The popularity of mega passes has driven more people to Veil's mountains. Sometimes too many, especially on good snow days. >> Oh my god.>> This is what happens. Victim of its own success. >> How seriously do you take that issue of those complaints.>> There is, I think, a little bit of a concern that if we make the sport more accessible and more people come that it will be overcrowded. Our job is to ensure the vitality of this industry 5, 10, 15, 20 years from now. In our minds, the way you deal with crowdi ...

Leadership Changes - Thomas Mazloum has been appointed Chairman of Disney Experiences, effective March 18, 2026, succeeding Josh D'Amaro, who has become CEO of the Walt Disney Co. [1] - Mazloum previously served as President of Disneyland Resort, overseeing 36,000 cast members and various business facets [3][4]. Business Portfolio - Mazloum will manage a global portfolio that includes Disney's theme parks, cruise ships, resort hotels, consumer products, and Walt Disney Imagineering [2]. - The Experiences division has been a reliable growth engine for Disney, with plans to invest $60 billion over the next 10 years [5]. Financial Performance - Revenue in the Experiences segment grew by 6% in fiscal 2025, reaching $36.2 billion, while entertainment revenue increased by 3% to $42.5 billion [5]. Strategic Initiatives - Disney is focusing on artificial intelligence as a new frontier, deploying the technology in parks and film production [6]. - The company has invested in OpenAI and is navigating tensions with AI firms amid ongoing contract talks with guilds [6].

Financial Data and Key Metrics Changes - Total net revenue declined approximately 5% in Q2 compared to the prior year, driven by unfavorable weather conditions impacting visitation and ancillary spending [15][17] - Resort Reported EBITDA declined approximately 8% year-over-year, with Rockies snowfall down 43% [15][16] - Skier visitation declined approximately 12% season-to-date, with lift revenue down approximately 4% [16][17] Business Line Data and Key Metrics Changes - Total Q2 lift revenue declined approximately 3% despite visitation being down 13%, reflecting stability from pass sales which were up approximately 3% [15][16] - Ancillary revenue trends improved compared to January metrics but remained down versus the prior year due to lower visitation [16] Market Data and Key Metrics Changes - Conditions in Whistler and Tahoe were variable, while conditions in the East were strong, providing a partial offset to the challenges faced in the Rockies [15] - The company noted that the Rockies are the largest driver of resort EBITDA, and the poor weather had an outsized negative impact on results this year [6][15] Company Strategy and Development Direction - The company is focusing on geographic diversification to mitigate regional weather impacts, which has provided more support historically [7] - New pricing strategies were introduced for skiers and riders ages 13 to 30, offering a 20% discount to attract younger guests [8][9] - The company is advancing strategic initiatives to optimize visitation through enhanced marketing and new products, including a campaign targeting Gen Z [8][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unprecedented weather challenges faced this season, which significantly impacted performance [5][6] - The company remains confident in its business model's resilience and the stability provided by its advanced commitment strategy [12][23] - Future guidance for net income and Resort Reported EBITDA has been reduced due to ongoing challenging weather conditions [17][18] Other Important Information - The company expects to exceed its initial $100 million annualized savings target from its Resource Efficiency Transformation Plan by approximately $6 million by the end of fiscal 2026 [18] - The balance sheet remains strong with liquidity of approximately $1.1 billion and net leverage of 3.1x trailing 12 months EBITDA [19] Q&A Session Summary Question: How does the current weather impact renewals and next year's outlook? - Management indicated that historical patterns show that customers tend to view poor weather years as anomalies and remain engaged with the sport [26][27] Question: Can you explain the high flow-through assumption in relation to revenue and EBITDA changes? - Management explained that the high flow-through is due to fixed costs and the need to maintain high guest experience levels despite lower visitation [30] Question: What are the marketing efforts and their impact on pass sales? - Management noted that social media and influencer content have been effective, leading to a significant change in pass sales trajectory [34] Question: Will there be a focus on capital expenditures for snowmaking after this season? - Management confirmed a long-term commitment to upgrading snowmaking systems as part of enhancing guest experience [45][46] Question: How does the company plan to manage potential shifts in guest demographics due to new pricing strategies? - Management emphasized that while younger guests may have less disposable income, they are still valuable to the business model, and the focus will be on optimizing pricing for different age groups [100][101]

