Vail Resorts (MTN) 10-Q 7 Dec 23 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Oct. 31, 2023	Dec. 04, 2023
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2023
Document Transition Report	false
Entity File Number	001-09614
Entity Registrant Name	Vail Resorts, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0291762
Entity Address, Address Line One	390 Interlocken Crescent
Entity Address, City or Town	Broomfield,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80021
City Area Code	(303)
Local Phone Number	404-1800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MTN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,966,630
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000812011
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2022
Assets
Cash and cash equivalents	$ 728,859	$ 562,975	$ 1,180,942
Restricted cash	11,532	10,118	20,121
Trade receivables, net	105,546	381,067	118,491
Inventories, net	157,707	132,548	139,926
Other current assets	130,861	121,403	162,187
Total current assets	1,134,505	1,208,111	1,621,667
Property, plant and equipment, net (Note 7)	2,344,601	2,371,557	2,313,061
Real estate held for sale or investment	86,465	90,207	95,608
Goodwill, net (Note 7)	1,668,028	1,720,344	1,688,731
Intangible assets, net	300,457	309,345	307,410
Operating right-of-use assets	187,128	192,289	192,230
Other assets	38,832	55,901	62,159
Total assets	5,760,016	5,947,754	6,280,866
Liabilities
Accounts payable and accrued liabilities (Note 7)	1,276,525	978,021	1,190,522
Income taxes payable	16,663	83,514	84,372
Long-term debt due within one year (Note 5)	69,659	69,160	67,811
Total current liabilities	1,362,847	1,130,695	1,342,705
Long-term debt, net (Note 5)	2,732,037	2,750,675	2,769,698
Operating lease liabilities	165,462	168,326	176,585
Other long-term liabilities	285,454	286,261	234,301
Deferred income taxes, net	286,036	276,137	205,859
Total liabilities	4,831,836	4,612,094	4,729,148
Commitments and contingencies (Note 9)
Stockholders' Equity
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000	25,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding	$ 0	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	46,851,000	46,798,000	46,789,000
Common stock, $0.01 par value, 100,000 shares authorized, 46,851, 46,798 and 46,789 shares issued, respectively	$ 469	$ 468	$ 468
Additional paid-in capital	1,126,033	1,124,433	1,106,813
Accumulated other comprehensive loss	(78,376)	(10,358)	(68,908)
Retained earnings	$ 619,727	$ 873,710	$ 705,923
Treasury stock, shares	8,885,358	8,648,000	6,466,000
Treasury Stock, Carrying Basis	$ (1,034,822)	$ (984,306)	$ (479,417)
Total Vail Resorts, Inc. stockholders’ equity	633,031	1,003,947	1,264,879
Noncontrolling interests	295,149	331,713	286,839
Total stockholders’ equity	928,180	1,335,660	1,551,718
Total liabilities and stockholders’ equity	$ 5,760,016	$ 5,947,754	$ 6,280,866

Consolidated Condensed Statemen

Consolidated Condensed Statements Of Operations - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Net revenue:
Mountain and Lodging services and other	$ 182,834	$ 210,386
Mountain and Lodging retail and dining	71,442	68,948
Resort net revenue	254,276	279,334
Real Estate Revenue	4,289	113
Revenues	258,565	279,447
Operating expense (exclusive of depreciation and amortization shown separately below):
Mountain and Lodging operating expense	255,576	242,286
Mountain and Lodging retail and dining cost of products sold	31,295	35,085
General and administrative	108,025	98,799
Resort operating expense	394,896	376,170
Real Estate operating expense	5,181	1,382
Total segment operating expense	400,077	377,552
Other operating (expense) income:
Depreciation and amortization	(66,728)	(64,614)
Gain on sale of real property	6,285	0
Change in estimated fair value of contingent consideration (Note 8)	(3,057)	(636)
Loss on disposal of fixed assets and other, net	(2,043)	(6)
Loss from operations	(207,055)	(163,361)
Mountain equity investment income, net	859	346
Investment income and other, net	3,684	2,886
Foreign currency loss on intercompany loans (Note 5)	(4,965)	(6,135)
Interest expense, net	(40,730)	(35,302)
Loss before benefit from income taxes	(248,207)	(201,566)
Benefit from income taxes	65,160	58,006
Net loss	(183,047)	(143,560)
Net loss attributable to noncontrolling interests	7,535	6,589
Net loss attributable to Vail Resorts, Inc.	$ (175,512)	$ (136,971)
Per share amounts (Note 4):
Basic net loss per share attributable to Vail Resorts, Inc.	$ (4.60)	$ (3.40)
Diluted net loss per share attributable to Vail Resorts, Inc.	(4.60)	(3.40)
Cash dividends declared per share	$ 2.06	$ 1.91

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Net loss	$ (183,047)	$ (143,560)
Foreign currency translation adjustments	(92,094)	(117,808)
Change in estimated fair value of hedging instruments, net of tax	(2,470)	8,007
Comprehensive loss	(277,611)	(253,361)
Comprehensive loss attributable to noncontrolling interests	34,081	36,559
Comprehensive loss attributable to Vail Resorts, Inc.	$ (243,530)	$ (216,802)

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Treasury Stock, Common	Total Vail Resorts, Inc. Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Balance (Start) at Jul. 31, 2022	$ 1,847,484	$ 467	$ 1,184,577	$ 10,923	$ 895,889	$ (479,417)	$ 1,612,439	$ 235,045
Net loss attributable to Vail Resorts, Inc.	(136,971)				(136,971)		(136,971)
Net loss attributable to noncontrolling interests	(6,589)							(6,589)
Net loss	(143,560)
Foreign currency translation adjustments	(117,808)			(87,838)			(87,838)	(29,970)
Change in estimated fair value of hedging instruments, net of tax	8,007			8,007			8,007
Comprehensive loss attributable to Vail Resorts, Inc.	(216,802)						(216,802)
Comprehensive loss attributable to noncontrolling interests	(36,559)							(36,559)
Total comprehensive loss	(253,361)
Stock-based compensation expense	6,345		6,345				6,345
Issuance of shares under share award plans, net of shares withheld for employee taxes	(4,042)	1	(4,043)				(4,042)
Dividends (Note 4)	(77,018)				(77,018)		(77,018)
Cumulative effect of adoption of ASU 2020-06	(56,043)		(80,066)		24,023		(56,043)
Estimated acquisition date fair value of noncontrolling interests (Note 6)	91,524							91,524
Distributions to noncontrolling interest, net								(3,171)
Noncontrolling interest, period increase (decrease)	(3,171)
Balance (End) at Oct. 31, 2022	1,551,718	468	1,106,813	(68,908)	705,923	(479,417)	1,264,879	286,839
Balance (Start) at Jul. 31, 2023	1,335,660	468	1,124,433	(10,358)	873,710	(984,306)	1,003,947	331,713
Net loss attributable to Vail Resorts, Inc.	(175,512)				(175,512)		(175,512)
Net loss attributable to noncontrolling interests	(7,535)							(7,535)
Net loss	(183,047)
Foreign currency translation adjustments	(92,094)			(65,548)			(65,548)	(26,546)
Change in estimated fair value of hedging instruments, net of tax	(2,470)			(2,470)			(2,470)
Comprehensive loss attributable to Vail Resorts, Inc.	(243,530)						(243,530)
Comprehensive loss attributable to noncontrolling interests	(34,081)							(34,081)
Total comprehensive loss	(277,611)
Stock-based compensation expense	6,796		6,796				6,796
Issuance of shares under share award plans, net of shares withheld for employee taxes	(5,195)	1	(5,196)				(5,195)
Repurchases of common stock (Note 11)	(50,516)					(50,516)	(50,516)
Dividends (Note 4)	(78,471)				(78,471)		(78,471)
Distributions to noncontrolling interest, net								(2,483)
Noncontrolling interest, period increase (decrease)	(2,483)
Balance (End) at Oct. 31, 2023	$ 928,180	$ 469	$ 1,126,033	$ (78,376)	$ 619,727	$ (1,034,822)	$ 633,031	$ 295,149

