VAIL RESORTS Business Summary

Vail Resorts Inc. (MTN) operates a premier global mountain resort network, generating revenue through a high-density ecosystem of subscription-based products, ancillary service transactions, and hospitality. Its primary business is divided into three segments: Mountain, Lodging, and Real Estate. The Mountain segment is the core driver, anchored by the "Epic Pass" subscription model which provides recurring, pre-season revenue and accounts for approximately 74% of total skier visits. Ancillary revenue streams include ski school, dining, and retail/rental operations, while the Lodging segment manages luxury properties under the RockResorts brand. Vail Resorts maintains a dominant market position as the world's largest mountain resort operator, holding an estimated 50% share of the U.S. ski industry. It competes directly with Alterra Mountain Company (Ikon Pass), Boyne Resorts, and Powdr Corp, distinguishing itself through its massive scale, data-driven guest loyalty programs, and aggressive international acquisition strategy. The company was founded in 1962 by Pete Seibert and Earl Eaton, though its modern strategic evolution is led by CEO and Chairperson Robert A. Katz, who returned to the chief executive role in May 2025. Katz, a former partner at Apollo Management with over three decades of involvement at Vail, is credited with pioneering the industry-shifting Epic Pass model. The current leadership team includes Executive VP and CFO Angela Korch, General Counsel Julie DeCecco, and newly appointed Chief Revenue Officer Celeste Burgoyne (formerly of lululemon), who joined in January 2026 to oversee digital guest experiences. The company is backed by significant institutional investors including Vanguard and BAMCO, with Oasis Management notably disclosing a major stake increase in February 2026. The board features high-profile directors such as Lead Independent Director Bruce Sewell and former Yahoo! President Susan Decker, providing deep expertise in technology and corporate governance.