Financial Data and Key Metrics Changes - Total net revenue for Q2 declined approximately 5% year-over-year, primarily due to unfavorable weather conditions impacting visitation and ancillary spending [15][17] - Resort Reported EBITDA decreased approximately 8% compared to the prior year, with Rockies snowfall down 43% year-over-year [15][17] - Skier visitation declined approximately 12% season-to-date, with lift revenue down approximately 4% [16][17] Business Line Data and Key Metrics Changes - Total Q2 lift revenue declined approximately 3%, despite visitation being down 13%, reflecting stability from pass sales which were up approximately 3% [15][16] - Ancillary revenue trends improved compared to January metrics but remained down versus the prior year due to lower visitation [16] Market Data and Key Metrics Changes - Conditions in the Rockies were the most challenging, with snowfall at historic lows, while conditions in the East were strong, providing a partial offset [15][16] - The company noted that geographic diversification has historically provided support, although less evident this year due to severe conditions in the Rockies [7][15] Company Strategy and Development Direction - The company is focused on optimizing visitation through enhanced marketing initiatives and new products, including a new pricing strategy for young adults [8][9] - A commitment to geographic diversification and advanced commitment strategies has been emphasized to mitigate regional weather impacts [6][7] - The company plans to continue investing in technology and guest-facing improvements to enhance the overall experience [13][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unprecedented weather challenges and their impact on performance, but expressed confidence in the resilience of the business model [5][12] - The updated fiscal 2026 guidance reflects reduced expectations for net income and Resort Reported EBITDA due to ongoing weather conditions [17][18] - Management remains optimistic about the long-term value creation potential despite the current challenges [22][23] Other Important Information - The company has a strong balance sheet with approximately $1.1 billion in liquidity and a net leverage of 3.1x trailing 12 months EBITDA [19] - Capital expenditures for fiscal 2026 are reaffirmed at $215 million-$220 million, with a focus on technology investments [21] Q&A Session Summary Question: Impact of weather on next season's renewals - Management noted that historical patterns suggest that customers tend to view poor weather years as anomalies and remain engaged with the sport [26][27] Question: Flow-through assumptions regarding revenue and EBITDA - Management explained that the high flow-through is due to fixed costs and the need to maintain guest experience despite lower visitation [30] Question: Marketing efforts and social presence feedback - Management highlighted positive results from enhanced marketing strategies, particularly in social media, which have driven pass sales [34][35] Question: Future capital expenditures for snowmaking - Management confirmed a long-term commitment to upgrading snowmaking systems but noted that decisions for capital investments are made based on prior season results [45][46] Question: Proactive actions to accelerate visitation - Management reported positive traction from new ticket initiatives and pricing strategies, indicating potential for future growth despite current weather challenges [50][51] Question: Pricing strategy for young adults - Management discussed the rationale behind the 20% discount for young adults, emphasizing the importance of engaging this demographic for long-term growth [90][91]

following table reconciles long-term debt, net to Net Debt and the calculation of Net Debt to Total Reported EBITDA for the twelve months ended January 31, 2026.(In thousands)(Unaudited)As of January 31, 2026Long- term debt, net$ 2,857,753Long-term debt due within one year73,005Total debt2,930,758Less: cash and cash equivalents384,737Net debt$ 2,546,021Net debt to Total Reported EBITDA3.1xThe following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and six months end ...

Vail Resorts is cutting the price of next year’s Epic Pass by 20% for young people, another step to coax customers to its mountains https://t.co/Gx7gifCxJU ...

