Vail Resorts continues to expand with the purchase of Perisher, the largest mountain resort in the Southern Hemisphere. As the most visited resort in all of Australia, Perisher is expected to drive tourism to the different locations within the Epic Pass family! The official announcement was made last month on March 30th after settling on a $136 million deal for the 3,000-acre parcel of land. The closing is predicted to take place during the 4th quarter of 2015. The long term lease between the company and the New South Wales Government under the National Parks and Wildlife Act is not due to expire until 2048 and final approval is underway by the appropriate government sector.
“The acquisition of our first international mountain resort is a significant milestone for our company,” explained the Chairman and Chief Executive Officer of Vail Resorts, Rob Katz. “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 more than 1 million skier visits annually to resorts in North America, Japan and Europe. We see this as a ground-breaking 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.”
Katz goes on to explain that there are not large numbers of U.S. skiers traveling to Australia during the off season to hit the slopes. There are, on the other hand, quiet a large number of Australians coming to the U.S. during winter ski season in North America. The new purchase of Perisher, Vail hopes, will drive more Australian business onto the Vail Resorts market with the opportunity to purchase international ski passes. Two ski seasons will be available to Epic Pass holders in the future and Colorado resort revenues should show positive impacts in the future by this dramatic expansion!
Perisher season passes are for sale with predictions that opening day will begin on June 6, 2015. The “Freedom Pass” will include similar skiing opportunities to the current Vail Resorts Epic Local Pass with unlimited skiing and riding at Breckenridge, Keystone and Arapahoe Basin. The pass also provides 10 days of skiing at both Vail and Beaver Creek and is subject to blackout dates at these two locations. An increase of Australian visitors should occur this upcoming 2015/2016 winter season in Summit County!
If you enjoyed this article, feel free to contact Dennis Clauer at (970) 389-5165 for more local Summit County information and professional real estate guidance!