Vail Resorts

Last updated

Vail Resorts, Inc.
Company type Public
Founded1997;28 years ago (1997)
Headquarters Broomfield, Colorado, U.S.
Key people
RevenueDecrease2.svg US$2.89 billion (FY2024)
Decrease2.svg US$491 million (FY2024)
Decrease2.svg US$230 million (FY2024)
Total assets Decrease2.svg US$5.70 billion (FY2024)
Total equity Decrease2.svg US$1.04 billion (FY2024)
Number of employees
7,600 (FY2024)
Website vailresorts.com
Footnotes /references
[1]

Vail Resorts, Inc. is an American mountain resort company headquartered in Broomfield, Colorado. The company is divided into three divisions. The mountain segment owns and operates 42 mountain resorts in four countries. Vail Resorts Hospitality owns or manages hotels, lodging, condominiums, and golf courses, and the Vail Resorts Development Company oversees property development and real estate holdings.

Contents

History

Vail Resorts was founded as Vail Associates Ltd. by Pete Seibert and Earl Eaton in the early 1960s. Eaton, a lifelong resident, led Siebert (a former WWII 10th Mountain Division ski trooper) to the area in March 1957. They both became ski patrol guides at Aspen, Colorado, when they shared their dream of finding the "next great ski mountain." Siebert set off to secure financing, and Eaton engineered the early lifts. Their Vail ski resort opened in 1962. [2] George N. Gillett Jr. purchased Vail Associates in 1985. [3] Vail Associates changed its name to Vail Resorts and went public in 1997 [4] after Gillett Holdings went bankrupt. [5]

Rob Katz, a former executive at Apollo, ran Vail Resorts as CEO until November 2021, when he was appointed executive chairperson of the board. Kirsten Lynch, the company's former chief marketing officer, then took over as CEO. [6]

In June 2024, Vail Resorts reported lower-than-expected revenue during the February-April quarter due to a significantly warmer-than-anticipated winter across western North American resorts, with snowfall 28% lower than average. The company generated $1.28 billion in revenue during the quarter despite the stabilizing effect of its Epic Pass program, which allows customers to purchase a season pass for its North American resorts at a significant upfront cost. However, Vail's stock price has declined by 50% since its October 2021 peak of $360. While this past winter was one of the warmest on record for the company, concerns exist that future winters may even be warmer. [7]

Criticism

Some of Vail Resort's acquisitions have fueled anger among local residents. Locals complain that the Vail's pass structure caters to wealthy international pass holders and reduces access to nearby residents; additionally, residents have seen their cost-of-living increase following Vail's takeovers. [8] [9]

Vail Resorts’ visitors often complain about long lines. [10] The long lines are often caused by ski patrol striking due to inflated property values and inadequate wages. [11]

A shareholder, Late Apex Partners, called for massive changes to the company—including a sweep of both the c-suite and board—after five years of significant underperformance by Vail. [12]

All of the aforementioned items, among other things, have contributed to Vail’s poor reputation and earned the company the appellation “Evil Empire.” [13]

RockResorts

In 2001, Vail Resorts acquired the luxury hotel chain RockResorts, contributing substantially to its brand recognition. RockResorts was named after its original owners, the Rockefeller Family. As of January 2017, the properties include:

The Pines Lodge at Beaver Creek, CO
The Lodge at Vail, CO
The Osprey at Beaver Creek, CO
The Arrabelle at Vail Square, CO
One Ski Hill Place at Breckenridge Ski Resort
The Grand Summit Hotel in Park City Utah

List of resorts

Vail Resorts operates 42 ski resorts in the United States, Canada, Australia and Switzerland including, notably, the Vail, Beaver Creek, Breckenridge, Keystone, and Crested Butte ski areas in Colorado, and Northstar California, Kirkwood Mountain Resort, and Heavenly Mountain Resort on the California-Nevada border. In British Columbia, Canada, they also acquired the largest ski resort in North America: Whistler Blackcomb. Vail Resorts offers a variety of multi-resort season passes under the Epic Pass program. The Epic Pass also has partnerships that allow access to several other resorts in the US, Canada, Japan, France, Switzerland, Austria, and Italy. [14]

