Vail Resorts generated $906.5 million in revenue during the second quarter of fiscal 2022, an increase of 32% over the same period last year.
The Colorado-based company – which operates 37 mountain resorts and ski areas — attributes the growth to a strong holiday season through March 6, which saw a 3% increase in total skier visits and a 10% increase in total lift revenue compared to the same period in 2020.
Vail Resorts reported a favorable holiday season, but also saw growth across all segments in the fiscal second quarter.
- Its mountain segment generated $90.8 million of revenue in the second quarter, up 21% year-on-year.
- Accommodation saw a $30 million (79%) increase in revenue compared to the second quarter of 2021.
Vail Resorts expects full year EBITDA to be between $813 million and $837 million, and the company plans to use the capital to invest in the experience of its customers. The company will raise its minimum wage to $20 an hour and plans to invest $327 million for $337 million to increase the capacity of 14 stations.
Success on the slopes
Last December, Vail Resorts agreed to acquire Seven Springs Mountain Station for $125 million. The agreement includes Hidden Valley Resort and Laurel Mountain ski area operations.
Vail Resorts will acquire all assets related to the resorts mountain operations, including ski areas, lodging and a hotel. The acquisition is expected to generate additional annual EBITDA of more than $15 million for the year ended July 31, 2023.