How Vail Resorts became the most powerful — and most resented — name in skiing

• Vail Resorts was in the hot seat this month when a Park City ski patrol strike disrupted holidays.
• For years, Vail's rapid acquisitions and high costs have sparked criticism from skiers and locals.
• Here's how the company grew to be the biggest in skiing — and the enemy of some ski bums.

If you want to know just how loathed Vail Resorts is, just look at the lyrics of Grammy-nominated artist Noah Kahan's "Paul Revere."

"This place had a heartbeat in its day," the native Vermonter sings. "Vail bought the mountains, and nothing was the same."

Or look around the parking lots at the ski behemoth's various properties, which include Park City, Beaver Creek, and Stowe, where cars are frequently adorned with "Vail Sucks" stickers.

Gripes that the company has made skiing less accessible and more corporate were amplified this month after a ski patrol strike shut down much of Park City, causing chaos for vacationers over the holidays.

The company's stock dropped 6% amid news of the strike. But while the work stoppage has ended, the company's challenges are far from over. Since reaching a peak in 2021, Vail's share price is now down more than 50%.

After two decades of acquisitions and partnerships, Vail Resorts owns or operates 42 ski resorts around the world. The company is now facing decreased margins after a 2021 reduction in the price of its Epic Pass, which provides access to Vail's network of mountains, and the lack of cheap acquisitions available, Chris Woronka, an analyst at Deutsche Bank, told Business Insider.

"The stock had gotten ahead of itself valuation-wise," Woronka said. "The days of easily created growth are kind of behind the company."

Meanwhile, it's earned a reputation among passionate skiers as a place where crowds clutter the trails and lift lines and where grabbing a burger on the mountain could cost you $25.

A spokesperson for Vail Resorts told BI the company continuously invests in its properties to improve the guest experience and make skiing more accessible.

"Vail Resorts has transformed the industry through unprecedented investments in employees and guests, made the sport more accessible to more people, and created stability for our resorts, employees and communities in the face of climate change," the spokesperson said.

A skiing behemoth

Vail Resorts is the largest ski company in the world, granting its pass-holders unlimited access to dozens of resorts worldwide, including its upscale flagship, Vail, located in the Colorado Rocky Mountains. During its 2024 fiscal year, which ended in July, 17.6 million skiers visited its mountains.

Those visitors pay big bucks for the privilege of skiing at some of the most popular destinations: The Epic Pass had a starting price of $982 for the 2024-2025 season. A lift ticket at Park City alone can get up to about $300 per day.

A spokesperson for Vail Resorts said the company now has over 2 million pass-holders.

Luke, a former Vail Resorts employee who asked to go by his first name to avoid professional repercussions, told BI there were two main reasons Vail Resorts gets so much hate. First, it's buying up resorts at an "alarming" rate. Second, as a result of that strategy, many skiers do not believe the company invests enough in the quality and operations of each individual resort, instead relying on their "cash cow" properties.

"It feels like the end game is not necessarily to make any one area successful, but to eventually own the ski world," Luke said. "So then it's like if you're skiing anywhere, you're skiing Vail" properties.

Jaimie Nichols, a 35-year-old accountant from Florida who now lives in Denver, has been skiing with her family in Crested Butte, Colorado, since the early 2000s, when the resort was family-owned. She remembered lift tickets for kids cost as much as their age — $8 for an 8-year-old — and a large base lodge where families could find affordable food options or use a microwave to heat up packed lunches. Crested Butte itself is lovingly called "Colorado's Last Great Ski Town" due to its authentic mountain town vibe.

But Nichols said since Vail Resorts acquired Crested Butte Ski Resort in 2018, it just hasn't been the same.

The resort's "persona changed," she said. "It's a completely different place."

The Mueller family, which owned Crested Butte, previously said selling to Vail was a difficult decision.

"When you start to look 10, 20, 30 years down the road and what that means for a small ski company like us, and not being as heavily financed like Vail, it's only getting tougher," Erica Mueller told Powder magazine in 2018.

When Vail takes over

Now, most of Vail Resorts' properties are in the US, spanning from California, Utah, and Colorado, through Midwest states like Wisconsin and Michigan, and all the way to the Northeast in Vermont and New Hampshire.