NameLocationNumber of liftsDate openedDate acquiredNotes
Afton Alps Flag of the United States.svg Hastings, Minnesota 221963 December 212012 December 6 [15]
Alpine Valley Flag of the United States.svg Chesterland, Ohio 519652019 September 24Bought from Peak Resorts along with 16 other mountains.
Andermatt-Sedrun Flag of Switzerland (Pantone).svg Andermatt, Uri, Central Switzerland 192022 March 28Vail owns a 55% share of the resort [16]
Attitash Mountain Flag of the United States.svg Bartlett, New Hampshire 91965 January 262019 September 24Bought from Peak Resorts along with 16 other mountains.
Beaver Creek Resort Flag of the United States.svg Beaver Creek, Colorado 251980 December 15—
Big Boulder Flag of the United States.svg Lake Harmony, Pennsylvania 1019472019 September 24Bought from Peak Resorts along with 16 other mountains.
Boston Mills-Brandywine Flag of the United States.svg Peninsula, Ohio 1619632019 September 24Bought from Peak Resorts along with 16 other mountains.
Breckenridge Ski Resort Flag of the United States.svg Breckenridge, Colorado 321961 December 161996 [17]
Crans-Montana Flag of Switzerland (Pantone).svg Crans-Montana, Sierre, Valais, Switzerland 192023 November 30 [18]
Crested Butte Mountain Resort Flag of the United States.svg Crested Butte, Colorado 161961 November 232018 September 27Acquired through Triple Peaks, LLC, in addition to Mount Sunapee and Okemo, alongside purchase of Stevens Pass. [19]
Crotched Mountain Flag of the United States.svg Bennington, New Hampshire 51969 December 142019 September 24Bought from Peak Resorts along with 16 other mountains.
Falls Creek Flag of Australia (converted).svg Bogong High Plains, Victoria, Australia1419462019 February 22Bought from Merlin Entertainments along with Hotham.
Heavenly Mountain Resort Flag of the United States.svg South Lake Tahoe, California 301955 December 15 [20] 2002 March 26
Hidden Valley Flag of the United States.svg Eureka, Missouri 919822019 September 24Bought from Peak Resorts along with 16 other mountains.
Hidden Valley Resort (Pennsylvania) Flag of the United States.svg Hidden Valley, Pennsylvania 419582021 December 31Bought from Seven Springs Mountain Resort, Inc. and affiliates along with two other resorts. [21]
Hotham Alpine Resort Flag of Australia (converted).svg Mount Hotham, Victoria, Australia1419252019 February 22Bought from Merlin Entertainments along with Falls Creek.
Hunter Mountain Flag of the United States.svg Hunter, New York 151960 January 92019 September 24Bought from Peak Resorts along with 16 other mountains.
Jack Frost Flag of the United States.svg White Haven, Pennsylvania 1819722019 September 24Bought from Peak Resorts along with 16 other mountains.
Keystone Resort Flag of the United States.svg Keystone, Colorado 201970 November 211996
Kirkwood Mountain Resort Flag of the United States.svg Kirkwood, California 1519722012 February 22 [22]
Laurel Mountain Flag of the United States.svg Somerset County, Pennsylvania 119392021 December 31Bought from Seven Springs Mountain Resort, Inc. and affiliates along with two other resorts. [21]
Liberty Mountain Resort Flag of the United States.svg Fairfield, Pennsylvania 919602019 September 24Bought from Peak Resorts along with 16 other mountains.
Mad River Mountain Flag of the United States.svg Zanesfield, Ohio 1219622019 September 24Bought from Peak Resorts along with 16 other mountains.
Mount Brighton Flag of the United States.svg Brighton, Michigan 1219602012 December 6 [15]
Mount Snow Flag of the United States.svg West Dover, Vermont 2019542019 September 24Bought from Peak Resorts along with 16 other mountains.
Mount Sunapee Resort Flag of the United States.svg Newbury, New Hampshire 111948 December 262018 September 27Acquired through Triple Peaks, LLC, in addition to Crested Butte and Okemo, alongside purchase of Stevens Pass. [19] The first resort in New Hampshire to be operated by Vail. Owned by the State of NH but operated alongside Okemo [23]
Northstar California Flag of the United States.svg Truckee, California 201972 December2010 October 25 [24]
Okemo Mountain Resort Flag of the United States.svg Ludlow, Vermont 201956 January 312018 September 27Acquired through Triple Peaks, LLC, in addition to Crested Butte and Mount Sunapee, alongside purchase of Stevens Pass. [19]
Paoli Peaks Flag of the United States.svg Paoli, Indiana 81978 December2019 September 24Bought from Peak Resorts along with 16 other mountains.
Park City Mountain Resort Flag of the United States.svg Park City, Utah 411963 December 212013 May 29 (Canyons)

