Quick answer: A small regional ski resort earns $5–$25 million annually. A large destination resort earns $100–$400 million. Vail Resorts, the largest publicly traded ski company, reported $2.87 billion in total revenue for fiscal year 2023 across 41 resorts in North America and Australia.
Revenue by Resort Size
| Resort Tier | Annual Revenue (estimate) | Annual Skier Visits | Examples |
|---|---|---|---|
| Micro (local/community) | $1–$8 million | 30,000–150,000 | Small Midwest/Northeast ski areas |
| Regional | $8–$50 million | 150,000–500,000 | Loon Mountain (NH), Mt. Bachelor (OR) |
| Destination (mid-tier) | $50–$200 million | 500,000–1.5M | Jackson Hole, Big Sky, Steamboat |
| Mega resort | $200M–$600M+ | 1.5M–4M+ | Whistler, Park City, Vail Mountain |
| Multi-resort company | $1B–$3B | 15M–20M (system-wide) | Vail Resorts, Alterra (private) |
Revenue estimates for non-public resorts are industry estimates based on published skier visit data (NSAA), average spend per skier visit ($150–$350 depending on resort tier), and comparables from public company disclosures. Private resort financials are not disclosed.
What Does Revenue Per Skier Visit Look Like?
Revenue per skier visit is the key productivity metric in the ski industry. In 2023, Vail Resorts generated approximately $143 per skier visit in mountain revenue (calculated from public filings). This compares to an industry average of roughly $100–$150 per visit at major destination resorts, and $50–$80 at smaller regional operations.
Revenue per visit has grown significantly over the past decade, driven by price increases in lift tickets, food, ski school, and premium experiences. In 2012, Vail’s estimated revenue per visit was approximately $80–$90 — a 60–70% increase in a decade, outpacing inflation significantly.
Profitability: What Resorts Actually Keep
Ski resort EBITDA margins (earnings before interest, taxes, depreciation, amortization) at major operations run 25–35%. Vail Resorts reported Adjusted EBITDA of $893 million on $2.87 billion in revenue in FY2023, a 31% EBITDA margin. This is competitive with other hospitality and leisure businesses. Net income margin is lower (8–10%) due to heavy depreciation on lift infrastructure, which typically runs $100–$200 million per year for large resort companies.
Methodology and Sources
Vail Resorts financial data from Form 10-K (FY2023). NSAA skier visit data from NSAA Kottke End of Season Survey (2022–23 season). Revenue per visit estimates based on public company disclosures and NSAA economic impact study methodology. Private resort revenue estimates from Ski Area Management industry analysis.
The Consolidation of US Ski Resorts
The US ski industry has undergone significant consolidation over the past 20 years. Vail Resorts owns 41 resorts across North America and Australia. Alterra Mountain Company — privately held by KSL Capital Partners and Henry Crown and Company — owns 15 resorts including Mammoth Mountain, Steamboat, Deer Valley, and Solitude, as well as operating the IKON Pass network. These two companies collectively control the major destination resort market. Approximately 400 ski areas remain independently owned, primarily regional and community operations with 50,000–300,000 annual skier visits. The financial profiles of these two segments are fundamentally different in scale, pricing power, and investment capacity.
Small and Community Ski Areas: A Different Financial Reality
Community ski areas — particularly the 200+ smaller operations in the Midwest, Northeast, and Pacific Northwest — operate on thin margins with significant weather risk. A community ski area with 80,000 annual skier visits at $45 average revenue per visit generates $3.6 million in revenue. Labor, utilities, insurance, and maintenance typically consume 70–80% of revenue at this scale, leaving $720,000–$1,080,000 for debt service, capital expenditures, and owner return. A poor snow year reducing visits by 25–30% can eliminate operating profit entirely. This financial fragility explains why approximately 30–40 US ski areas have closed permanently since 2000, and why community ski area survival often depends on municipal or non-profit ownership structures that do not require commercial returns.
Capital Expenditures: The Cost of Staying Competitive
Ski resort revenue is only half the financial picture — the capital requirements to maintain and improve resort infrastructure are substantial and ongoing. Vail Resorts spent approximately $1.8–$2.1 billion in capital expenditures over the 5 fiscal years ending in FY2023, averaging $360–$420 million per year. Major capital categories include lift replacement (a new high-speed detachable quad costs $8–$15 million installed), terrain expansion, snowmaking upgrades, hotel and base area renovation, and technology infrastructure. Destination resorts require continuous capital reinvestment to remain competitive in the increasingly quality-sensitive destination traveler market. This ongoing CapEx burden is a primary reason why ski resort net income margins (8–12%) are considerably lower than their EBITDA margins (25–35%).