Vail Resorts, the snow industry’s largest ski resort owner with 41 ski areas, numerous hotels, and more than 250 retail and rental locations across North America, released its Fiscal 2022 Fourth Quarter and Full Year Results Wednesday.
The company reported strong growth across all areas this year versus last year, primarily due to the reduced impact of COVID-19. It also noted an increase in North American season pass sales for the upcoming season.
Season Passes
- Pass sales through September 23 increased 6% in units and 7% in dollars compared to the prior year
- Approximately 72% of skier visitation at North American resorts in 2021-22 came from pass product holders
- The strongest season pass growth was from Epic Day Pass products, attracting lower frequency guests into new passes for select regional and local resorts
CEO Kirsten Lynch said that pass sales growth for the upcoming season was driven by renewing pass holders and noted that lift ticket sales will be limited at Vail Resorts during the 2022/23 season in an effort to prioritize pass holders and alleviate crowding on peak days.
“Advance commitment continues to be the foundation of our strategy, shifting guests from short term refundable lift ticket purchases to nonrefundable pass commitment before the season starts, in exchange for value,” she said. “We are very pleased with the results.”
For the full year ended July 31, 2022:
- Total net revenue rose 32.3% to $2.5 billion
- EBITDA was $836.9 million for fiscal 2022 versus $544.7 million for fiscal 2021
- Net income was $347.9 million for fiscal 2022 versus $127.9 million for 2021
- Total lift revenue increased 21.7%
- Ski school revenue increased 55.1%
- Dining revenue increased 77.6%
- Retail/rental revenue increased 36.7%
- Lodging segment increased 51.2%
- The company’s Australian ski resorts experienced record visitation driven by strong demand following two years of COVID-19 related disruptions
2023 Outlook
- Vail expects its fiscal 2023 EBITDA to be between $893 million and $947 million
- The company’s capital plan for 2023 is expected to be approximately $191 million to $196 million, primarily focused on new and replacement lifts
Investments
Vail is investing approximately $175 million in employees for the upcoming year. The company said it achieved full staffing levels for summer in North America and across its three Australian resorts for winter. It believes it’s on track for full staffing levels this winter.
The company has 18 lift projects on track for the 2022/2023 season, but three lift projects including in Park City, Whistler Blackcomb, and Keystone, have been delayed and are expected to be completed in calendar year 2023, subject to approvals.
Vail Resorts includes Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun in Switzerland; and Perisher, Hotham, and Falls Creek in Australia.
