Vail Resorts, Inc. reported certain ski season metrics for the 2024/25 season-to-date (STD) period that ended on April 20.
The company’s reported metrics are for its North American mountain resorts and regional ski areas, excluding the results of the Australian and European resorts and ski areas in both periods and compared to the prior-year STD period ended April 21, 2024.
Vail Resorts, a network of destination and “close-to-home” ski resorts worldwide, includes Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 resorts across North America; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland; and Perisher, Hotham, and Falls Creek in Australia. In the 2024/25 STD period, the company reported that total skier visits in North America declined 3.1 percent compared to the prior-year STD period.
Season-to-date total lift ticket revenue, including an allocated portion of season pass revenue for each applicable period, was up 3.4 percent compared to the prior-year STD period.
Season-to-date ski school revenue was up 2.7 percent, and dining revenue was up 2.2 percent compared to the prior-year STD period. Retail/rental revenue for North American resort and ski area store locations was down 4.0 percent compared to the prior year season-to-date period.
“As the 2024/25 North American winter season nears completion, our overall results highlight the stability provided by our season pass program, our investments in the guest experience and the strong execution of our teams across all of our mountain resorts,” shared Vail Resorts CEO Kirsten Lynch. “Season-to-date visitation across the company’s 37 North American mountain resorts reflects the benefits from improved weather conditions, offset by the expected continued industry demand normalization.”
Lynch said destination visitation among pre-committed passholder customers improved as expected in March and April; however, visitation from lift ticket customers was below company expectations.
“Although visitation declined, lift revenue increased compared to the prior year period, driven by the growth in season pass revenue committed ahead of the season,” Lynch continued. “Ancillary spend per destination guest visit showed continued strength across our ski school and dining businesses, while overall revenue growth in our ancillary businesses was impacted by the lower mix of destination visitation. Overall, the results throughout the 2024/25 North American ski season demonstrate the resiliency of our strategic business model and our network of resorts and loyal guests.”
Regarding the outlook for fiscal 2025, Lynch added, “As a result of the lower-than-expected lift ticket visitation in the spring period, the company expects Resort Reported EBITDA for fiscal 2025 to be in the lower half of the guidance range issued on March 10, 2025.”
Lynch said Vail Resort is focused on its “Resource Efficiency Transformation” plan and “strong cost discipline” expected to partially mitigate the impacts of the lower visitation.”
“Our attention is turning to the 2025/26 season, with spring pass sales underway,” the CEO noted. “The first pass deadline occurred on April 13, 2025, amid significant macroeconomic volatility, and it is currently unknown what, if any, impact that had on early pass decision making.”
Pass product units were reported by the company to be “down slightly,” while sales dollars grew versus the prior year through the April sales deadline, and renewals among tenured pass holders were up significantly from the prior period.
“The April sales deadline only impacts a portion of our pass holders eligible for buddy ticket benefits.”
Basis of Presentation
Vail Resort’s reported ski season metrics include growth for season pass revenue based on estimated fiscal 2025 North American season pass revenue compared to fiscal 2024 North American season pass revenue. The metrics include all North American destination mountain resorts and regional ski areas and are adjusted to eliminate the impact of foreign currency by applying current exchange rates to the prior period for Whistler Blackcomb’s results.
The data discussed is interim period data and subject to fiscal quarter-end review and adjustments.
Image courtesy Park City Mountain/Vail Resorts, Inc.
