And by the way, one could argue Vail and Alterra don't bother to generate profits on lift tickets either, but rather a means to draw in people to sell overpriced lessons, food, and lodging.
Don't think there's any need to argue about that. VR have written that in their freely available business information. Read it 2012 on a visit to Vail. Stated aim is to own at least 50% of accom and food outlets in a resort. The early season pass sales guarantee revenue for operating expenses regardless of the quality of the season.
So I assume that Epic passholders who day trip to a Vail resort and brown bag it bring in no money?
They do provide revenue preseason. But their marginal profitability must be lower than a holidaying guest who stays in resort and eats big.
If the customer base is divided into A (Awesome), B (Basic), C (Can't deal with), D (Dead) then they are going to be classified B.