Company:Vail Resorts

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Vail Resorts, Inc.
TypePublic
Founded1997; 29 years ago (1997)
HeadquartersBroomfield, Colorado, U.S.
Number of locations
42 (2025)
Key people
RevenueIncrease US$2.96 billion (2025)
Increase US$560 million (2025)
Increase US$280 million (2025)
Total assetsIncrease US$5.78 billion (2025)
Total equityDecrease US$754 million (2025)
Number of employees
6,800 (2025)
Websitevailresorts.com
Footnotes / references
Financials as of July 31, 2025.[1]

Vail Resorts, Inc. is an American mountain resort company headquartered in Broomfield, Colorado. The company is divided among divisions that own and operate 42 mountain resorts in four countries, along with hotels, lodging, condominiums, and golf courses that comprise property real estate holdings.

History

Vail Resorts was founded as Vail Associates Ltd. by Pete Seibert and Earl Eaton in the early 1960s. Eaton, a lifelong resident, led Seibert (a former WWII 10th Mountain Division ski trooper) to the area in March 1957. They both became ski patrol guides at Aspen, Colorado, when they shared their dream of finding the "next great ski mountain." Seibert set off to secure financing, and Eaton engineered the early lifts. Their Vail ski resort opened in 1962.[2] George N. Gillett Jr. purchased Vail Associates in 1985, but the company veered toward bankruptcy by 1991.[3][4][5]

In 1992 Vail Associates was acquired by Apollo Ski Partners, a new arm of the private equity firm Apollo Global Management led by billionaire Leon Black.[5] The new ownership led Vail Resorts public in 1997.[6]

In 1996, Vail Resorts completed its first major acquisition with a $310 million purchase of Ralston Resorts, the owner of Keystone, Breckenridge, and Arapahoe Basin. This led to antitrust concerns, and Vail Resorts ultimately sold Arapahoe Basin to a third party due to a ruling from the Department of Justice.[7]

In 2001, Vail Resorts acquired the hotel chain RockResorts.[8]

Rob Katz, a former executive at Apollo, ran Vail Resorts as CEO until November 2021, when he was appointed executive chairperson of the board. Kirsten Lynch, the company's former chief marketing officer, then took over as CEO.[9]

In June 2024, Vail Resorts reported lower-than-expected revenue during the February–April quarter due to a significantly warmer-than-anticipated winter across western North American resorts, with snowfall 28% lower than average. The company generated $1.28 billion in revenue during the quarter despite the stabilizing effect of its Epic Pass program, which allows customers to purchase a season pass for its North American resorts at a significant upfront cost. However, Vail's stock price has declined by 50% since its October 2021 peak of $360.[10]

Declining sales and visitation (2024 - 2025)

In the 2024-2025 season the company reported that in North America it sold 2% fewer Epic passes than the year prior, which is the first decline in pass sales the company has ever reported. The company attributed the decline to travel "normalization" after COVID and poor snowfall in some areas.[11]

Visitation at Vail's North American resorts in the 2025 ski season, throughout February, March and April, were down by 7% year-over-year.[12]

The outlook for the 2025-2026 season is also lower. In early June the company announced fewer pass sales for the upcoming season compared to 2024-2025.[12]

In May 2025, CEO Kirsten Lynch resigned after the company had lost over half of its value during her tenure from 2021-2025. Robert Katz, who was formerly CEO for 16 years, returned to the leadership role.[13]

Criticism

Some of Vail Resort's acquisitions have fueled anger among local residents. Locals complain that the Vail's pass structure caters to wealthy international pass holders and reduces access to nearby residents; additionally, residents have seen their cost of living increase following Vail's takeovers.[14][15]

Vail Resorts’ visitors often complain about long lines.[16] At times the long lines have been caused by ski patrol striking due to inflated property values and inadequate wages.[17] A two-week strike at Park City, Utah around the Christmas holiday in 2024, led to increased wages for ski patrollers, and was followed by new contracts for employees at Keystone and Crested Butte, Colorado.[18]

Local towns have also complained recently about their partnerships with Vail and its mountains. At Heavenly Mountain Resort, the town of South Lake Tahoe, California has voiced grievances of overflowing traffic, parking and negligent tourists, which drain from local resources outside from the town's tax authority. The town has increased its parking rates and capped snow plowing as a result, and hopes to annex parts of the ski mountain to access the tax base.[18] Rural areas like Crested Butte are also finding Vail is unwilling to contribute to costs of airline transportation at regional airports, where resort owners had historically helped subsidize the transportation that helped deliver their customers.[19]

