BROOMFIELD, Colo., Sept. 24, 2019 /PRNewswire/ -- Vail Resorts, Inc.
(NYSE: MTN) today announced that the Company has closed on its
acquisition of Peak Resorts, Inc. (NASDAQ: SKIS) for a purchase
price of $11.00 per share. With this
acquisition, Vail Resorts has added 17 U.S. ski areas to its
network of world-class resorts, bringing its total number of owned
and operated resorts to 37 worldwide.
The 17 new resorts are located in the Northeast, Mid-Atlantic
and Midwest, near major metropolitan areas including New York, Boston, Washington,
D.C., Baltimore,
Philadelphia, Cleveland, Columbus, St.
Louis, Kansas City and
Louisville.
"We are thrilled that with this acquisition, skiers and riders
living in and around some of the biggest cities in the country will
now have access to both ski close to home and at renowned mountain
resorts around the world – with just one pass," said Rob Katz, chairman and chief executive officer
of Vail Resorts. "We are excited to welcome each of these ski areas
into the Vail Resorts family and to continue to invest in what
makes them unique."
The new resorts in the Northeast are: Mount Snow in Vermont; Hunter
Mountain in New York;
and Attitash Mountain Resort, Wildcat Mountain and
Crotched Mountain in New
Hampshire. They join the Company's existing Northeast
resorts – Stowe Mountain Resort and Okemo Mountain Resort in
Vermont, and Mount Sunapee Resort
in New Hampshire – and together
will provide skiers and riders incredible variety and choice in the
region.
In the Mid-Atlantic, the acquired resorts are: Liberty
Mountain Resort, Roundtop Mountain Resort, Whitetail
Resort, Jack Frost and
Big Boulder in Pennsylvania.
In the Midwest, the new resorts are: Alpine Valley,
Boston Mills, Brandywine and Mad River Mountain in Ohio; Hidden
Valley and Snow Creek in Missouri; and Paoli Peaks in
Indiana. They join the Company's
other Urban resorts in the Midwest which draw guests from
Chicago, Detroit and Minneapolis. Those resorts are: Wilmot Mountain in Wisconsin; Mt. Brighton in Michigan; and Afton Alps in
Minnesota.
The 2019-20 Epic Pass, Epic Local Pass, Epic Australia Pass and
Military Epic Pass now include unlimited and unrestricted access to
each of the 17 ski areas, in addition to the access provided to
some of the world's most well-known resorts including Vail, Whistler Blackcomb, Park City and Breckenridge. Guests with an Epic Day Pass are
also able to access these 17 ski areas as a part of the total
number of days purchased. For the 2019-20 season, Vail Resorts will
honor all Peak Resorts pass products and continue to sell them
through the fall. Current Peak Resorts' pass holders now have the
option to upgrade to an Epic Pass or Epic Local Pass.
Following today's closing, Vail Resorts plans to invest
approximately $15 million over the
next two years in one-time capital spending to elevate the guest
experience at these resorts. Additionally, the Company's annual
ongoing capital expenditures are expected to increase by
approximately $10 million to support
the addition of the new ski areas.
Peak's common stock will be delisted from the Nasdaq Global
Select Market effective as of the close of trading on September 24, 2019.
Pass Access Details
Vail Resorts currently offers the following access and benefits
for 2019-20 Epic Pass, Epic Local Pass, Military Epic Pass and Epic
Day Pass holders. These products now include access to each of the
17 acquired ski areas as outlined below.
- Epic Pass™: For $969 for adults and $509 for children (ages five to 12), the Epic
Pass offers the following access and benefits:
-
- Unlimited, unrestricted access to: Whistler
Blackcomb, Vail, Beaver Creek, Breckenridge, Keystone, Crested
Butte, Park City, Heavenly,
Northstar, Kirkwood, Stowe, Okemo, Mount
Snow, Mount Sunapee,
Attitash, Wildcat, Crotched, Hunter, Liberty, Roundtop, Whitetail,
Jack Frost, Big Boulder, Stevens
Pass, Alpine Valley, Boston Mills, Brandywine, Mad River, Hidden
Valley, Snow Creek, Paoli Peaks, Afton Alps, Mt.
