SAM Magazine—Broomfield, Colo., June 13, 2023—Vail Resorts showed strong visits and revenues for the fiscal third quarter ended April 30. That helped offset soft early-season, weather-related results in the Northeast and Tahoe regions, according the company. VR also reported that early season pass sales for 2023-24 were up 6 percent in units and 11 percent in dollars, thanks in part to an 8 percent increase in pass prices.

For the quarter, mountain revenues were up 5.5 percent compared to 2022, while expenses rose 10 percent, due mostly to increased employment and higher wages in 2023. Still, EBITDA for the combined mountain and lodging divisions was $623.3 million compared to $610.5 million a year earlier. 

For the full nine months of fiscal 2023, which includes nearly the entire winter season, mountain division net revenue was up 16 percent, while operating expense rose 25 percent. EBITDA rose 4.6 percent.

Skier visits were up 6.2 percent for the quarter, to 9.2 million, and up 14 percent for the nine months, totaling 18.5 million for the season to date. Effective ticket price was $73.46 for the nine month period, vs. $76.82 in the prior year period, a decline of 4.4 percent.

Ancillary businesses—ski school, rental/retail, and food & beverage—all rose vs. the 2022 period, which was still impacted to an extent by Covid limitations. Ski school revenues were up 20 percent, food and beverage, 27 percent—though the F&B number remained below pre-Covid levels. During the earnings call with financial analysts, CEO Kirsten Lynch added that VR has "very specific plans in place next year to continue to build and get that business back to where it was pre-Covid."

VR's commitment to raise pay levels for the 2022-23 season appeared to pay off. "Staffing levels enabled our mountain resorts to deliver a strong guest experience, resulting in a significant improvement in guest satisfaction scores, which exceeded pre-Covid levels at our destination resorts," said Lynch.

For 2023-24 pass sales, Lynch noted that increases spanned most geographies, and were strongest relative to 2022-23 in the Northeast, and among regional unlimited passes and Epic Day Passes. She also noted that given the company's aggressive push to re-up existing passholders, "we expect the full year pass sales growth rate may moderate relative to our spring growth rate."

Lynch also noted that sales of the Epic Australia Pass rose 16 percent in units for the upcoming 2023 season.

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