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PRNewswire
July 22, 2019
BROOMFIELD, Colo., July 22, 2019 /PRNewswire/ — Vail Resorts, Inc. (MTN) today announced it has entered into a definitive merger agreement to acquire 100 percent of the outstanding stock of Peak Resorts, Inc. (SKIS) at a purchase price of $11.00 per share, subject to certain conditions, including regulatory review and Peak Resorts’ shareholder approval.
Through the acquisition, Vail Resorts will add 17 U.S. ski areas to its network of world-class resorts. Located near major metropolitan areas, including New York, Boston, Washington, D.C., Baltimore, Philadelphia, Cleveland, Columbus, St. Louis, Kansas Cityand Louisville, the resorts include:
- Mount Snow in Vermont
- Hunter Mountain in New York
- Attitash Mountain Resort, Wildcat Mountain and Crotched Mountain in New Hampshire
- Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder in Pennsylvania
- Alpine Valley, Boston Mills, Brandywine and Mad River Mountain in Ohio
- Hidden Valley and Snow Creek in Missouri
- Paoli Peaks in Indiana
“We are incredibly excited to have the opportunity to add such a powerful network of ski areas to our Company,” said Rob Katz, chairman and chief executive officer of Vail Resorts. “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. 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. The acquisition fully embodies our philosophy of Epic for Everyone, making skiing and riding more accessible to guests across the U.S. and around the world.”
“The ski areas within the Peak Resorts portfolio exemplify the spirit of our sport as well as our Company’s mission to provide an Experience of a Lifetime to guests,” Katz continued. “We’re thrilled to welcome the resorts and their employees into the Vail Resorts family and invest in their continued success.”
“Vail Resorts has a proven track record of celebrating the unique identity of its resorts, while continually investing in the guest and employee experience. For this reason, we are confident that our resorts and employees will continue to thrive within the Vail Resorts network,” said Timothy Boyd, president and chief executive officer of Peak Resorts. “We are very proud of our track record over the last two decades in building the breadth, quality and accessibility of our resorts. We are thrilled that our guests will now have access to some of the world’s most renowned resorts.”
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. Guests 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. For the 2019-20 season, Vail Resorts will honor and continue to sell all Peak Resorts pass products, and Peak Resorts’ pass holders will have the option to upgrade to an Epic Pass or Epic Local Pass, following closing of the transaction.
Additional Transaction Details
The aggregate purchase price for all Peak Resorts common stock is estimated to be approximately $264 million (calculated on a treasury method basis), which Vail Resorts intends to finance through a combination of cash on hand, its existing revolver facility and an expansion of its existing credit facility. In addition, Vail Resorts will be assuming or refinancing Peak Resorts’ outstanding debt.
The acquisition is expected to generate incremental annual EBITDA of approximately $60 million in Vail Resorts’ fiscal year ending July 31, 2021, the first fiscal year with the full benefit of the synergies of the acquisition, with additional revenue upside in future years. Synergies are expected to come from additional revenue across the Vail Resorts network of resorts and cost reductions from the elimination of certain duplicative administrative functions and greater efficiencies brought by Vail Resorts’ size and scale. Vail Resorts’ annual ongoing capital expenditures are expected to increase by $10 million to support the addition of the Peak Resorts ski areas. After closing of the transaction, Vail Resorts plans to invest approximately $15 million over the next two years in one-time capital spending to elevate the guest experience at these resorts.
The transaction was approved by both companies’ Boards of Directors, and the Peak Resorts Board of Directors also recommends that Peak Resorts’ shareholders approve the transaction.
The transaction is expected to close this fall. The parties expect operations at all Peak Resorts ski areas to continue in the ordinary course of business. Upon closing, Vail Resorts plans to retain the vast majority of each resort’s employees.
Pass Access Details
Vail Resorts currently offers the following access and benefits for 2019-20 Epic Pass, Epic Local Pass, Military Epic Pass and Epic Day Pass holders. Access to the 17 Peak Resorts ski areas is subject to closing of the transaction:
- Epic Pass: For $939 for adults and $489 for children (ages five to 12), the Epic Pass offers the following access and benefits:
- Epic Local Pass:For $699 for adults, $569 for teens (ages 13 to 18) and $369 for children (ages five to 12), the Epic Local Pass offers the following access and benefits:
- Military Epic Pass:For $129 for Active and Retired Military and their dependents and $529 for Veteran Military and their dependents, the Military Epic Pass offers the following access:
- Epic Day Pass: Announced earlier this year as a part of Epic for Everyone, the Epic Day Pass provides unprecedented flexibility and season pass discounts to guests skiing as little as one day.