Brighton, and Wilmot in
North America. The Epic Pass also
includes access to Perisher, Falls
Creek, and Hotham in Australia.
- Limited access to partner resorts, including: seven days
at each of Telluride, Sun Valley,
Snowbasin, and the Resorts of the Canadian Rockies; five
consecutive days at Hakuba Valley, Japan's ten ski resorts; five consecutive days
at Japan's Rusutsu Resort. The
Epic Pass also grants limited access to Les 3 Vallées in
France; 4 Vallées in Switzerland; and Skirama Dolomiti in
Italy.
- Epic Local Pass™: For
$719 for adults, $579 for teens (ages 13 to 18) and $379 for children (ages five to 12), the Epic
Local Pass offers the following access and benefits:
-
- Unlimited, unrestricted access to: Breckenridge, Keystone, Crested
Butte, Okemo, Mount Snow,
Mount Sunapee, Attitash, Wildcat,
Crotched, Hunter, Liberty, Roundtop, Whitetail, Jack Frost, Big Boulder, Stevens Pass, Alpine
Valley, Boston Mills, Brandywine, Mad
River, Hidden Valley, Snow
Creek, Paoli Peaks, Afton Alps, Mt. Brighton, and Wilmot.
- Unlimited access with holiday restrictions to:
Park City, Heavenly, Northstar, Kirkwood, and Stowe.
- 10 total days combined (with holiday restrictions)
at: Vail, Beaver Creek, and Whistler Blackcomb.
- Limited access to partner resorts, including: two days
(with limited holiday restrictions) at Sun Valley; two days (with limited holiday
restrictions) at Snowbasin; and five total consecutive days with no
blackout dates at Hakuba Valley's ten ski resorts in Japan; and five total consecutive days with no
blackout dates at Rusutsu Resort.
- Military Epic Pass™: For
$159 for Active and Retired Military
and their dependents and $559 for
Veteran Military and their dependents, the Military Epic Pass
offers the following access:
-
- Unlimited, unrestricted access to: Whistler
Blackcomb, Vail, Beaver Creek, Breckenridge, Keystone, Crested
Butte, Park City, Heavenly,
Northstar, Kirkwood, Stowe, Okemo, Mount
Snow, Mount Sunapee,
Attitash, Wildcat, Crotched, Hunter, Liberty, Roundtop, Whitetail,
Jack Frost, Big Boulder, Stevens
Pass, Alpine Valley, Boston Mills, Brandywine, Mad River, Hidden
Valley, Snow Creek, Paoli Peaks, Afton Alps, Mt.
Brighton, and Wilmot in
North America. The Military Epic
Pass also includes access to Perisher, Falls Creek, and Hotham in Australia.
- Epic Day Pass: Announced earlier this year
as a part of Epic for Everyone, the Epic Day Pass provides
unprecedented flexibility and season pass discounts to guests
skiing as little as one day.
-
- With the customizable pass, guests can unlock discounts of up
to 50 percent off lift ticket window prices by selecting the number
of days they plan to ski or ride – from one day to seven
days – and whether or not to add holiday access.
- Guests can use the pass at any of the Company's North
American owned resorts, including Whistler
Blackcomb, Vail, Beaver Creek, Breckenridge,
Keystone, Crested Butte, Park City, and more, including
the 17 new resorts. Those purchasing four or more days also get
access to Telluride, Sun Valley, Snowbasin, and Resorts of the
Canadian Rockies as a part of the total number of days
purchased.
