Vail Resorts releases results for first quarter of 2023, including 6% increase in pass sales

Photo: Kyle Cartwright, Vail Resorts

BROOMFIELD, Colo. — Vail Resorts reported its fiscal results yesterday for the first quarter of fiscal 2023, which ended on October 31.

According to the report, highlights for this quarter included:

Net loss attributable to Vail Resorts, Inc. was $137.0 million. During the same quarter last year, the net loss attributable to Vail Resorts, Inc. was $139.3 million.
Reported EBITDA loss was $96.5 million, compared to a Resort Reported EBITDA loss of $108.4 million for the first quarter of fiscal 2022.
Pass product sales through December 5, 2022, for the upcoming 2022/2023 North American ski season increased approximately 6% in units and approximately 6% in sales dollars when compared to the period in the prior year through December 6, 2021.
The company reaffirmed its guidance for the fiscal year 2023 of $321 million to $396 million of net income attributable to Vail Resorts, Inc. and $893 million to $947 million of Resort Reported EBITDA.
The company declared a quarterly cash dividend of $1.91 per share of Vail Resorts’ common stock that will be payable on January 10, 2023, to shareholders of record as of December 27, 2022.

“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 operations during the period,” Kirsten Lynch, chief executive officer of Vail Resorts, said. “The quarter’s results are primarily driven by winter operating results from our Australian resorts and our North American resorts’ summer activities, dining, retail/rental and lodging operations, and administrative expenses. We are pleased with our results for the quarter, with Resort Reported EBITDA improving compared to the prior year period, primarily driven by the strong demand and visitation at our Australian resorts. ”