Vail Resorts’ profits rise as skier visits fall by 10%

Photo: Vail Resorts

'Vail Resorts was negatively impacted by challenging conditions at all of our North American resorts, with approximately 42% lower snowfall across our western North American resorts through January compared to the same period in the prior year' ~ Vail Resorts CEO, Kirsten Lynch

BROOMFIELD, Colo. — Vail Resorts, Inc. (NYSE: MTN) released its second quarter of fiscal 2024 results on Monday. The report highlighted the company’s resilience amid unfavorable conditions, with a net income increase for the quarter to $219.3 million from $208.7 million year-over-year.

Vail Resorts reports a 9.7% drop in season-to-date skier visits. The company saw a 2.6% increase in lift revenue and a 5.5% increase in ski school revenue.

Vail Resorts CEO Kirsten Lynch said that finances “were negatively impacted by challenging conditions at all of our North American resorts, with approximately 42% lower snowfall across our western North American resorts through January compared to the same period in the prior year.”

Despite fewer skiers and snow, the company also announced an 8% increase in its quarterly dividend to $2.22 per share and updated its fiscal 2024 guidance, expecting net income between $270 million and $325 million.

Lynch credited the positive financial results to strategic business model resilience, stable season pass results, and disciplined cost management despite lower snowfall and challenging conditions.

“Given the unfavorable conditions across our North American resorts, we are pleased that our results for the quarter demonstrate the resiliency of our strategic business model and our network of resorts and loyal guests.”

The report credits Park City Mountain with part of its financial success, saying ski school revenue increased $3.2 million, or 2.6%, primarily driven by increased revenue at our resorts in Colorado and Park City, which benefited from an increase in guest spending per visit.

The company also shared its commitment to continue progress with the installation of the Sunrise lift at Canyons Village. The Sunrise lift with a new 10-person gondola in partnership with the Canyons Village Management Association is slated for calendar year 2025, which the company says will provide improved access and enhanced guest experience for existing and future developments within Canyons Village.

Vail Resorts is a network of the best destination and close-to-home ski resorts in the world, including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America