Critically injured victims of the deadly fire that engulfed a bar in the Swiss ski resort of Crans-Montana are being treated in specialist burns units as far afield as Stuttgart, Milan and Paris, underscoring the scale of the tragedy.The blaze has already claimed 40 lives and a further 115 people were seriously injured in the fire that broke out in Le Constellation bar at around 1:30 a.m. on Thursday, as party-goers celebrated the New Year. Many of those, including a football player from French club FC Metz ...

Core Insights - Vail Resorts is enhancing food and beverage experiences across its Colorado mountain destinations, introducing innovative dining concepts and partnerships to reflect local culture and character [1][2][3] Group 1: New Dining Experiences - Breckenridge Ski Resort will launch a variety of new dining experiences across all Five Peaks and Main Street, focusing on memorable moments that enhance the ski experience [2][5] - The Maggie Waffle Shop will offer sweet and savory stuffed waffles, while the rebranded Maggie Kitchen & Taphouse will feature Southern-inspired comfort food and a selection of 14 beers on draft [6] - Peak 9 will introduce new twists on familiar venues, including ramen at Overlook and shareable BBQ flavors at TenMile Station [7] Group 2: Partnerships and Local Flavor - Vail Resorts has partnered with Outer Range Brewing Co., a local brewery known for its hop-forward beers, to bring Colorado's craft beer culture to its resorts [3][4] - Custom beer cans with unique designs inspired by each resort will be available, enhancing the local experience for guests [4] Group 3: Unique Offerings Across Resorts - Vail Mountain will feature nostalgic dining experiences with a European flair, including a Martini Lunch for Two and an Alpine Duet at Two Elk Biergarten [12][13] - Beaver Creek Resort will host The Alpine Table, a culinary event featuring a multi-course tasting menu crafted by renowned chefs, enhancing the dining experience for food enthusiasts [14][15] - Keystone Resort will introduce Dog Cat, a mobile dining option serving hot dogs and drinks, aligning with its family-friendly atmosphere [17][18]

Core Insights - Heavenly Mountain Resort is celebrating its 70th anniversary this winter with a series of events and activities, starting with a headlining DJ set by Foster the People on December 20 [1][3] Group 1: Anniversary Celebrations - The 70th Anniversary Party will feature vintage vibes, food and beverage specials, and music from various decades since the resort's opening in 1955 [3] - Additional events include DJ sets from artists such as Vandelux, Dombresky, Forester, and SkiiTour throughout the season [3] - The Toyota Air and Après event, scheduled for February 27 to March 1, will showcase skilled athletes performing stunts on a 45-foot jump, accompanied by DJ sets and a festival village [3] Group 2: Special Events - The Gunbarrel 25 event on March 28 invites participants to complete 25 laps on challenging mogul terrain, with registration details to be announced later [3] - The Heavenly Pond Skim event on April 11 will challenge participants to ski across a man-made pond, with registration details to follow [3] Group 3: Visitor Information - Visitors can save up to $90 on lift tickets by purchasing online at least four weeks in advance [4] - The resort is positioned as a must-see, must-ski destination in Lake Tahoe, emphasizing its appeal to both skiers and riders [4] Group 4: Company Overview - Vail Resorts operates a network of premier ski resorts across North America and internationally, including notable locations such as Vail Mountain and Whistler Blackcomb [5] - The company is committed to sustainability with a goal of achieving a zero net operating footprint by 2030 [5]

We saw some initial positive results from this effort, turning around the past sales dollar trend for the post-Labor Day period from up 1% compared to the prior year through Labor Day to up 6% post-Labor Day, even though we faced challenging early season conditions heading into the final past selling period that likely impacted our local passholder results. As we head into the winter season in the Northern Hemisphere, we are turning our focus to driving lift ticket visitation. For this season, we have sever ...

