The giant resort corporations are mostly publicly traded companies whose SEC filings show you their financials. Vail Resorts are all here:
http://investors.vailresorts.com/qua...annual-results
The pandemic has been terrible for their bottom line, but they're still making money and not just because they sell real estate or also own hotels and resorts, their mountains turn a profit (say what you will about how they manage their mountains).
I'm sure there are scale effects and no one thinks that any Vail resorts properties currently embody or demonstrate the "soul of skiing" that we all remember with nostalgia, but with their expensive amenities, high cost lift tickets, lessons, etc etc. they do turn a profit.
Since mountain expenses are largely fixed, the push towards mega passes is a way for the large corporations that are diversified into hospitality to generate more revenue from travelers. The mega passes also help distribute the "cost" of servicing each one across more mountains and lock in a fixed return for the company from a lot of people who buy the passes and only use them for 1-2 trips per year.
Worth remembering that most of the skiing in the US is done at resorts with substantial lodging / condo / housing footprints at, or much more near, the ski area than what we have in Washington state which drives a totally different model for the companies.
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