Vail Resorts to Acquire Peak Resorts, Owner Of 17 U.S. Ski Areas
Vail Resorts, Inc. (NYSE: MTN) today announced it has entered into a definitive merger agreement to acquire 100 percent of the outstanding stock of Peak Resorts, Inc. (NASDAQ: SKIS) at a purchase price of $11.00 per share, subject to certain conditions, including regulatory review and Peak Resorts’ shareholder approval.
Through the acquisition, Vail Resorts will add 17 U.S. ski areas to its network of world-class resorts. Located near major metropolitan areas, including New York, Boston, Washington, D.C., Baltimore, Philadelphia, Cleveland, Columbus, St. Louis, Kansas City and Louisville, the resorts include:
Mount Snow in Vermont
Hunter Mountain in New York
Attitash Mountain Resort, Wildcat Mountain and Crotched Mountain in New Hampshire
Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder in Pennsylvania
Alpine Valley, Boston Mills, Brandywine and Mad River Mountain in Ohio
The EagleVail chairlift to Beaver Creek was not accepted by the Forest Service.
A chairlift has been discussed since the 60’s in EagleVail.
From Vail Daily and Aspen Times
The Forest Service and Vail Resorts have cited wildlife impacts to deny building a chairlift connecting EagleVail to Beaver Creek.
Aaron Mayville, district ranger for the Eagle-Holy Cross Ranger District has written to Steve Barber, EagleVail Metro District Manager that “a chairlift from EagleVail, across National Forest and into Beaver Creek is not possible right now.”
And Vail Resorts Executive Vice President, Mountain Division has also written to Barber stating that “we are not interested in discussions regarding a lift from EagleVail to Beaver Creek at this point.”
The officials of EagleVail were interested in a lift as EagleVail residents also were, as it helps increasing property values as a boon for homeowners and a catalyst for renewal.
Vail Resorts owns and operates Beaver Creek Resort.
David Warner, VP of EagleVail Metro District board and longtime proponent of the lift said: “It’s definitely a setback; these were not good letters.”
A lift of U$D 5.2 million
The lift was envisioned to stretch from the current location of the driving range of the EagleVail Golf Club up to Allie’s Cabin or Rose Bowl.
The proponents believe they had been backed up by Vail Resorts about this lift idea in 2016. A chairlift has been discussed in EagleVail since its inception in the ‘60s.
Even before Beaver Creek was built, there was a plan considered to connect EagleVail with the old Meadow Mountain Ski Area.
Warner said he received a bid for U$D 5.2 million from a lift company to build a 11,250-foot-long lift from the driving range to Rose Bowl. People favouring this envisioned asking voters to get an additional sales tax or using revenue from the tax passed in 2018 to finance the construction and operation of the lift.
The Property Owners Association board’s members came to a Metro District meeting in April asking the Metro Board for its blessing to conduct a U$D 15,000 study that would examine if there were ‘fatal flaws’ in the lift plan.
But then the Members of the Metro District suggested to just reach out to the Forest Service and Vail Resorts to see if they support the concept, and the answer was a resounding “no.”
Protection of wildlife, mainly the elk herd.
Mayville wrote in the May 4 email that ‘the entire hillside above EagleVail is an ‘elk refuge’ of sorts – when Beaver Creek was built, (a memorandum of understanding) was signed between the Forest Service, Division of Wildlife, Vail Associates, and others to set aside the area for the protection of wildlife (mainly the elk herd).”
Both Alterra and Vail Resorts have taken advantage of this. From November through April, Vail received 13.7 million skier days – a 20% year on year. Total revenue increased 14.5 percent to $1.8 billion.
Epic Australia Pass Now Includes Unlimited, Unrestricted Access to Hotham Alpine Resort with Sales Deadline Extended to 18 June.
The 2019 Epic Australia Pass and 2018-19 Epic Pass will now provide unlimited, unrestricted access to Hotham Alpine Resort, in addition to Perisher Ski Resort and Falls Creek Alpine Resort in Australia
Additional world-class access on the Epic Pass and Epic Australia Pass includes Whistler Blackcomb, Vail, Park City and more in North America and Hakuba Valley and Rusutsu in Japan
Purchase deadline for the 2019 Epic Australia Pass is now extended to Tuesday 18, June
Vail Resorts, Inc. (NYSE: MTN) announced that the 2019 Epic Australia Pass and 2018-19 Epic Pass will now provide unlimited, unrestricted access to Hotham Alpine Resort, in addition to Perisher Ski Resort and Falls Creek Alpine Resort in Australia. To celebrate the best Australian snow conditions in almost 20 years, the deadline to purchase a 2019 Epic Australia Pass has been extended to Tuesday 18, June.
