Vail Resorts Reports Decrease In Skier Visits For Winter '23/'24

While Epic pass visits at Vail Resorts eventually bounced back when the snow finally began to fall in the latter half of the season, lift ticket visits remained lower than hoped, particularly at Whistler Blackcomb, British Columbia.

"When conditions improved, visitation at our Tahoe resorts responded as expected; however, visitation at Whistler Blackcomb remained below expectations," said Kirsten Lynch, Vail Resorts' CEO, in a quote shared for the release.

Despite the season-wide decline in visitation, Vail Resorts kept doing what it does best: making money. Thanks to continued pass product sales, the conglomerate saw a 3.2% increase in lift ticket revenue this season compared to the prior year (Vail Resorts' metric for this increase includes lift ticket and Epic pass sales).

"While visitation declined, our lift revenue increased driven by the growth in pass sales committed ahead of the season," said Lynch.

In a 2023 presentation given to investors, Vail Resorts explained that its core business strategy is securing pre-season cash flow with Epic pass sales via a process it calls "advance commitment."

According to a slide shared in the presentation, by requiring "a decision before the season starts," the conglomerate insulates itself from "macroeconomic changes" and funky weather that might turn off skiers who haven't already purchased a pass.

Vail Resorts' ancillary businesses—stuff like dining and ski school—performed well for the most part, too. Ski school revenue jumped 7.0%, and dining revenue increased 2.4% compared to the prior year. In contrast, retail and rental revenue fell 7.1%.

Ever forward-thinking, Vail Resorts concluded the release by addressing its ongoing 2024-2025 Epic pass sales. "We will have more to share in our third-quarter earnings release in June 2024," Lynch said.