Vail Resorts, Inc. (NYSE:MTN) Q1 2023 Earnings Call Transcript

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David Katz: I appreciate that. And as my follow-up, I was hoping we could spend a minute or two on Andermatt and sort of a broader view about Europe. And again, I might be trying to front run your analyst meeting, but I’d love to get more of a sense for your vision for that property and whether we should look at this as one step in a journey and sort of building more of a European presence?

Kirsten Lynch: Yes. Thank you for the question. We are incredibly excited about Andermatt. It is already an amazing Mountain resort with strong investment in the base area to attract a high-end European skier and we’re excited to continue to invest in that. We believe that this is the perfect sort of first step for us in Europe. To come in with Andermatt to listen, to learn to build our reputation and that there is significant opportunity for Andermatt to grow its share of the luxury European skier market. Longer term, as we’ve shared it our investor conferences, the addressable market in Europe is almost 3 times the size of North America. And we believe that, that is a big opportunity for us for growth and we have not an easy market to penetrate. So a long-term strategy to build our experience, our credibility and hopefully, over time, build a network of resorts that can achieve value creation for our shareholders.

David Katz: Okay, perfect. Thank you.

Kirsten Lynch: Thank you.

Operator: This concludes the Q&A portion of today’s call. I would now like to turn the call back over to Kirsten Lynch for closing remarks.

Kirsten Lynch: Thank you, operator. This concludes our fiscal 2023 first quarter earnings call. Thank you to everyone who joined us today. Please feel free to reach out to me or Michael directly, should you have any further questions. Thank you for your time this morning and goodbye.

Operator: This concludes today’s Vail Resorts Fiscal First Quarter 2023 Earnings Call and Webcast. You may disconnect your line at this time, and have a wonderful day.

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