Consolidated Condensed Statem_4

Consolidated Condensed Statements Of Cash Flows $ in Thousands, SFr in Millions	3 Months Ended		12 Months Ended
	Oct. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Jul. 31, 2023 USD ($)
Statement of Cash Flows [Abstract]
Net loss	$ (183,047)	$ (143,560)
Cash flows from operating activities:
Depreciation and amortization	66,728	64,614
Stock-based compensation expense	6,796	6,345
Benefit from income taxes	(65,160)	(58,006)
Other non-cash expense	8,217	8,615
Changes in assets and liabilities:
Trade receivables, net	272,313	264,285
Inventories, net	(26,789)	(31,924)
Accounts payable and accrued liabilities	(773)	2,508
Deferred revenue	308,950	279,221
Income taxes payable	(17,052)	(20,460)
Other assets and liabilities, net	(41,684)	(38,647)
Net cash provided by operating activities	328,499	332,991
Cash flows from investing activities:
Capital expenditures	(53,379)	(124,099)
Return of deposit for acquisition of business	0	114,506	$ (114,400)
Acquisition of business, net of cash acquired	0	(38,567)
Investments in short-term deposits	0	(86,756)
Maturity of short-term deposits	52,437	0
Other investing activities, net	6,507	385
Net cash provided by (used in) investing activities	5,565	(134,531)
Cash flows from financing activities:
Repayments of borrowings under Vail Holdings Credit Agreement	(15,625)	(15,625)
Employee taxes paid for share award exercises	(5,195)	(4,043)
Dividends paid	(78,471)	(77,018)
Repurchases of common stock	(50,000)	0
Other financing activities, net	(4,317)	(7,942)
Net cash used in financing activities	(153,608)	(104,628)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(13,158)	(18,876)
Net increase in cash, cash equivalents and restricted cash	167,298	74,956
Cash, Cash Equivalents and Restricted Cash:
Beginning of period	573,093	1,126,107	1,126,107
End of period	740,391	1,201,063	$ 573,093
Accrued capital expenditures	$ 38,275	$ 21,069

Organization and Business

Organization and Business	3 Months Ended
	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Vail Resorts, Inc. (“Vail Resorts”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the “Company”) operate in three reportable segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. In the Mountain segment, the Company operates the following 41 destination mountain resorts and regional ski areas: *Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to the Company’s regional ski areas, which tend to generate skier visits predominantly from their respective local markets. Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations, and for the Company’s Australian ski areas, including lodging and transportation operations. In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand; other strategic lodging properties and a large number of condominiums located in proximity to the Company’s North American mountain resorts; National Park Service (“NPS”) concessioner properties including the Grand Teton Lodge Company, which operates destination resorts in Grand Teton National Park; a Colorado resort ground transportation company and mountain resort golf courses. The Company’s Real Estate segment primarily owns, develops and sells real estate in and around the Company’s resort communities.

Accounting Policies

Accounting Policies	3 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation Consolidated Condensed Financial Statements — In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality to the Company’s operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2023. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2023 was derived from audited financial statements. Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Fair Value of Financial Instruments — The estimated fair values of the 6.25% Notes and the 0.0% Convertible Notes (each as defined in Note 5, Long-Term Debt) are based on quoted market prices (a Level 2 input). The estimated fair value of the EPR Secured Notes and the NRP Loan (both as defined in Note 5, Long-Term Debt) have been estimated using analyses based on current borrowing rates for comparable debt instruments with similar maturity dates (a Level 2 input). The carrying values, including any unamortized premium or discount, and estimated fair values of the 6.25% Notes, 0.0% Convertible Notes, EPR Secured Notes and NRP Loan as of October 31, 2023 are presented below (in thousands): October 31, 2023 Carrying Value Estimated Fair Value 6.25% Notes $ 600,000 $ 596,022 0.0% Convertible Notes $ 575,000 $ 501,883 EPR Secured Notes $ 132,102 $ 158,129 NRP Loan $ 34,489 $ 28,359

Revenue (Notes)

Revenue (Notes)	3 Months Ended
	Oct. 31, 2023
Revenue [Abstract]
Revenue from Contract with Customer [Text Block]	Disaggregation of Revenues The following table presents net revenues disaggregated by segment and major revenue type for the three months ended October 31, 2023 and 2022 (in thousands): Three Months Ended October 31, 2023 2022 Mountain net revenue: Lift $ 45,390 $ 59,540 Ski School 7,178 8,927 Dining 18,077 19,442 Retail/Rental 33,474 40,344 Other 68,336 73,464 Total Mountain net revenue $ 172,455 $ 201,717 Lodging net revenue: Owned hotel rooms $ 25,177 $ 23,565 Managed condominium rooms 12,003 12,859 Dining 18,083 16,829 Golf 6,376 5,890 Other 16,723 14,797 78,362 73,940 Payroll cost reimbursements 3,459 3,677 Total Lodging net revenue $ 81,821 $ 77,617 Total Resort net revenue $ 254,276 $ 279,334 Total Real Estate net revenue 4,289 113 Total net revenue $ 258,565 $ 279,447 Contract Balances Deferred revenue balances of a short-term nature were $872.4 million and $572.6 million as of October 31, 2023 and July 31, 2023, respectively. For the three months ended October 31, 2023, the Company recognized approximately $56.5 million of revenue that was included in the deferred revenue balance as of July 31, 2023. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were $107.9 million, $109.7 million and $115.6 million as of October 31, 2023, July 31, 2023 and October 31, 2022, respectively. As of October 31, 2023, the weighted average remaining period over which revenue for unsatisfied performance obligations on long-term private club contracts will be recognized was approximately 15 years. Costs to Obtain Contracts with Customers Costs to obtain contracts with customers are recorded within other current assets on the Company’s Consolidated Condensed Balance Sheets, and were $21.8 million, $5.1 million and $19.7 million as of October 31, 2023, July 31, 2023 and October 31, 2022, respectively. The amounts capitalized are subject to amortization generally beginning in the second quarter of each fiscal year, commensurate with the recognition of revenue for related pass products, and will be recorded within Mountain and Lodging operating expense on the Company’s Consolidated Condensed Statements of Operations.

