I’ll follow up and say I think one place that the networked season passes might be driving on the real estate front is that I think they make it less attractive for “locals” to get started skiing and to stay local. The massive increase in day pass prices means where once someone in Seattle, Sacramento or Denver might just try a few days skiing to see if they like it, they now have to make a much more major commitment up front to get into the sport. Those “locals” would just drive in an hour or two rather than rent a ski town property.

The multi resort passes make it much more attractive to take a dedicated ski vacation than just check out a different nearby resort.