Vail Resorts said in its quarterly earnings call Monday that it is pushing ahead with major improvements at resorts, including Park City Mountain, as it works to rebuild skier traffic across the company.
Park City Mountain plans to replace the Cabriolet lift next year with a 10-passenger gondola, which will service the new Canyons Village parking garage and provide more efficient access to the base area. The Sunrise Gondola is also on track to debut this season, offering access between Canyons Village and the upper mountain, alongside improvements to beginner terrain.
Vail Resorts CEO Rob Katz said the company plans to resubmit permits to replace the Eagle and Silverlode lifts at Park City Mountain — a proposal previously halted in Park City’s approval process — and aims to have the new lifts ready by the winter of 2027, if approved.
Katz acknowledged that last winter did not meet expectations and tied these investments to a broader plan to get more skiers back on the hill.
“Results in the past season were below expectations and our season-to-date pass sales growth has been limited,” he said. “Our immediate priority is increasing guest visitation to our resorts, which is essential to driving growth.”
For the fiscal year ending July 31, the company recorded $280 million in profit. That’s up from $231 million in 2024, though skier visits across its North American resorts declined.
“The company achieved 2% growth in Resort Reported EBITDA despite total skier visits declining 3%,” said CFO Angela Korch on Monday.
Pass sales for the upcoming 2025-26 season are running behind prior years. As of Sept. 19, Vail had sold about 3% fewer passes than at the same point last year, though with a 7% increase in pass pricing, revenue from those sales was up about 1%.
Korch attributed the decline to a concentration of newer or one-year passholders who chose not to renew, while customers with longer histories were more likely to come back.
Katz described the decline in skier visits and slower pass renewals as a wake-up call for the company. He said that rebuilding visitation is now the top priority, not only to stabilize revenue this season but also to set up longer-term growth.
“There’s a ton of people every year that go out of this industry, and a ton of people every year that come in. Some people take two years off, then come back, or ski just a few days one year and double that the next,” he said.
Katz said day-ticket buyers will play a central role in the rebound and are considered a high-conversion group for future pass purchases.
“It’s not like we’re selling soap that everyone uses. … This is about making the right emotional connection, getting the right message in front of guests and offering the right mix of value to bring them back more often,” said Katz.
The company hopes programs like the new Epic Friend Tickets will help reintroduce occasional skiers to resorts and eventually convert them into loyal passholders. The Epic Friend program replaces the previous Buddy Tickets, now allowing passholders to bring friends or family at a discount of 50% of the lift ticket window rate.
“This not only celebrates the social side of skiing and riding, but it also drives lift ticket sales for new guests,” Katz said.
Vail Resorts also announced changes to its board of directors in a press release on Monday. John Sorte, who has served on the board since 1993, and John Redmond, a member since 2008, will step down following the annual shareholder meeting in December, when their current terms expire.
Neither board member’s decision not to seek reelection was due to any disagreement with the company on any matter relating to operations, policies or practices, Vail Resorts said in its announcement. After Sorte and Redmond depart, the board will consist of nine members, eight of whom are independent.
“We believe we are well-positioned to succeed in the future, and we are fully committed to course correcting and executing a multi-year strategy that unlocks the full potential of our business,” said Katz.