Vail Resorts Ski Season Visitors Down 20%
Vail Resorts reported certain ski season metrics from the beginning of the ski season through January 4, 2026 compared to the same prior year period through January 5, 2025. Reported ski season metrics are for its North American destination mountain resorts and regional ski areas, excluding the results of the Australian and European resorts and ski areas. Season-to-date total skier visits were down 20.0% compared to the prior year period. Season-to-date total lift revenue, including an allocated portion of season pass revenue for each applicable period, was down 1.8% compared to the prior year period. Season-to-date ski school revenue was down 14.9% and dining revenue was down 15.9% compared to the prior year period. Retail/rental revenue for North American resort and ski area store locations was down 6.0% compared to the prior year period. CEO Rob Katz said, "We experienced one of the worst early season snowfalls in the western U.S. in over 30 years, which limited our ability to open terrain and negatively impacted visitation and ancillary spending for both local and destination guests during the period...Given the impact from conditions, we now expect our full year Resort Reported EBITDA to be just below the low end of the guidance range issued on September 29, 2025, assuming that performance in the Rockies returns to normal by President's weekend. To the extent that performance improvements in the Rockies lag, due to weaker than expected conditions, there could be further downside to our guidance..."
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U.S. Policy Affects Canadian Tourist Trends
- Visitor Decline Trend: U.S. ski resorts report a sharp drop in Canadian visitors, particularly in the New England region, despite excellent snowfall this winter, indicating a direct impact of policy on tourism.
- Canadian Tourist Reaction: Inntopia data reveals that Canadian bookings tend to drop significantly within 48 hours following any controversial geopolitical statement by President Trump, reflecting their dissatisfaction and resistance to U.S. policies.
- Sense of Betrayal: Tom Foley, Inntopia's director of business intelligence, states that Canadians feel betrayed by a longtime friend, exacerbating their resistance to U.S. ski resorts and affecting tourism stability.
- Impact on Las Vegas: There is also a notable decline in Canadian tourists visiting Las Vegas compared to last year, further demonstrating the negative impact of U.S. policies on tourism across other popular destinations.
Morgan Stanley CEO Predicts Strong M&A Activity in 2026
- Optimistic M&A Outlook: Morgan Stanley CEO Ted Pick forecasts a prosperous year for M&A and capital markets in 2026, driven by interest rate cuts and geopolitical volatility, with the five major banks reporting a 15% increase in trading revenue for 2025, marking the largest jump in five years.
- Walmart International CEO Resignation: Walmart International CEO Kathryn McLay announced her resignation at the end of the month, despite an 11% sales growth in overseas markets, highlighting potential strategic shifts following her failure to secure the group CEO role.
- Taiwan Trade Agreement Signed: President Trump confirmed a trade deal with Taiwan, reducing tariffs on imports from 20% to 15%, with Taiwanese tech firms pledging at least $250 billion in U.S. investments, aiming to enhance U.S. semiconductor self-sufficiency.
- Decline in Skier Visits: Vail Resorts reported a 20% drop in skier visits compared to last year, and despite a 6.26% dividend yield, analysts suggest management should consider cutting dividends to strengthen the balance sheet.
