BROOMFIELD, Colo. — Broomfield-based Vail Resorts Inc. (NYSE: MTN) announced Monday morning that it will be cutting 2019-20 Epic Pass holders a price break next season after having to shut down mountains in mid-March due to coronavirus precautions.
Based on the prices paid for the previous season passes, Vail Resorts will be offering a minimum credit of 20% toward the purchase of a 2020-21 pass of equal or greater value. The 20% credit is based on the resort closures impacting an equivalent amount of the core season, the company said.
The company, which had announced March 18 that it expects the move to have a nearly $200 million impact on its EBITDA this fiscal year, furloughed all hourly workers and instituted pay cuts for salaried employees at the beginning of April. Vail CEO Rob Katz said in announcing the furloughs that the company was looking at ways beyond its deferral of auto-renewal charges to compensate pass-holders.
“Our pass holders are our most loyal guests and we have spent weeks reading their emails and comments on social media to fully understand their concerns so we could respond thoughtfully and carefully,” said Kirsten Lynch, chief marketing officer at Vail Resorts. “What became clear is that to address last season, a one-sized-fits-all approach would not work. That is why we are providing our season pass holders credits based on the number of days they were able to use their pass."
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