A shareholder, Late Apex Partners, called for massive changes to the company—including a sweep of both the c-suite and board—after five years of significant underperformance by Vail.[20]

All of the aforementioned items, among other things, have contributed to Vail’s poor reputation and earned the company the appellation “Evil Empire.”[21]

Epic Pass price increases

Vail Resorts has increased the price of the all-access Epic Pass each year since 2021, amounting to a 34% hike over five years.[22][23]

Price of all-in Epic Pass
Year Price % change
2021-2022 $783[24] -
2022-2023 $841[25] +7.4%
2023-2024 $909[25] +8.1%
2024-2025 $982[23] +8.0%
2025-2026 $1,051[23] +7.0%

List of resorts

Vail Resorts operates 42 ski resorts in the United States, Canada, Australia and Switzerland including, notably, the Vail, Beaver Creek, Breckenridge, Keystone, and Crested Butte ski areas in Colorado, and Northstar California, Kirkwood Mountain Resort, and Heavenly Mountain Resort on the California-Nevada border. In British Columbia, Canada, they also acquired the largest ski resort in North America: Whistler Blackcomb. Vail Resorts offers a variety of multi-resort season passes under the Epic Pass program. The Epic Pass also has partnerships that allow access to several other resorts in the US, Canada, Japan, France, Switzerland, Austria, and Italy.[26]

Name Location Number of lifts Date opened Date acquired Notes
Afton Alps United States Hastings, Minnesota 22 1963 December 21 2012 December 6 [27]
Alpine Valley United States Chesterland, Ohio 5 1965 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Andermatt-Sedrun Template:Country data CH Andermatt, Uri, Central Switzerland 19 2022 March 28 Vail owns a 55% share of the resort [28]
Attitash Mountain United States Bartlett, New Hampshire 9 1965 January 26 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Beaver Creek Resort United States Beaver Creek, Colorado 25 1980 December 15 N/A
Big Boulder United States Lake Harmony, Pennsylvania 10 1947 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Boston Mills-Brandywine United States Peninsula, Ohio 16 1963 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Breckenridge Ski Resort United States Breckenridge, Colorado 32 1961 December 16 1996 [29]
Crans-Montana Template:Country data CH Crans-Montana, Sierre, Valais, Switzerland 19 2023 November 30 [30]
Crested Butte Mountain Resort United States Crested Butte, Colorado 16 1961 November 23 2018 September 27 Acquired through Triple Peaks, LLC, in addition to Mount Sunapee and Okemo, alongside purchase of Stevens Pass.[31]
Crotched Mountain United States Bennington, New Hampshire 5 1969 December 14 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Falls Creek Australia Bogong High Plains, Victoria, Australia 14 1946 2019 February 22 Bought from Merlin Entertainments along with Hotham.
Heavenly Mountain Resort United States South Lake Tahoe, California 30 1955 December 15[32] 2002 March 26
Hidden Valley United States Eureka, Missouri 9 1982 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Hidden Valley Resort (Pennsylvania) United States Hidden Valley, Pennsylvania 4 1958 2021 December 31 Bought from Seven Springs Mountain Resort, Inc. and affiliates along with two other resorts.[33]
Hotham Alpine Resort Australia Mount Hotham, Victoria, Australia 14 1925 2019 February 22 Bought from Merlin Entertainments along with Falls Creek.
Hunter Mountain United States Hunter, New York 15 1960 January 9 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Jack Frost United States White Haven, Pennsylvania 18 1972 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Keystone Resort United States Keystone, Colorado 20 1970 November 21 1996
Kirkwood Mountain Resort United States Kirkwood, California 15 1972 2012 February 22 [34]
Laurel Mountain United States Somerset County, Pennsylvania 1 1939 2021 December 31 Bought from Seven Springs Mountain Resort, Inc. and affiliates along with two other resorts.[33]
Liberty Mountain Resort United States Fairfield, Pennsylvania 9 1960 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Mad River Mountain United States Zanesfield, Ohio 12 1962 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Mount Brighton United States Brighton, Michigan 12 1960 2012 December 6 [27]
Mount Snow United States West Dover, Vermont 20 1954 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Mount Sunapee Resort United States Newbury, New Hampshire 11 1948 December 26 2018 September 27 Acquired through Triple Peaks, LLC, in addition to Crested Butte and Okemo, alongside purchase of Stevens Pass.[31] The first resort in New Hampshire to be operated by Vail. Owned by the State of NH but operated alongside Okemo[35]
Northstar California United States Truckee, California 20 1972 December 2010 October 25 [36]
Okemo Mountain Resort United States Ludlow, Vermont 20 1956 January 31 2018 September 27 Acquired through Triple Peaks, LLC, in addition to Crested Butte and Mount Sunapee, alongside purchase of Stevens Pass.[31]
Paoli Peaks United States Paoli, Indiana 8 1978 December 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Park City Mountain Resort United States Park City, Utah 41 1963 December 21 2013 May 29 (Canyons)

