12/2/2023 0 Comments Epic pass resorts pennsylvaniaGuests with an Epic Day Pass will also be able to access the new ski areas as a part of the total number of days purchased. When the transaction closes, the 2019-20 Epic Pass, Epic Local Pass and Military Epic Pass will include unlimited and unrestricted access to the 17 Peak Resorts ski areas. The acquisition fully embodies our philosophy of Epic for Everyone, making skiing and riding more accessible to guests across the U.S. With this acquisition, we are also able to make a much stronger connection to guests in critical cities in the Mid-Atlantic and Midwest and build on the success we have already seen with our strategy in Chicago, Minneapolis and Detroit. “Peak Resorts’ ski areas in the Northeast are a perfect complement to our existing resorts and together will provide a very compelling offering to our guests in New York and Boston. “We are incredibly excited to have the opportunity to add such a powerful network of ski areas to our company,” said Rob Katz, Vail Resorts’ chairman and CEO, in a news relsease. Hidden Valley and Snow Creek in Missouri.Alpine Valley, Boston Mills, Brandywine and Mad River Mountain in Ohio.Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder in Pennsylvania.Attitash Mountain Resort, Wildcat Mountain and Crotched Mountain in New Hampshire.Louis, Kansas City and Louisville, the resorts include: Located near major metropolitan areas, including New York, Boston, Washington, D.C., Baltimore, Philadelphia, Cleveland, Columbus, St. ski areas to its network of world-class resorts. Through the acquisition, Vail Resorts will add 17 U.S. at a purchase price of $11 per share, subject to certain conditions, including regulatory review and Peak Resorts’ shareholder approval. Vail Resorts on Monday announced it has entered into a definitive merger agreement to acquire 100 percent of the outstanding stock of Peak Resorts, Inc. Lynch said the company has blanketed their guests with notices of limited ticket sales during the season’s three holiday peak periods.Attitash Mountain Resort in New Hampshire is one of the 17 resorts Vail Resorts is acquiring in its stock purchase. One investment broker asked how the resort will handle limited ticket sales during peak periods. For example, Vail is not selling lift tickets for Dec. Vail Resorts this week ended sales of its 2021-22 Epic Passes and has begun limiting day lift tickets during peak holiday times. That puts the value of the Pennsylvania ski areas around 8.3-times earnings, which is in line with historic valuations of ski areas. Vail Resorts told investors it expected the new resorts and the hotel to generate about $15 million in earnings a year. “This is very consistent for with our strategy for acquisitions,” Lynch said. is part of the appeal for Vail Resorts, which in 2019 spent $264 million for 17 Peak Resorts ski areas in the East and Midwest. Lynch said the resorts’ proximity to major metropolitan areas like Pittsburgh, Cleveland, Baltimore and Washington D.C. (The Nutting family that sold the resorts earlier this month announced it was acquiring Swift Media, which owns several Colorado ski town newspapers like the Aspen Times, Steamboat Pilot, Summit Daily and Vail Daily.) Vail Resorts on Wednesday announced it was spending $125 million for Pennsylvania’s Seven Springs, Hidden Valley and Laurel Mountain ski areas, which includes a 418-room hotel and conference center about 65 miles southeast of Pittsburgh. The company’s long term goal is to have 75% of its ticket ticket revenue come from skiers buying passes and tickets long before they arrive at the ski areas. The number of destination skiers - visitors from afar who travel to Vail Resorts ski areas for vacations - buying Epic Passes has nearly doubled in the past two years. “We significantly outperformed our original expectations for pass sales,” Lynch said in her first earning calls with investors as CEO. Vail Resorts’ new chief executive Kirsten Lynch told investors Thursday that while there was strong growth in number of skiers renewing their passes for the season, there was “significantly stronger” growth in the number of new pass buyers, including skiers who previously purchased lift tickets and guests who had never purchased anything from Vail Resorts. Pass sales for 2021-22 are up 76% compared to the 2019-2020 season. The number of season passes the company sold climbed 47% for the 2021-22 season compared to the previous season and revenue from those pass sales climbed 21%. Vail Resorts sells 2.1 million Epic Passes for 2021-22 ski season Closeīut the first quarter report gives investors a glimpse into the coming season.
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