The Olympics aren’t coming to Salt Lake City until 2034, but Vail Resorts will start making upgrades at Park City Mountain’s Canyons Village in 2025 to prepare for the influx of athletes and fans.
That’s one of the big takeaways from the behemoth’s 2025 first quarter earnings report, released on December 9.
In September 2025, the Sunrise lift will be replaced with a 10-person gondola, and the existing Red Pine Lodge will be modified to “upgrade the dining experience for ski and ride school guests.” A covered parking garage with more than 1,800 spaces will also break ground in spring 2025.
Photo: Rob Mathis
“The transformation of Park City Mountain's Canyons Village is underway to support a world-class luxury base village experience,” the report says. “These investments will support Park City Mountain in welcoming athletes and fans from across the world who visit the resort as it serves as a venue for the 2034 Olympic Winter Games.”
These upgrades are all a part of a planned $250mm in upgrades. The other massive project will be at Vail Mountain, where the West Lionshead area will be transformed into a fourth base village, in partnership with the town of Vail. It will feature new lodging, restaurants, boutiques, and skier services, as well as community benefits such as workforce housing, public spaces, transit, and parking.
The project will also include lift updates and renovations of the luxury hotel, the Arrabelle at Vail Square. Two more Colorado resorts – Keystone and Breckenridge – will also get big upgrades. Keystone will get a new restaurant, a full-service spa, pool and hot tub facilities, the new home for the Keystone Ski & Ride School, and a retail and rental shop at its Kindred Resort. Breckenridge will see “real estate investments” to complete the Peak 8 base area, which recently got a new high speed 5-chair.
Photo: Brad McGinley Photography/Getty Images
All this comes as Vail saw a slight dip in Epic Pass sales for the current snowboard and ski season. About 2% fewer passes were sold compared to last year, yet sales of passes brought in about 4% more revenue. That is thanks to an 8% price increase in individual pass prices. The first quarter earnings resulted in a $172.8 million loss, which is slightly less than last year’s $175.5 million from this time last year.
"Our season pass sales highlight the compelling value proposition of our pass products and our commitment to continually investing in the guest experience at our resorts,” Vail Resorts CEO Kirsten Lynch said in the report. “Over the last four years, pass product sales for the 2024/2025 North American ski season have grown 59% in units and 47% in sales dollars.”
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