However ...
"Vail Resorts’ chief Rob Katz on Friday told investors that he expected to sell 925,000 Epic Passes for the 2018-19 ski season, which includes about 100,000 deeply discounted $99 military passes. The company reported 750,000 Epic Passes sold last season.
Take out the sales to new military-pass buyers, and the company said Epic Pass sales increased 8 percent in units and 10 percent in revenue compared to the same period last season. This year the Epic Pass is competing against Alterra Mountain Co.’s new Ikon Pass.
Last December Katz reported season pass sales were up 14 percent in units and 20 percent in dollars for the 2017-18 season over the previous season. In December 2016, he reported pass sales had climbed 16 percent in units and 20 percent in dollars over the previous season.
Epic Pass sales for 2016-17 and 2017-18 set records for Vail Resorts. So the 10 percent annual growth in Epic Pass sales revenue for 2018-19 marks Vail Resorts’ largest year-over-year decline in pass sale revenue growth since the pass debuted a decade ago."
https://coloradosun.com/2018/12/07/vail-resorts-stock-decline-epic-pass/