Financial Data and Key Metrics Changes - Resort net revenue increased by 4% year over year, driven by improved visitation at Australian resorts due to favorable weather and the introduction of the Epic Australia four-day pass [19] - Fiscal first quarter resort reported EBITDA remained flat year over year, reflecting benefits from the Resource Efficiency Transformation Plan offset by inflation, increased marketing spend, and one-time costs [20] - North American pass product selling period saw units down by 2% but sales dollars up by 3%, with an acceleration in pass sales trends noted [21][22] Business Line Data and Key Metrics Changes - The company reported a 55% growth in pass units over the past five years, indicating increased guest commitment and financial stability [23] - The introduction of Epic Friends Tickets and advanced discount offerings for lift tickets aims to drive lift ticket visitation, which is critical for long-term guest lifetime value [9][10] Market Data and Key Metrics Changes - The company has approximately 2.3 million guests committed to its resorts, expected to generate around $1 billion in revenue, accounting for about 74% of all skier visits [23] - Snowfall was down almost 60% compared to the prior year at Western North American resorts, impacting local pass sales [22] Company Strategy and Development Direction - The company is focusing on modernizing its marketing approach, increasing media spending, and engaging younger consumers through social and digital channels [12][13] - A capital investment plan of $215-$220 million for 2026 aims to enhance guest experience through technology and multi-year initiatives [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategies being implemented to drive growth, despite a slow start to the season due to challenging weather conditions [16][26] - The company reiterated its guidance for net income and resort-reported EBITDA for fiscal year 2026, factoring in price increases and efficiencies from the Resource Efficiency Transformation Plan [24][25] Other Important Information - The company is investing in technology to enhance guest experience, including improvements to the My Epic app and e-commerce platform [31][32] - The new Chief Revenue Officer is expected to contribute significantly to growth and marketing modernization [15] Q&A Session Summary Question: How do you expect the new initiatives to play out between price and volume? - Management indicated that the initiatives aim to make lift tickets more accessible and competitive, with expectations of increased volume offsetting price reductions [37][40] Question: What is the impact of weather on pass sales and guidance? - Management acknowledged that challenging weather conditions impacted pass sales but noted a positive turnaround in revenue trends post-Labor Day [42][43] Question: How do you view third-party benefits to the pass? - Management stated that while third-party benefits are considered, the primary focus remains on pricing and access to resorts [49] Question: Will there be more advanced lift ticket discounts in the future? - Management clarified that while the current initiative is unique, they are open to exploring creative pricing strategies [92] Question: How do technology investments impact returns? - Management highlighted that technology investments improve guest experience and conversion rates, making it easier to track returns compared to traditional investments [56] Question: What is the potential for AI in pricing strategies? - Management noted that AI can help analyze data for better pricing decisions, but ultimately, business judgment will guide pricing strategies [93]

