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

11.01.2025 - 11:21 / insider.com / Rocky Mountains / Vail Resorts / Noah Kahan

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.

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