Latest news with #EpicPass
Yahoo
3 days ago
- Business
- Yahoo
Vail Resorts Replaces CEO Lynch With Former Boss Rob Katz
Kirsten Lynch was ousted as CEO of Vail Resorts and has been replaced by former CEO Rob Katz, the resort announced Tuesday after the stock market closed. Katz was CEO for 16 years before Lynch was appointed in 2021 and built Vail into a ski resort giant that now includes 42 mountains. Lynch's tenure has been marked by bad press, earnings misses and investor discontent. The stock peaked at $372.51 the week she took over in November 2021, but it is off nearly 60% since then. 'Ms. Lynch's departure will be treated as a termination without cause,' according to an SEC filing about the treatment of her outstanding equity awards. More from Joining the Billionaires at Davos: Lindsey Vonn and Picabo Street Park City Ski Patrol Ends Strike, Reaches Deal With Vail Resorts Park City Ski Patrol Strike Latest PR Problem for Vail Resorts Vail shares popped 11% in after-hours trading on the news of the CEO change. Lynch's first winter as CEO was marred by long lift lines and employee shortages driven by COVID-19. Vail's struggles gave birth to the 'epicliftlines' Instagram account, which attracted 50,000 followers. The 2023-24 winter was hampered by warm weather that forced Vail to cut revenue and earnings targets. Snowfall at the company's western resorts was 28% lower than the prior year. This past winter was marred by a December ski patrol strike at Vail-owned Park City Mountain in Utah. Lack of snow and patrollers during the holiday week meant only 50 of 350 trails at the mountain were open during what is typically the busiest time of the year at ski resorts. The window price for a one-day lift ticket at Park City was $328 this winter. Revenue for the 12-month period ending Jan. 31 was $2.95 billion, with net income of $276 million. Katz has been involved with Vail since the early 1990s when he worked at Apollo Global Management, which bought the ski resort and then took it public in 1997. Katz was appointed to the board in 1996 and served as CEO from 2006 through 2021. He was widely hailed for his role in transforming the company, including the introduction of its Epic Pass product in 2008. It allowed skiers and boarders to use the passes at resorts across North America and stabilized the company's financial results, as a huge portion of revenue was locked in ahead of the season start. Katz has been executive chair of the board since he stepped down as CEO. 'My most important goal in returning as CEO is ensuring we align with all our stakeholders to deliver an Experience of a Lifetime for our employees and guests while driving financial success for our company,' Katz wrote in an email to Vail employees Tuesday. 'It is important to remember that aligning our stakeholders does not mean everyone will always agree with everything we do, or that our stakeholders will agree with each other. And while that is not always comfortable, it is part of the responsibility of being a leader in an industry with such passionate people.' Best of Most Expensive Sports Memorabilia and Collectibles in History The 100 Most Valuable Sports Teams in the World NFL Private Equity Ownership Rules: PE Can Now Own Stakes in Teams
Yahoo
3 days ago
- Business
- Yahoo
Public Comment Window Opens for Vail's Proposed Lift Upgrades
The White River National Forest Service has opened a public comment period over a proposal for Vail Mountain to replace and upgrade several resort has proposed a replacement of the existing Chair 21 (Orient Express), which is a high-speed quad with a 2,400 person per hour capacity. The lift would be replaced by a 6-seater lift with a capacity of 3,600 people per hour in order to improve access to the Back Bowls, and decrease lift-line wait times. Additionally, Vail wants to replace Chair 15, which is currently a three-seater, with a quad chair to increase capacity from 1,400 to 2,400 people per hour. The replacement of Chair 15 would also allow for upgraded snowmaking infrastructure that would extend the chair's length. Vail's proposal also includes grading six acres of terrain along the Two Elk ridgeline between the top of the new Chair 21 and Two Elk Lodge to improve the flow of skier traffic in the area. This grading would eliminate several flat pitches of mountain and allow for Lift 24, which is currently a platter lift, to be removed. Want to keep up with the best stories and photos in skiing? Subscribe to the new Powder To The People newsletter for weekly updates. All pieces of the proposal are a part of Vail's 2023 Master Development Plan and will take place within the existing boundaries of Vail Mountain Resort. Vail is one of 11 ski areas within the White River National Forest. The Forest Service is seeking public comment on the proposal by June 6, 2025. A decision is predicted to be made by September of 2025 for an estimated project start in June of 2026. Vail Resorts made headlines earlier this week with the announcement that CEO Kristen Lynch would be replaced by former Vail CEO Rob Katz. The resort ownership conglomerate also recently added six new European ski areas to the Epic Pass for 2025/26 including Sölden, Silvretta Montafon, Mayrhofen, Hintertux, Saalbach, and Comment Window Opens for Vail's Proposed Lift Upgrades first appeared on Powder on May 28, 2025
Yahoo
3 days ago
- Business
- Yahoo
Vail Resorts Announces Leadership Transition