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Oct. 31, 2023
Earnings Per Share Reconciliation [Abstract]
Summary of Calculation of Basic And Diluted EPS	Presented below is basic and diluted EPS for the three months ended October 31, 2023 and 2022 (in thousands, except per share amounts): Three Months Ended October 31, 2023 2022 Basic Diluted Basic Diluted Net loss per share: Net loss attributable to Vail Resorts $ (175,512) $ (175,512) $ (136,971) $ (136,971) Weighted-average Vail Shares outstanding 38,117 38,117 40,296 40,296 Weighted-average Exchangeco Shares outstanding — — 2 2 Total Weighted-average shares outstanding 38,117 38,117 40,298 40,298 Effect of dilutive securities — — — — Total shares 38,117 38,117 40,298 40,298 Net loss per share attributable to Vail Resorts $ (4.60) $ (4.60) $ (3.40) $ (3.40) The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share-based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 0.3 million and 0.2 million for the three months ended October 31, 2023 and 2022, respectively.
Net Income Per Common Share	Net Loss per Share Earnings per Share Basic EPS excludes dilution and is computed by dividing net loss attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts. In connection with the Company’s acquisition of Whistler Blackcomb in October 2016, the Company issued consideration in the form of shares of Vail Resorts common stock (the “Vail Shares”), redeemable preferred shares of the Company’s wholly-owned Canadian subsidiary Whistler Blackcomb Holdings Inc. (“Exchangeco Shares”) or cash (or a combination thereof). Effective September 26, 2022, all Exchangeco Shares had been exchanged for Vail Shares. Both Vail Shares and Exchangeco Shares have a par value of $0.01 per share, and Exchangeco Shares, while they were outstanding, were substantially the economic equivalent of the Vail Shares. The Company’s calculation of weighted-average shares outstanding as of October 31, 2022 included the Exchangeco Shares, but there were no Exchangeco Shares that remained outstanding as of October 31, 2022. Presented below is basic and diluted EPS for the three months ended October 31, 2023 and 2022 (in thousands, except per share amounts): Three Months Ended October 31, 2023 2022 Basic Diluted Basic Diluted Net loss per share: Net loss attributable to Vail Resorts $ (175,512) $ (175,512) $ (136,971) $ (136,971) Weighted-average Vail Shares outstanding 38,117 38,117 40,296 40,296 Weighted-average Exchangeco Shares outstanding — — 2 2 Total Weighted-average shares outstanding 38,117 38,117 40,298 40,298 Effect of dilutive securities — — — — Total shares 38,117 38,117 40,298 40,298 Net loss per share attributable to Vail Resorts $ (4.60) $ (4.60) $ (3.40) $ (3.40) The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share-based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 0.3 million and 0.2 million for the three months ended October 31, 2023 and 2022, respectively. In December 2020, the Company completed an offering of $575.0 million in aggregate principal amount of 0.0% Convertible Notes (as defined in Note 5, Long-Term Debt). The Company is required to settle the principal amount of the 0.0% Convertible Notes in cash and has the option to settle the conversion spread in cash or shares. The Company uses the if-converted method to calculate the impact of convertible instruments on diluted EPS when the instruments may be settled in cash or shares. If the conversion value of the 0.0% Convertible Notes exceeds their conversion price, then the Company will calculate its diluted EPS as if all the notes were converted into common stock at the beginning of the period. However, if reflecting the 0.0% Convertible Notes in diluted EPS in this manner is anti-dilutive, or if the conversion value of the notes does not exceed their conversion price for a reporting period, then the shares underlying the notes will not be reflected in the Company’s calculation of diluted EPS. For the three months ended October 31, 2023 and 2022, the price of Vail Shares did not exceed the conversion price and therefore there was no impact to diluted EPS during those periods. Dividends During the three months ended October 31, 2023 and 2022, the Company paid cash dividends of $2.06 and $1.91 per share, respectively ($78.5 million and $77.0 million, respectively). On December 6, 2023, the Company’s Board of Directors approved a cash dividend of $2.06 per share payable on January 9, 2024 to stockholders of record as of December 26, 2023.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Oct. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt, net as of October 31, 2023, July 31, 2023 and October 31, 2022 is summarized as follows (in thousands): Maturity October 31, 2023 July 31, 2023 October 31, 2022 Vail Holdings Credit Agreement term loan (a) 2026 $ 1,000,000 $ 1,015,625 $ 1,062,500 Vail Holdings Credit Agreement revolver (a) 2026 — — — 6.25% Notes 2025 600,000 600,000 600,000 0.0% Convertible Notes (b) 2026 575,000 575,000 575,000 Whistler Credit Agreement revolver (c) 2028 — — 11,011 EPR Secured Notes (d) 2034-2036 114,162 114,162 114,162 NRP Loan 2036 37,269 40,399 36,430 Employee housing bonds 2027-2039 52,575 52,575 52,575 Canyons obligation 2063 364,825 363,386 359,052 Whistler Blackcomb employee housing leases 2042 27,984 29,491 — Other 2023-2036 33,971 35,011 36,587 Total debt 2,805,786 2,825,649 2,847,317 Less: Unamortized premiums, discounts and debt issuance costs (b) 4,090 5,814 9,808 Less: Current maturities (e) 69,659 69,160 67,811 Long-term debt, net $ 2,732,037 $ 2,750,675 $ 2,769,698 (a) As of October 31, 2023, the Vail Holdings Credit Agreement consists of a $500.0 million revolving credit facility and a $1.0 billion outstanding term loan. The term loan is subject to quarterly amortization of principal of approximately $15.6 million, in equal installments, for a total of 5% of principal payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest is due upon maturity in September 2026. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan, bear interest annually at the Secured Overnight Financing Rate (“SOFR”) plus a spread of 1.60% as of October 31, 2023 (6.92% as of October 31, 2023). Interest rate margins may fluctuate based upon the ratio of the Company’s Net Funded Debt to Adjusted EBITDA on a trailing four-quarter basis. The Vail Holdings Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Vail Holdings Credit Agreement, multiplied by the daily amount by which the Vail Holdings Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit (0.30% as of October 31, 2023). The Company is party to various interest rate swap agreements which hedge the cash flows associated with the SOFR-based variable interest rate component of $400.0 million in principal amount of its Vail Holdings Credit Agreement until September 23, 2024, at an effective rate of 1.38%. (b) The Company issued $575.0 million in aggregate principal amount of 0.0% Convertible Notes due 2026 (the “0.0% Convertible Notes) under an indenture dated December 18, 2020. As of October 31, 2023, the conversion price of the 0.0% Convertible Notes, adjusted for cash dividends paid since the issuance date, was $381.27. (c) Whistler Mountain Resort Limited Partnership (“Whistler LP”) and Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP” and together with Whistler LP, the “WB Partnerships”) are party to a credit agreement consisting of a C$300.0 million credit facility which was most recently amended on April 14, 2023, by and among Whistler LP, Blackcomb LP, certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors, the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement has a maturity date of April 14, 2028 and uses rates based on SOFR with regard to borrowings under the facility made in U.S. dollars. As of October 31, 2023, there were no borrowings under the Whistler Credit Agreement. The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of October 31, 2023 is equal to 0.39% per annum. (d) In September 2019, in conjunction with the acquisition of Peak Resorts, Inc. (“Peak Resorts”), the Company assumed various secured borrowings (the “EPR Secured Notes”) under the master credit and security agreements and other related agreements, as amended, (collectively, the “EPR Agreements”) with EPT Ski Properties, Inc. and its affiliates (“EPR”). The EPR Secured Notes include the following: i. The Alpine Valley Secured Note. The $4.6 million Alpine Valley Secured Note provides for interest payments through its maturity on December 1, 2034. As of October 31, 2023, interest on this note accrued at a rate of 11.72%. ii. The Boston Mills/Brandywine Secured Note. The $23.3 million Boston Mills/Brandywine Secured Note provides for interest payments through its maturity on December 1, 2034. As of October 31, 2023, interest on this note accrued at a rate of 11.41%. iii. The Jack Frost/Big Boulder Secured Note. The $14.3 million Jack Frost/Big Boulder Secured Note provides for interest payments through its maturity on December 1, 2034. As of October 31, 2023, interest on this note accrued at a rate of 11.41%. iv. The Mount Snow Secured Note. The $51.1 million Mount Snow Secured Note provides for interest payments through its maturity on December 1, 2034. As of October 31, 2023, interest on this note accrued at a rate of 12.32%. v. The Hunter Mountain Secured Note. The $21.0 million Hunter Mountain Secured Note provides for interest payments through its maturity on January 5, 2036. As of October 31, 2023, interest on this note accrued at a rate of 9.03%. In addition, Peak Resorts is required to maintain a debt service reserve account which amounts are applied to fund interest payments and other amounts due and payable to EPR. (e) Current maturities represent principal payments due in the next 12 months. Aggregate maturities of debt outstanding as of October 31, 2023 reflected by fiscal year (August 1 through July 31) are as follows (in thousands): Total 2024 (November 2023 through July 2024) $ 51,421 2025 675,755 2026 643,543 2027 851,151 2028 4,655 Thereafter 579,261 Total debt $ 2,805,786 The Company recorded interest expense of $40.7 million and $35.3 million for the three months ended October 31, 2023 and 2022, respectively, of which $1.6 million was amortization of deferred financing costs in both periods. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented.

Business Combinations and Asset

Business Combinations and Asset Acquisitions	3 Months Ended
	Oct. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Andermatt-Sedrun On August 3, 2022, through a wholly-owned subsidiary, the Company acquired a 55% controlling interest in Andermatt-Sedrun Sport AG (“Andermatt-Sedrun”) from Andermatt Swiss Alps AG (“ASA”). The consideration paid consisted of an investment of $114.4 million (CHF 110.0 million) into Andermatt-Sedrun for use in capital investments to enhance the guest experience on mountain (which was prepaid to fund the acquisition and was recorded in other current assets on the Company’s Consolidated Condensed Balance Sheet as of July 31, 2022) and $41.3 million (CHF 39.3 million) paid to ASA (which was paid on August 3, 2022, commensurate with closing). As of August 3, 2022 the total fair value of the consideration paid was $155.4 million (CHF 149.3 million). Andermatt-Sedrun operates mountain and ski-related assets, including lifts, most of the restaurants and a ski school operation at the ski area. Ski operations are conducted on land owned by ASA as freehold or leasehold properties, land owned by Usern Corporation, land owned by the municipality of Tujetsch and land owned by private property owners. ASA retained a 40% ownership stake, with a group of existing shareholders comprising the remaining 5% ownership stake. ASA and the other noncontrolling economic interests contain certain protective rights pursuant to a shareholder agreement (the “Andermatt Agreement”) and no ability to participate in the day-to-day operations of Andermatt-Sedrun. The Andermatt Agreement provides that no dividend distributions be made by Andermatt-Sedrun until the end of the fiscal year ending July 31, 2026, after which time there shall be annual distributions of 50% of the available cash (as defined in the Andermatt Agreement) for the most recently completed fiscal year. In addition, the distribution rights are non-transferable and transfer of the noncontrolling interests are limited. The following summarizes the purchase consideration and the purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands): Acquisition Date Estimated Fair Value Total cash consideration paid by Vail Resorts, Inc. $ 155,365 Estimated fair value of noncontrolling interests 91,524 Total estimated purchase consideration $ 246,889 Allocation of total estimated purchase consideration: Current assets $ 119,867 Property, plant and equipment 176,805 Goodwill 3,368 Identifiable intangible assets and other assets 7,476 Assumed long-term debt (44,130) Other liabilities (16,497) Net assets acquired $ 246,889 Identifiable intangible assets acquired in the transaction were primarily related to a trade name. The process of estimating the fair value of the property, plant, and equipment includes the use of certain estimates and assumptions related to replacement cost and physical condition at the time of acquisition. The excess of the purchase price over the aggregate estimated fair values of the assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of the resort and other factors, and is not expected to be deductible for income tax purposes. The operating results of Andermatt-Sedrun are reported within the Mountain segment prospectively from the date of acquisition.

