Vail Resorts today released quarterly financial results and previewed three signature lift installations for 2023 construction season. The newly-announced projects will follow the record 21 new lifts currently under construction as part of the 2022 Epic Lift Upgrade.
Season pass sales are trending up for the 2022-23 season, increasing approximately 9 percent in units and 11 percent in sales dollars from the year prior as of May 31st. This past season, approximately 72 percent of all Vail Resorts 2021/2022 North American skier visitation was on a pass product. The company noted visitation on weekday and non-holiday periods increased approximately 8 percent last season while visitation on weekend and holiday periods decreased 3 percent, excluding Peak Resorts visitation in both periods. “We believe this trend is driven by the growth in pass sales as pass holders tend to spread their visitation more across the season, and, with the increase in flexible and remote work, we expect this trend to continue,” the company said. Vail is continuing to build new lifts across its portfolio in an effort to increase capacity and improve the ski experience.
Attitash skiers will be thrilled to learn the Summit triple is slated for replacement in 2023. A detachable quad will increase uphill capacity and reduce ride time on the longest lift at the resort. Attitash is also getting a fixed grip quad this summer to replace the mountain’s Borvig double doubles. When both projects are complete, five of Attitash’s seven chairlifts will be quads.
At Breckenridge, 5-Chair will be replaced by a detachable quad in 2023. Redevelopment of the Peak 8 base area will include new teaching terrain and a transport carpet to make the beginner experience more accessible. The new 5-Chair combined with a new Rip’s Ride being constructed this summer will mean all five lifts at the Peak 8 base will be detachable.
Finally at Stevens Pass, a fixed grip quad will replace Kehr’s chair, a Riblet dating back to 1964. This is the third new chairlift for Vail Resorts at Stevens and will improve out-of-base capacity.
Vail is investing approximately $320 million across its resorts this season for improvements. “Vail Resorts will have invested over $2 billion in capital since launching the Epic Pass, increasing capacity, improving the guest experience and creating an integrated resort network,” the company noted. Additional calendar year 2023 investments and upgrades will be announced in the coming quarters.