Financial Data and Key Metrics Changes - Resort net revenue increased by 4% year over year, driven by improved visitation at Australian resorts due to favorable weather and the introduction of the Epic Australia four-day pass [14] - Fiscal first quarter resort reported EBITDA was flat year over year, reflecting benefits from the Resource Efficiency Transformation Plan offset by inflation and increased marketing spend [14] - The company expects to deliver approximately $75 million in cumulative efficiencies from the Resource Efficiency Transformation Plan, with one-time operating expenses of approximately $14 million for fiscal year 2026 [14][18] Business Line Data and Key Metrics Changes - North American pass product selling period saw units down by 2% but sales dollars up by 3%, with an acceleration in pass sales trends noted [15][16] - Approximately 2.3 million guests are committed to the company's resorts for the upcoming season, expected to generate around $1 billion in revenue [17] - The company has grown pass units by 55% over the past five years, indicating increased guest commitment and financial stability [17] Market Data and Key Metrics Changes - The company faced a slow start in the Rockies and Tahoe resorts due to challenging early season conditions, while strength was noted in the Northeast and typical patterns at Whistler Blackcomb and in Switzerland [12] - Snowfall was down almost 60% compared to the prior year at Western North American resorts, impacting local pass sales [16] Company Strategy and Development Direction - The company is focusing on driving lift ticket visitation as a critical entry point for guests to join the pass program, with new strategies like Epic Friends Tickets and advanced discount offerings [5][6] - Dynamic pricing strategies are being implemented to drive off-peak visitation and enhance competitiveness at certain resorts [7] - The company is modernizing its marketing approach to engage younger consumers through social media and digital channels [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategies being implemented to drive growth, despite early season challenges [12] - The company is focused on delivering an exceptional guest experience and optimizing products and pricing to support overall guest experience for fiscal year 2027 [12][24] - Management reiterated guidance for net income and resort-reported EBITDA for fiscal year 2026, factoring in expected growth from price increases and efficiencies [18][19] Other Important Information - The company announced a core capital investment plan of $215-$220 million for fiscal year 2026, focusing on enhancing guest experience and technology investments [20][22] - The company is committed to sustainability initiatives through investments in low-energy snowmaking and waste reduction projects [24] Q&A Session Summary Question: How do you expect the new initiatives to play out between price and volume? - Management indicated that the initiatives aim to make lift tickets more accessible and competitive, with expectations of increased volume despite price reductions [26][27] Question: What is the impact of weather on pass sales? - Management noted that while pass sales improved, they were impacted by challenging weather conditions, particularly at the end of the selling period [30][31] Question: How do you view third-party benefits to the pass? - Management stated that while third-party benefits are considered, the primary focus remains on pricing and access to resorts [34] Question: What are the expectations for ancillary spend from first-time visitors? - Management indicated it is too early to assess the impact of new initiatives on ancillary spend but expects first-time visitors to behave similarly to existing destination guests [61] Question: Will there be changes to the pass structure in the future? - Management confirmed that while all options are considered, there are no immediate plans to extend deadlines for pass purchases [37] Question: How do technology investments impact returns? - Management highlighted that technology investments improve guest experience and conversion rates, making it easier to track returns compared to physical infrastructure investments [41]

Core Insights - Vail Resorts, Inc. reported a net loss of $186.8 million for Q1 fiscal 2026, compared to a loss of $173.3 million in the same period last year, indicating a decline in profitability [6][29] - The company reaffirmed its fiscal 2026 guidance, projecting net income between $201 million and $276 million and Resort Reported EBITDA between $842 million and $898 million [6][14] - North American season pass sales for the 2025/2026 ski season showed a 2% decrease in units sold but a 3% increase in sales dollars, attributed to a 7% price increase [8][10] First Quarter Operating Results - Resort net revenue increased by $10.7 million, or 4%, driven by improved visitation at Australian ski resorts due to favorable weather [7] - Resort Reported EBITDA loss remained flat at $139.7 million compared to the prior year [6] - Mountain Reported EBITDA increased by $1.5 million, while Lodging Reported EBITDA decreased by $1.5 million due to decreased demand for summer group lodging [7] Season Pass Sales - North American pass product sales through December 5, 2025, decreased approximately 2% in units but increased approximately 3% in sales dollars compared to the previous year [8] - The decline in units was primarily driven by decreases in Colorado, Utah, and Tahoe local markets, while destination markets saw only slight declines [8] Fiscal Year 2026 Guidance - The company reaffirmed its fiscal 2026 guidance, assuming normal weather conditions and a continuation of the current economic environment [11] - The guidance reflects expectations for the North American ski season, which has just begun, with the primary earnings period still ahead [11] Liquidity and Return of Capital - As of October 31, 2025, the company's total liquidity was approximately $1.5 billion, with net debt at 3.0 times trailing twelve months Total Reported EBITDA [15][33] - The company declared a quarterly cash dividend of $2.22 per share, payable on January 12, 2026 [15] Capital Investments - Vail Resorts plans to invest approximately $215 million to $220 million in core capital for calendar year 2026, with total capital spending expected to be between $234 million and $239 million [6][13] - Significant investments will focus on enhancing guest experiences, including upgrades to lift systems and dining facilities across various resorts [17][18]