2014 September 11 (Park City)

In 2015, Vail merged the Park City and Canyons resorts under the Park City Mountain Resort name, connecting them with a gondola.[37][38]
Perisher Ski Resort Australia Perisher Valley, Australia 46 1951 2015 March 30 Vail's first Australian property.
Roundtop Mountain Resort United States Lewisberry, Pennsylvania 7 1964 November 28 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Seven Springs Mountain Resort United States Seven Springs, Pennsylvania 14 1937 2021 December 31 Bought from Seven Springs Mountain Resort, Inc. and affiliates along with two other resorts.[33]
Snow Creek United States Weston, Missouri 5 1986 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Stevens Pass United States Skykomish, Washington 10 1937 2018 August 15 Purchased and announced alongside Crested Butte, Mount Sunapee, and Okemo.[31]
Stowe Mountain Resort United States Stowe, Vermont 12 1937 February 7 2017 February 21 Vail's first resort on the East Coast of the United States.[39]
Vail Ski Resort United States Vail, Colorado 31 1962 December 15 N/A The third-largest ski resort in the United States.
Whistler Blackcomb Canada Whistler, British Columbia, Canada 37 1966 January 15 2016 August 8 Vail owns a 75% interest in Whistler & Blackcomb Partnerships, and the remaining 25% is owned by Nippon Cable
Whitetail Resort United States Mercersburg, Pennsylvania 9 1991 2019 September 24 Bought from Peak Resorts along with 16 other mountains.
Wildcat Mountain Ski Area United States Gorham, New Hampshire 5 1958 January 25 2019 September 24 Bought from Peak Resorts along with 16 other mountains. Wildcat trail initially cut by CCC in 1933; original gondola started operation in 1958. Peak Resorts acquired Wildcat in 2010.
Wilmot Mountain United States Wilmot, Wisconsin 11 1938 February 2016 January 19

