Vail Resorts, Inc. (NYSE: MTN) today announced the appointment of Executive Vice President and Chief Operating Officer Bill Rock as President of the company’s Mountain Division, effective May 1, 2023, and announced that current President James O’Donnell will no longer be with the company, effective March 3, 2023.
Bill Rock to become President of Vail Resorts’ Mountain Division, effective May 1, 2023.
Source: prnewswire BROOMFIELD, Colo., March 2, 2023
“I want to extend my gratitude to James for his leadership and contributions to Vail Resorts during his 22 years at our company,” said Vail Resorts Chief Executive Officer Kirsten Lynch.
VailEpicFail team comment: “Yeah, right. Your “extended gratitude” has zero value. Everyone knows you threw this dude like used condom. So shove your “gratitude”, Lynch.
The new dude (Bill Rock) had assumed the new position the day before (March 1) the PR release (March 2). While the old dude (James O’Donnell) has been given the boot, effective the next day (March 3). So unless the old dude got caught on something very inappropriate, the way how Vail disposes their employees is rather disgusting. We are not surprised.
Vail Resorts, Inc. (NYSE: MTN) today reported results for the first quarter of fiscal 2023 ended October 31, 2022, provided season pass sales results, reaffirmed its guidance for Resort Reported EBITDA for fiscal 2023, provided additional detail on its calendar year 2023 capital plan and declared a dividend payable in January 2023.
Vail Resorts sold 2.3 million Epic Pass products for the 2022/23 season, which is down by 12% over last year.
“As Chief Executive Officer at VAIL RESORTS INC, Kirsten A. Lynch made $6,609,628 in total compensation. Of this total $885,999 was received as a salary, $1,188,300 was received as a bonus, $2,249,981 was received in stock options, $2,249,991 was awarded as stock and $35,357 came from other types of compensation. This information is according to proxy statements filed for the 2022 fiscal year.”
So your $235 for 1 day lift ticket, $20 per hamburger and $700 for a crappy shithole cabin “Ski Trail condos” are going into the pocket of the right person. Here is that person:
Kirsten A. Lynch should be fired for her extremely crappy performance, but not rewarded with $6.6M+ in compensation.
Vail MTN is a falling knife now as it breaks down through two top trough support and the 200 day EMA. Selling will accelerate after Dec 23rd ex dividend date. They have a hugely inflated assets on their balance sheet and too much debt. Been cooking the books the past several years.
“Vail is not doing a good job of maximizing revenue”
Vail is not doing a good job of maximizing revenue. At my local resort the restaurant / bar is not open during the holiday week, typically a very busy week.
“This stock MTN will be a two digit stock price by March”
Oh boy, wait til Christmas crash for MTN. when it goes ex dividend on the 23rd the tax loss selling will accelerate. The selling in January and February will be stunning as Vail’s super inflated balance sheet is revealed. Too much debt vs inflated assets probably leads to a secondary stock offering in early 2023. This stock MTN will be a two digit stock price by March. They went on an acquisition spree the past 5 years right into the teeth of the biggest asset bubble in history. Combined with huge labor cost inflation and higher interest rates….dead company walking.
Since early November, Vail Resorts’ stock (MTN) has not been a great performer in the larger travel and leisure universe.
While the stock market is up nearly 10% since October, Vail Resorts’ stock is down 15%, meaning the stock is underperforming by close to 25 percentage points.
The problem looks to be unique to Vail Resorts in the travel and leisure sector as other big travel stocks appear to be doing fine. Carnival Cruise Lines was $23.01 on Nov. 1, and on Friday it was $21.90. Marriott Hotels is basically flat in that time, and Hilton, like the market overall, is up slightly during that time. Six Flags parks are up slightly in that time, as well.
Vail sold thousands of Epic Local passes good at Stevens Pass in Washington. They weren’t willing to pay market wages, so couldn’t hire enough staff to open the mountain. During peak ski season between Christmas and New Year’s, they opened less than 40% of the ski area because of staffing shortages. They are stealing from people who paid in advance for season passes.
Moving on to season pass results, Lynch said, “Pass product sales for the North American ski season increased approximately 47% in units and approximately 21% in sales dollars through December 5, 2021 as compared to the period in the prior year through December 6, 2020
Net loss attributable to Vail Resorts, Inc. was $139.3 million for the first quarter of fiscal 2022 compared to a net loss attributable to Vail Resorts, Inc. of $153.8 million in the same period in the prior year. Both periods continued to be negatively impacted by COVID-19 and related limitations and restrictions.
Resort Reported EBITDA loss was $108.4 million for the first quarter of fiscal 2022, compared to a Resort Reported EBITDA loss of $94.8 million for the first quarter of fiscal 2021.
Vail’s treatment of its customers is the worst I have ever encountered. It is only that I love Whistler mountain that I continue to pay several thousand dollars for passes. It is unnerving that Vail cares so little.