Core Insights - Vail Resorts, Inc. (MTN) is set to report its first-quarter fiscal 2026 results on December 10, with adjusted earnings having missed the Zacks Consensus Estimate by 7% in the last quarter, although it delivered better-than-expected earnings in three of the last four quarters with an average surprise of 3.3% [1] Financial Estimates - The Zacks Consensus Estimate for the fiscal first-quarter loss per share remains stable at $5.23, compared to an adjusted loss per share of $4.61 in the prior-year quarter [2] - The consensus for net revenues is $271.3 million, indicating a 4.2% increase from the previous year's figure of $260.3 million [2] Revenue Drivers - Several operational and financial factors are expected to positively influence Vail Resorts' revenue performance, including normalized weather conditions in Australia, which had previously faced disruptions [3] - Price increases for season passes and lift tickets are anticipated to offset softer pass unit sales, contributing positively to lift revenues [3] - Stronger ancillary capture from on-mountain spending, such as dining and rentals, is also expected to support overall top-line growth [4] - The Resource Efficiency Transformation Plan is projected to yield $38 million in incremental efficiencies, allowing for reinvestment in marketing and service improvements [5] - New products like Epic Friend Tickets are likely to stimulate lift ticket purchases and enhance early-season lift revenues [6] Revenue Projections - Mountain and Lodging net revenues are predicted to grow year over year by 0.9% to $174.8 million and 10.9% to $96.4 million, respectively [7] Challenges - Season-pass units are running about 3% lower due to fewer new buyers and weaker renewal rates, which is expected to reduce skier visits and pressure revenues [8] - Ongoing cost inflation, particularly in labor and operating expenses, is anticipated to offset gains from pricing actions and efficiency efforts [8] - The shift in marketing strategies may take time to influence demand, potentially limiting near-term visitation benefits [10]

Core Insights - Vail Resorts has introduced a new discount program offering an average of over 30% off lift tickets at 12 of its top destination resorts for guests who purchase tickets four or more weeks in advance [1][6] - The initiative aims to make skiing and snowboarding more accessible, particularly for guests who may not plan their trips until winter [1][4] - The new discount allows significant savings, with potential reductions of over $100 per lift ticket depending on the day and resort [1][6] Discount Program Details - The discount is applicable at major resorts including Vail Mountain, Beaver Creek, Breckenridge, and Whistler Blackcomb, among others [1][6] - The first eligible day for the new savings is January 5, 2026, and lift tickets can be purchased on the websites of all 37 North American resorts [1][6] - Guests with a lift ticket this season can apply up to $175 of their ticket cost towards an Epic Pass for the next season [3][5] Previous Initiatives - The announcement follows the introduction of Epic Friend Tickets, which offer friends of season pass holders half off lift tickets [2] - Vail Resorts previously launched Epic 1-7 Day Passes, providing up to 65% off lift tickets for occasional skiers [3] Commitment to Guest Experience - The company is focused on enhancing the overall guest experience, including simplifying trip bookings and improving on-mountain services [4] - Planned enhancements include unique events, better dining options, and investments in new lifts and real-time lift-wait transparency [4]

Core Insights - Keystone Resort opened as the first ski resort in North America for the season on October 25, 2025, with other major resorts preparing to open before December [1][3][12] Group 1: Epic Pass and Pricing - Epic Pass prices will increase after November 16, 2025, encouraging early purchases to lock in savings [2][6] - The Epic Pass offers unlimited access to 42 mountain resorts for $1,121 for adults and $572 for children, with additional discounts for military personnel [7] - New Epic Friend Tickets provide 50% off lift tickets for friends of Epic Pass holders, redeemable throughout the winter season [8][10] Group 2: Events and Activities - Various events are scheduled for December, including the Stifel Birds of Prey Audi FIS World Cup at Beaver Creek and the Rockstar Energy Open at Breckenridge [4] - Vail Mountain will host a vibrant après-ski scene with live music performances and culinary experiences throughout the season [4][5] - Breckenridge's Ullr Fest, celebrating its 62nd year, will take place from December 18, honoring the Norse god of snow [4] Group 3: New Offerings and Experiences - The new Ski & Ride School will allow guests to track their progress through the My Epic app, enhancing the skiing experience [4] - Culinary experiences at Vail Mountain include unique dining options and collaborations with renowned chefs [5] - Whistler Blackcomb introduces new Wonder Routes for a guided après-ski adventure [4]