Vail Resorts, Inc. today announced the company will acquire its first international asset, Australia’s largest mountain resort, Perisher Ski Resort (Perisher) in New South Wales (NSW).
Subject to adjustments, the deal is valued at AUD$176.6 million and is expected to be finalised in the fourth quarter of 2015 following approval by the NSW Government.
Vail Resorts chairman and chief executive officer Rob Katz said the acquisition is a milestone for the company that will enhance its ties with Australia.
“We’re thrilled to welcome the guests and employees of Perisher, Australia’s largest and most iconic resort, into the Vail Resorts family and deepen ties with one of our most important international markets,” Mr Katz said.
“This acquisition is part of Vail Resorts’ continued strategy to drive season pass sales and build loyalty with guests from around the world.
“Australia is one of the most important international markets for ski resorts across the Northern Hemisphere, generating an estimated over 1 million skier visits annually to resorts in North America, Japan and Europe.”
Vail Resorts has also announced it will re-open Perisher’s season pass sales today for the upcoming season set to open 6 June.
Making use of Vail’s international connections, Perisher’s popular ‘Freedom Pass’ will now include unlimited skiing at nine ski resorts across the United States, in addition to unlimited and unrestricted skiing at Perisher.
Mr Katz said this pass allows the company to showcase the power of its new connection with Australia.
“Our Company looks forward to welcoming an even greater number of Australian guests to our resorts to showcase the incredible experience we provide,” he said.
Vail Resorts expects Perisher to generate incremental EBITDA of approximately AUD$20 million during the first year of operation under the company’s ownership.
Vail Resorts also expects to see a positive EBITDA of approximately AUD$38 million during this year’s peak ski season, from June to September.