Park City Mountain owner Vail Resorts reported a 2% year-over-year decline in Epic Pass sales during its quarterly earnings call Dec.
Despite selling fewer passes, revenue from pass sales is up 4% year-over-year. The company attributed that to the 8% increase in Epic Pass prices this season.
Vail Resorts CEO Kirsten Lynch said a total of 2.3 million passholders are expected to generate more than $975 million in revenue this winter. She estimates they will account for about 75% of all skier visits at Vail’s 42 mountains in North America, Europe and Australia.
"Our North American pass sales highlight strong loyalty with growth among renewing pass holders across all geographies,” Lynch said. “For the full selling season, the company acquired a substantial number of new pass holders, however the absolute number of new guests was smaller compared to the prior year, driving the overall unit decline for the full season.”
Over the last four years, Vail said Epic Pass sales have grown by 59%, resulting in a 47% increase in sales dollars.
Lynch said the company is pleased with early season conditions at resorts across the western half of the U.S. The back bowls at Colorado’s Vail Mountain had the earliest opening since 2018 this season.
Here in Utah, the company is moving forward with several capital projects in Park City.
Vail plans to install a new 10-person gondola to replace the existing Sunrise chairlift in Canyons Village close to the Pendry Plaza. Park City Mountain plans to open the gondola ahead of the 2025-2026 winter season.
Vail also announced plans Monday to expand the existing Red Pine Lodge at Canyons Village, close to where the new gondola will drop off skiers and riders. It also plans to enhance beginner terrain near the lodge.
At the base of Canyons, Vail is expected to break ground on a new parking garage with more than 1,800 spaces in the spring. It will replace the Cabriolet lot and upper lots which will be redeveloped.
Lynch said more improvements are envisioned for Park City in the coming years.
“Planning of additional investments at Park City Mountain, across the mountain experience, is underway and additional projects will be announced in the future,” the CEO said.
The resort abandoned plans to develop the base area parking lots at Mountain Village in 2023. Park City Mountain Vice President and Chief Operating Officer Deirdre Walsh previously told KPCW the resort remains committed to the redevelopment project.
Vail reported a net loss of $172 million for the first quarter, which the company said historically operates at a loss during that time because its North American and European resorts are not yet open for the ski season. Its fiscal year runs from August to July.
Vail’s stock (MTN) jumped 3% in after hours trading Monday as earnings results beat Wall Street expectations.
During its last quarterly report in September, Vail announced plans to cut 14% of its corporate workforce through a two-year efficiency plan projected to save the company $100 million.