Supplementary Balance Sheet Inf

Supplementary Balance Sheet Information	3 Months Ended
	Oct. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Supplementary Balance Sheet Information	Supplementary Balance Sheet Information The composition of property, plant and equipment follows (in thousands): October 31, 2023 July 31, 2023 October 31, 2022 Land and land improvements $ 790,550 $ 796,730 $ 780,977 Buildings and building improvements 1,626,566 1,643,517 1,574,931 Machinery and equipment 1,781,980 1,792,378 1,594,588 Furniture and fixtures 302,646 298,725 316,350 Software 151,809 152,033 139,522 Vehicles 86,173 87,298 82,239 Construction in progress 185,229 134,113 221,990 Gross property, plant and equipment 4,924,953 4,904,794 4,710,597 Accumulated depreciation (2,580,352) (2,533,237) (2,397,536) Property, plant and equipment, net $ 2,344,601 $ 2,371,557 $ 2,313,061 The composition of accounts payable and accrued liabilities follows (in thousands): October 31, 2023 July 31, 2023 October 31, 2022 Trade payables $ 161,581 $ 148,521 $ 162,366 Deferred revenue 872,418 572,602 787,514 Accrued salaries, wages and deferred compensation 33,733 38,908 41,239 Accrued benefits 57,340 60,466 44,008 Deposits 42,880 37,798 35,491 Operating lease liabilities 38,332 36,904 35,331 Other liabilities 70,241 82,822 84,573 Total accounts payable and accrued liabilities $ 1,276,525 $ 978,021 $ 1,190,522 The changes in the net carrying amount of goodwill by segment for the three months ended October 31, 2023 are as follows (in thousands): Mountain Lodging Goodwill, net Balance at July 31, 2023 $ 1,675,338 $ 45,006 $ 1,720,344 Effects of changes in foreign currency exchange rates (52,316) — (52,316) Balance at October 31, 2023 $ 1,623,022 $ 45,006 $ 1,668,028

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Oct. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company utilizes FASB-issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes. The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value. Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows: Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities; Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs which are supported by little or no market activity. The table below summarizes the Company’s cash equivalents, restricted cash, other current assets, interest rate swaps and Contingent Consideration (defined below) measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands). Estimated Fair Value Measurement as of October 31, 2023 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 101,903 $ 101,903 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 138,614 $ — $ 138,614 $ — Interest Rate Swaps $ 13,931 $ — $ 13,931 $ — Liabilities: Contingent Consideration $ 59,300 $ — $ — $ 59,300 Estimated Fair Value Measurement as of July 31, 2023 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 170,872 $ 170,872 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 144,365 $ — $ 144,365 $ — Interest Rate Swaps $ 17,229 $ — $ 17,229 $ — Liabilities: Contingent Consideration $ 73,300 $ — $ — $ 73,300 Estimated Fair Value Measurement as of October 31, 2022 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 509,165 $ 509,165 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 106,790 $ — $ 106,790 $ — Interest Rate Swaps $ 22,991 $ — $ 22,991 $ — Liabilities: Contingent Consideration $ 24,100 $ — $ — $ 24,100 The Company’s cash equivalents, restricted cash, other current assets and interest rate swaps are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. The estimated fair value of the interest rate swaps are included within other current assets on the Company’s Consolidated Condensed Balance Sheet as of October 31, 2023 and included within and other assets as of July 31, 2023 and October 31, 2022. The changes in Contingent Consideration during the three months ended October 31, 2023 and 2022 were as follows (in thousands): Balance as of July 31, 2023 and 2022, respectively $ 73,300 $ 42,400 Payments (17,057) (18,936) Change in estimated fair value 3,057 636 Balance as of October 31, 2023 and 2022, respectively $ 59,300 $ 24,100 The lease for Park City provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established upon the Company’s acquisition of the resort, with such threshold amount subsequently increased annually by an inflation linked index and an adjustment equal to 10% of any capital improvements or investments made under the lease by the Company. Contingent Consideration is classified as a liability, which is remeasured to fair value at each reporting date until the contingency is resolved. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. The estimated fair value of Contingent Consideration includes future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed annual growth factor and discounted to present value. Other significant assumptions included a discount rate of 11.1%, and volatility of 17.0%, which together with future period Park City EBITDA, are all unobservable inputs and thus are considered Level 3 inputs. The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance of the resort would result in a change in the estimated fair value within the range of approximately $10.1 million to $13.7 million. During the three months ended October 31, 2023, the Company made a payment to the landlord for Contingent Consideration of approximately $17.1 million and recorded an increase of approximately $3.1 million, primarily related to the estimated Contingent Consideration payment for the fiscal year ending July 31, 2024. These changes resulted in an estimated fair value of the Contingent Consideration of approximately $59.3 million, which is reflected in other long-term liabilities in the Company’s Consolidated Condensed Balance Sheet.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Oct. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees/Indemnifications As of October 31, 2023, the Company had various letters of credit outstanding totaling $84.1 million, consisting of $53.4 million to support the Employee Housing Bonds; $6.4 million to support bonds issued by Holland Creek Metropolitan District; and $24.3 million primarily for workers’ compensation, a wind energy purchase agreement and insurance-related deductibles. The Company also had surety bonds of $9.5 million as of October 31, 2023, primarily to provide collateral for its U.S. workers compensation self-insurance programs. In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities related to licensees in connection with third-parties’ use of the Company’s trademarks and logos, liabilities associated with the infringement of other parties’ technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Company’s use of trustees and liabilities associated with the Company’s use of public lands and environmental matters. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make. As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any amounts paid. Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Condensed Financial Statements, either because the Company has recorded on its Consolidated Condensed Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the estimated fair value of the indemnification or guarantee to be immaterial based on the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications, it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material. As noted above, the Company makes certain indemnifications to licensees for their use of the Company’s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications. Additionally, the Company has entered into strategic long-term season pass alliance agreements with third-party mountain resorts in which the Company has committed to pay minimum revenue guarantees over the remaining terms of these agreements. Self-Insurance The Company is self-insured for claims under its U.S. health benefit plans and for the majority of workers’ compensation claims in the U.S. Workers compensation claims in the U.S. are subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s U.S. health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 7, Supplementary Balance Sheet Information). Legal The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for all loss contingencies for asserted and unasserted matters deemed to be probable and estimable losses. As of October 31, 2023, July 31, 2023 and October 31, 2022, the accruals for the above loss contingencies were not material individually or in the aggregate.

Segment Information

Segment Information	3 Months Ended
	Oct. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three reportable segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. The Mountain segment includes the operations of the Company’s mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company’s owned hotels, RockResorts, NPS concessioner properties, condominium management, Colorado resort ground transportation operations and mountain resort golf operations. The Real Estate segment owns, develops and sells real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of the others, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately. The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus segment equity investment income or loss, and for the Real Estate segment, plus gain or loss on sale of real property). The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (Chief Executive Officer) for purposes of evaluating segment performance. Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net loss, net change in cash and cash equivalents or other financial statement data presented in the accompanying Consolidated Condensed Financial Statements as indicators of financial performance or liquidity. The Company utilizes Reported EBITDA in evaluating the performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus Mountain equity investment income or loss. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense plus gain or loss on sale of real property. All segment expenses include an allocation of corporate administrative expense. Assets are not used to evaluate performance, except as shown in the table below. The accounting policies specific to each segment are the same as those described in Note 2, Summary of Significant Accounting Policies. The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands): Three Months Ended October 31, 2023 2022 Net revenue: Mountain $ 172,455 $ 201,717 Lodging 81,821 77,617 Total Resort net revenue 254,276 279,334 Real Estate 4,289 113 Total net revenue $ 258,565 $ 279,447 Segment operating expense: Mountain $ 312,839 $ 294,196 Lodging 82,057 81,974 Total Resort operating expense 394,896 376,170 Real Estate 5,181 1,382 Total segment operating expense $ 400,077 $ 377,552 Gain on sale of real property $ 6,285 $ — Mountain equity investment income, net $ 859 $ 346 Reported EBITDA: Mountain $ (139,525) $ (92,133) Lodging (236) (4,357) Resort (139,761) (96,490) Real Estate 5,393 (1,269) Total Reported EBITDA $ (134,368) $ (97,759) Real estate held for sale or investment $ 86,465 $ 95,608 Reconciliation from net loss attributable to Vail Resorts, Inc. to Total Reported EBITDA: Net loss attributable to Vail Resorts, Inc. $ (175,512) $ (136,971) Net loss attributable to noncontrolling interests (7,535) (6,589) Net loss (183,047) (143,560) Benefit from income taxes (65,160) (58,006) Loss before benefit from income taxes (248,207) (201,566) Depreciation and amortization 66,728 64,614 Change in estimated fair value of contingent consideration 3,057 636 Loss on disposal of fixed assets and other, net 2,043 6 Investment income and other, net (3,684) (2,886) Foreign currency loss on intercompany loans 4,965 6,135 Interest expense, net 40,730 35,302 Total Reported EBITDA $ (134,368) $ (97,759)

