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Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 31, 2025
Jul. 31, 2024
Jul. 31, 2023
Operating Leases, Future Minimum Payments Due, Next Twelve Months $ 51,525    
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months 37,609    
Operating Lease, Payments 66,128 $ 64,724 $ 65,216
Finance Lease, Right-of-Use Asset, Amortization 10,988 11,811 11,701
Finance Lease, Interest Expense 39,930 38,671 37,562
Operating Lease, Cost 50,447 46,613 45,385
Short-term Lease, Cost 22,409 22,434 22,759
Operating Cash Outflows for Finance Leases $ 59,826 $ 54,469 54,788
Operating Lease, Weighted Average Discount Rate, Percent 5.80% 5.80%  
Finance Lease, Weighted Average Discount Rate, Percent 9.90% 9.90%  
Operating Leases, Future Minimum Payments, Due in Two Years $ 46,573    
Operating Leases, Future Minimum Payments, Due in Three Years 40,417    
Finance Lease, Liability, to be Paid, Year Four 38,966    
Operating Leases, Future Minimum Payments, Due in Four Years 34,086    
Finance Lease, Liability, to be Paid, Year Five 39,718    
Operating Leases, Future Minimum Payments, Due in Five Years 26,920    
Finance Lease, Liability, to be Paid, after Year Five 1,656,499    
Lessee, Operating Lease, Liability, to be Paid, after Year Five 143,042    
Lessee, Operating Lease, Liability, to be Paid 342,563    
Finance Lease, Liability, Payment, Due 1,848,252    
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (92,595)    
Finance Lease, Liability, Undiscounted Excess Amount $ (1,427,183)    
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities    
Operating Lease, Liability $ 249,968    
Finance Lease, Liability 421,069    
Long-term Debt 3,194,005 $ 2,787,638  
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 19,405 98,007 31,039
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability $ 64 $ 14,093 39,114
Operating Lease, Weighted Average Remaining Lease Term 10 years 4 months 24 days 11 years  
Finance Lease, Weighted Average Remaining Lease Term 35 years 2 months 12 days 36 years  
Finance Lease, Liability, to be Paid, Year Two $ 37,730    
Finance Lease, Liability, to be Paid, Year Three 37,730    
Current operating lease liability 34,883 $ 32,611  
Operating right-of-use assets (Note 4) $ 242,485 258,268  
Lessee, Operating Leases
4.    Leases
The Company’s operating leases consist primarily of resort land and land improvements, commercial and retail space, office space, employee residential units, vehicles and other equipment. The Company determines if an arrangement is or contains a lease at contract inception or modification. The Company’s lease contracts generally range from 1 year to approximately 70 years, with some lease contracts containing one or more lease extension options, exercisable at the Company’s discretion. The Company generally does not include these lease extension options in the initial lease term as it is not reasonably certain that it will exercise such options at contract inception. In addition, certain lease arrangements contain fixed and variable lease payments. The variable lease payments are primarily contingent rental payments based on: (i) a percentage of revenue related to the leased property; (ii) payments based on a percentage of sales over contractual levels; or (iii) lease payments adjusted for changes in an index or market value. These variable lease payments are typically recognized when the underlying event occurs and are included in operating expenses on the Company’s Consolidated Statements of Operations in the same line item as the expense arising from the respective fixed lease payments. The Company’s lease agreements may also include non-lease components, such as common area maintenance and insurance, which are accounted for separately. Future lease payments that are contingent or represent non-lease components are not included in the measurement of the operating lease liability. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. Lease expense related to lease payments is recognized on a straight-line basis over the term of the lease.
The Company’s leases do not provide a readily determinable implicit rate. As a result, the Company measures the lease liability using an estimated incremental borrowing rate which is intended to reflect the rate of interest the Company would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The Company applies the estimated incremental borrowing rates at a portfolio level based on the economic environment associated with the lease.
The Company uses the long-lived assets impairment guidance to determine recognition and measurement of an ROU asset impairment, if any. The Company monitors for events or changes in circumstances that require a reassessment.
The components of lease expense for the years ended July 31, 2025, 2024 and 2023 were as follows (in thousands):
Year ended July 31,
202520242023
Finance leases:
Amortization of the finance ROU assets$10,988 $11,811 $11,701 
Interest on lease liabilities $39,930 $38,671 $37,562 
Variable interest$2,639 $2,587 $2,536 
Operating leases:
Operating lease expense$50,447 $46,613 $45,385 
Short-term lease expense (1)
$22,409 $22,434 $22,759 
Variable lease expense $2,088 $2,694 $3,204 
(1) Short-term lease expense is attributable to leases with terms of 12 months or less and no ROU assets or lease liabilities are included within the Company’s Consolidated Balance Sheets.
