Vail Resorts reports news on a global mountain resort network that includes destination and regional ski areas in North America, Switzerland and Australia. Recurring updates cover Epic Pass products, season pass sales, skier visits, lift revenue, ski school, dining, retail and rental activity, and weather-related effects on resort operations.
The company also announces financial results and guidance, summer and winter resort operations, food and beverage offerings, rental technology initiatives such as My Epic Gear, and lodging and hospitality activity tied to RockResorts, vacation rentals, condominiums and the Grand Teton Lodge Company.
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Vail Resorts, Inc. (NYSE: MTN) reported a strong ski season performance for the period ending April 16, 2023. Key metrics include a 6.1% increase in total skier visits and a 4.0% rise in total lift ticket revenue compared to the same period in the prior year. Significant growth was reported in ancillary revenues: ski school revenue surged by 26.4%, dining revenue by 35.3%, and retail/rental revenue by 21.8%. Despite weather-related disruptions, visitation and spending outperformed last year, with improved guest satisfaction. Looking forward, spring pass sales are showing solid growth, particularly in the Northeast, as Vail Resorts prepares for the 2023/2024 season, highlighting the effectiveness of their advance commitment strategy.
Whistler Blackcomb, North America's largest ski resort, appointed Belinda Trembath as Vice President & Chief Operating Officer, effective May 15, 2023. With over 30 years of experience in the ski industry, Trembath has held significant roles, including Vice President & General Manager at prominent Australian resorts like Perisher and Mt. Hotham. Trembath's leadership during the pandemic has been notable, aiding in the successful operations of multiple resorts. She aims to preserve mountain cultures while enhancing experiences for employees and guests. Recently, Whistler Blackcomb was recognized as the best ski resort in North America by Condé Nast Traveler. Trembath's responsibilities will encompass Mountain Operations, Food & Beverage, and more.
Vail Resorts (NYSE: MTN) has introduced My Epic Gear, a new membership program slated for launch before the 2024/25 winter season. This program allows members to select preferred ski and snowboard gear, available for both full-season and daily use, with guaranteed delivery at participating resorts. Members benefit from customized boot fittings and the convenience of slopeside drop-off and pick-up, managed through the My Epic app. The offering aims to provide the advantages of gear ownership without the associated hassles. A pilot will run during the 2023/24 season for select Epic Pass Holders at various resorts.
Vail Resorts, Inc. (MTN) reported a net income of $208.7 million for Q2 FY2023, down from $223.4 million in Q2 FY2022. Resort EBITDA was $394.8 million, just below last year's $397.9 million. Season-to-date skier visits rose 3.6%, and lift revenue increased by 2.5%. The company raised its fiscal 2023 guidance, expecting net income between $282 million and $328 million, and EBITDA between $831 million and $859 million. An 8% dividend increase to $2.06 per share was approved, alongside a 2.5 million share repurchase authorization. Weather disruptions impacted visitation, particularly in Eastern U.S. resorts, affecting operational days and revenue.
Vail Resorts announces the launch of the 2023/24 Epic Pass options, available for purchase at competitive prices: Epic Pass at $909, Epic Local Pass at $676, and customizable Epic Day Pass starting at $86 per day. Key enhancements include a new Mobile Pass feature allowing access via smartphones, eliminating plastic waste. Vail Resorts is investing in additional lift upgrades across key resorts, including Breckenridge and Whistler Blackcomb, enhancing guest experience. The company has also expanded European partnerships, enhancing ski access. Notably, no reservations are required for most resorts for the upcoming season, adding convenience.