Passion for ski first

Vail Resorts, a U.S.-based company listed on the New York Stock Exchange (NYSE: MTN), has expanded its operations into Europe over the past two years. Headquartered in Broomfield, Colorado, the company was founded in 1997 and employs approximately 55,000 people. Its core business is the operation of mountain resorts and urban ski areas across the United States, Canada, Australia, and Switzerland. Vail Resorts is also known for its multi-resort ski pass, the Epic Pass, which is held by over 2.4 million skiers worldwide.

Vail Resorts entered the Swiss market in 2022 through the acquisition of a majority stake in Andermatt-Sedrun Sport AG, in partnership with Orascom Development. In 2023, it strengthened its presence by acquiring a majority stake in Remontées Mécaniques Crans Montana Aminona (CMA) SA. Additionally, Vail Resorts has partnerships with Swiss resorts like Verbier 4 Vallées, though it does not hold any ownership stakes. Vail Resorts’ arrival in Switzerland naturally triggered many discussions. Against this backdrop, helvet interviewed Mike Goar, Chief Operating Officer of Vail Resorts — Switzerland. This seasoned executive in the ski industry is responsible for all of Vail Resorts’ operations in Switzerland.

Vail Resorts began its European expansion in Switzerland, first with Andermatt, then Crans-Montana. Why Switzerland? Many years ago, Vail Resorts identified European expansion as a strategic priority. Over time, we evaluated numerous opportunities, proceeding thoughtfully and respectfully to minimize any risk of negative sentiment from local communities. Acquisitions also tend to be complex, as ski lift companies often have intricate ownership structures with multiple shareholders.

Initially, was Switzerland your top European choice? Switzerland was one of our top choices, ultimately becoming our entry point. Looking back, we feel fortunate about it. Both Andermatt and Crans-Montana have been excellent additions to the Epic Pass portfolio, and the local communities have welcomed us warmly.

Will you continue expanding your network of ski resorts in Europe? Absolutely. We believe a broader European network adds significant value for our 2.4 million Epic Pass holders. When evaluating new opportunities, we focus on medium-to-large resorts that offer upscale experiences, strong infrastructure, convenient airport access, and strong brand recognition. At the same time, we want these resorts to remain accessible to local families.

Do you prefer to buy companies (e.g., ski lift operators) or to partner with them? We typically prefer majority ownership because it enables us to manage capital investments and stakeholder relationships more directly. In Switzerland, our minority shareholders, such as the municipality of Crans-Montana, play an extremely positive and constructive role. Nevertheless, our partnership with Verbier 4 Vallées is invaluable, and we hope it lasts forever.

From a business culture standpoint, how does the ski resort industry differ between the United States and Switzerland? Surprisingly, there are more similarities than differences. The core mission is the same: deliver a great guest experience, invest in infrastructure and people, and build loyalty.

One distinction is that in the United States, we typically own and operate not only ski lift operators but also many ancillary services, like ski schools, rental shops, and on-mountain restaurants. In Switzerland, these services are often independently owned. We see strong synergies in integrating these services, so we’ve acquired many of them in Switzerland. For instance, in Crans-Montana, we now operate ten restaurants. This enables us to meet the diverse needs of our guests, from upscale dining to family-friendly options, while optimizing operations through centralized purchasing and staff flexibility.

Is your goal to own as many ancillary service companies as possible? Of course not. Independent, often family-run, restaurants bring authenticity and variety that guests truly appreciate. In such cases, our role is to support these businesses and work together to enhance the destination’s appeal.

Are there synergies between your two Swiss resorts? Yes. We actively share best practices, not just between Andermatt and Crans-Montana, but across all our global resorts. For example, staff from Andermatt supported Crans-Montana during the World Cup. On a broader level, jointly promoting our resorts enhances their visibility, far more than they could achieve individually.

Do you plan to acquire and operate hotels or apartments in Switzerland? No. Our focus is on the core skiing experience and its related services. While we’ve previously owned and operated hotels and apartments in the United States, we’ve concluded that it’s better to remain focused on our core business in Switzerland. In other words, while we support hotel and apartment owners, we have no intention of purchasing or managing lodging properties ourselves.

There is sometimes a perception that Epic Pass holders are wealthy Americans who do not hesitate to fly halfway across the world to ski. Is that accurate? Not really. Most Epic Pass holders aren’t especially wealthy, they’re passionate skiers. For many on the U.S. East Coast, the total cost and travel time to Switzerland are comparable to a trip to Colorado. Skiing in the Alps is often a dream, even a once-in-a-lifetime experience.

What is the proportion of Epic Pass holders in your two Swiss resorts? We cannot disclose the exact figures. However, while we’ve seen a significant rise in American visitors, most of our guests in Switzerland remain local and do not hold an Epic Pass. To give you a hint: the number of American hotel stays in Andermatt increased from 3% to 11% following our arrival.

Will premium services, such as access to top slopes or restaurants, be reserved for Epic Pass holders? Not at all. While Epic Passes come in various tiers, everyone is treated equally once he is at the resort. Our goal is to broaden access and encourage more people to ski, not to create exclusivity on the mountain.

What is your pricing policy for day and season passes in Switzerland? Of course, we adhere to Swiss market norms and expectations to remain competitive with other Swiss ski resorts. Applying U.S. pricing levels outside the United States would not make sense.

In concrete terms, day pass prices (CHF 89) have remained mostly stable. We made adjustments to annual pass prices in Crans-Montana (from CHF 500 to 1,000) because we felt previous prices didn’t reflect the market. Of course, we offer special discounts for local residents.

Are summer activities part of your strategic vision, especially in light of climate change? They are definitely on our radar. However, for now, our main focus remains winter activities. We are doing long-term planning around summer offerings, especially in Andermatt, but we don’t have major investments in this area yet.

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