BROOMFIELD, Colo., May 2, 2024
/PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today closed on
its purchase of Crans-Montana Mountain Resort, a renowned
destination ski resort with a steep history as an outdoor sports
haven in Switzerland and around
the world. The acquisition represents Vail Resorts' second
strategic investment to own and operate ski resorts in Europe.
Crans-Montana Mountain Resort spans over 1,400 meters
(approximately 4,593 feet) of skiable vertical terrain, and 140
kilometers (approximately 87 miles) of trails. Accessible from five
airports and by train, Crans-Montana Mountain Resort is in the
Valais canton of Switzerland,
approximately two and a half hours from Geneva and less than four hours from
Milan and Zurich. The resort is two and a half hours
away from the company's other owned and operated European resort in
Andermatt-Sedrun.
Vail Resorts acquired an 84-percent ownership stake in Remontées
Mécaniques Crans Montana Aminona (CMA)
SA, which controls and operates all the resort's lifts and
supporting mountain operations, including four retail and rental
locations. The company acquired 100-percent of SportLife AG, up
from the 80-percent that was previously announced, which operates
one of the ski schools located at the resort. Vail Resorts also
acquired full ownership of 11 restaurants located on and around the
mountain. The valuation for the entirety of these resort operations
is CHF 118.5 million, including
approximately CHF 7 million of debt
that will remain in place.
As previously announced, Vail Resorts plans to invest
approximately CHF 30 million over the
next five years in one-time capital spending to elevate the guest
experience, subject to the timing of capital project approvals and
completion. The investments will focus on maximizing gastronomy
efficiencies and improving and expanding snowmaking
capabilities.
"We are thrilled to add Crans-Montana Mountain Resort as our
second owned and operated ski area in Switzerland," said Kirsten Lynch, chief executive officer of Vail
Resorts. "Crans-Montana is a breathtaking Alpine destination,
renowned for its stunning panoramic views, pristine slopes, and
vibrant community. We are committed to investing in the resort to
support its growth and the vitality of the region. We are also
looking forward to including Crans-Montana Mountain Resort on the
Epic Pass and welcome skiers and snowboarders from around the
globe."
Epic Pass Access Details for Crans-Montana Mountain
Resort
Today, Vail Resorts also announced 2024/25 season pass access
details for Crans-Montana Mountain Resort. The company's
industry-leading Epic Pass products provide access to the company's
mountain resorts at an incredible value, whether they plan to ski
one day or every day. For the 2024/25 season, Epic Pass Holders
will receive unlimited and unrestricted access to Crans-Montana
Mountain Resort. Epic Local Pass Holders will receive five days at
the resort, and Epic Day Pass Holders with All Resorts Access will
be able to visit using any of their days. View passes and prices,
on sale now. For the 2024/25 season, the Crans-Montana One Pass and
One + Pass will also continue to be available.
The Epic Pass also provides unlimited, unrestricted access to
Andermatt-Sedrun-Disentis, as well as access to European partner
resorts, including five days at Verbier4Vallées in Switzerland, seven days at Les 3 Vallées in
France, seven days at Skirama
Dolomiti in Italy and three days
at Ski Arlberg in Austria, with
specific details available at www.epicpass.com.
Vail Resorts Leadership Appointments in Europe
After overseeing the successful acquisition and integration of
ski operations at Andermatt-Sedrun for the past 18 months,
Mike Goar, current managing director
of Andermatt-Sedrun Sport AG, has been appointed to oversee all
Vail Resorts' operations in Switzerland including Andermatt-Sedrun and
Crans-Montana Mountain Resort. As such, he has been named regional
chief operating officer (COO) within the company's mountain
division, effective immediately. Goar has over 40 years of
experience in the ski industry and has held leadership roles at
several of the most well-known mountain resorts in the United States, including the country's
largest resort, Park City Mountain in Utah.
"I am personally committed to operational excellence and
continued collaboration with our many passionate partners to ensure
the success of both Andermatt-Sedrun, and now, the incredible
Crans-Montana Mountain Resort," said Goar. "These resorts each
provide a unique experience for skiers and riders visiting the
Swiss Alps. I look forward to learning more about Crans-Montana
through a valuable partnership with our employees and community
members and contributing to its future growth and
sustainability."
Leading the day-to-day operations of Crans-Montana Mountain
Resort will be Pete Petrovski who
has been named managing director of the resort, reporting to Goar,
effective ahead of the 2024/25 winter season. Originally from
Skopje, North Macedonia, Petrovski has more than 14
years of experience in mountain operations and with Vail Resorts.
He is currently the director of skier services at Keystone Resort –
a renowned ski area in Colorado,
USA, with over 3,000 feet (more than 900 meters) of skiable
terrain across three peaks and five bowls. Bertrand Cassignol will remain with
Crans-Montana Mountain Resort as head of operations to ensure
business continuity, reporting to Petrovski.
To support Goar's expanded role, Igi
Zopp has been appointed managing director of
Andermatt-Sedrun. Since Vail Resorts acquired Andermatt-Sedrun in
2022, and including budgeted calendar year 2024 projects, the
resort has completed over CHF 20
million in investments, including snowmaking upgrades, three
restaurant updates, and lift planning projects.
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts is a network of the best destination and
close-to-home ski resorts in the world including Vail
Mountain, Breckenridge, Park City Mountain, Whistler
Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun and
Crans-Montana Mountain Resort in Switzerland; and Perisher, Hotham, and Falls
Creek in Australia – all available
on the company's industry-changing Epic Pass. We are
passionate about providing an Experience of a Lifetime to our team
members and guests, and our EpicPromise is to reach a zero net
operating footprint by 2030, support our employees and communities,
and broaden engagement in our sport. Our company owns and/or
manages a collection of elegant hotels under the RockResorts brand,
a portfolio of vacation rentals, condominiums and branded hotels
located in close proximity to our mountain destinations, as well as
the Grand Teton Lodge Company in Jackson
Hole, Wyo. Vail Resorts Retail operates more than 250 retail
and rental locations across North
America. Learn more about our company at
www.VailResorts.com, or discover our resorts and pass options
at www.EpicPass.com.
Forward-Looking Statements
Certain statements discussed in this press release, other than
statements of historical information, are forward-looking
statements within the meaning of the
United States securities laws, including the statements
regarding growth opportunities related to the acquisition
of Crans-Montana Mountain Resort, expected investments in the
Crans-Montana Mountain Resort, and the expected performance of the
Crans-Montana Mountain Resort. 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. Such risks and
uncertainties include but are not limited the economy generally and
our business and results of operations; competition in our mountain
and lodging businesses or with other recreational and leisure
activities; risks related to the high fixed cost structure of our
business; our ability to fund resort capital expenditures; and
other financial, operational and legal risks and uncertainties
detailed from time to time in the Company's cautionary statements
contained in its filings with the United States Securities and
Exchange Commission. All forward-looking statements are expressly
qualified in their entirety by these cautionary statements. All
forward-looking statements in this press release are made as of the
date hereof and we do not undertake any obligation to update any
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.