Vail season pass sales are up double digit percentages from last year and the company expects to earn between $778 and $818 million in fiscal year 2020 with a net income of $293 to $353 million.
Vail Resorts has agreed to purchase Peak Resorts, the publicly-traded parent company of 17 ski resorts in the northeast and midwest. The deal will more than double the number of mountains Vail operates and expand markets such as New York, Philadelphia and Washington, D.C. for the Epic Pass. Mountains to be acquired include Mt. Snow in Vermont, Hunter Mountain in New York and Attitash in New Hampshire. Combined, Peak Resorts operates 109 aerial lifts in seven states. Vail will be up to 37 mountains in three countries with 437 lifts upon closing.
Peak itself closed on a $76 million purchase of Snow Time, Inc. less than eight months ago, yet the merger and acquisition action continues. “We are incredibly excited to have the opportunity to add such a powerful network of ski areas to our Company,” said Rob Katz, chairman and chief executive officer of Vail Resorts in an early morning announcement. “Peak Resorts’ ski areas in the Northeast are a perfect complement to our existing resorts and together will provide a very compelling offering to our guests in New York and Boston. With this acquisition, we are also able to make a much stronger connection to guests in critical cities in the Mid-Atlantic and Midwest and build on the success we have already seen with our strategy in Chicago, Minneapolis and Detroit.” The deal must still be approved by Peak’s shareholders, which are being offered $11.00 per share. When the deal closes, Epic Pass holders will receive unlimited, unrestricted access to all 17 resorts.
The flagship Bluebird Express at Mt. Snow will now truly be a sister lift to Sunburst Six at Okemo.
Vail plans to spend approximately $15 million for one-time capital improvements over the first two years and an ongoing $10 million per year to support the Peak properties. Vail’s EBITDA is expected to increase by $60 million annually with the new additions. The transaction is expected to close in the fall.
Medellín’s sixth urban gondola, Line P, is on track to open in December.
After 1,231 days as Yosemite Ski & Snowboard Area, the Badger Pass name returns thanks to a $12 million settlement between the National Park Service and two competing concession companies.
I spoke too soon on Eaglecrest possibly building Alaska’s first gondola. Icy Strait Point on Chichagof Island is planning a gondola project to open as soon as next summer.
Mi Teleférico in La Paz broke its own daily record again on Monday with 583,841 riders, more than average weekday ridership for Boston’s three subway lines combined.
Vail Resorts reports a great quarter: skier visits up 14.3 percent and lift revenue up 16.4 percent with season pass sales for next year trending up 9 percent and 13 percent in units and dollars. “We are still absolutely aggressive on looking for additional resorts that we think add to our network and make the experience that we provide our guests better,” says Rob Katz on the quarterly conference call.
Quebec tallied 4.6 million skier visits last winter, a ten year high for a province with three new chairlifts already under construction for next year.
New Hampshire resorts logged 100,000 more skier days than 2017-18.
This was supposed to be the summer the town of Grafton, Illinois celebrated a new gondola. Instead, 2019 will be remembered for the flooding that has thrown a wrench in its construction.
Vail Resorts reports a fantastic season with skier visits, lift ticket revenue, retail, ski school and dining all up between 6.2 and 9.3 percent through April 21st.
The New Hampshire Business Review profiles legendary resort developer Les Otten.
The privately-held conglomerate behind Leitner Ropeways, Poma, Leitner-Poma of America and Skytrac announces the highest revenue in the company’s history for 2018: €1.02 billion. The group built approximately 100 ropeways around the world last year, up from 75 in 2017.
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