SAM Magazine—Broomfield, Colo., Dec. 11, 2024—Vail Resorts (VR) has reported results for the first quarter of fiscal 2025 ended Oct. 31 and provided season pass sales results for the 2024-25 season.

For the quarter, financial results were similar to the prior-year period. Total net revenue increased $1.7 million, or 0.7 percent, to $260.3 million. Net loss was $172.8 million for the first quarter of fiscal 2025 compared to a net loss of $175.5 million in 2024. EBITDA loss was $139.7 million for the first quarter of fiscal 2025, compared to $139.8 million for fiscal 2024's first quarter.

Kirsten Lynch, VR's CEO, said, "Our first fiscal quarter historically operates at a loss, given that our North American and European mountain resorts are generally not open for ski season." The quarter's results were driven by a decline in winter operations revenue in Australia, "due to record low snowfall and lower demand," offset by growth in summer activities spending and lodging revenues in North America.

Pass product sales through Dec. 3 for the upcoming 2024-25 North American ski season decreased approximately 2 percent in units and increased approximately 4 percent in sales dollars compared to the prior year. Lynch said that "the absolute number of new [season pass] guests was smaller compared to the prior year, driving the overall unit decline." Lynch added that "Epic Day Pass products achieved unit growth driven by the strength in renewing pass holders."

Pass sales this fall, from Sept. 21 through Dec. 3, 2024, were relatively strong: they grew 1 percent in units and 7 percent in sales dollars compared to prior year, "which we believe reflects delayed decision making," Lynch noted. 

All this suggests that Epic Pass sales have plateaued, albeit at a high level. Over the last four years, Lynch said, pass product sales for the North American ski season "have grown 59 percent in units and 47 percent in sales dollars." VR expects to have "approximately 2.3 million guests committed to our 42 North American, Australian, and European resorts in advance of the season ... which are expected to generate over $975 million of revenue and account for approximately 75 percent of all skier visits," she said. During a call with Wall Street analysts, VR spokespersons noted that VR has a database of 25 million potential customers.

Lynch noted that the 2024-25 season is off to a better start than last year for some resorts. "Conditions have allowed us to open some resorts earlier than anticipated, including Whistler Blackcomb, Heavenly, Northstar, Kirkwood, and Stevens Pass," and have "enabled our Rockies resorts to open with significantly improved terrain relative to the prior year." On the downside, she noted lodging bookings for Whistler Blackcomb "are lagging prior year levels, which may reflect delayed decision-making following challenging conditions" in 2023-24.