Vail Resorts Achieves 100% Renewable Electricity for Second Consecutive Year & Achieves 2030 Energy-Efficiency Goal Early

Rhea-AI Summary

Vail Resorts, Inc. (NYSE: MTN) is ahead of schedule to meet its emissions goals and on track to reach zero waste to landfill and zero net operating impact to forests and habitat by 2030. The company is making progress in its environmental and social responsibility initiatives, achieving 100% renewable electricity, energy efficiency goals, and reducing landfill waste. Additionally, Vail Resorts has made significant contributions to community support, inclusive access, and employee foundation, showcasing its commitment to sustainability and inclusivity.

Insights

Sustainability Analyst

From a sustainability perspective, Vail Resorts' achievement of 100% renewable electricity for the second consecutive year represents a significant milestone in the industry. This commitment not only reduces the carbon footprint of the company's operations but also sets a precedent for other players in the hospitality and leisure sector. The reduction of landfill waste by 6.1 million pounds since the baseline year indicates a substantial effort towards waste management and resource efficiency. These efforts contribute to the broader Environmental, Social and Governance (ESG) goals that are increasingly influencing investor decisions and can lead to a competitive advantage in attracting ESG-focused investments.

The $10 million investment in on-mountain energy-saving initiatives demonstrates a proactive approach to achieving energy efficiency, with potential long-term cost savings and operational benefits. This could result in improved profitability margins and a stronger balance sheet, which are critical metrics for financial analysts and investors. Moreover, the company's progress can enhance its reputation among consumers who prioritize sustainability, potentially increasing customer loyalty and market share.

Social Responsibility Expert

On the social responsibility front, Vail Resorts' efforts to provide inclusive access to underrepresented youth and partnerships with nonprofits for adaptive programming are commendable. Surpassing the youth access goal by 25% underscores the company's commitment to social equity and community engagement. These initiatives not only strengthen the company's social license to operate but also expand the market by fostering a new generation of participants in winter sports and outdoor activities.

The increased investment in mental health care for employees reflects a growing trend in corporate responsibility towards workforce wellbeing. This can lead to improved employee retention and productivity, which are vital for maintaining a robust and motivated workforce. Additionally, the $29 million in community and employee grants underscore the company's role as a community stakeholder and can help mitigate social risks that may arise from its operations.

Investment Analyst

For investors, Vail Resorts' strides in environmental and social governance present a dual opportunity. First, there is the potential for operational cost savings from energy efficiency and waste reduction, which can translate into improved financial performance. Second, the company's ESG initiatives may attract a growing segment of socially responsible investors. The alignment with broader ESG investment trends can provide access to capital and possibly lead to a more favorable valuation of the company's stock.

However, it is important to monitor the ongoing capital expenditures associated with these initiatives to ensure they do not adversely impact short-term financial performance. Investors will be looking for a balance between immediate costs and the long-term value creation that ESG efforts can bring. The company's ability to stay ahead of regulatory requirements and consumer expectations in sustainability can act as a hedge against future risks, such as carbon taxes or changes in consumer preferences.

Company is ahead of schedule to meet its emissions goals and on track to reach zero waste to landfill and zero net operating impact to forests and habitat by 2030

BROOMFIELD, Colo., Jan. 23, 2024 /PRNewswire/ -- Today, Vail Resorts, Inc. (NYSE: MTN), announced the release of its 2022/23 Environmental & Social Responsibility Report. In 2017, Vail Resorts announced Commitment to Zero, a bold goal to achieve a zero net operating footprint by 2030, including zero net emissions, zero waste to landfill, and zero net operating impact to forests and habitat.

The company shared it is ahead of schedule to reach its emissions goals, and on track for the broader goal of reaching a zero net operating footprint by 2030.

With a commitment to make its mountain resorts more sustainable and inclusive, the company has made progress across all four pillars of its Responsibility program: Sustainability, investing in the future of the industry through Inclusive Access, providing Community Support, and supporting its team members through the Employee Foundation.

Vail Resorts' 2022/23 Environmental & Social Responsibility Report shares how the company is delivering on its EpicPromise, making major strides over the past year. Key highlights include the following:

• Achieved 100% renewable electricity for the second consecutive year across the company's 37 North American resorts.
• Achieved energy efficiency goal ahead of the company's 2030 target, driven by $10 million in on-mountain energy-saving investments since 2018.
• Reduced landfill waste by 6.1 million pounds (36%) from the company's baseline.
• Hosted nearly 11,300 underrepresented youth last year, many from major metropolitan areas such as New York City, Boston, Baltimore, Chicago, Cleveland and Detroit, surpassing the company's 2022/23 youth access goal by 25%.
• Partnered with 53 nonprofits that provide equitable access by offering adaptive programming across 30 resorts in the Vail Resorts network.
• Donated more than $29 million in community and employee grants to support affordable childcare, housing, mental health care, disaster relief and more.
• Doubled the investment in mental health care for employees since 2022.

"We care deeply about our people, the mountains that we have the privilege to live, work, and play within, and the future of our industry," said Kirsten Lynch, chief executive officer of Vail Resorts. "Our responsibility work is rooted in our commitment to the future. This comes to life through our bold sustainability goals and using our voice to drive action on climate change; programs to expand access to our sport; and support for our employees and mountain resort communities. Progress cannot be reached alone. I am grateful for the 55,000 team members across Vail Resorts, and the partnership of hundreds of community organizations, who are passionate about working together to preserve the mountains and this sport for generations to come."

