SAM Magazine—Broomfield, Colo., June 6, 2024—Vail Resorts (VR) has reported results for the third quarter of fiscal 2024 ended April 30, 2024, along with early season pass sales and almost-complete-season results.

While lift, ski school, and dining revenues were up all up, total skier visits for the quarter were down 3.2 percent year-over-year. Product sales for the 2024-25 North American season also experienced a decrease in units and a slight increase in sales dollars.

VR CEO Kirsten Lynch considered the 2023-24 results favorable given the weather-related challenges experienced across the company’s portfolio, with its western resorts receiving approximately 28 percent lower snowfall for the full winter season compared to the prior year and its eastern resorts (Midwest, Northeast, and Mid-Atlantic) experiencing limited natural snow and warm temperatures.

 "Despite these challenges, the company grew resort net revenue and resort reported EBITDA to record levels in the third quarter,” said Lynch.

"Given the unfavorable conditions ... we were pleased to see improved results in March and April, with visitation across our western North American resorts in particular benefiting from improved conditions,” she added.

Total skier visits for the third fiscal quarter were down 3.2 percent compared to the year prior. For the first nine months of fiscal 2024 (Aug. 1, 2023 through April 30, 2024) for all North American, European, and Australian resorts, visits totaled 16.865 million, down 9 percent from 18.543 million for the same months in 2022-23. For Northern Hemisphere resorts, visits were down 7.7 percent.

Lynch ascribed the 7.7 percent decline in total skier visits to "a combination of unfavorable conditions and broader industry normalization post-COVID following record visitation in the U.S. during the 2022-23 ski season.

Conversely, net income was $362.0 million for the third fiscal quarter of 2024 compared to $325.0 million in the same period in the prior year. And Resort Reported EBITDA was $654.4 million for the third quarter of fiscal 2024, up from $623.3 million in the prior year.

Total lift revenue increased 5 percent compared to the same period in the prior year, to $745.7 million for the three months ended April 30.

Non-pass (day lift ticket) revenues declined 17 percent for the North American and European ski season compared to the prior season, with declines across all regions. Meanwhile, effective ticket price for the nine-month period was $82.69, up 12.6 percent from $73.46 for the same nine-month period in 2022-23.

In respect to ancillary revenue streams, ski school revenue increased 11.1 percent and dining revenue increased 7.7 percent, while retail/rental revenue fell 8.7 percent.

Looking ahead, pass product sales through May 2024 for the upcoming 2024-25 North American ski season decreased approximately 5 percent in units—the first such decline in memory—and increased approximately 1 percent in sales dollars as compared to the prior year.

While long-tenured Epic Passholders renewed at a high rate, recent converts were slower than usual to renew, and VR recorded fewer first-time Epic buyers.

Lynch said that capital investments for calendar year 2024 would total approximately $189 million to $194 million at VR’s resorts, with an additional $13 million in gear and fulfillment infrastructure to support the official launch of My Epic Gear for the 2024-25 season at 12 destination and regional resorts and $11 million of growth capital investments at Andermatt-Sedrun in Switzerland. The total capital plan for calendar year 2024 runs to approximately $219 million to $224 million.