References

  1. ↑ "Vail Resorts, Inc. FY 2025 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. September 29, 2025. https://www.sec.gov/ix?doc=/Archives/edgar/data/812011/000081201125000104/mtn-20250731.htm. 
  2. ↑ Lauren Moran (March 19, 2011). "Vail visionaries". Vail Daily (Swift Communications). https://www.vaildaily.com/news/vail-visionaries-2/. 
  3. ↑ Randy Wyrick (May 20, 2011). "1985: The year the deals got done". Vail Daily (Swift Communications). https://www.vaildaily.com/news/1985-the-year-the-deals-got-done/. 
  4. ↑ "Gillett Bankruptcy Filing". The New York Times. Associated Press. August 18, 1992. https://www.nytimes.com/1992/08/18/business/gillett-bankruptcy-filing.html. 
  5. ↑ 5.0 5.1 LaConte, John (2021-04-07). "A look back at Leon Black and Apollo Ski Company’s acquisition of Vail Mountain" (in en-US). https://www.vaildaily.com/news/eagle-valley/a-look-back-at-leon-black-and-apollo-ski-companys-acquisition-of-vail-mountain/. 
  6. ↑ "Vail Resorts Inc. - 10-K Annual Report". September 30, 1997. http://www.getfilings.com/o0000927356-97-001483.html. 
  7. ↑ "Colorado Ski Resort Merger Approved with Conditions to Keep Prices Lower for Skiers". Department of Justice. https://www.justice.gov/archive/atr/public/press_releases/1997/1021.htm. 
  8. ↑ "RockResorts to manage Jamaica’s Half Moon resort" (in en-US). https://hotelsmag.com/news/rockresorts-to-manage-jamaicas-half-moon-resort/. 
  9. ↑ LaConte, John (2 November 2021). "Kirsten Lynch begins new role as Vail Resorts CEO" (in en-US). https://www.aspentimes.com/news/kirsten-lynch-begins-new-role-as-vail-resorts-ceo/. 
  10. ↑ Badenhausen, Kurt (2024-06-06). "VAIL RESORTS MISS Q3 REVENUE, EPS ESTIMATES AS STOCK SINKS". Sportico. https://www.sportico.com/business/commerce/2024/vail-resorts-q3-revenue-eps-estimates-stock-1234783265/. Retrieved 2024-06-10. 
  11. ↑ Pohle, Allison (2025-01-18). "Vail Resorts Has an Epic Problem" (in en-US). https://www.wsj.com/business/vail-resorts-epic-pass-multiresort-ikon-40ae7205. 
  12. ↑ 12.0 12.1 Mulholland ·, Sarah (2025-06-06). "Vail Resorts slide into some rocky economic terrain" (in en). https://www.cpr.org/2025/06/06/vail-epic-pass-sales-down/. 
  13. ↑ Blevins, Jason (2025-05-27). "Vail Resorts board ousts Kirsten Lynch as Rob Katz returns as CEO" (in en-US). http://coloradosun.com/2025/05/27/vail-resorts-rob-katz-ceo/. 
  14. ↑ "Vail Resorts owns Perisher and Whistler ski resorts and the locals aren't happy". 9 April 2018. https://www.afr.com/companies/tourism/vail-resorts-owns-perisher-and-whistler-ski-resorts-and-the-locals-arent-happy-20180410-h0yjv7. 
  15. ↑ "What It Means to Ski in a Vail-Dominated World". 14 October 2014. https://archive.curbed.com/2014/10/14/10037024/what-it-means-to-ski-in-a-vaildominated-world. 
  16. ↑ "Rare ski patroller strike at largest resort in US causes long lines and closes terrain" (in en). 2025-01-07. https://apnews.com/article/park-city-ski-patrol-strike-vail-resorts-2a5c8641f47af2654ed8b35d4c3e9114. 
  17. ↑ Welsh, Katelyn (2025-01-31). "Vail investors claim Park City ski patrol strike was boiling point in message to ‘Evil Empire’" (in en-US). https://www.tahoedailytribune.com/news/vail-investors-claim-park-city-ski-patrol-strike-was-boiling-point-in-message-to-evil-empire/. 
  18. ↑ 18.0 18.1 Davis, Julie Brown. "The Calif. ski town playing 'hardball' against the $6B corporation next door" (in en). SFGATE. https://www.sfgate.com/renotahoe/article/calif-mountain-town-playing-hardball-vail-empire-20267008.php. 
  19. ↑ Bella, Biondini (January 29, 2025). "Flight, bus service in valley continue to expand". Gunnison Country Times. https://www.gunnisontimes.com/articles/flight-bus-service-in-valley-continue-to-expand/. 
  20. ↑ LaConte, John (2025-01-30). "Vail Resorts shareholder speaks out after penning scathing letter" (in en-US). https://www.vaildaily.com/news/vail-resorts-shareholder-speaks-out-scathing-letter/#:~:text=A%20Vail%20Resorts%20investor%20made,for%20the%20ski%20resort%20giant.. 