About Vail Resorts, Inc. (MTN)
Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. Vail Resorts’ subsidiaries operate 17 world-class mountain resorts and three urban ski areas, including Vail, Beaver Creek, Breckenridge, Keystone and Crested Butte in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher, Falls Creek and Hotham in Australia; Stowe and Okemo in Vermont; Mt. Sunapee in New Hampshire; Stevens Pass in Washington; Wilmot Mountain in Wisconsin; Afton Alps in Minnesota and Mt. Brighton in Michigan. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.
About Peak Resorts, Inc. (SKIS)
Headquartered in Missouri, Peak Resorts is a leading owner and operator of high-quality, individually branded ski resorts in the U.S. The Company operates 17 ski resorts primarily located in the Northeast, Mid-Atlantic and Midwest, 16 of which are company owned.
The majority of the resorts are located within 100 miles of major metropolitan markets, including New York City, Boston, Philadelphia, Baltimore, Washington D.C., Cleveland, Kansas City and St. Louis, enabling day and overnight drive accessibility. The resorts under the company’s umbrella offer a breadth of activities, services and amenities, including skiing, snowboarding, terrain parks, tubing, dining, lodging, equipment rentals and sales, ski and snowboard instruction, and mountain biking, golf and other summer activities. To learn more, visit the Company’s website at ir.peakresorts.com or follow Peak Resorts on Facebook for resort updates.
Forward-Looking Statements
Certain statements discussed in this press release, other than statements of historical information, constitute forward-looking statements within the meaning of the federal securities laws, including the expected timing of completion of the proposed transaction, the expected investments in the 17 resorts over the next two years, the expected increase in annual capital expenditures and the expected incremental annual EBITDA the acquisition is expected to generate. 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. As it relates to the proposed transaction, the parties may not be able to complete the proposed transaction on the terms described above or other acceptable terms or at all because of a number of factors, including (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, (2) the failure to obtain shareholder approval or the failure to satisfy the closing conditions, (3) risks related to disruption of the attention of Vail Resorts’ and Peak Resorts’ management from their respective ongoing business operations due to the proposed transaction, and (4) the effect of the announcement of the proposed transaction on the ability of each party to retain and hire key personnel and maintain relationships with resort patrons, its suppliers, operating results and business generally. Other risks and uncertainties related to the business of Vail Resorts and Peak Resorts, on a combined basis, include but are not limited to prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries; unfavorable weather conditions or the impact of natural disasters; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data; risks related to cyber-attacks; willingness of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases, and the cost and availability of travel options and changing consumer preferences; the seasonality of our business combined with adverse events that occur during our peak operating periods; competition in our mountain and lodging businesses; high fixed cost structure of our business; our ability to fund resort capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks associated with obtaining governmental or third party approvals; risks related to federal, state, local and foreign government laws, rules and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products and services effectively; our ability to hire and retain a sufficient seasonal workforce; risks related to our workforce, including increased labor costs; loss of key personnel; adverse consequences of current or future legal claims; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; our ability to successfully integrate acquired businesses, or that acquired businesses may fail to perform in accordance with expectations, including Triple Peaks, Stevens Pass, Falls Creek, Hotham, the resorts owned by Peak Resorts or future acquisitions; our ability to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, with respect to acquired businesses; risks associated with international operations; fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars; changes in accounting judgments and estimates, accounting principles, policies or guidelines or adverse determinations by taxing authorities; risks associated with uncertainty of the impact of recently enacted tax reform legislation in the United States; a materially adverse change in our financial condition; and other risks detailed in the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2018, which was filed on September 28, 2018.
All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law.
Additional Information and Where to Find It
Peak Resorts intends to file with the Securities and Exchange Commission a preliminary proxy statement and a definitive proxy statement and other relevant materials in connection with the merger. The definitive proxy statement will be sent or given to the shareholders of Peak Resorts. Before making any voting or investment decision with respect to the merger, investors and shareholders of Peak Resorts are urged to read the proxy statement and the other relevant materials when they become available because they will contain important information about the merger. The proxy statement and other relevant materials (when they become available), and any other documents filed by Peak Resorts with the Securities and Exchange Commission, may be obtained free of charge at the Securities and Exchange Commission’s website, at www.sec.gov.
Participants in the Solicitation
Peak Resorts and Vail Resorts and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Peak Resorts shareholders in connection with the merger. Information about Vail Resorts’ directors and executive officers is set forth in Vail Resorts’ 2018 proxy statement on Schedule 14A filed with the Securities and Exchange Commission on October 22, 2018 and its Annual Report on Form 10-K for the year ended July 31, 2018, filed on September 28, 2018, respectively. Information about Peak Resorts’ directors and executive officers is set forth in its 2018 proxy statement on Schedule 14A filed with the Securities and Exchange Commission on August 28, 2018 and its Annual Report on Form 10-K for the year ended April 30, 2019, filed on June 28, 2019. Additional information regarding the interests of participants in the solicitation of proxies in connection with the merger will be included in the proxy statement that Peak Resorts intends to file with the Securities and Exchange Commission.