The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the years ended July 31, 2025, 2024 and 2023 (in thousands):
Year ended July 31,
202520242023
Cash flow supplemental information:
Operating cash outflows for operating and short-term leases $66,128 $64,724 $65,216 
Operating cash outflows for lease- and non-lease components of finance leases$59,826 $54,469 $54,788 
Non-cash supplemental information:
Operating ROU assets obtained in exchange for operating lease obligations $19,405 $98,007 $31,039 
Finance ROU assets obtained in exchange for finance lease obligations$64 $14,093 $39,114 
Weighted-average remaining lease terms and discount rates as of July 31, 2025 and 2024 are as follows:
July 31, 2025July 31, 2024
Weighted-average remaining lease term (in years)
Operating leases10.411.0
Finance leases 35.236.0
Weighted-average discount rate
Operating leases5.8 %5.8 %
Finance leases 9.9 %9.9 %
Future fixed lease payments for operating and finance leases as of July 31, 2025 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):
Operating Leases Finance Leases
2026$51,525 $37,609 
202746,573 37,730 
202840,417 37,730 
202934,086 38,966 
203026,920 39,718 
Thereafter143,042 1,656,499 
Total future minimum lease payments 342,563 1,848,252 
Less amount representing interest (92,595)(1,427,183)
Total lease liabilities $249,968 $421,069 
The current portion of operating lease liabilities of approximately $34.9 million and $32.6 million as of July 31, 2025 and 2024, respectively, is recorded within accounts payables and accrued liabilities in the accompanying Consolidated Balance Sheets. Finance lease liabilities are recorded within long-term debt, net in the accompanying Consolidated Balance Sheets. The current portion of finance lease liabilities is presented within long-term debt due within one year in the accompanying Consolidated Balance Sheets.
The Canyons finance lease obligation was $374.9 million and $369.1 million as of July 31, 2025 and 2024, respectively, which represents the estimated annual fixed lease payments for the remaining period of the initial 50 year term of the lease assuming annual increases at the floor of 2% and discounted using an interest rate of 10%. As of July 31, 2025 and 2024, respectively, the Company has recorded $74.3 million and $81.9 million of net finance lease ROU assets in connection with the Canyons lease, net of $108.9 million and $101.7 million of accumulated amortization, which is included within property, plant and equipment, net in the Company’s Consolidated Balance Sheets.
The Whistler Blackcomb employee housing finance lease obligation was $27.4 million and $27.9 million as of July 31, 2025 and 2024, respectively, which represents the minimum lease payments for the remaining period of the initial 20 year term of the lease, net of amounts representing interest, discounted using an interest rate of 6.95%. As of July 31, 2025 and 2024, respectively, the Company has recorded $24.2 million and $25.7 million of net finance lease ROU assets in connection with these leases, net of $3.8 million and $2.5 million of accumulated amortization, which is included within property, plant and equipment, net in the Company’s Consolidated Balance Sheet.
During the year ended July 31, 2024, the Company reassessed its lease agreements for the operations of Northstar Resort (“Northstar”), for which the initial lease terms expire in January 2027 and the agreements provide for three 10-year optional lease extensions. Prior to the year ended July 31, 2024, the Company had not determined that it was reasonably certain to exercise any of the optional lease extensions for Northstar and, accordingly, only the initial lease terms were considered in the measurement of the ROU assets and lease liabilities. During the year ended July 31, 2024, due to near-term operating decisions which would be influenced by the decision to extend the lease, the Company reassessed the lease extensions and determined that it was reasonably certain that it will exercise the first of its 10-year optional lease extensions at Northstar, and as a result, the Company recorded incremental operating ROU assets and operating lease liabilities of $75.7 million each. Additionally, the Company recorded finance lease ROU assets of $13.1 million and finance lease obligations of $12.8 million as of July 31, 2024, which represent the minimum lease payments for the remaining 13 year reassessed term of the lease, net of amounts representing interest, related to assets for which the Company determined that the remaining reassessed lease term represented a major part of the remaining economic life of such assets. As of the remeasurement date for the Northstar leases, the ROU assets and liabilities were discounted using an interest rate of 6.6%. The Northstar Resort finance lease obligation was $12.1 million as of July 31, 2025, which represents the minimum lease payments for the remaining 13 year reassessed term of the lease, net of amounts representing interest, discounted using an interest rate of 6.6%. As of July 31, 2025, the Company has recorded $12.0 million of net finance lease ROU assets in connection with these leases, net of $1.1 million of accumulated amortization, which is included within property, plant and equipment, net in the Company’s Consolidated Balance Sheet. 		   
Finance Lease      
Variable Lease, Cost $ 2,639 2,587 2,536
Operating Lease      
Variable Lease, Cost 2,088 2,694 $ 3,204
6.50% Notes      
Long-term Debt $ 600,000 600,000  
Minimum [Member]      
Lessee Operating And Finance Lease Term 1 year    
Maximum [Member]      
Lessee Operating And Finance Lease Term 70 years    
Canyons Obligation [Member]      
Long-term Debt $ 374,864 369,143  
Operating Lease, Right-of-Use Asset 74,300 81,900  
Finance Lease, Right-of-Use Asset, Accumulated Amortization 108,900 101,700  
Whistler Employee Housing Leases      
Long-term Debt 27,400 27,900  
Operating Lease, Right-of-Use Asset 24,200 25,700  
Finance Lease, Right-of-Use Asset, Accumulated Amortization 3,800 $ 2,500  
Northstar Resort Finance Leases      
Long-term Debt 12,800    
Operating Lease, Right-of-Use Asset 13,100    
Northstar [Member]      
Long-term Debt $ 75,700