Assuming normal weather conditions, we expect low-single-digit skier visitation growth at Vail?s resorts. Through Sept. 22, 2023, the company reported 7% growth in North American pass sales in units sold and 11% increase on a dollar basis, compared to the same period in 2022. However, we believe a portion of the growth is due to a continued shift toward pass products and away from day-of lift tickets as skiers opt for advance purchases ahead of the season. As a result, visitation growth during the upcoming ski season will likely be slightly lower than pass sales growth. Due to the continued mix shift toward lower priced prepaid passes, we expect flat to single-digit-percent effective ticket price (ETP) growth despite pass price
