Florida Financier Challenges Vail Resorts Board Over Slipping Profits

Aspen —Gregory Meyer, a 52-year-old Florida financier who has held a quiet stake in Vail Resorts, finally broke his silence this week. In a detailed filing with the Securities and Exchange Commission released Friday, Meyer laid out a blunt critique of the company’s financial health and operational execution. He has nominated himself as an independent candidate for one of the nine board seats up for election at the company’s annual shareholder meeting on Monday, Dec. 14.

The core of Meyer’s argument rests on a stark comparison between capital deployed and returns generated. For context, the stock price currently stands at less than half its value from five years ago. During that same five-year period, Vail Resorts spent $1.4 billion on capital expenditures and acquisitions. Yet, the reported EBITDA for the resort group was 11% lower than in fiscal 2022. Let’s do the math on the efficiency metrics Meyer highlighted:

• Return on Invested Capital: Fell from 14% to 9%.
• Margins: Declined from nearly 24% to 14.8% in fiscal 2026.
• Leverage: Net debt to EBITDA has doubled.

Meyer argues that the board lacks a strong independent voice on execution — specifically regarding guest service, capital allocation, and balance sheet management. He rejects the idea that poor performance is solely due to weather, stating that execution can be substantially improved.

One of the most pointed observations in the filing concerns insider buying. Meyer notes that his own 3,052 shares, purchased entirely on the open market, represent 13 times the number of shares bought by current independent board members combined over the last decade. By contrast, not a single current director has purchased a share in the open market during that period, even as the stock has dropped from $370 in late 2021 to a recent $151. The last board member to buy shares was Michele Romanow, who purchased 225 shares in 2017. Meyer suggests this lack of personal financial exposure is a significant red flag for shareholders.

The annual meeting will be held digitally on Monday, Dec. 14, at 9 a.m. Shareholders can access the proceedings via the company’s website. With the stock trading at $151 and debt levels rising, the decision on whether to seat Meyer will signal to investors whether the board intends to challenge management’s strategy or maintain the status quo. For locals, this isn't just a corporate governance issue; it's a question of whether the entity controlling the lift tickets and lodging inventory in the valley is managing its balance sheet responsibly enough to avoid a sudden squeeze on expansion plans.