Vail Resorts, Inc. (MTN, Financial), a global owner and operator of ski resorts, contributedduring the quarter on reports of season pass sales that were 33% above 2019 levels despite a 20% price cut. Season pass sales are a key component of growth as pass holders are the most frequent visitors to the resorts and the most likely to return the following season. Given the strong sales figures, we believe next year’s EBITDA should be significantly above pre-pandemic levels, generating robust cash flow for the reinstallation of Vail’s dividend and additional M&A.
From Ron Baron (Trades, Portfolio)'s Baron Focused Growth Fund second-quarter 2021 letter.