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Vail Resorts, Inc. is an American mountain resort company headquartered in Broomfield, Colorado. The company is divided among divisions that own and operate 42 mountain resorts in four countries, along with hotels, lodging, condominiums, and golf courses that comprise property real estate holdings.
In 1992 Vail Associates was acquired by Apollo Ski Partners, a new arm of the private equity firm Apollo Global Management led by billionaire Leon Black. The new ownership led Vail Resorts public in 1997.
In 1996, Vail Resorts completed its first major acquisition with a $310 million purchase of Ralston Resorts, the owner of Keystone, Breckenridge, and Arapahoe Basin. This led to antitrust concerns, and Vail Resorts ultimately sold Arapahoe Basin to a third party due to a ruling from the Department of Justice.
In 2001, Vail Resorts acquired the hotel chain RockResorts.
Rob Katz, a former executive at Apollo, ran Vail Resorts as CEO until November 2021, when he was appointed executive chairperson of the board. Kirsten Lynch, the company's former chief marketing officer, then took over as CEO.
In June 2024, Vail Resorts reported lower-than-expected revenue during the February–April quarter due to a significantly warmer-than-anticipated winter across western North American resorts, with snowfall 28% lower than average. The company generated $1.28 billion in revenue during the quarter despite the stabilizing effect of its Epic Pass program, which allows customers to purchase a Season ticket for its North American resorts at a significant upfront cost. However, Vail's stock price has declined by 50% since its October 2021 peak of $360.
Visitation at Vail's North American resorts in the 2025 ski season, throughout February, March and April, were down by 7% year-over-year.
The outlook for the 2025–26 season is also lower. In early June the company announced fewer pass sales for the upcoming season compared to 2024–25.
In May 2025, CEO Kirsten Lynch resigned after the company had lost over half of its value during her tenure from 2021–2025. Robert Katz, who was formerly CEO for 16 years, returned to the leadership role.
Vail Resorts’ visitors often complain about long lines. At times the long lines have been caused by ski patrol striking due to inflated property values and inadequate wages. A two-week strike at Park City, Utah around the Christmas holiday in 2024, led to increased wages for ski patrollers, and was followed by new contracts for employees at Keystone and Crested Butte, Colorado.
Local towns have also complained recently about their partnerships with Vail and its mountains. At Heavenly Mountain Resort, the town of South Lake Tahoe, California has voiced grievances of overflowing traffic, parking and negligent tourists, which drain from local resources outside from the town's tax authority. The town has increased its parking rates and capped snow plowing as a result, and hopes to annex parts of the ski mountain to access the tax base. Rural areas like Crested Butte are also finding Vail is unwilling to contribute to costs of airline transportation at regional airports, where resort owners had historically helped subsidize the transportation that helped deliver their customers.
A shareholder, Late Apex Partners, called for massive changes to the company—including a sweep of both the c-suite and board—after five years of significant underperformance by Vail.
All of the aforementioned items, among other things, have contributed to Vail’s poor reputation and earned the company the appellation “Evil Empire.”
| +Price of all-in Epic Pass !Year !Price !% change | ||
| 2021–22 | $783 | - |
| 2022–23 | $841 | +7.4% |
| 2023–24 | $909 | +8.1% |
| 2024–25 | $982 | +8.0% |
| 2025–26 | $1,051 | +7.0% |
| Afton Alps | Hastings, Minnesota | 22 | December 21, 1963 | December 6, 2012 | |
| Alpine Valley | Chesterland, Ohio | 5 | 1965 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Andermatt-Sedrun | Andermatt, Uri, Central Switzerland | 19 | March 28, 2022 | Vail owns a 55% share of the resort | |
| Attitash Mountain | Bartlett, New Hampshire | 9 | January 26, 1965 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Beaver Creek Resort | Beaver Creek, Colorado | 25 | December 15, 1980 | ||
| Big Boulder | Lake Harmony, Pennsylvania | 10 | 1947 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Boston Mills-Brandywine | Peninsula, Ohio | 16 | 1963 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Breckenridge Ski Resort | Breckenridge, Colorado | 32 | December 16, 1961 | 1996 | |
| Crans-Montana | Crans-Montana, Sierre, Valais, Switzerland | 19 | November 30, 2023 | ||