Share Repurchase Program

Share Repurchase Program	3 Months Ended
	Oct. 31, 2023
Payments for Repurchase of Equity [Abstract]
Share Repurchase Program	Share Repurchase Program On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 Vail Shares. On July 16, 2008, December 4, 2015 and March 7, 2023, the Company’s Board of Directors increased the authorization by an additional 3,000,000, 1,500,000 and 2,500,000 Vail Shares, respectively, for a total authorization to repurchase up to 10,000,000 Vail Shares. The Company repurchased 237,056 Vail Shares during the three months ended October 31, 2023 (at a total cost of approximately $50.0 million, excluding accrued excise tax). The Company did not repurchase any Vail Shares during the three months ended October 31, 2022. Since inception of its share repurchase program through October 31, 2023, the Company has repurchased 8,885,358 Vail Shares for approximately $1,029.5 million. As of October 31, 2023, 1,114,642 Vail Shares remained available to repurchase under the existing share repurchase program, which has no expiration date. Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of Vail Shares under the Company’s employee share award plan.

Subsequent Events

Subsequent Events	3 Months Ended
	Oct. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	On November 30, 2023, the Company announced that it had entered into an agreement to acquire Crans-Montana Mountain Resort in Switzerland from CPI Property Group. Pursuant to the terms of the agreement, the Company will acquire (i) an 84% ownership stake in Remontées Mécaniques Crans Montana Aminona SA, which controls and operates all of the lifts and supporting mountain operations, including four retail and rental locations; (ii) an 80% ownership stake in SportLife AG, which operates one of the ski schools located at the resort; and (iii) 100% ownership of 11 restaurants located on and around the mountain. Subject to closing adjustments, the enterprise value of the resort operations is expected to be CHF 118.5 million. The Company expects to fund the purchase price for the acquired ownership interest of the resort operations through cash on hand.

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
Consolidated Condensed Financial Statements	Consolidated Condensed Financial Statements —
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments — The estimated fair values of the 6.25% Notes and the 0.0% Convertible Notes (each as defined in Note 5, Long-Term Debt) are based on quoted market prices (a Level 2 input). The estimated fair value of the EPR Secured Notes and the NRP Loan (both as defined in Note 5, Long-Term Debt) have been estimated using analyses based on current borrowing rates for comparable debt instruments with similar maturity dates (a Level 2 input). The carrying values, including any unamortized premium or discount, and estimated fair values of the 6.25% Notes, 0.0% Convertible Notes, EPR Secured Notes and NRP Loan as of October 31, 2023 are presented below (in thousands): October 31, 2023 Carrying Value Estimated Fair Value 6.25% Notes $ 600,000 $ 596,022 0.0% Convertible Notes $ 575,000 $ 501,883 EPR Secured Notes $ 132,102 $ 158,129 NRP Loan $ 34,489 $ 28,359

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	October 31, 2023 Carrying Value Estimated Fair Value 6.25% Notes $ 600,000 $ 596,022 0.0% Convertible Notes $ 575,000 $ 501,883 EPR Secured Notes $ 132,102 $ 158,129 NRP Loan $ 34,489 $ 28,359

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Oct. 31, 2023
Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	Disaggregation of Revenues The following table presents net revenues disaggregated by segment and major revenue type for the three months ended October 31, 2023 and 2022 (in thousands): Three Months Ended October 31, 2023 2022 Mountain net revenue: Lift $ 45,390 $ 59,540 Ski School 7,178 8,927 Dining 18,077 19,442 Retail/Rental 33,474 40,344 Other 68,336 73,464 Total Mountain net revenue $ 172,455 $ 201,717 Lodging net revenue: Owned hotel rooms $ 25,177 $ 23,565 Managed condominium rooms 12,003 12,859 Dining 18,083 16,829 Golf 6,376 5,890 Other 16,723 14,797 78,362 73,940 Payroll cost reimbursements 3,459 3,677 Total Lodging net revenue $ 81,821 $ 77,617 Total Resort net revenue $ 254,276 $ 279,334 Total Real Estate net revenue 4,289 113 Total net revenue $ 258,565 $ 279,447

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	3 Months Ended
	Oct. 31, 2023
Earnings Per Share Reconciliation [Abstract]
Summary of Calculation of Basic And Diluted EPS	Presented below is basic and diluted EPS for the three months ended October 31, 2023 and 2022 (in thousands, except per share amounts): Three Months Ended October 31, 2023 2022 Basic Diluted Basic Diluted Net loss per share: Net loss attributable to Vail Resorts $ (175,512) $ (175,512) $ (136,971) $ (136,971) Weighted-average Vail Shares outstanding 38,117 38,117 40,296 40,296 Weighted-average Exchangeco Shares outstanding — — 2 2 Total Weighted-average shares outstanding 38,117 38,117 40,298 40,298 Effect of dilutive securities — — — — Total shares 38,117 38,117 40,298 40,298 Net loss per share attributable to Vail Resorts $ (4.60) $ (4.60) $ (3.40) $ (3.40) The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share-based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 0.3 million and 0.2 million for the three months ended October 31, 2023 and 2022, respectively.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Oct. 31, 2023
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	Long-term debt, net as of October 31, 2023, July 31, 2023 and October 31, 2022 is summarized as follows (in thousands): Maturity October 31, 2023 July 31, 2023 October 31, 2022 Vail Holdings Credit Agreement term loan (a) 2026 $ 1,000,000 $ 1,015,625 $ 1,062,500 Vail Holdings Credit Agreement revolver (a) 2026 — — — 6.25% Notes 2025 600,000 600,000 600,000 0.0% Convertible Notes (b) 2026 575,000 575,000 575,000 Whistler Credit Agreement revolver (c) 2028 — — 11,011 EPR Secured Notes (d) 2034-2036 114,162 114,162 114,162 NRP Loan 2036 37,269 40,399 36,430 Employee housing bonds 2027-2039 52,575 52,575 52,575 Canyons obligation 2063 364,825 363,386 359,052 Whistler Blackcomb employee housing leases 2042 27,984 29,491 — Other 2023-2036 33,971 35,011 36,587 Total debt 2,805,786 2,825,649 2,847,317 Less: Unamortized premiums, discounts and debt issuance costs (b) 4,090 5,814 9,808 Less: Current maturities (e) 69,659 69,160 67,811 Long-term debt, net $ 2,732,037 $ 2,750,675 $ 2,769,698
Schedule Of Aggregate Maturities For Debt Outstanding	Aggregate maturities of debt outstanding as of October 31, 2023 reflected by fiscal year (August 1 through July 31) are as follows (in thousands): Total 2024 (November 2023 through July 2024) $ 51,421 2025 675,755 2026 643,543 2027 851,151 2028 4,655 Thereafter 579,261 Total debt $ 2,805,786

Business Combinations and Ass_2

Business Combinations and Asset Acquisitions (Tables)	Aug. 03, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	The following summarizes the purchase consideration and the purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands): Acquisition Date Estimated Fair Value Total cash consideration paid by Vail Resorts, Inc. $ 155,365 Estimated fair value of noncontrolling interests 91,524 Total estimated purchase consideration $ 246,889 Allocation of total estimated purchase consideration: Current assets $ 119,867 Property, plant and equipment 176,805 Goodwill 3,368 Identifiable intangible assets and other assets 7,476 Assumed long-term debt (44,130) Other liabilities (16,497) Net assets acquired $ 246,889