Core Insights - Westgate Resorts has appointed Jared Saft as the new Chief Operating Officer, succeeding Mitch Less, who will take on a new role at Central Florida Investments [1][5] Company Leadership - Jared Saft has been with Westgate for 20 years and has held various leadership positions in finance, operations, and sales and marketing [2] - Saft was most recently the Chief Business and Strategy Officer before his promotion to COO [2] Strategic Contributions - Saft played a key role in the acquisition of VI Resorts, increasing Westgate's resort count to nearly 60 [3] - He also led a strategic partnership with Choice Hotels International, adding 21 properties to Westgate's portfolio [3] COO Responsibilities - As COO, Saft will oversee the strategic direction and management of Westgate's expansion projects and companywide operations [4] - He is also the chair-elect of the American Resort Development Association and will assume the chair position in May [4] Company Expansion - Saft's appointment comes during a significant expansion phase for Westgate, which includes international growth into Canada and Mexico [5] - The company is also forming a strategic partnership with Chuck E. Cheese and introducing new amenities like the Mystery Fun House Arcade Experience and River Country Water Park [5]

Core Insights - Galaxy Entertainment Group (GEG) reported strong financial results for FY2025, with Group Adjusted EBITDA increasing by 19% year-on-year to $14.5 billion and Net Profit Attributable to Shareholders (NPAS) rising by 22% to $10.7 billion [5][22][30] - The company continues to focus on diversifying Macau's tourism offerings beyond gaming, emphasizing MICE (Meetings, Incentives, Conferences, and Exhibitions), entertainment events, and live sports [3][11][59] Financial Performance - Q4 2025 Group Adjusted EBITDA reached $4.3 billion, up 33% year-on-year and 29% quarter-on-quarter [16][31] - Full Year 2025 Group Net Revenue was $49.2 billion, reflecting a 13% increase year-on-year [22][36] - GEG's cash and liquid investments stood at $36.3 billion as of December 31, 2025, supporting ongoing capital returns to shareholders and development initiatives [6][29] Visitor Trends - Macau's Gross Gaming Revenue (GGR) for 2025 was $240.2 billion, a 9% increase year-on-year, with total visitation rising 15% to 40.1 million [3][19][20] - Mainland Chinese visitors accounted for 29.0 million arrivals, up 18% year-on-year, while international visitors increased by 14% to 2.8 million [20][21] Non-Gaming Initiatives - GEG hosted approximately 350 events in 2025, including concerts and sports events, enhancing Macau's appeal as a destination for entertainment [7][51] - The company is committed to supporting the Macau Government's vision of developing the region into a 'City of Performing Arts' and 'City of Sports' [7][11] Development and Future Outlook - GEG is advancing its Phase 4 development, which will introduce new high-end hotel brands and extensive non-gaming amenities, with completion targeted for 2027 [53][61] - The company plans to continue its partnerships with global entertainment firms and expand its event offerings to attract a broader audience [9][59]

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Core Insights - MGM Resorts International has achieved a significant milestone in its renewable energy strategy, now powering up to 100% of its daytime electricity needs on the Las Vegas Strip with solar energy [1][3] - The company has more than doubled its access to renewable energy by combining power from the newly activated Escape Solar and Storage Project with its existing 100 MW Mega Solar Array [2] - The Escape Solar and Storage Project includes 115 MW of solar energy and 400 MWh of battery storage, allowing the company to store solar energy for use during lower production periods [1][2] Renewable Energy Strategy - The new project accelerates MGM Resorts' goal of using 100% renewable electricity domestically by 2030, reflecting a focus on scalable and impactful clean-energy solutions [3] - A 25-year power purchase agreement with Escape Solar LLC was announced in September 2024 to enhance the company's renewable energy capabilities [3] Sustainability Efforts - MGM Resorts has been focused on expanding renewable energy use since 2016, significantly reducing carbon emissions through various renewable energy projects [4] - The company operates a 323,000-panel Mega Solar Array providing 100 MW, along with additional solar installations at various properties [6]