Posted from Yahoo Finance
The post Vail Resorts to Acquire Peak Resorts, Owner of 17 U.S. Ski Areas appeared first on Ski Federation.
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SnowBrains | July 22, 2019
Picture postcard views. Credit: Facebook
Just under 48″, that’s four FEET of snow just fell on Cerro Catedral Ski Resort in Bariloche, Argentina over the last couple of days. Resort staff have been working extra hard to dig out and ensure they can open and you can access all the good stuff. And SnowBrains has a writer in the area right now, so we’ll be sure to bring you plenty of powder-filled pics and reports!
Consistent heavy snowfall from Friday through the weekend resulted in a snowstorm ‘like those of before’, according to locals. Residents lost power and water, and roads were closed.
Locals lost power, water, and roads were closed. Credit: Facebook
The routes to Bariloche and to San Martin remain closed, although are expected to open this morning.
Bariloche Ski Class are advising against going off-piste right now, due to high avalanche risk.
Posted from Snow Brains
The post Bariloche, Argentina Just Got Slammed With One of the Biggest Snowfalls in the Last 20-Years appeared first on Ski Federation.
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By: UnofficialNet | July 19, 2019
You can now fly around the world on Delta Airlines with your skis, surfboards, bicycles, golf clubs, scuba gear and other large-sized sporting equipment without paying any additional charge.
Delta Airlines:“Delta customers traveling with surfboards, bicycles, golf clubs, scuba gear and other large-sized sporting equipment will now be allowed to check them as part of their standard baggage allowance.
The airline is eliminating the $150 specialty sports bag fee previously charged for these items, effective for travel worldwide on tickets purchased beginning July 17, 2019. Customers will instead pay a first, second or third checked bag fee according to the fare rules associated with their booking and/or SkyMiles Medallion status.
Complete checked baggage fee detail, including the new sporting equipment fees, can be found at Delta.com. Due to space limitations, acceptance and charges may vary for itineraries on a Delta Connection carrier.”
Delta is the third major airline behind American and Alaskan Airlines to remove the high baggage fee for sporting equipment.
Posted from Unofficial Networks via Facebook
The post Delta Airlines Eliminates Fee for Sporting Equipment Including Skis and Bikes appeared first on Ski Federation.
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Molly Clark
When you were growing up you probably didn’t see that many people on the ski slopes wearing helmets. It wasn’t something that was common until the last decade or so. However, new understanding of the many ways that the brain can be injured has led to more people wearing helmets when they ski and having their kids wear helmets when they ski as well.
Some people say that wearing a helmet is pointless because it won’t stop all head injuries. That’s true, wearing a helmet won’t stop a head injury if you fall when you’re skiing. However, wearing a helmet can increase your chances of surviving a head injury without any serious brain damage. Seatbelts don’t stop car accidents, but very few people get into a car without reaching for a seat belt because they know that a seatbelt can save their life in the event of a car accident. Helmets can save your life on the ski slopes. There are also other reasons why you should wear a helmet when skiing like:
Maintaining Body Heat
When you’re out in the cold you lose a huge amount of body heat through your head and that makes you colder. If you have a well fitted helmet on you can retain that body heat which will make you warmer throughout the day. That means that you can stay out on the slopes longer and get in more ski time. Just make sure that your helmet has proper venting so that you don’t end up overheating and sweating.
Protecting Your Face
When you’re skiing it’s very common for your goggles or sunglasses to slide down your face, especially if you’re going at high speeds down the hill. That can be very dangerous because it can impede your vision and it can leave your eyes unprotected. When your eyes are unprotected you could end up getting snow in your eyes which can actually damage your eyes if you’re traveling at high speeds. Your eyes also can be damaged by wind and sun on the slopes. However, a helmet that fits your head properly and is secured with a chinstrap will hold your goggles or sunglasses in place so that your eyes are protected no matter what the weather is like or how fast you’re skiing.
Increasing Your Visibility
One of the biggest dangers on the slopes is getting knocked over by another skier who didn’t see you until it was too late. If visibility is poor or if the slopes are crowded you may get injured by another skier if they can’t see you. A helmet with reflective patches or bright colors and patterns will make you more visible on the slopes and increase the chances that other skiers will see you. A colorful helmet will also make you more visible to the rescue and EMS teams if you are hurt on the slopes and need a medical or rescue team to come and find out. It just makes sense to protect your eyes, make yourself more visible, and retain more body heat so you can ski safely all day.
This article was created Personal Injury Help (www.personalinjury-law.com), an organization dedicated to providing the public with information about personal injury and safety information. Nothing in this article should be construed as legal advice, and it is intended for informational use only. Be sure to review your local skiing ordinances to ensure you ski safely and legally!
The post Top Reasons To Wear a Helmet When Skiing appeared first on Ski Federation.
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