Supplementary Balance Sheet I_2

Supplementary Balance Sheet Information (Tables)	3 Months Ended
	Oct. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Composition Of Property, Plant And Equipment	The composition of property, plant and equipment follows (in thousands): October 31, 2023 July 31, 2023 October 31, 2022 Land and land improvements $ 790,550 $ 796,730 $ 780,977 Buildings and building improvements 1,626,566 1,643,517 1,574,931 Machinery and equipment 1,781,980 1,792,378 1,594,588 Furniture and fixtures 302,646 298,725 316,350 Software 151,809 152,033 139,522 Vehicles 86,173 87,298 82,239 Construction in progress 185,229 134,113 221,990 Gross property, plant and equipment 4,924,953 4,904,794 4,710,597 Accumulated depreciation (2,580,352) (2,533,237) (2,397,536) Property, plant and equipment, net $ 2,344,601 $ 2,371,557 $ 2,313,061
Components Of Accounts Payable And Accrued Liabilities	The composition of accounts payable and accrued liabilities follows (in thousands): October 31, 2023 July 31, 2023 October 31, 2022 Trade payables $ 161,581 $ 148,521 $ 162,366 Deferred revenue 872,418 572,602 787,514 Accrued salaries, wages and deferred compensation 33,733 38,908 41,239 Accrued benefits 57,340 60,466 44,008 Deposits 42,880 37,798 35,491 Operating lease liabilities 38,332 36,904 35,331 Other liabilities 70,241 82,822 84,573 Total accounts payable and accrued liabilities $ 1,276,525 $ 978,021 $ 1,190,522
Schedule of Goodwill [Table Text Block]	The changes in the net carrying amount of goodwill by segment for the three months ended October 31, 2023 are as follows (in thousands): Mountain Lodging Goodwill, net Balance at July 31, 2023 $ 1,675,338 $ 45,006 $ 1,720,344 Effects of changes in foreign currency exchange rates (52,316) — (52,316) Balance at October 31, 2023 $ 1,623,022 $ 45,006 $ 1,668,028

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Oct. 31, 2023
Fair Value Disclosures [Abstract]
Summary Of Cash Equivalents Measured At Fair Value	The table below summarizes the Company’s cash equivalents, restricted cash, other current assets, interest rate swaps and Contingent Consideration (defined below) measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands). Estimated Fair Value Measurement as of October 31, 2023 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 101,903 $ 101,903 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 138,614 $ — $ 138,614 $ — Interest Rate Swaps $ 13,931 $ — $ 13,931 $ — Liabilities: Contingent Consideration $ 59,300 $ — $ — $ 59,300 Estimated Fair Value Measurement as of July 31, 2023 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 170,872 $ 170,872 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 144,365 $ — $ 144,365 $ — Interest Rate Swaps $ 17,229 $ — $ 17,229 $ — Liabilities: Contingent Consideration $ 73,300 $ — $ — $ 73,300 Estimated Fair Value Measurement as of October 31, 2022 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 509,165 $ 509,165 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 106,790 $ — $ 106,790 $ — Interest Rate Swaps $ 22,991 $ — $ 22,991 $ — Liabilities: Contingent Consideration $ 24,100 $ — $ — $ 24,100 The Company’s cash equivalents, restricted cash, other current assets and interest rate swaps are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. The estimated fair value of the interest rate swaps are included within other current assets on the Company’s Consolidated Condensed Balance Sheet as of October 31, 2023 and included within and other assets as of July 31, 2023 and October 31, 2022. The changes in Contingent Consideration during the three months ended October 31, 2023 and 2022 were as follows (in thousands): Balance as of July 31, 2023 and 2022, respectively $ 73,300 $ 42,400 Payments (17,057) (18,936) Change in estimated fair value 3,057 636 Balance as of October 31, 2023 and 2022, respectively $ 59,300 $ 24,100

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Oct. 31, 2023
Segment Reporting [Abstract]
Summary Of Financial Information By Reportable Segment	The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands): Three Months Ended October 31, 2023 2022 Net revenue: Mountain $ 172,455 $ 201,717 Lodging 81,821 77,617 Total Resort net revenue 254,276 279,334 Real Estate 4,289 113 Total net revenue $ 258,565 $ 279,447 Segment operating expense: Mountain $ 312,839 $ 294,196 Lodging 82,057 81,974 Total Resort operating expense 394,896 376,170 Real Estate 5,181 1,382 Total segment operating expense $ 400,077 $ 377,552 Gain on sale of real property $ 6,285 $ — Mountain equity investment income, net $ 859 $ 346 Reported EBITDA: Mountain $ (139,525) $ (92,133) Lodging (236) (4,357) Resort (139,761) (96,490) Real Estate 5,393 (1,269) Total Reported EBITDA $ (134,368) $ (97,759) Real estate held for sale or investment $ 86,465 $ 95,608 Reconciliation from net loss attributable to Vail Resorts, Inc. to Total Reported EBITDA: Net loss attributable to Vail Resorts, Inc. $ (175,512) $ (136,971) Net loss attributable to noncontrolling interests (7,535) (6,589) Net loss (183,047) (143,560) Benefit from income taxes (65,160) (58,006) Loss before benefit from income taxes (248,207) (201,566) Depreciation and amortization 66,728 64,614 Change in estimated fair value of contingent consideration 3,057 636 Loss on disposal of fixed assets and other, net 2,043 6 Investment income and other, net (3,684) (2,886) Foreign currency loss on intercompany loans 4,965 6,135 Interest expense, net 40,730 35,302 Total Reported EBITDA $ (134,368) $ (97,759)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2022	Dec. 18, 2020
Long-term Debt	$ 2,805,786	$ 2,825,649	$ 2,847,317
Operating Lease, Right-of-Use Asset	187,128	192,289	192,230
Operating Lease, Liability, Noncurrent	165,462	168,326	176,585
Operating Lease, Liability, Current	38,332	36,904	35,331
Debt Instrument, Face Amount				$ 575,000
Long-term debt, net (Note 5)	2,732,037	2,750,675	2,769,698
Deferred income taxes, net	286,036	276,137	205,859
Additional paid-in capital	1,126,033	1,124,433	1,106,813
Retained earnings	619,727	873,710	705,923
EPR Secured Notes [Member]
Long-term Debt	114,162	114,162	114,162
Notes and Loans Payable	132,102
Debt Instrument, Fair Value Disclosure	158,129
Andermatt-Sedrun
Notes and Loans Payable	34,489
Debt Instrument, Fair Value Disclosure	28,359
6.25% Notes [Member]
Long-term Debt	600,000	600,000	600,000
Debt Instrument, Fair Value Disclosure	596,022
0.0% Convertible Notes
Long-term Debt	575,000
Debt Instrument, Fair Value Disclosure	501,883
Convertible Notes Payable
Long-term Debt	$ 575,000	$ 575,000	$ 575,000

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Jul. 31, 2023
Accounts Receivable, after Allowance for Credit Loss, Current	$ 105,546	$ 118,491	$ 381,067
Deferred Revenue, Current	872,418	787,514	$ 572,602
Mountain Revenue Net	172,455	201,717
Lodging Revenue Net	81,821	77,617
Resort net revenue	254,276	279,334
Real Estate Revenue	4,289	113
Revenues	258,565	279,447
Contract with Customer, Liability, Revenue Recognized	56,500
Lift
Mountain Revenue Net	45,390	59,540
Ski School
Mountain Revenue Net	7,178	8,927
Dining
Mountain Revenue Net	18,077	19,442
Lodging Revenue Net	18,083	16,829
Retail/Rental
Mountain Revenue Net	33,474	40,344
Other
Mountain Revenue Net	68,336	73,464
Owned hotel rooms
Lodging Revenue Net	25,177	23,565
Managed condominium rooms
Lodging Revenue Net	12,003	12,859
Golf
Lodging Revenue Net	6,376	5,890
Other
Lodging Revenue Net	16,723	14,797
Lodging revenue (excluding payroll cost reimbursements) [Member]
Lodging Revenue Net	78,362	73,940
Payroll cost reimbursements
Lodging Revenue Net	$ 3,459	$ 3,677

Revenue Contract Balances (Deta

Revenue Contract Balances (Details) $ in Thousands	3 Months Ended
	Oct. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)
Disaggregation of Revenue [Abstract]
Deferred revenue	$ 872,418	$ 572,602	$ 787,514
Private Club Recognized Initiation Fees Average Remaining Period	15
Trade receivables, net	$ 105,546	381,067	118,491
Disaggregation of Revenue [Line Items]
Deferred revenue	872,418	572,602	787,514
Contract with Customer, Liability, Revenue Recognized	$ 56,500
Private Club Recognized Initiation Fees Average Remaining Period	15
Trade receivables, net	$ 105,546	381,067	118,491
Capitalized Contract Cost, Net	21,800	5,100	19,700
Contract with Customer, Liability, Noncurrent	107,900	109,700	$ 115,600
Contract with Customer, Liability, Current	$ 872,400	$ 572,600

