VAIL RESORTS INC
Ticker: MTNConsumer DiscretionaryServicesThe business
Whistler Blackcomb Holdings Inc. operates through its subsidiaries Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership to run Whistler Blackcomb, a premier four-season mountain resort located in Whistler, British Columbia, Canada. The company's website is whistlerblackcomb.com.
The resort represents one of North America's largest ski destinations, combining two adjacent mountains—Whistler and Blackcomb—into a unified recreational complex. Whistler Blackcomb's core business encompasses ski and snowboard operations during winter months, complemented by summer activities including mountain biking, hiking, sightseeing, and various recreational pursuits. The company operates multiple revenue-generating segments including lift ticket sales, ski school instruction, equipment rentals, lodging accommodations through Peak to Creek Lodging Company, food and beverage services, retail operations, and ancillary services such as heli-skiing through Whistler Heli-Skiing Ltd.
The resort maintains extensive physical infrastructure across its properties, including ski lifts, terrain parks, restaurants, retail shops, and employee housing facilities. Whistler Blackcomb serves a diverse customer base ranging from day-trippers and weekend visitors to international tourists and season pass holders, drawing visitors from across North America and internationally.
The company's business model relies on seasonal variations, with winter ski season generating the majority of annual revenues, while summer activities and year-round amenities provide revenue diversification. Whistler Blackcomb's competitive advantages include its substantial vertical drop, extensive terrain acreage, long operating season, proximity to Vancouver, established brand recognition, and integrated resort infrastructure that creates high barriers to entry.
The credit facility documented in this First Amending Agreement, originally established in 2010 and subsequently amended, reflects the company's significant capital requirements for maintaining and upgrading resort infrastructure. The September 2025 amendment extended the maturity date of the C$250 million revolving credit facility to September 2030, demonstrating lender confidence in the resort's operational performance and market position within the North American ski industry.
- Sector
- Consumer Discretionary
- Industry
- Services
- HQ
- BROOMFIELD, CO
- FY end
- 07-31
- CIK
- 812011
- SIC
- 7990
Ownership
Who holds VAIL RESORTS INC — across funds, superinvestors and bonds · N-PORT 2026Q2 · 13F 2026-06-30
Top fund holders
| Fund | % of fund | Value |
|---|---|---|
| Baron Partners Fund BPTRX · BARON SELECT FUNDS | 2.42% | $436.03M |
| Washington Mutual Investors Fund AWSHX | 0.14% | $305.59M |
| Income Fund of America AMECX | 0.19% | $277.94M |
| American Funds Fundamental Investors ANCFX | 0.10% | $181.88M |
| Baron Focused Growth Fund BFGFX · BARON SELECT FUNDS | 3.13% | $176.52M |
Superinvestors in VAIL RESORTS INC
Share of each manager's reported 13F portfolio.
Bonds held by funds
Funds report holding 3 issues of VAIL RESORTS INC's debt, $564.28M at fund-held market value — what funds hold, not the company's debt outstanding. Weighted-average coupon 6.12%, maturing 2030–2032.
| Issue | Coupon | Matures | Funds | Fund-held |
|---|---|---|---|---|
| Vail Resorts Inc | 6.500% | 2032-05-15 | 112 | $321.46M |
| Vail Resorts Inc | 5.625% | 2030-07-15 | 110 | $240.22M |
| MTN 5 5/8 07/15/30 | 5.625% | 2030-07-15 | 2 | $2.61M |
Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.
Fund ownership is a subset of institutional 13F ownership — the two describe overlapping populations and must not be added together.
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