Pursuit Attractions is no longer the leftover half of an exhibitions conglomerate. The Flyover sale to Brogent closed at the end of July and finished the cleanup that began when GES went to Truelink at year-end 2024. What remains is a collection of scarce sightseeing and lodge assets sitting on regulated land in Banff, Jasper, Glacier country, Iceland, and Costa Rica. The second-quarter print is the first clean look at that pure-play model under imperfect weather. Revenue reached a record $134 million. That growth still arrived even as high-margin sightseeing lost days to rain and smoke.
The operating tension is mix, not demand. Attraction ticket sales rose only three percent to $55 million because Tabacon papered over softer park visitation. Room revenue jumped twenty-seven percent as lodging and the Costa Rica resort carried the quarter. Same-store lodging revenue per available room, excluding Tabacon, still rose at a double-digit pace. High-margin gondolas and icefield tours are the cash engine; lodges are the stabilizer. When weather flips the mix toward rooms, adjusted earnings before interest, taxes, depreciation, and amortization grow slower than sales. That is the quarter's real story, not the headline beat.
Management raised full-year adjusted EBITDA guidance by $5 million, but the lift is mostly Flyover's stub contribution and the Eagle Wing Tours purchase, not a better core. Underlying operations are tracking the original plan after a weather-heavy Canadian spring. Vision 2030 still aims at more than $265 million of adjusted EBITDA. The equity near $49 now prices a clean compounding story. The open question is whether Banff, Jasper, and Grouse projects convert that multiple into earned growth before another wildfire season tests the parks again.