| Crested Butte Mountain Resort | Crested Butte, Colorado | 16 | November 23, 1961 | September 27, 2018 | Acquired through Triple Peaks, LLC, in addition to Mount Sunapee and Okemo, alongside purchase of Stevens Pass. |
| Crotched Mountain | Bennington, New Hampshire | 5 | December 14, 1969 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Falls Creek | Bogong High Plains, Victoria, Australia | 14 | 1946 | February 22, 2019 | Bought from Merlin Entertainments along with Hotham. |
| Heavenly Mountain Resort | South Lake Tahoe, California | 30 | December 15, 1955 | March 26, 2002 | |
| Hidden Valley | Eureka, Missouri | 9 | 1982 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Hidden Valley Resort | Hidden Valley, Pennsylvania | 4 | 1958 | December 31, 2021 | Bought from Seven Springs Mountain Resort, Inc. and affiliates along with two other resorts. |
| Hotham Alpine Resort | Mount Hotham, Victoria, Australia | 14 | 1925 | February 22, 2019 | Bought from Merlin Entertainments along with Falls Creek. |
| Hunter Mountain | Hunter, New York | 15 | January 9, 1960 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Jack Frost | White Haven, Pennsylvania | 18 | 1972 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Keystone Resort | Keystone, Colorado | 20 | November 21, 1970 | 1996 | |
| Kirkwood Mountain Resort | Kirkwood, California | 15 | 1972 | February 22, 2012 | |
| Laurel Mountain | Somerset County, Pennsylvania | 1 | 1939 | December 31, 2021 | Bought from Seven Springs Mountain Resort, Inc. and affiliates along with two other resorts. |
| Liberty Mountain Resort | Fairfield, Pennsylvania | 9 | 1960 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Mad River Mountain | Zanesfield, Ohio | 12 | 1962 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Mount Brighton | Brighton, Michigan | 12 | 1960 | December 6, 2012 | |
| Mount Snow | West Dover, Vermont | 20 | 1954 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Mount Sunapee Resort | Newbury, New Hampshire | 11 | December 26, 1948 | September 27, 2018 | Acquired through Triple Peaks, LLC, in addition to Crested Butte and Okemo, alongside purchase of Stevens Pass. The first resort in New Hampshire to be operated by Vail. Owned by the New Hampshire but operated alongside Okemo Mountain. |
| Northstar California | Truckee, California | 20 | December 1972 | October 25, 2010 | |
| Okemo Mountain | Ludlow, Vermont | 20 | January 31, 1956 | September 27, 2018 | Acquired through Triple Peaks, LLC, in addition to Crested Butte and Mount Sunapee, alongside purchase of Stevens Pass. |
| Paoli Peaks | Paoli, Indiana | 8 | December 1978 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Park City Mountain Resort | Park City, Utah | 41 | December 21, 1963 | May 29, 2013 (Canyons) September 11, 2014 (Park City) | In 2015, Vail merged the Park City and Canyons resorts under the Park City Mountain Resort name, connecting them with a gondola lift. |
| Perisher Ski Resort | Perisher Valley, Australia | 46 | 1951 | 2015 March 30, 2015 | Vail's first Australian property. |
| Roundtop Mountain Resort | Lewisberry, Pennsylvania | 7 | November 28, 1964 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Seven Springs Mountain Resort | Seven Springs, Pennsylvania | 14 | 1937 | December 31, 2021 | Bought from Seven Springs Mountain Resort, Inc. and affiliates along with two other resorts. |
| Snow Creek | Weston, Missouri | 5 | 1986 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Stevens Pass | Skykomish, Washington | 10 | 1937 | August 15, 2018 | Purchased and announced alongside Crested Butte, Mount Sunapee, and Okemo. |
| Stowe Mountain Resort | Stowe, Vermont | 12 | February 7, 1937 | February 21, 2017 | Vail's first resort on the East Coast of the United States. |
| Vail Ski Resort | Vail, Colorado | 31 | December 15, 1962 | The third-largest ski resort in the United States. | |
| Whistler Blackcomb | Whistler, British Columbia, Canada | 37 | January 15, 1966 | August 8, 2016 | Vail owns a 75% interest in Whistler & Blackcomb Partnerships, and the remaining 25% is owned by Nippon Cable |
| Whitetail Resort | Mercersburg, Pennsylvania | 9 | 1991 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. |
| Wildcat Mountain Ski Area | Gorham, New Hampshire | 5 | 1958 January 25, 1958 | September 24, 2019 | Bought from Peak Resorts along with 16 other mountains. Wildcat trail initially cut by CCC in 1933; original gondola started operation in 1958. Peak Resorts acquired Wildcat in 2010. |
| Wilmot Mountain | Wilmot, Wisconsin | 11 | February 1938 | January 19, 2016 |
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