Roberto Ferdman

Today, they sometimes reach almost $400, well over $300.

And you can see that across most of the industry, especially in North America.

There are a lot of hardcore skiers who really resent the spread of mega passes.

If you're someone who skis regularly, say at like a local mountain, you like to go during the week, you might be seeing more people than you would on a Tuesday or Wednesday.

The other thing that it has led to is...

overcrowding on really good ski days.

This is truest at mountains like Vail, Park City, Whistler, and you don't have to look very hard or far to find videos of overcrowding.

I mean, the other thing that is created is this dichotomy

between those mountains which are owned by large conglomerates like Vail Resorts or participate in mega passes like Icon and those who don't at all.

And you might see differences like, for instance, in the bells and whistles that are available at these independent mountains.

They might have fewer amenities.

The food might not be as diverse in terms of offerings, but the skiing is certainly a lot less expensive.

there's a sense that the reach of Epic Pass in particular has plateaued.

And I think it's worth pointing out that they sell over 2 million Epic Passes each year.

So they either have to figure out how to scale internationally, and that's much more difficult because the European ski market, for instance, works very differently.

Or it has to figure out how to get more people into its Epic Pass program.

And the program is quite large and it might have just reached its peak.

Thank you for having me.