Where to Ski And Snowboard - Vail to buy Perisher ski resort

Vail to buy Perisher ski resort

31st March 2015, by Abi Butcher

The Australian ski resort of Perisher has agreed a sale to Vail Resorts for AU$176.6 million (about £90.1m)

The Australian ski resort of Perisher has agreed a sale to Vail Resorts for AU$176.6 million (about £90.1m), which will join the now-global Epic Pass.

Perisher in New South Wales (NSW) is the largest ski resort in Australia, with 47 lifts across seven peaks and a skiable area of 3,076 acres. It is a five or six-hour drive from Sydney, Melbourne and Canberra with a season running from June to October.

The deal, which was announced to the New York Stock Exchange yesterday, needs approval from the NSW government — from which current owner James Packer holds a long-term lease and licence for the ski resort. The lease expires in 2048 with a 20-year renewal option.

If it goes through, the purchase of Perisher adds another continent and ski resort to the Vail Resorts’ already impressive stable. The company currently owns and operates Vail, Beaver Creek, Breckenridge and Keystone Colorado; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Canyons and Park City in Utah; Afton Alps in Minnesota and Mt. Brighton in Michigan; and the Grand Teton Lodge Company in Jackson Hole, Wyoming.

Vail Resorts has already pledged to offer Perisher pass holders free season-long access to its US resorts, and Perisher will also be added to the Epic Pass for the 2015-2016 ski season when the deal is finalised. The Epic Pass includes skiing at Niseko in Japan, Verbier in Switzerland and the Three Valleys in France, along with the US resorts owned by Vail Resorts.

Vail Resorts is buying Perisher from Casino magnate James Packer, listed as Australia’s third-richest man. The deal was announced to the New York Stock Exchange yesterday.

Rob Katz, Vail’s chief executive, said: “Australia is one of the most important international markets for ski resorts across the Northern Hemisphere, generating an estimated more than one 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.”