Revenue Costs to Obtain Contrac

Revenue Costs to Obtain Contracts with Customers (Details) - USD ($) $ in Millions	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2022
Cost of Revenue [Abstract]
Capitalized Contract Cost, Net	$ 21.8	$ 5.1	$ 19.7

Net Income Per Common Share Net

Net Income Per Common Share Net Income per Common Share (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands				3 Months Ended
	Jan. 09, 2024	Dec. 26, 2023	Dec. 06, 2023	Oct. 31, 2023	Oct. 31, 2022	Jul. 31, 2023	Dec. 18, 2020
Anti-dilutive securities (in shares)				300	200
Common Stock, Dividends, Per Share, Cash Paid				$ 2.06	$ 1.91
Payments of Dividends				$ 78,471	$ 77,018
Preferred Stock, Par or Stated Value Per Share				$ 0.01	$ 0.01	$ 0.01
Dividends, Cash				$ 78,500	$ 77,000
Debt Instrument, Face Amount							$ 575,000
Net loss attributable to Vail Resorts, Inc.				$ (175,512)	$ (136,971)
Weighted-average Vail Shares outstanding				38,117	40,296
Weighted-average Exchangeco Shares outstanding				0	2
Weighted Average Number of Shares Outstanding, Basic				38,117	40,298
Effect of dilutive securities				0	0
Total shares				38,117	40,298
Earnings Per Share, Basic				$ (4.60)	$ (3.40)
Earnings Per Share, Diluted				(4.60)	$ (3.40)
Exchangeable Shares Par Value Per Share				$ 0.01
Subsequent Event
Cash dividends declared per share			$ 2.06
Convertible Debt [Member]
Debt Instrument, Face Amount							$ 575,000
Forecast
Dividends Payable, Date to be Paid	Jan. 09, 2024
Dividends Payable, Date of Record		Dec. 26, 2023
Dividends Payable, Date Declared			Dec. 06, 2023

Net Income Per Common Share (Su

Net Income Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	300	200
Net loss attributable to Vail Resorts, Inc.	$ (175,512)	$ (136,971)
Weighted-average Vail Shares outstanding	38,117	40,296
Weighted-average Exchangeco Shares outstanding	0	2
Total Weighted-average shares outstanding	38,117	40,298
Effect of dilutive securities	0	0
Total shares	38,117	40,298
Basic net loss per share attributable to Vail Resorts, Inc.	$ (4.60)	$ (3.40)
Diluted net loss per share attributable to Vail Resorts, Inc.	$ (4.60)	$ (3.40)

Long-Term Debt Long-Term Debt (

Long-Term Debt Long-Term Debt (Narrative) (Details) $ / shares in Units, $ in Thousands, $ in Millions	3 Months Ended
	Oct. 31, 2023 USD ($) $ / shares	Oct. 31, 2022 USD ($)	Oct. 31, 2023 CAD ($)	Jul. 31, 2023 USD ($)	Dec. 18, 2020 USD ($)
Gross interest expense	$ 40,700	$ 35,300
Amortization of Debt Issuance Costs	1,600	1,600
Foreign currency gain on intercompany loans	(4,965)	(6,135)
Long-term Debt	2,805,786	2,847,317		$ 2,825,649
Debt Instrument, Face Amount					$ 575,000
Interest Rate Swap, Notional Amount	$ 400,000
Derivative, Fixed Interest Rate	1.38%		1.38%
Term Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.92%		6.92%
Long-term Debt	$ 1,000,000	1,062,500		1,015,625
Long-term Line of Credit	1,000,000
Credit Facility Revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity	500,000
Long-term Debt	$ 0	0		0
Debt Instrument, Basis Spread on Variable Rate	1.60%
Whistler Credit Agreement revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 300
Debt Instrument, Unused Borrowing Capacity, Fee	0.39%
Long-term Debt	$ 0	11,011		0
Alpine Valley Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.72%		11.72%
Long-term Debt	$ 4,600
Boston Mills Brandywine Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.41%		11.41%
Long-term Debt	$ 23,300
Jack Frost Big Boulder Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.41%		11.41%
Long-term Debt	$ 14,300
Mount Snow Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	12.32%		12.32%
Long-term Debt	$ 51,100
Hunter Mountain Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	9.03%		9.03%
Long-term Debt	$ 21,000
Convertible Notes Payable
Long-term Debt	$ 575,000	$ 575,000		$ 575,000
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 381.27

Long-Term Debt (Schedule Of Deb

Long-Term Debt (Schedule Of Debt Instruments) (Details) - USD ($)	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Jul. 31, 2023	Dec. 18, 2020
Amortization of Debt Issuance Costs	$ 1,600,000	$ 1,600,000
Debt Instrument, Unused Borrowing Capacity, Fee	0.0030
Total debt	2,805,786,000	2,847,317,000	$ 2,825,649,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	4,090,000	9,808,000	5,814,000
Long-term Debt, Excluding Current Maturities	69,659,000	67,811,000	69,160,000
Long-term Debt, Excluding Current Maturities	2,732,037,000	2,769,698,000	2,750,675,000
Debt Instrument, Face Amount				$ 575,000,000
Term Loan [Member]
Debt Instrument, Periodic Payment	15,600,000
Total debt	$ 1,000,000,000	1,062,500,000	1,015,625,000
Fiscal year maturity	2026
Debt Instrument, Interest Rate, Stated Percentage	6.92%
Credit Facility Revolver [Member]
Total debt	$ 0	0	0
Fiscal year maturity	2026
6.25% Notes [Member]
Fiscal year maturity	2025
Convertible Notes Payable
Fiscal year maturity	2026
Whistler Credit Agreement revolver [Member]
Total debt	$ 0	11,011,000	0
EPR Secured Notes [Member]
Total debt	$ 114,162,000	114,162,000	114,162,000
EPR Secured Notes [Member] | Minimum [Member]
Fiscal year maturity	2034
EPR Secured Notes [Member] | Maximum [Member]
Fiscal year maturity	2036
Employee Housing Bonds [Member]
Total debt	$ 52,575,000	52,575,000	52,575,000
Employee Housing Bonds [Member] | Minimum [Member]
Fiscal year maturity	2027
Employee Housing Bonds [Member] | Maximum [Member]
Fiscal year maturity	2039
Canyons Obligation [Member]
Total debt	$ 364,825,000	359,052,000	363,386,000
Fiscal year maturity	2063
Other [Member]
Total debt	$ 33,971,000	36,587,000	35,011,000
Other [Member] | Minimum [Member]
Fiscal year maturity	2023
Other [Member] | Maximum [Member]
Fiscal year maturity	2036
Andermatt-Sedrun
Fiscal year maturity	2036
Whistler Employee Housing Leases
Total debt	$ 27,984,000	0	29,491,000
Fiscal year maturity	2042
6.25% Notes [Member]
Total debt	$ 600,000,000	600,000,000	600,000,000
Convertible Debt [Member]
Debt Instrument, Face Amount				$ 575,000,000
Whistler Credit Agreement revolver [Member]
Fiscal year maturity	2028
Andermatt-Sedrun
Total debt	$ 37,269,000	$ 36,430,000	$ 40,399,000

Long-Term Debt (Schedule Of Agg

Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2022
Debt Instrument [Line Items]
2024 (November 2023 through July 2024)	$ 51,421
2025	675,755
2026	643,543
2027	851,151
2028	4,655
Thereafter	579,261
Total debt	$ 2,805,786	$ 2,825,649	$ 2,847,317

