Perisher purchased by US ski resort firm Vail Resorts
Crown casino chief James Packer and another private company have sold the Snowy Mountains’ Perisher Ski Resort to America’s Vail Resorts for $176.6m.
The sale, by Packer subsidiary Murray Publishers and Transfield Corporate, includes the resort areas Perisher Valley, Smiggin Holes, Blue Cow and Guthega, along with ski school, lodging, food and beverage, retail, rental and transportation operations, the New York stock exchange-listed Vail said.
The deal will need approval from the NSW government.
Perisher, Australia’s largest ski resort, holds a long-term lease and licence with the NSW government under the National Parks and Wildlife Act, which expires in 2048 with a 20-year renewal option.
Mr Packer’s private company, Consolidated Press Holdings, inherited 75 per cent of Perisher in 1972 when it acquired Perisher Smiggins and the Perisher Hotel through its purchase of Murray Publishers.
Perisher’s season pass, which goes on sale this week at $749, will now include access to Vail resorts with unlimited skiing at Breckenridge, Keystone and Arapahoe Basin in Colorado, Park City and Canyons in Utah and Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada, subject to traditional holiday restrictions.
“This acquisition is part of Vail Resorts’ continued strategy to drive season-pass sales and build loyalty with guests from around the world,” said Rob Katz, Vail’s chief executive.
“Australia is one of the most important international markets for ski resorts across the Northern Hemisphere, generating an estimated more than one million skier visits annually to resorts in North America, Japan and Europe.
“We see this as a groundbreaking acquisition that will dramatically enhance the connection between our company and Australian skiers and riders. We also see the acquisition as a natural fit, as Perisher is the Australian leader in innovation and guest experience — both hallmarks of Vail Resorts.”
Vail says Perisher season pass holders are being offered an “unprecedented opportunity” by combining unlimited skiing from June through to October at Perisher, with season-long skiing, from November through to April, at nine of the best mountain resorts in the United States.
“Our company looks forward to welcoming an even greater number of Australian guests to our domestic resorts to showcase the incredible experience we provide,” Mr Katz said.
In its quarter ended in January, the Broomfield, Colorado-based company said earnings nearly doubled on stronger revenue thanks in part to growth in season-pass sales.
Vail expects to close the deal in its quarter ending in July and sees Perisher generating incremental resort-reported earnings before interest, taxes and depreciation of approximately $US16 million during its first 12 months of operation following the acquisition.
Last September, Vail acquired Park City Mountain Resort in Utah for $US183 million.
Source : The Australian March 31st 2015
