Vail Resorts today announced its initial 2024 capital plan, which includes three new lifts. The largest project will be at Hunter Mountain, where Vail intends to replace the Broadway quad with a six seat detachable. The top terminal will be relocated near the bottom of Lower 42nd Street to improve access to Eisenhower and Gun Hill. Existing Broadway Limited equipment will be moved to replace Lift E, a Hall double dating back to 1968. E’s alignment will move east to the middle of the learning area. Vail says these new lifts will provide “a meaningful increase in uphill capacity and improved access to terrain that is key to the progressive learning experience for our guests.”
At Whistler Blackcomb, Vail will build its fourth new detachable in three years. The new Jersey Cream Six will utilize parts originally intended for Eagle Express at Park City before local approval was revoked in 2022. Vail then sought to replace the Jersey Cream quad in 2023 alongside the Fitzsimmons 8 project, but labor shortages only allowed one project to be finished this fall. Doppelmayr Canada did complete 11 of 15 tower bases for Jersey Cream over the summer and the UNI-G six pack will now open for the 2024-25 ski season.
Finally Vail announced its intention to complete the new Sunrise Gondola at Park City’s Canyons Village in 2025. The 10 passenger gondola will run from near the new Pendry Hotel to Red Pine Lodge. The third out-of-base lift will be funded in part by the Canyons Village Management Association.
The company reported season pass sales increased approximately 7 percent in units and 11 percent in sales dollars in dollars compared to the equivalent period last year. Vail Resorts also reported a decrease in net income from $347.9 million for fiscal year 2022 to $268.1 million for fiscal 2023. The decrease was primarily attributed to “a large gain on disposal of fixed assets in fiscal 2022 and an increase in fiscal 2023 expense associated with a change in the estimated fair value of the contingent consideration liability related to our Park City resort lease.” Vail also said higher employee wages, a poor winter in Australia and lower demand for summer mountain travel negatively impacted results.