Rob Katz to return as CEO Company reaffirms fiscal 2025 guidance and pass sales trends provided in the April metrics release BROOMFIELD, Colo., May 27, 2025 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today announced that Rob Katz, current Executive Chairperson and former Chief Executive Officer, has been appointed CEO of the Company. Katz, age 58, succeeds Kirsten Lynch, who has stepped down as CEO and as a director of the Board. Lynch will remain in an advisory role to the Company for an interim period to facilitate a smooth transition. "As Vail Resorts continues to execute its strategic priorities and transformational initiatives, the Board believes now is the right time for this leadership transition," said Bruce Sewell, Lead Independent Director of the Board. "Rob has a strong track record of driving innovation and executing consistent performance at Vail Resorts and has played a critical role in the development of Vail Resorts' operations and long-term strategy for over the past three decades. Rob's 16 years as CEO included reinvigorating the Company during times of industry stagnation and challenging macro environments. We look forward to continuing to work closely with him to ensure that Vail Resorts consistently delivers for our employees, guests, communities, and shareholders as the worldwide ski industry leader." Sewell continued, "We are incredibly grateful for Kirsten's leadership and contributions over her 14-year career with Vail Resorts, including driving transformational growth of the Epic Pass, stewarding the business through unprecedented challenges, and driving meaningful investments in innovation to position Vail Resorts for future success." Katz commented, "It is an honor to step back into the role of CEO of Vail Resorts, and it is a privilege to lead the incredible people who make our resorts and our Company so special. I remain as passionate about Vail Resorts, the sport of skiing and snowboarding, and this industry as when I first became CEO nearly two decades ago. While the environment and the Company itself have changed, what remains the same is our deep-rooted commitment to all our stakeholders, including to our team members, our truly unique mountain resorts, and the communities we serve, as well as to our culture of innovation and constant improvement. I am very optimistic about the future of Vail Resorts and delivering for all our stakeholders. I want to thank Kirsten for her leadership over the past three and a half years; she has set us up for the next phase of growth, and I look forward to building upon that work." Lynch said, "It has been an Experience of a Lifetime to serve 14 years on the executive team at Vail Resorts, including more than three years as CEO. I want to share my sincerest appreciation to all our talented team members for their passion for our mountains, our guests, and our communities. I also have deep gratitude to Bruce, Rob, the entire Board, and our executive team for their partnership. I am a lifelong champion of Vail Resorts and look forward to seeing the next phase of the Company's journey." Katz will continue to serve as the Chairperson of the Board, which comprises 11 directors. Fiscal 2025 Outlook and Spring Pass Sales For fiscal 2025, the Company reaffirms the guidance outlook provided in the April 24, 2025 metrics release, and expects Resort Reported EBITDA for fiscal 2025 to be in the lower half of the guidance range issued on March 10, 2025, excluding the one-time costs related to the CEO transition. Vail Resorts also notes that early season pass sales results through the May 26, 2025 pass deadline remain consistent with the trends provided in the April 24, 2025 metrics release. The Company will discuss the fiscal 2025 outlook and pass sales results in further detail on its fiscal 2025 third quarter earnings call, scheduled for 5:00 p.m. Eastern time on Thursday, June 5, 2025. About Robert Katz Katz, age 58, previously served as Chief Executive Officer of Vail Resorts beginning in February 2006, was appointed Chairperson of the Board of Directors in March 2009, and served in both roles until November 2021, at which point he was appointed Executive Chairperson. He previously served as Lead Director of Vail Resorts from June 2003 until his appointment as CEO. Katz has served on the Board since 1996 and has been involved with the Company since 1991. Prior to becoming CEO of Vail Resorts, he was associated with Apollo Management L.P., a private equity investment firm, since its founding in 1990. Katz is a founder and board member of the Katz Amsterdam Foundation, which has a long track record of working with mountain communities to improve access to mental and behavioral healthcare. Katz currently serves on the Board of Directors of YETI Holdings, Inc. and on the Wharton Leadership Advisory Board. He has previously served on numerous private, public, and non-profit boards. About Vail Resorts, Inc. (NYSE: MTN) Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland; and Perisher, Hotham, and Falls Creek in Australia. We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations across North America. Learn more about our company at or discover our resorts and pass options at Forward-Looking Statements Certain statements discussed in this press release, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including the statements regarding fiscal 2025 performance and the assumptions related thereto, including, but not limited to, our expected Resort Reported EBITDA and early season pass sales. