Packer sells Perisher ski resort to American Vail Resorts

A HUGE announcement this morning could change the Aussie ski landscape forever. Costing millions of dollars, is this a game changer for the industry?

AMERICA’S biggest mountain resort operators have bought the Perisher ski resort in NSW for $177.98 million.

New York Stock Exchange-listed Vail Resorts bought Perisher from two private companies, James Packer-owned Murray Publishers and Transfield Corporate.

The deal needs approval from the NSW government, which would receive $4 million in stamp duty from Vail.

Skiers at Perisher will now have access to Vail’s nine US resorts through its season pass.

Perisher’s lease with the government expires in 2048 with a 20-year renewal option.

Located in the Australian Snowy Mountains and Kosciuszko National Park, Perisher is the nation’s largest ski resort.

It includes the resort towns of Perisher Valley, Smiggin Holes, Guthega, and Blue Cow and 1214.06 hectares of skiable terrain.

It is the first international purchase for Vail, which operates ski resorts in Colorado, California, Nevada, Utah, Minnesota, Michigan and Wyoming.

Skiers at Perisher would also get access to Vail’s US resorts through season passes, said Rob Katz, Vail chairman and chief executive.

“Australia is one of the most important international markets for ski resorts across the Northern Hemisphere, generating an estimated over one million skier visits annually to resorts in North America, Japan and Europe,” he said.

Vail said it expected Perisher to generate earnings before interest, tax, depreciation and amortisation of about $20 million during its first 12 months after the acquisition.

Perisher has long been a favourite for Aussie ski getaways.