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Perisher ski resort sold to US company Vail Resorts
US-based Vail Resorts has bought NSW's Perisher ski resort for $176.6 million from James Packer subsidiary, Murray Publishers and Transfield Corporate.
The deal includes the resort areas of Perisher Valley, Smiggin Holes, Blue Cow and Guthega. Also included are the ski school, lodging, food and beverage and retail/rental and transportation operations.
Under the deal, Perisher's Freedom Pass, which costs $749, will now include access to Vail resorts with unlimited skiing at a range of US ski fields - including Breckenridge in Colorado, Park City and Canyons in Utah and Heavenly, Northstar and Kirkwood in the California and Nevada - subject to traditional holiday restrictions.
The deal, which was announced to the New York Stock Exchange last week, is expected to be finalised in the fourth quarter of fiscal 2015, subject to approval by the NSW Government.
The resort is on a lease from the NSW Government until 2048 with a 20-year option to review.
In a statement, Vail Resorts Chairman and Chief Executive Rob Katz said the company was looking forward to moving into the Australian market.
Katz explained “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."
The expansion of Perisher's Freedom Pass is likely to see Vail Resorts look to attract Australians to US ski fields, bringing the US operator into competition with Japan and New Zealand ski operators.
Perisher is Australia’s largest and most popular ski resort.
27th July 2014 - SKIERS QUESTION SNOW RESORTS’ SOCIAL MEDIA ‘SPIN’
24th June 2014 - SNOW FALLS TURN AUSTRALIAN ALPS INTO ‘WINTER WONDERLAND’
5th July 2013 - NSW GOVERNMENT APPROVES PACKER PLAN FOR SECOND SYDNEY CASINO
26th February 2012 - NSW PREMIER BACKS SECOND SYDNEY CASINO
25th March 2011 - PERISHER INTRODUCES REVOLUTIONARY LIFT TICKETING SYSTEM
15th May 2009 - PERISHER VILLAGE PLAN GETS GO-AHEAD
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