To date, Vail has not sold off a single property of the 17-formerly-Peak Resort ski areas.
You do realize that if they did sell off an area, it would spook investors and the hit to the stock price would likely be greater than the proceeds from the sale of that area yes? There's a group of private investors willing to buy Wildcat and Vail is interested in selling the area. That isn't because it's a cash cow.
I suggest that their plan is not to dig a hole for themselves by taking on excessive debt, by doing too much, too soon - like ASC did.
Excessive debt would be mostly caused by excessive capital expenditures. I think most folks see Vail not cheaping out on new toys and are happy with their efforts there. They cheap out on operations in many places though. That is what is annoying people. Their operations suck at many places, especially for a company as wealthy as they are