Shares of Vail Resorts, Inc. (MTN, Financial), a global owner and operator of ski resorts, increased in the quarter on strong growth in pass sales for the upcoming ski season. The recent closing of the Peak Resorts acquisition, which provides access to 17 additional ski resorts across the U.S., should drive more season pass sales. Growth in season pass sales helps lock in revenue earlier in the year, giving strong visibility to earnings and cash flow. The company used its cash to bring down debt from recent deals and pay a 3% dividend
From Ron Baron (Trades, Portfolio)'s Baron Focused Growth Fund third-quarter 2019 shareholder letter.
