in a statement. “We deeply regret the disruptions caused to our guests during the patrol union strike and are committed to delivering an exceptional and safe experience for our guests, and rebuilding their trust and loyalty.”
Vail is offering a 50%-per-day credit for skiers who bought passes at Park City between Dec. 27, 2024 and Jan. 8, 2025, according to the Salt Lake Tribune.
An Illinois visitor to Park City has filed a class action lawsuit against Vail, Utah radio station KPCW reported last week, claiming that the company had a duty to better inform guests that their experiences would likely be significantly impacted by the strike.
This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2024 BizWest Media LLC.
Despite fewer overall visitors and a strike, higher pass prices allowed Vail Resorts to increase its 2024/2025 season lift revenue.
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