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to risks related to a prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries and our business and results of operations; risks associated with the effects of high or prolonged inflation, elevated interest rates and financial institution disruptions; risks related to tariffs, sanctions and trade barriers, and the related impact on macroeconomic conditions; unfavorable weather conditions or the impact of natural disasters or other unexpected events; the ultimate amount of refunds that we could be required to refund to our pass product holders for qualifying circumstances under our Epic Coverage program; the willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or public health emergencies, and the cost and availability of travel options and changing consumer preferences, discretionary spending habits; risks related to travel and airline disruptions, and other adverse impacts on the ability of our guests to travel; risks related to interruptions or disruptions of our information technology systems, data security or cyberattacks; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data and our ability to adapt to technological developments or industry trends; our ability to acquire, develop and implement relevant technology offerings for customers and partners; the seasonality of our business combined with adverse events that may occur during our peak operating periods; competition in our mountain and lodging businesses or with other recreational and leisure activities; risks related to the high fixed cost structure of our business; our ability to fund resort capital expenditures, or accurately identify the need for, or anticipate the timing of certain capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks related to resource efficiency transformation initiatives; risks related to federal, state, local and foreign government laws, rules and regulations, including environmental and health and safety laws and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products, properties and services effectively; potential failure to adapt to technological developments or industry trends regarding information technology; our ability to successfully launch and promote adoption of new products, technology, services and programs; risks related to our workforce, including increased labor costs, loss of key personnel and our ability to maintain adequate staffing, including hiring and retaining a sufficient seasonal workforce; risks related to labor disruptions or strikes from labor unions representing certain of our employees; our ability to successfully integrate acquired businesses, including their integration into our internal controls and infrastructure; our ability to successfully navigate new markets, including Europe, or that acquired businesses may fail to perform in accordance with expectations; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; risks related to scrutiny and changing expectations regarding our environmental, social and governance practices and reporting; risks associated with international operations, including fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars and the Swiss franc, as compared to the U.S. dollar; changes in tax laws, regulations or interpretations, or adverse determinations by taxing authorities; risks related to our indebtedness and our ability to satisfy our debt service requirements under our outstanding debt including our unsecured senior notes, which could reduce our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes; a materially adverse change in our financial condition; adverse consequences of current or future litigation and legal claims; changes in accounting judgments and estimates, accounting principles, policies or guidelines; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2024, which was filed on September 26, 2024. All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law. View original content to download multimedia: SOURCE Vail Resorts Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Sölden in Austria is Now Epic; Buy an Epic Pass by May 26 to Ski and Ride at the Lowest Price
Ski and ride Sölden in Austria with Epic Pass Sölden caps off a week of Austrian partnership announcements from Epic Pass Epic Passes are on sale now at the lowest price of the year ($1,051 USD) through May 26 BROOMFIELD, Colo., May 25, 2025 /CNW/ -- With only one day ahead of the May 26 deadline to buy an Epic Pass for the lowest price of the year, Vail Resorts announced that Austrian skiing and snowboarding will be even more Epic with Sölden joining the 2025/26 Epic Pass lineup. Located in the Ötztal Valley in Tyrol less than 84 km from Innsbruck Airport, Sölden is famous for its premium skiing on a seamlessly connected glacier and mountain ski area. Offering reliable snow from autumn through spring, thanks to its high-altitude terrain, two glaciers and state-of-the-art snowmaking, the resort delivers a world-class experience that blends alpine sport, entertainment and wellness. "Sölden stands out as a premier alpine destination with remarkable snow reliability and panoramic views from its mountain tops and glacier ski area," said Bill Rock, President of Vail Resorts' Mountain Division. "Sölden is a bucket-list resort that we are thrilled to add to the Epic Pass. In