Core Insights - Vail Resorts, Inc. (MTN) is expanding its Epic Pass portfolio by adding two Austrian ski destinations, Mayrhofen and Hintertux, starting from the 2025/26 winter season, enhancing its commitment to the Austrian market and the value proposition for skiers globally [1][2] Expansion and Offerings - The addition of Mayrhofen and Hintertux significantly enhances the Epic Pass' European offerings, featuring over 120 miles of slopes suitable for various skill levels, including Austria's steepest slope, Harakiri, with a 78% gradient [2] - Epic Pass holders will enjoy five consecutive days of access at both new resorts, with early purchasers receiving incentives such as two Buddy Tickets offering up to 45% savings on lift tickets and six "Ski With a Friend" passes [3] Financial Strategy - The expansion aligns with Vail Resorts' long-term growth strategy by increasing product attractiveness and customer engagement, with a $49 down payment option to encourage early commitment and boost advance sales [3][4] - The company aims to realize $100 million in annualized savings by the end of fiscal 2026 through its two-year resource efficiency transformation plan [8] Market Position and Performance - The Epic Pass provides access to over 80 resorts globally, including major names like Whistler Blackcomb and Vail Mountain, positioning it strongly in the multi-resort ski pass market [4] - Despite a 20.7% decline in stock price over the past six months, compared to the industry's 11.8% fall, the company remains optimistic about customer retention and international appeal from the recent additions [7][4]

Core Insights - Vail Resorts is expanding access to Verbier 4 Vallées in Switzerland for the 2025/26 winter season, allowing all Epic Pass holders to enjoy five days of consecutive access [2][5] - The 2025/26 Epic Pass is currently available at the lowest price of the year, priced at $1,051 for adults and $537 for children, providing unlimited access to 42 owned resorts and partner resorts [6][8] - The company has invested over $2.5 billion in guest experience improvements over the past 15 years, focusing on innovations that enhance the skiing experience [10][12] Expansion of Access - All Epic Pass, Epic Local Pass, Epic Australia Pass, Epic Adaptive Pass, and Epic Australia Adaptive Pass holders will have access to Verbier 4 Vallées, which is Switzerland's largest ski area with 410 kilometers of runs [2][3] - Verbier 4 Vallées includes six unique resorts and offers a variety of experiences beyond skiing, such as culinary offerings and events [3][5] Pricing and Pass Options - The Epic Pass offers unlimited access to major resorts including Vail Mountain, Whistler Blackcomb, and Breckenridge, while the Epic Local Pass provides access to 29 resorts with some restrictions [6][8] - The Epic Day Pass allows customization for skiers and riders, providing significant savings compared to traditional lift ticket prices [7] Guest Experience Innovations - Vail Resorts has introduced several technological innovations such as Mobile Pass, My Epic Assistant, and My Epic Gear to enhance the guest experience [10][12] - The company has focused on reducing lift line wait times, achieving less than 3% occurrence of lift lines lasting more than 10 minutes during peak times [11] Future Developments - Additional investments are planned for the 2025/26 season, including the transformation of Park City Mountain's Canyons Village and the development of new lifts in Switzerland and Australia [12] - Vail Resorts aims to create unique experiences at each mountain resort, including culinary events and music festivals [12][13]