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts, Inc., through its subsidiaries, is the leading global
mountain resort operator. Vail Resorts' subsidiaries operate 37
world-class mountain resorts and urban ski areas, including
Vail, Beaver Creek, Breckenridge, Keystone and Crested
Butte in Colorado;
Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake
Tahoe area of California
and Nevada; Whistler Blackcomb in
British Columbia, Canada;
Perisher, Falls Creek and Hotham
in Australia; Stowe, Mount
Snow, Okemo in Vermont;
Hunter Mountain in New York; Mount
Sunapee, Attitash, Wildcat and Crotched in New Hampshire; Stevens Pass in Washington; Liberty, Roundtop, Whitetail,
Jack Frost and Big Boulder in
Pennsylvania; Alpine Valley,
Boston Mills, Brandywine and Mad
River in Ohio; Hidden Valley and Snow Creek in Missouri; Wilmot in Wisconsin; Afton Alps in Minnesota; Mt. Brighton in Michigan; and Paoli Peaks in Indiana. Vail Resorts owns and/or manages a
collection of casually elegant hotels under the RockResorts brand,
as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Development
Company is the real estate planning and development subsidiary of
Vail Resorts, Inc. Vail Resorts is a publicly held company traded
on the New York Stock Exchange (NYSE: MTN). The Vail Resorts
company website is www.vailresorts.com and consumer
website is www.snow.com.
Forward-Looking Statements
Certain statements discussed in this press release, other than
statements of historical information, constitute forward-looking
statements within the meaning of the federal securities laws,
including the expected investments in the 17 resorts over the next
two years and the expected increase in annual capital expenditures.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
All forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those projected, including prolonged weakness in general
economic conditions, including adverse effects on the overall
travel and leisure related industries; unfavorable weather
conditions or the impact of natural disasters; risks related to our
reliance on information technology, including our failure to
maintain the integrity of our customer or employee data; risks
related to cyber-attacks; willingness of our guests to travel due
to terrorism, the uncertainty of military conflicts or outbreaks of
contagious diseases, and the cost and availability of travel
options and changing consumer preferences; the seasonality of our
business combined with adverse events that occur during our peak
operating periods; competition in our mountain and lodging
businesses; high fixed cost structure of our business; our ability
to fund resort capital expenditures; risks related to a disruption
in our water supply that would impact our snowmaking capabilities
and operations; our reliance on government permits or approvals for
our use of public land or to make operational and capital
improvements; risks associated with obtaining governmental or third
party approvals; risks related to federal, state, local and foreign
government laws, rules and regulations; risks related to changes in
security and privacy laws and regulations which could increase our
operating costs and adversely affect our ability to market our
products and services effectively; our ability to hire and retain a
sufficient seasonal workforce; risks related to our workforce,
including increased labor costs; loss of key personnel; adverse
consequences of current or future legal claims; a deterioration in
the quality or reputation of our brands, including our ability to
protect our intellectual property and the risk of accidents at our
mountain resorts; our ability to successfully integrate acquired
businesses, or that acquired businesses may fail to perform in
accordance with expectations, including Triple Peaks, Stevens Pass,
Falls Creek, Hotham, the resorts
owned or operated by Peak Resorts or future acquisitions; our
ability to satisfy the requirements of Section 404 of the
Sarbanes-Oxley Act of 2002, with respect to acquired businesses;
risks associated with international operations; fluctuations in
foreign currency exchange rates where the Company has foreign
currency exposure, primarily the Canadian and Australian dollars;
changes in accounting judgments and estimates, accounting
principles, policies or guidelines or adverse determinations by
taxing authorities; risks associated with uncertainty of the impact
of recently enacted tax reform legislation in the United States; a materially adverse change
in our financial condition; and other risks detailed in the
Company's filings with the Securities and Exchange Commission,
including the "Risk Factors" section of the Company's Annual Report
on Form 10-K for the fiscal year ended July
31, 2018, which was filed on September 28, 2018.
All forward-looking statements attributable to us or any persons
acting on our behalf are expressly qualified in their entirety by
these cautionary statements. All guidance and forward-looking
statements in this press release are made as of the date hereof and
we do not undertake any obligation to update any forecast or
forward-looking statements whether as a result of new information,
future events or otherwise, except as may be required by law.
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SOURCE Vail Resorts, Inc.