SUSTAINABILITY

Vail Resorts continues to use its voice to advocate and drive action on climate change through leadership on the Mountain Collaborative for Climate Action and the National Ski Areas Association, in addition to local, state and federal climate change advocacy. The company is also focused on making its own operations more sustainable through Commitment to Zero in the following areas:

Zero Net Emissions:

• Vail Resorts achieved 100% renewable electricity for the second consecutive year across its 37 North American resorts, driven by investments in renewable electricity development like the large-scale Plum Creek wind farm the company enabled as well as local renewable electricity programs.
  
  
• Vail Resorts also achieved its 15% energy efficiency savings goal ahead of the company's 2030 target, driven by $10 million in energy-saving investments since 2018. Energy-saving projects focused on snowmaking efficiency improvements, LED lighting retrofits, facility system and control upgrades, and more, all while improving operations and the guest experience.

Zero Waste to Landfill:

• Vail Resorts is on track to achieve its zero waste to landfill goal. The company reduced 6.1 million pounds of waste from its baseline, resulting in a 36% reduction in waste to landfill. 

Zero Net Operating Impact on Forests and Habitat:

• Vail Resorts is on track to reach its zero net operating impact on forests and habitat goal. In 2023, the company worked with the National Forest Foundation to reforest 95 acres outside the company's operating footprint on National Forest land in Washington, Oregon, and Wyoming, targeting areas where the landscape had been impacted by wildfire.

INCLUSIVE ACCESS

Vail Resorts believes the future of the sport is inclusion and as such, cares deeply about helping remove barriers to skiing and snowboarding. 

A passion for the sport is often ignited at an early age. The dedicated team at Vail Resorts works with nonprofits to find ways to welcome kids of all backgrounds. During the 2022/23 winter season, the company hosted nearly 11,300 underrepresented youth at 32 of its owned and operated resorts, surpassing its 2023 goal by 25%. The nonprofit youth organizations that Vail Resorts partners with bring kids from major metropolitan areas near the company's mountain resorts, such as New York City, Boston, Baltimore, Chicago, Cleveland, and Detroit.

Vail Resorts has the largest youth access program of any ski area operator in North America. Through its multi-day youth program, the company provides participants with free lift tickets, equipment rentals, ski and snowboard lessons, and more. The Katz Amsterdam Foundation, run by Vail Resorts Executive Chairperson Rob Katz and his wife, Elana Amsterdam, provide funding to the company's nonprofit partners to support transportation and other needs.

In addition to increasing equitable access for youth, adults, and marginalized populations, the company's inclusive access programs also support those needing adaptive access due to physical or mental barriers. The company is proud to partner with 53 nonprofits that provide equitable access by offering adaptive programming. 30 resorts across Vail Resorts' network have adaptive access programs. Unveiled at the beginning of the 2023/24 ski and ride season, Vail Resorts' partner, the National Ability Center (NAC) announced the opening of the McGrath Mountain Center, a new 9,400 square-foot ADA-accessible facility operated by the NAC and located at the base of Park City Mountain in Utah.

COMMUNITY SUPPORT

As residents and neighbors, Vail Resorts is committed to helping its mountain resort communities thrive by partnering with critical organizations to make an impact. Top priorities include finding solutions for affordable childcare and housing. The Vail Resorts Community Impact grant program is one of the many ways the company partners with, and invests in, the communities in which we operate.

Relationships built with community leaders allow the company to understand the unique needs of neighbors and the resources required to address them. Team members living in each resort community help decide which organizations receive grants and ensure that contributions are making a significant impact.

Vail Resorts donated $28.1 million to over 417 nonprofit partners across 31 communities, empowering them to address their highest priority needs. Organizations such as the Family & Intercultural Resource Center (FIRC) in Summit County, Colorado, Habitat for Humanity Vail Valley, Park City Education Foundation, Sierra Community House, and Lamoille Family Center received financial support to help meet their respective missions. 

EMPLOYEE FOUNDATION

The EpicPromise Employee Foundation is a public charity designed to provide Vail Resorts team members with pathways to stability and access. It is focused on funding educational dreams and helping employees through moments of personal hardship.

Through the Employee Foundation, $1.1 million in grants were given to employees and their dependents to bridge moments of personal hardship and pursue educational endeavors. After severe flooding in Vermont in 2023, Vail Resorts funded disaster relief, provided aid to employees and helped the community rebuild roads and infrastructure.

In addition to the Foundation's work, the company is focused on providing mental health support for employees and their families. Vail Resorts offers robust mental health resources, including six free counseling sessions per year for employees, their dependents, and roommates. The company also offers convenient no-cost tools including a wellness app, personal coaching, and virtual and in-person therapy. The company has also added onsite therapists at several resorts.

Vail Resorts doubled its investment in mental health since 2022. This has resulted in a 12% utilization rate of clinical resources enterprise-wide, which is an increase from fiscal year 2022 10% utilization rate, and far above the national average of 5%.

Vail Resorts' 2022/23 Environmental & Social Responsibility Report can be read here.

About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun in Switzerland; and Perisher, Hotham, and Falls Creek in Australia – all available on the company's industry-changing Epic Pass. We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations across North America. Learn more about our company at www.VailResorts.com, or discover our resorts and pass options at www.EpicPass.com.

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SOURCE Vail Resorts, Inc.

FAQ

What are Vail Resorts' emissions goals and its target for zero net operating footprint by 2030?

Vail Resorts aims to achieve zero net emissions, zero waste to landfill, and zero net operating impact to forests and habitat by 2030 as part of its Commitment to Zero initiative.

What are the key highlights of Vail Resorts' 2022/23 Environmental & Social Responsibility Report?

Key highlights include achieving 100% renewable electricity, energy efficiency goals, reducing landfill waste, hosting underrepresented youth, partnering with nonprofits for equitable access, and donating to community and employee grants.

What is Vail Resorts' ticker symbol?

Vail Resorts' ticker symbol is MTN.