Thanks to nearly a metre of snow across Perisher, Falls Creek and Hotham over the past week, these early season conditions have set up the strongest season opening since 2000. Perisher was able to open for the 2019 season one week early with a 31 May early opening and the new $4.2 million Leichhardt Quad Chairlift is set to make its debut this Thursday. Hotham opened this past Friday 7, June and Falls Creek opened on Saturday 8, June.
Vail Resorts Announces Pending Sale of Park City Mountain Base Area Site for Mixed-Use Project Development
Vail Resorts today announced that it has entered into an agreement with PEG Companies, a Utah-based commercial real estate development and investment group, to sell and develop parcels of land currently used as surface parking lots at the base of Park City Mountain.
Subject to community input and an approval process by Park City Municipal Corp., the 10-acre site will feature a mixed-use project, including a full-service hotel and spa, residential units, commercial space for dining and retail, skier services, parking garages and community priorities such as improved access to public parking, traffic and transit improvements and on-site workforce housing.
“We are very excited to have found a development team that will work closely with the City and the community to carry out a vision for a vibrant base area,” said Bill Rock, senior vice president and chief operating officer of Park City Mountain. “We look forward to a collaborative partnership that will provide both our guests and Park City residents with an elevated experience at the base of Park City Mountain.”
Vail Resorts Reports Certain Ski Season Metrics for the Season-to-Date Period Ended April 21, 2019
Vail Resorts, Inc. (NYSE: MTN) today reported certain ski season metrics for the comparative periods from the beginning of the ski season through April 21, 2019, and for the prior year period through April 22, 2018. The reported ski season metrics are for their North American mountain resorts, and the metrics exclude results from our Australian resorts and their urban ski areas in both periods. The data mentioned in this release is interim period data and is subject to fiscal quarter end review and adjustments.
Season-to-date total lift ticket revenue at the Company’s North American mountain resorts, including an allocated portion of season pass revenue for each applicable period, was up 9.3% compared to the prior year season-to-date period.
Season-to-date ski school revenue was up 6.5% and dining revenue was up 7.0% compared to the prior year season-to-date period. Retail/rental revenue for North American resort store locations was up 6.2% compared to the prior year season-to-date period.
Season-to-date total skier visits for the Company’s North American mountain resorts were up 6.8% compared to the prior year season-to-date period.
Commenting on the ski season to date, Rob Katz, Chief Executive Officer, said, “We are pleased with our overall results as the 2018/2019 North American ski season concludes, with strong growth in visitation and spending compared to the prior year. The results from the key holiday weeks through the spring were largely in line with our original expectations as we saw strong destination visitation following the challenging early season period. Our results throughout the 2018/2019 North American ski season highlight the growth and stability resulting from our season pass, the benefit of our geographic diversification, the investments we make in our resorts and the success of our sophisticated, data-driven marketing efforts.”
Heavenly, Northstar, and Kirkwood Resorts Announce Extended Ski Season
Heavenly Mountain Resort season extended through April 28, 2019, plus 3-day-weekend May 3-5
Northstar California Resort season extended through April 21, 2019
Kirkwood Mountain Resort season extended through April 14, 2019, plus 3-day-weekend April 19-21
After record-breaking snowfall throughout the Lake Tahoe region in February, the Best of Tahoe Resorts, including Heavenly Mountain Resort, Northstar California Resort, and Kirkwood Mountain Resort announced plans today to extend the 2018-19 ski and snowboard season. Plans may change based on weather, conditions or US Forest Service approval.
During the month of February alone, Heavenly has received 269” of snow, Northstar has received 286” and Kirkwood has received 271”.
“Record-breaking snow conditions paired with the hard work of our mountain operations teams have made for a truly unforgettable season so far,” said Mike Goar, vice president and chief operating officer of the Best of Tahoe Resorts. “With even more snow on the way, we are thrilled to extend the winter operations at all three of our Lake Tahoe resorts and offer skiers and riders additional opportunities to take advantage of these amazing spring conditions across the region.”
