>>15%
This is basically the modern model of a ski area.
The original model was to sell day passes and make money that way, much like a restaurant today. In the 1970s, overpriced food in the cafeteria started to help with margins, but still it was the same model.
In the 1980s, it started shifting to a real estate play: have all these services, lose some money, but build a ton of condos owned by the same company that ran the mountain, and then sell them off. But eventually, all the desirable or allowable land was sold off.
The new model is to own a suite of resorts and get everyone to buy a subscription, which in the ski industry is called what it has always been called, a season pass. But what has changed is that season pass prices have plummeted and the cost of a single-day ticket has skyrocketed.
So a season pass for an adult with no special deal (not a senior or a junior) used be priced so that the breakeven was about 20 days of skiing. Typically passes today break even at as little as 4 days if you buy the pass early, accept a few blackout dates and compare that to the cost of a day on a holiday weekend.
Some people say it has saved skiing. Some people say it is killing skiing. It has saved skiing because it means that for diehard skiers who have a place to stay within driving distance of a resort, it has never been cheaper and it has never been better (many top-shelf resorts for one third of what you would have paid for a season pass to a single resort 20 years ago).
It is killing skiing because this only works by making day passes, mostly bought now by new skiers, extremely expensive and by creating incentives for a small number of companies (chiefly Vail and the company that owns Aspen and Mammoth), to buy up all the resorts in America and homogenize the experience.
https://www.outsideonline.com/outdoor-adventure/snow-sports/ski-pass-epic-ikonI'm not sure how that all relates to subscription restaurants, but it seems like a similar model. You make it very cheap to get an annual pass, but you just count on people not actually going all that often. But then you make it very expensive to people who just walk in the door. And I would imagine the same impetus to expand your portfolio of restaurants would eventually take hold. Nobody wants to eat the same place twice a week, but if I had a pass to 15 restaurants, I might go out to eat more.
