Vail Resorts, Inc. (NYSE: MTN) has reported certain ski season metrics for the comparative periods from the beginning of the ski season through April 14, 2024, and for the prior year period through April 16, 2023. The reported ski season metrics are for the company’s North American destination mountain resorts and regional ski areas, excluding the results of the Australian ski areas and Andermatt-Sedrun in both periods.
Total skier visits were down 7.8% compared to the prior year season-to-date period. However, total lift ticket revenue, including an allocated portion of season pass revenue for each applicable period, was up 3.2% compared to the prior year season-to-date period.
Ski school revenue was up 7.0% and dining revenue was up 2.4% compared to the prior year season-to-date period. On the other hand, retail/rental revenue for North American resort and ski area store locations was down 7.1% compared to the prior year season-to-date period.
Kirsten Lynch, the chief executive officer, highlighted the stability provided by the season pass program and the investments made in resorts and employees. She mentioned that visitation declined but lift revenue increased due to growth in pass sales committed ahead of the season. Ancillary businesses also performed well, with strong growth in spending per visit in ski and ride school, dining, and rental businesses compared to the same period in the prior year.
Lynch also discussed the outlook for fiscal 2024, stating that they now expect to finish the year at or around the low end of the resort reported EBITDA guidance range issued in March 2024, primarily driven by Whistler Blackcomb performance in the March and April period.
She also mentioned that attention is turning to the 2024/2025 season, with spring pass sales underway. To date, through the April deadline, they have seen a modest decline in pass product units and growth in sales dollars. More details will be shared in the third-quarter earnings release in June 2024.
The reported ski season metrics include growth for season pass revenue based on estimated fiscal 2024 North American season pass revenue compared to fiscal 2023 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 period exchange rates to the prior period for Whistler Blackcomb’s results.
Vail Resorts, Inc. is a network of destination and close-to-home ski resorts in the world, including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America. They are passionate about providing an experience of a lifetime to their team members and guests, and their EpicPromise is to reach a zero net operating footprint by 2030, support their employees and communities, and broaden engagement in the sport. As a result of these announcements, the company's shares have moved -4.4% on the market, and are now trading at a price of $204.23. For more information, read the company's full 8-K submission here.