Sun Valley Resort and Snowbasin Resort join the Epic Pass, Epic Local, Epic 7-Day and Epic 4-Day passes beginning with the 2019-20 winter season in a multi-year alliance.
Epic Pass holders will receive seven days of skiing or snowboarding with no restrictions at both Sun Valley and Snowbasin.
Epic Local Pass holders receive two days at each resort with minimal restrictions.
Epic 7-Day pass holders can use any or all of their seven days and Epic 4-Day pass holders can use any or all of their four days with no restrictions at both resorts.
Epic, Epic Local, Epic 7-Day and Epic 4-Day pass holders will receive 50 percent off one-day window lift ticket prices after their respective days have been redeemed.
The industry-leading Epic Pass features access to world-class mountain resorts throughout eight countries for the 2019-20 season, more than any other season pass in the world.
Vail Resorts, Inc. (NYSE: MTN), Sun Valley Resort and Snowbasin Resort jointly announced today that both resorts will join the industry-leading Epic Pass in a multi-year alliance beginning with 2019-20 winter season, adding two new destinations to the world-class access found on the Epic Pass. Epic Pass holders will receive seven days of skiing or snowboarding with no restrictions at both resorts. Epic Local Pass holders will receive two days at each resort with minimal restrictions. Epic 7-Day pass holders can use any or all seven of their total days, with no blackouts, while Epic 4-Day pass holders can use any or all four of their total days of skiing and snowboarding with no restrictions at both resorts. Sun Valley is consistently ranked one of the top ski resorts in North America and Snowbasin is known as a great family-friendly destination, conveniently located near Salt Lake City.
“Sun Valley is a four-season renowned mountain resort and provides visitors from around the world with diverse mountain experiences and world-class dining and shopping. Together with nearby Park City Mountain Resort, Snowbasin has an incredibly rich winter sports history and this expanded access provides two great options for Epic Pass holders in Utah,” said Kirsten Lynch, chief marketing officer of Vail Resorts.
Breckenridge Ski Resort Announces Plans to Regularly Extend Winter Seasons through Memorial Day, Beginning this Spring
Combined with Keystone’s recently announced capital improvement proposal to upgrade snowmaking and position the resort to be the first to open in Colorado, the two Summit County resorts will offer one of the longest ski and snowboard seasons in the country.
After a record-breaking start to the winter season, Breckenridge Ski Resort announced today plans to extend the 2018-19 ski and snowboard season into May, for the first time since the mid-‘90s. The resort will aim to remain open through Memorial Day this season as well as for future seasons, weather and conditions permitting. Paired with Keystone’s recently announced capital improvement proposal—subject to U.S. Forest Service approval—to upgrade snowmaking and help position the resort to be the first to open in Colorado, together Breck and Keystone will offer one of the longest ski and snowboard seasons in the country moving forward.
“Spring is an incredible time to ski Breck’s High Alpine and we are thrilled to extend our season this year, and beyond, and offer that terrain as long as the snow lasts,” said John Buhler, vice president and chief operating officer at Breckenridge Ski Resort. “With Breck’s notably high elevation and annual snowfall we are well-positioned to provide our passholders and other guests great spring skiing and snowboarding well into May.”
Crested Butte Mountain Resort Announces Plans to Replace the Teocalli Lift for the 2019-20 Winter Season
Pending U.S. Forest Service approvals, the Teocalli Lift realignment and replacement will include a new fixed-grip quad chairlift increasing uphill capacity by 50 percent.
Crested Butte Mountain Resort (CBMR) is excited to announce plans to replace the Teocalli Lift – a 1979 Riblet fixed-grip double chairlift – for the 2019-20 winter season, pending approval by the U.S. Forest Service. If approved, the new Teocalli Lift would be upgraded to a fixed-grip quad chairlift, increasing uphill capacity by 50 percent.
The proposed realignment and installation of the new lift would take place following the close of the 2018-19 winter season. Plans to realign the Teocalli Lift would shift the upper terminal closer to the top of the Red Lady Express; the lower terminal would remain in the existing location at the intersection of the Bushwacker, Gunsight Pass and Upper Conundrum trails.
The Teocalli Lift replacement would improve the on-mountain guest experience at CBMR by providing increased uphill capacity, a secondary egress to the base area from the Paradise Warming House and quick access to beginner and intermediate terrain.