My belief is the MTN domestic organic growth is likely drying up, and they need to "search" for growth internationally. The company has not done well recently & shed something like 1/3 of its' stock price.
I also suspect they're feeling the crunch of others getting into their season pass game and starting to put a not insignificant dent in their bread & butter. If the MTN margin starts to drop, it will point to my being correct, but time will tell. Personally I HATE these pass wars & the artificially high single day ticket prices they've created, which I believe is negative for the entire sport of alpine skiing long-term, so I am actively rooting for MTN to fail. I was glad to see Arapahoe Basin bolt, but it will mean nothing if they simply join a different mega-pass in 2019/20.