2014 September 11 (Park City)

In 2015, Vail merged the Park City and Canyons resorts under the Park City Mountain Resort name, connecting them with a gondola. [25] [26]
Perisher Ski Resort Flag of Australia (converted).svg Perisher Valley, Australia 4619512015 March 30Vail's first Australian property.
Roundtop Mountain Resort Flag of the United States.svg Lewisberry, Pennsylvania 71964 November 282019 September 24Bought from Peak Resorts along with 16 other mountains.
Seven Springs Mountain Resort Flag of the United States.svg Seven Springs, Pennsylvania 1419372021 December 31Bought from Seven Springs Mountain Resort, Inc. and affiliates along with two other resorts. [21]
Snow Creek Flag of the United States.svg Weston, Missouri 519862019 September 24Bought from Peak Resorts along with 16 other mountains.
Stevens Pass Flag of the United States.svg Skykomish, Washington 1019372018 August 15Purchased and announced alongside Crested Butte, Mount Sunapee, and Okemo. [19]
Stowe Mountain Resort Flag of the United States.svg Stowe, Vermont 121937 February 72017 February 21Vail's first resort on the East Coast of the United States. [27]
Vail Ski Resort Flag of the United States.svg Vail, Colorado 311962 December 15—The third-largest ski resort in the United States.
Whistler Blackcomb Flag of Canada (Pantone).svg Whistler, British Columbia, Canada 371966 January 152016 August 8Vail owns a 75% interest in Whistler & Blackcomb Partnerships, and the remaining 25% is owned by Nippon Cable
Whitetail Resort Flag of the United States.svg Mercersburg, Pennsylvania 919912019 September 24Bought from Peak Resorts along with 16 other mountains.
Wildcat Mountain Ski Area Flag of the United States.svg Gorham, New Hampshire 51958 January 252019 September 24Bought from Peak Resorts along with 16 other mountains. Wildcat trail initially cut by CCC in 1933; original gondola started operation in 1958. Peak Resorts acquired Wildcat in 2010.
Wilmot Mountain Flag of the United States.svg Wilmot, Wisconsin 111938 February2016 January 19

