BROOMFIELD, CO – Vail Resorts, a key player in the ski resort industry, has recently shared its financial outcomes for the second quarter of fiscal 2024, revealing a mix of growth and challenges. During this period, ending January 31, 2024, the company reported a net income of $219.3 million, marking an increase from the previous year’s $208.7 million. The Resort Reported EBITDA also rose to $425.0 million, inclusive of acquisition-related expenses. However, the season-to-date metrics painted a mixed picture with a 9.7% decline in total skier visits but a notable 2.6% lift in total lift revenue through March 3, 2024.
In response to these mixed results, Vail Resorts has updated its fiscal 2024 guidance, now anticipating a net income between $270 million and $325 million and Resort Reported EBITDA between $849 million and $885 million. This adjustment reflects both the company’s resilience and the impact of less favorable skiing conditions across its North American resorts.
The quarter’s performance underscores the strategic advantages of Vail Resorts’ business model, especially its season pass program, which has contributed to financial stability despite variable conditions that have led to reduced visitations. Despite these challenges, areas like ski school and dining have seen revenue growth, showcasing strong execution across the company’s resort network.
Adding to its strategic developments, the company’s Board of Directors has announced an 8% increase in the quarterly cash dividend to $2.22 per share.
Among these initiatives is the acquisition of a majority stake in Crans-Montana in Switzerland, marking Vail Resorts’ continued expansion into Europe. This acquisition is part of the company’s broader strategy to grow its resort network, thereby offering more value to pass holders and guests globally.
Despite the challenges posed by weather conditions and a dip in visitor numbers, Vail Resorts remains optimistic about its strategic direction, supported by its updated fiscal guidance, dividend increase, and strategic acquisitions. The company’s focus on guest experience, strategic investments, and expansion into new markets underscores its resilience and adaptability in a dynamic industry landscape.