Vail Resorts purchases Australia’s Perisher
BROOMFIELD — Vail Resorts announced Monday that it has agreed to acquire Perisher Ski Resort in New South Wales, Australia, for total cash consideration of AU$176.6 million (approximately US$136 million), subject to certain adjustments.
Perisher is the largest and most visited ski resort in Australia and is well-positioned with access to the country’s largest cities, including Sydney, Melbourne, Adelaide, Canberra and Brisbane. Perisher is also the largest ski resort in the Southern Hemisphere. The acquisition is expected to close in the fourth quarter of fiscal 2015 following the satisfaction of certain conditions, including approval by the New South Wales Government.
The acquisition includes the resort areas known as Perisher Valley, Smiggin Holes, Blue Cow and Guthega, along with the ski school, lodging, food and beverage, retail, rental and transportation operations, which together comprise Perisher.
“The acquisition of our first international mountain resort is a significant milestone for our company. 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,” said Rob Katz, chairman and chief executive officer of Vail Resorts. “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.”
Vail Resorts also announced that as of Monday, Perisher has re-opened season pass sales for its upcoming ski season, which is set to open on June 6. Perisher’s popular Freedom Pass is on sale for AU$749 and will include benefits substantially similar to Vail Resorts’ Epic Local Pass, with unlimited skiing and riding 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. It also will include 10 days of skiing and riding at Vail and Beaver Creek. All Epic Pass purchasers will receive unlimited and unrestricted skiing at Perisher.