References

  1. ↑ "Vail Resorts, Inc. FY 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 26 September 2024.
  2. ↑ Lauren Moran (March 19, 2011). "Vail visionaries". Vail Daily . Swift Communications . Retrieved June 16, 2018.
  3. ↑ Randy Wyrick (May 20, 2011). "1985: The year the deals got done". Vail Daily. Swift Communications . Retrieved June 16, 2018.
  4. ↑ "Vail Resorts Inc. - 10-K Annual Report". Getfilings.com. September 30, 1997. Retrieved June 16, 2018.
  5. ↑ "Gillett Bankruptcy Filing". The New York Times . Associated Press. August 18, 1992. Retrieved June 16, 2018.
  6. ↑ LaConte, John (2 November 2021). "Kirsten Lynch begins new role as Vail Resorts CEO". www.aspentimes.com. Retrieved 2022-03-15.
  7. ↑ Badenhausen, Kurt (2024-06-06). "VAIL RESORTS MISS Q3 REVENUE, EPS ESTIMATES AS STOCK SINKS". Sportico . Retrieved 2024-06-10.
  8. ↑ "Vail Resorts owns Perisher and Whistler ski resorts and the locals aren't happy". 9 April 2018.
  9. ↑ "What It Means to Ski in a Vail-Dominated World". 14 October 2014.
  10. ↑ "Rare ski patroller strike at largest resort in US causes long lines and closes terrain". AP News. 2025-01-07. Retrieved 2025-03-07.
  11. ↑ Welsh, Katelyn (2025-01-31). "Vail investors claim Park City ski patrol strike was boiling point in message to 'Evil Empire'". www.tahoedailytribune.com. Retrieved 2025-03-07.
  12. ↑ LaConte, John (2025-01-30). "Vail Resorts shareholder speaks out after penning scathing letter". www.vaildaily.com. Retrieved 2025-03-07.
  13. ↑ McLemore, Juan Hernandez, Andrew (2025-01-30). "Investor in Vail Resorts Slams Leadership as 'Evil Empire'". GearJunkie. Retrieved 2025-03-07.{{cite web}}: CS1 maint: multiple names: authors list (link)
  14. ↑ "Epic Season Pass". www.epicpass.com. Retrieved June 16, 2018.
  15. 1 2 "Vail Resorts to Acquire Two Ski Areas in Midwest, Afton Alps in Minnesota and Mount Brighton in Michigan". Vail Resorts. Retrieved June 16, 2018.
  16. ↑ Vail Resorts Inc. "Vail Resorts Reports Fiscal 2022 Third Quarter Results, Early Season Pass Sales Results, and Provides Updated Fiscal 2022 Outlook". www.prnewswire.com (Press release).
  17. ↑ "History of the Breckenridge Ski Resort" . Retrieved June 16, 2018.
  18. ↑ Baur, Grégoire (November 30, 2023). "Crans-Montana: vous avez râlé, il va falloir assumer maintenant". Le Temps (in French). Retrieved November 30, 2023.
  19. 1 2 3 4 "Vail Resorts Closes Acquisition of Okemo Mountain Resort, Mount Sunapee Resort and Crested Butte Mountain Resort". www.hotelnewsresource.com. Retrieved 2019-08-11.
  20. ↑ Jeremy Evans (November 21, 2005). "50 years of Heavenly: A chronicle of skiers' dreams and change on the South Shore". Tahoe Daily Tribune. Retrieved June 16, 2018.
  21. 1 2 3 LaConte, John (January 1, 2022). "Vail Resorts closes on acquisition of Seven Springs, Hidden Valley and Laurel Mountain ski areas". Steamboat Pilot & Today. Vail Daily. Retrieved January 4, 2022.
  22. ↑ "Vail Resorts To Acquire Kirkwood Mountain Resort" . Retrieved 22 February 2012.
  23. ↑ "Vail Resorts in buying spree, acquiring Crested Butte, three other ski areas". Denver Business Journal. June 4, 2018. Retrieved June 16, 2018.
  24. ↑ Scott Miller (October 25, 2010). "Vail Resorts acquires Northstar-at-Tahoe". Vail Daily . Swift Communications . Retrieved June 16, 2018.
  25. ↑ "Vail Resorts Acquires Park City Mountain Resort in Park City, Utah | Vail Resorts Corporate". News.vailresorts.com. September 11, 2014. Retrieved June 16, 2018.
  26. ↑ Mary Forgione (July 29, 2015). "Goodbye Canyons, hello Park City: Utah ski resort on track to be biggest in U.S." Los Angeles Times . Retrieved June 16, 2018.
  27. ↑ "Vail Resorts To Acquire Stowe Mountain Resort In Stowe, Vermont". News.vailresorts.com. February 21, 2017. Retrieved June 16, 2018.
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