Less restrictions meant more skiing at Vail Resorts.
Vail Resorts generated $1.17 billion in revenue in fiscal Q3 2022, an increase of $287.6 million compared to the same period last year.
The Colorado-based company — which operates 40 mountain resorts and ski areas — attributed the growth to lifted limitations and restrictions caused by the pandemic.
- Net income reached $372.6 million in fiscal Q3, up from $274.6 million in Q3 2021.
- Vail Resorts projects full-year EBITDA to range between $828 million and $842 million.
- Early season-pass sales for the 2022-23 ski season grew 11% year-over-year.
- Roughly 72% of all visitation at Vail Resorts in 2021-22 were through season passes.
Vail Resorts not only caters to its customers but facilities and employees, as well. The company plans to increase its minimum wage to $20 per hour by the end of FY2022 and is also planning to invest as much as $337 million to expand capacity at 14 resorts.
Vail Resorts has broadened its reach over the past year through a series of acquisitions.
In December 2021, the company acquired Seven Springs Mountain Resort in Champion, Pennsylvania, for $118 million. The deal included Hidden Valley Resort and the operations of Laurel Mountain Ski Area, both located in the Pittsburgh area.
Earlier this year, Vail Resorts agreed to purchase a majority stake — 55% — in Andermatt-Sedrun, the largest ski area in Central Switzerland. The deal would mark the company’s first strategic investment in Europe.
The transaction is expected to close before the 2022-23 ski season.