Its many acquisitions have turned the company, which was taken public by Apollo in the 1990s after the private equity shop bought it out of bankruptcy, into a financial behemoth in the hospitality space. It has a market cap of $6.7 billion and generated $2.9 billion in revenue and $230 million in profit in its 2024 fiscal year. Investors were rewarded with $8.56 in dividends per share.

A common complaint from skiers and snowboarders when Vail takes over a resort is a more crowded mountain and long lift lines. The problem, Nichols said, is that when a resort gets added to Vail's Epic Pass, it becomes a destination. Epic pass-holders who previously wouldn't have driven four-plus hours from Denver to Crested Butte now make the trip, as do pass-holders from other states who make a vacation out of it.

As a result, Nichols said the locals of the area have fewer opportunities to ski on their home mountain, and, for families who aren't season pass-holders but would like to ski once or twice a season, day passes get too expensive and out of reach.

Some of these problems are compounded by factors that are affecting many towns in the West that don't even have a ski resort: an increase in short-term rentals and transplants from cities moving to small towns in the age of remote work, both of which have contributed to higher home prices and costs of living.

Vail has said it is committed to reinvesting in the resorts it acquires, estimating its capital investments in the 2024 fiscal year to be between $189 million to $194 million. For instance, at Whistler Blackcomb, the company said it was replacing a four-person lift with a six-person high-speed lift. At Park City, the company said it was replacing a lift with a 10-person gondola. It also said it planned to invest in snowmaking capabilities at Park City and Hunter Mountain.

A spokesperson for Vail Resorts said the Epic Pass has also added stability to an industry that was previously "ruled by weather."

"That means in a good snow year, the industry would prosper, but in a year with low snow, skiers and snowboarders would opt not to visit, and ski resorts would suffer, along with the employees who worked there and the surrounding communities," the spokesperson said. "This meant that resorts couldn't predict their business — thus were not investing in infrastructure or their employees."

When Vail introduced the Epic Pass in 2008, it was cheaper than many season passes offered at individual resorts.

The spokesperson also said the company's Epic Day Passes, which offer more flexibility than traditional lift tickets, are significantly discounted if they are purchased before the season begins.

"By incentivizing guests to buy their skiing and riding ahead of the season, we lock in revenue before the snow falls, which has allowed us to continually invest back into our resorts, our employees, and our communities, and the environment, no matter the weather," the spokesperson said.

Many Vail critics still buy Epic Passes

The company's biggest competitor is Alterra Mountain Company, which owns mountains like Steamboat and Deer Valley and is owned by private equity shop KSL and investment firm Henry Crown. Alterra runs the Ikon Pass, which is even more expensive than the Epic Pass, starting at $1,249.

The Epic and Ikon passes' value depends on how much one uses them. It can be a good deal for folks who ski frequently and would like to visit different mountains — which is part of the argument the companies use when they increase the pricing on nearly everything else, including day passes, ski school, rentals, and on-mountain dining and amenities.

In addition to offering a good deal with the Epic Pass, Woronka, the Deutsche Bank analyst, said Vail also still has a strong brand name going for it and great assets.

"These are really terrific mountains. It's some of the best terrain out there," he said. "They have this big, nice, wide portfolio across the country."

The problem is, "trying to cater to everyone and do it profitably can be a difficult proposition," Woronka said.

With the luxury experience that Vail is selling, the increase in crowds on the mountain can make the guests feel a little less special, he said.

Still, Vail's dominance means that many who complain about the company still buy Epic Passes. It often makes the most financial sense for those who plan to ski most weekends, and if all their friends are doing the Epic Pass, they don't want to miss out.

Luke, the former Vail employee, said running a ski operation is costly and complicated. And, he added, there's no denying that some of the resorts bought up by Vail may not have survived otherwise. But he said part of the reason for that is the relatively low cost of the Epic Pass has drawn many away from their local mountains.

"These mountains wouldn't have survived," Luke said.

But he also said he thinks having to compete with a large company like Vail is part of the reason some family-run resorts were struggling in the first place.