addition to the amazing skiing and riding, it also contains experiences that don't exist anywhere else like the 007 ELEMENTS Bond experience and the Aqua Dome." Sölden offers high-alpine adventure with modern flair. Highlights include the cinematic 007 ELEMENTS James Bond experience at over 3,000 meters, the ice Q gourmet restaurant made famous in "Spectre" and the BIG3 Rally across Sölden's three highest peaks. With 31 lifts and 144 km of slopes, 33 cozy ski huts, an unmatched lineup of on-mountain entertainment and signature events, the resort is known for experiences that go far beyond skiing. Sölden is host to the FIS Alpine Ski World Cup Opening each October, and exciting events like the Electric Mountain Festival that brings international DJs to the slopes, and the Hannibal glacier performance, a large-scale live production on snow and ice. For winter 2025/26, Sölden is once again making a bold statement in innovation and infrastructure with significant investments, including two new high-capacity lifts that further enhance glacier access and guest comfort. For ultimate relaxation, Aqua Dome – Tirol Therme is one of Europe's most iconic thermal spas and a must-visit for wellness lovers. "We're proud to join the Epic Pass and open Sölden to a new global audience," said Jakob Falkner, CEO of Bergbahnen Sölden. "This partnership brings together innovation, alpine heritage, and our passion for unforgettable mountain experiences– while showcasing Sölden's unique mix of sport and entertainment worldwide." The Epic Pass ($1,051 USD for adults; $537 USD for children) and Epic Adaptive Pass ($527 USD for adults; $270 USD for children) will include five days of access to Sölden. Epic Passes are on sale now at the lowest price of the year through May 26. May 26 is also the last chance to receive two Buddy Tickets (for up to 45% savings on a lift ticket) and six Ski With a Friend Tickets to help Pass Holders share days at their favorite resorts with family and friends. Further, May 26 is the last chance to purchase an Epic Pass with just $49 down. Pay $49 at the time of purchase, with the remainder of the purchase due mid-September. Sölden is the latest partner resort in Austria to be added to the Epic Pass lineup for the 2025/26 winter season capping of a week of exciting announcements from Vail Resorts. Earlier this week, Austrian ski areas Saalbach and Zell am See-Kaprun, Mayrhofen and Hintertux, and Silvretta Montafon joined the 2025/26 Epic Pass roster. These new partners are in addition to existing Pass Holder access to Ski Arlberg, the largest connected ski resort in Austria and one of the six largest ski resorts in the world. The Epic Pass now offers access to 34 resorts across ten ski areas in Europe, plus unlimited, unrestricted access to 37 iconic North American mountain resorts, like Whistler Blackcomb, Vail Mountain, Breckenridge, Park City Mountain, Stowe and many more. With Epic Pass, skiers and riders have the flexibility to buy their Pass now and decide later where and when to ski or ride. Visit to compare Pass options and buy a Pass before prices increase May 26. About Vail Resorts, Inc. (NYSE: MTN)Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland; and Perisher, Hotham, and Falls Creek in Australia – all available on the company's industry-changing Epic Pass. We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations across North America. Learn more about our company at or discover our resorts and pass options at SOURCE Vail Resorts, Inc. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Epic Expansion: Sölden Joins Vail Resorts, Inc. (MTN)' Global Ski Portfolio
Vail Resorts, Inc. (NYSE:MTN) has announced adding Austria's Sölden to its growing European network just ahead of the May 26 deadline for securing the 2025/26 Epic Pass at the year's lowest price. An aerial view of a mountain resort, its snow-capped peaks and lush ski slopes revealed in all their glory. Sölden joins five other Austrian destinations, including Mayrhofen and Silvretta Montafon, thus expanding Epic Pass access to 34 ski areas across Europe. Guests can purchase the Epic Pass now ($1,051 USD for adults) and gain five days at Sölden, with extra incentives such as two Buddy Tickets and six Ski With a Friend Tickets. With Sölden, the company has elevated the product's appeal and could potentially attract more international skiers. Bill Rock, President of Vail Resorts, Inc. (NYSE:MTN)' Mountain Division, made the following comment: "Sölden is a bucket-list resort that we are thrilled to add to the Epic Pass. In addition to the amazing skiing and riding, it also contains experiences that don't exist anywhere else like the 007 ELEMENTS Bond experience and the Aqua Dome." The new positive outlook from Sölden comes amid internal shifts. Courtney K. Goldstein stepped down as Executive VP & Chief Marketing Officer on May 16, 2025. Vail Resorts, Inc. (NYSE:MTN) described the move as personal and unrelated to company direction. Meanwhile, the downgraded price target from $185 to $160 continues to stand, with the BofA maintaining a Neutral rating on the stock. While we acknowledge the potential of MTN as an investment opportunity, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MTN and that has 100x upside potential, check out our report about the READ NEXT: 10 Unstoppable Dividend Stocks to Buy Now and 11 Oversold Global Stocks to Buy According to Hedge Funds Disclosure: None.