  21. ↑ McLemore, Juan Hernandez, Andrew (2025-01-30). "Investor in Vail Resorts Slams Leadership as 'Evil Empire'" (in en-US). https://gearjunkie.com/winter/vail-resorts-late-apex-partners-investor-evil-empire. 
  22. ↑ "Vail Resorts Announces 2021-22 Epic Pass Suite, Cutting All Prices by 20%" (in en-US). https://www.peakrankings.com/content/vail-resorts-announces-2021-22-epic-pass-suite-cutting-all-prices-by-20?srsltid=AfmBOorG1V6nPtaL_lfNYviAH_QKxPSbRAbRMixYDD84ZGJdF5LHm4EY. 
  23. ↑ 23.0 23.1 23.2 Lidsky, Izzy (2025-03-05). "Epic Pass Prices Increase 7% for Winter '25/'26" (in en). https://www.powder.com/news/epic-pass-prices-increase-winter-2026. 
  24. ↑ "Vail Resorts Announces 2021-22 Epic Pass Suite, Cutting All Prices by 20%" (in en-US). https://www.peakrankings.com/content/vail-resorts-announces-2021-22-epic-pass-suite-cutting-all-prices-by-20?srsltid=AfmBOop_5YYMKL9a8diw_Xaq1G-vrkshLmCd99ve3Lr1kCTcxak9wwlz. 
  25. ↑ 25.0 25.1 seth.boster@gazette.com, Seth Boster (2023-03-07). "New Epic Pass prices for 2023-24 ski season announced with other changes" (in en). https://gazette.com/life/skiing-snowboarding/new-epic-pass-prices-for-2023-24-ski-season-announced-with-other-changes/article_75073c46-bcff-11ed-a065-5be45e70c608.html. 
  26. ↑ "Epic Season Pass". https://www.epicpass.com/. 
  27. ↑ 27.0 27.1 "Vail Resorts to Acquire Two Ski Areas in Midwest, Afton Alps in Minnesota and Mount Brighton in Michigan". Vail Resorts. http://investors.vailresorts.com/news-releases/news-release-details/vail-resorts-acquire-two-ski-areas-midwest-afton-alps-minnesota. 
  28. ↑ Vail Resorts Inc. "Vail Resorts Reports Fiscal 2022 Third Quarter Results, Early Season Pass Sales Results, and Provides Updated Fiscal 2022 Outlook". www.prnewswire.com (Press release).
  29. ↑ "History of the Breckenridge Ski Resort". http://www.coloradoskihistory.com/areahistory/breckenridge.html. 
  30. ↑ Baur, Grégoire (November 30, 2023). "Crans-Montana: vous avez râlé, il va falloir assumer maintenant" (in fr). Le Temps. https://www.letemps.ch/opinions/editoriaux/crans-montana-perd-son-bouc-emissaire. 
  31. ↑ 31.0 31.1 31.2 31.3 "Vail Resorts Closes Acquisition of Okemo Mountain Resort, Mount Sunapee Resort and Crested Butte Mountain Resort". https://www.hotelnewsresource.com/article101849.html. 
  32. ↑ Jeremy Evans (November 21, 2005). "50 years of Heavenly: A chronicle of skiers' dreams and change on the South Shore". Tahoe Daily Tribune. http://www.tahoedailytribune.com/news/50-years-of-heavenly-a-chronicle-of-skiers-dreams-and-change-on-the-south-shore/. 
  33. ↑ 33.0 33.1 33.2 LaConte, John (January 1, 2022). "Vail Resorts closes on acquisition of Seven Springs, Hidden Valley and Laurel Mountain ski areas". Vail Daily. Steamboat Pilot & Today. https://www.steamboatpilot.com/news/vail-resorts-closes-on-acquisition-of-seven-springs-hidden-valley-and-laurel-mountain-ski-areas/. 
  34. ↑ "Vail Resorts To Acquire Kirkwood Mountain Resort". http://news.vailresorts.com/article_display.cfm?article_id=1689%3Fintcmp%3DSN000023. 
  35. ↑ "Vail Resorts in buying spree, acquiring Crested Butte, three other ski areas". Denver Business Journal. June 4, 2018. https://www.bizjournals.com/denver/news/2018/06/04/vail-resorts-in-buying-spree-acquiring-crested.html. 
  36. ↑ Scott Miller (October 25, 2010). "Vail Resorts acquires Northstar-at-Tahoe". Vail Daily (Swift Communications). https://www.vaildaily.com/news/vail-resorts-acquires-northstar-at-tahoe/. 
  37. ↑ "Vail Resorts Acquires Park City Mountain Resort in Park City, Utah | Vail Resorts Corporate". September 11, 2014. http://news.vailresorts.com/corporate/vail-resorts-acquires-pcmr.htm. 
  38. ↑ Mary Forgione (July 29, 2015). "Goodbye Canyons, hello Park City: Utah ski resort on track to be biggest in U.S.". Los Angeles Times. http://www.latimes.com/travel/la-trb-utah-park-city-ski-resort-20150729-story.html. 
  39. ↑ "Vail Resorts To Acquire Stowe Mountain Resort In Stowe, Vermont". February 21, 2017. http://news.vailresorts.com/corporate/vailresorts/resort-news/vail-resorts-stowe.htm. 

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