Business Combinations and Ass_3

Business Combinations and Asset Acquisitions (Details) $ in Thousands, SFr in Millions			3 Months Ended		12 Months Ended
	Aug. 03, 2022 USD ($)	Aug. 03, 2022 CHF (SFr)	Oct. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Jul. 31, 2023 USD ($)	Jul. 31, 2023 CHF (SFr)	Aug. 03, 2022 CHF (SFr)
Asset Acquisition [Line Items]
Business Combination Deposits			$ 0	$ (114,506)	$ 114,400	SFr 110
Business Combination Remainder Payment	$ 41,300						SFr 39.3
Business Acquisition [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	The following summarizes the purchase consideration and the purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands): Acquisition Date Estimated Fair Value Total cash consideration paid by Vail Resorts, Inc. $ 155,365 Estimated fair value of noncontrolling interests 91,524 Total estimated purchase consideration $ 246,889 Allocation of total estimated purchase consideration: Current assets $ 119,867 Property, plant and equipment 176,805 Goodwill 3,368 Identifiable intangible assets and other assets 7,476 Assumed long-term debt (44,130) Other liabilities (16,497) Net assets acquired $ 246,889	The following summarizes the purchase consideration and the purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands): Acquisition Date Estimated Fair Value Total cash consideration paid by Vail Resorts, Inc. $ 155,365 Estimated fair value of noncontrolling interests 91,524 Total estimated purchase consideration $ 246,889 Allocation of total estimated purchase consideration: Current assets $ 119,867 Property, plant and equipment 176,805 Goodwill 3,368 Identifiable intangible assets and other assets 7,476 Assumed long-term debt (44,130) Other liabilities (16,497) Net assets acquired $ 246,889
Andermatt-Sedrun
Asset Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 155,365	SFr 149.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	119,867
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	176,805
Goodwill, Acquired During Period	3,368
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,476
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(16,497)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	246,889
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	155,365	SFr 149.3
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value	91,524
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination [Abstract]	246,889
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	119,867
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	176,805
Goodwill, Acquired During Period	3,368
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,476
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	44,130
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	16,497
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 246,889
Business Acquisition, Percentage of Voting Interests Acquired	55%						55%

Supplementary Balance Sheet I_3

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2022
Property, Plant and Equipment [Line Items]
Land and land improvements	$ 790,550	$ 796,730	$ 780,977
Buildings and building improvements	1,626,566	1,643,517	1,574,931
Machinery and equipment	1,781,980	1,792,378	1,594,588
Furniture and fixtures	302,646	298,725	316,350
Software	151,809	152,033	139,522
Vehicles	86,173	87,298	82,239
Construction in progress	185,229	134,113	221,990
Gross property, plant and equipment	4,924,953	4,904,794	4,710,597
Accumulated depreciation	(2,580,352)	(2,533,237)	(2,397,536)
Property, plant and equipment, net	$ 2,344,601	$ 2,371,557	$ 2,313,061

Supplementary Balance Sheet I_4

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Trade payables	$ 161,581	$ 148,521	$ 162,366
Deferred revenue	872,418	572,602	787,514
Accrued salaries, wages and deferred compensation	57,340	60,466	44,008
Accrued benefits	42,880	37,798	35,491
Deposits	33,733	38,908	41,239
Operating Lease, Liability, Current	38,332	36,904	35,331
Other liabilities	70,241	82,822	84,573
Total accounts payable and accrued liabilities	$ 1,276,525	$ 978,021	$ 1,190,522

Supplementary Balance Sheet I_5

Supplementary Balance Sheet Information Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2022
Goodwill [Line Items]
Goodwill	$ 1,668,028	$ 1,720,344	$ 1,688,731
Effects of changes in foreign currency exchange rates	(52,316)
Mountain [Member]
Goodwill [Line Items]
Goodwill	1,623,022	1,675,338
Effects of changes in foreign currency exchange rates	(52,316)
Lodging [Member]
Goodwill [Line Items]
Goodwill	45,006	$ 45,006
Effects of changes in foreign currency exchange rates	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Contingent Consideration	$ 59,300	$ 24,100	$ 73,300	$ 42,400
Payments for Rent	17,057	18,936
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 3,057	636
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Adverse Change in Other Assumption, Description	A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance of the resort would result in a change in the estimated fair value within the range of approximately $10.1 million to $13.7 million.During the three months ended October 31, 2023, the Company made a payment to the landlord for Contingent Consideration of approximately $17.1 million and recorded an increase of approximately $3.1 million, primarily related to the estimated Contingent Consideration payment for the fiscal year ending July 31, 2024. These changes resulted in an estimated fair value of the Contingent Consideration of approximately $59.3 million, which is reflected in other long-term liabilities in the Company’s Consolidated Condensed Balance Sheet.
Contingent Consideration, Key Assumptions for Valuation	The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. The estimated fair value of Contingent Consideration includes future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed annual growth factor and discounted to present value. Other significant assumptions included a discount rate of 11.1%, and volatility of 17.0%, which together with future period Park City EBITDA, are all unobservable inputs and thus are considered Level 3 inputs.
Money Market	$ 101,903	509,165	170,872
Interest Rate Cash Flow Hedge Asset at Fair Value	13,931	22,991	17,229
Net loss attributable to Vail Resorts, Inc.	$ (175,512)	$ (136,971)
Weighted-average Vail Shares outstanding	38,117	40,296
Weighted-average Exchangeco Shares outstanding	0	2
Weighted Average Number of Shares Outstanding, Basic	38,117	40,298
Effect of dilutive securities	0	0
Total shares	38,117	40,298
Earnings Per Share, Basic	$ (4.60)	$ (3.40)
Earnings Per Share, Diluted	$ (4.60)	$ (3.40)
Canyons Obligation [Member]
Business Combination, Contingent Consideration Arrangements, Description	The lease for Park City provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds approximately $35 million, as established upon the Company’s acquisition of the resort, with such threshold amount subsequently increased annually by an inflation linked index and an adjustment equal to 10% of any capital improvements or investments made under the lease by the Company. Contingent Consideration is classified as a liability, which is remeasured to fair value at each reporting date until the contingency is resolved.
Level 2 [Member]
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 13,931	$ 22,991	17,229
Fair Value, Inputs, Level 3 [Member]
Contingent Consideration	59,300	24,100	73,300
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Commercial Paper	101,903	509,165	170,872
Commercial Paper [Member]
Commercial Paper	2,401	2,401	2,401
Commercial Paper [Member] | Level 2 [Member]
Commercial Paper	2,401	2,401	2,401
Certificates of Deposit [Member]
Commercial Paper	138,614	106,790	144,365
Certificates of Deposit [Member] | Level 2 [Member]
Commercial Paper	$ 138,614	$ 106,790	$ 144,365

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) $ in Millions	Oct. 31, 2023 USD ($)
Amount outstanding in letters of credit	$ 84.1
Surety Bonds Outstanding	9.5
Holland Creek Metropolitan District [Member]
Amount outstanding in letters of credit	6.4
Employee Housing Bonds [Member]
Amount outstanding in letters of credit	53.4
Holland Creek Metropolitan District [Member]
Amount outstanding in letters of credit	$ 24.3

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Jul. 31, 2023
Mountain	$ 172,455	$ 201,717
Lodging Revenue Net	81,821	77,617
Total Resort net revenue	254,276	279,334
Real Estate Revenue	4,289	113
Revenues	258,565	279,447
Mountain	312,839	294,196
Lodging	82,057	81,974
Resort operating expense	394,896	376,170
Real Estate	5,181	1,382
Total segment operating expense	400,077	377,552
Gain on sale of real property	6,285	0
Mountain equity investment income, net	859	346
Real estate held for sale or investment	86,465	95,608	$ 90,207
Net loss attributable to Vail Resorts, Inc.	(175,512)	(136,971)
Net loss attributable to noncontrolling interests	(7,535)	(6,589)
Net loss	(183,047)	(143,560)
Benefit from income taxes	(65,160)	(58,006)
Loss before benefit from income taxes	(248,207)	(201,566)
Depreciation and amortization	66,728	64,614
Change in Fair Value of Contingent Consideration	3,057	636
Loss on disposal of fixed assets and other, net	2,043	6
Investment income and other, net	(3,684)	(2,886)
Foreign currency loss on intercompany loans	4,965	6,135
Interest expense, net	40,730	35,302
Total Reported EBITDA	(134,368)	(97,759)
Resort [Member]
Total Reported EBITDA	(139,761)	(96,490)
Mountain [Member]
Total Reported EBITDA	(139,525)	(92,133)
Lodging [Member]
Total Reported EBITDA	(236)	(4,357)
Real Estate
Total Reported EBITDA	$ 5,393	$ (1,269)

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Jul. 31, 2023	Mar. 07, 2023	Mar. 09, 2006
Accelerated Share Repurchases [Line Items]
Number of shares authorized to repurchase	10,000,000				3,000,000
Additional number of shares authorized to repurchase				2,500,000
Number of shares repurchased since inception	8,885,358	6,466,000	8,648,000
Value of stock repurchased since inception	$ 1,029,500
Remaining shares available for repurchase under existing program	1,114,642
Treasury Stock, Shares, Acquired	237,056
Payments for Repurchase of Common Stock	$ 50,000	$ 0

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Nov. 30, 2023 USD ($)
Forecast
Subsequent Event [Line Items]
Business Combination, Consideration Transferred	$ 118.5