Vail Resorts takes over Crans-Montana Mountain Resort

BROOMFIELD, Colo., May 2, 2024 - Vail Resorts, Inc. (NYSE: MTN) today announced the acquisition of Crans-Montana Mountain Resort, a renowned ski destination with a long history as an outdoor sports paradise in both... Switzerland and worldwide – completed. The acquisition marks Vail Resorts' second strategic investment in owning and operating ski resorts in Europe.

The Crans-Montana Mountain Resort ranges from 1,500 to 2,900 m above sea level. M. and has 140 kilometers of slopes. The resort is located in the canton of Valais in Switzerland and can be reached from five airports and by train. It is around two and a half hours from Geneva and less than four hours from Milan and Zurich. The resort is also two and a half hours from Vail Resorts’ other European ski resort in Andermatt-Sedrun.

Vail Resorts has acquired 84 percent ownership interest in Remontées Mécaniques Crans Montana Aminona (CMA) SA, which operates all of the resort's lifts and associated mountain operations, including four retail and rental locations. In addition, the company acquired 100 percent of SportLife AG, which runs the ski schools in the resort (originally 80 percent was announced). In addition, there is also the complete takeover of eleven restaurants that are located on and around the mountain. The valuation for the resort's entire operating activities is CHF 118.5 million, including around CHF 7 million of existing debt.

Subject to the timeline for approval and implementation of future projects, Vail Resorts plans to invest approximately CHF 30 million over the next five years to enhance the guest experience. The focus of these investments is to maximize the efficiency of the catering industry and to improve and expand snowmaking facilities.

“We are very pleased to take over Crans-Montana Mountain Resort as our second ski resort in Switzerland,” says Kirsten Lynch, CEO of Vail Resorts. «Crans-Montana is an iconic Alpine destination, known for its spectacular panoramic views, immaculate slopes and dynamic community. We are committed to investing in the resort to support its growth and the vitality of the region. We also look forward to adding Crans-Montana Mountain Resort to the Epic Pass and welcoming ski and snowboard enthusiasts from around the world.”

Crans-Montana Mountain Resort Epic Pass Details
Today Vail Resorts also announced the details for the 2024/25 season pass for Crans-Montana Mountain Resort. The company's industry-leading Epic Pass products provide access to the company's resorts at an attractive price - whether you want to ski just one day or every day. In the 2024/25 season, Epic Pass holders will receive unlimited and unrestricted access to the Crans-Montana Mountain Resort. Epic Local Pass holders get five days at the resort, and Epic Day Pass holders with All Resorts Access can use any of their days to visit. Find information about prices and passes available now. The Crans-Montana One Pass and the One + Pass are still available in the 2024/25 season.

The Epic Pass also offers unlimited and unlimited access to Andermatt-Sedrun-Disentis as well as the European partner resorts - including five days in Verbier4Vallées in Switzerland, seven days in Les 3 Vallées in France, seven days in Skirama Dolomiti in Italy and three days in Ski Arlberg in Austria. For more information, visit www.epicpass.com.

Vail Resorts ernennt neue Führungskräfte in Europa
Nachdem Mike Goar, derzeitiger Managing Director der Andermatt-Sedrun Sport AG, in den letzten 18 Monaten die erfolgreiche Übernahme und Integration des Skibetriebs in Andermatt-Sedrun beaufsichtigt hat, wurde er dazu ernannt, alle Aktivitäten von Vail Resorts in der Schweiz zu leiten – einschliesslich Andermatt-Sedrun und Crans-Montana Mountain Resort. Als solcher wurde er mit sofortiger Wirkung zum regionalen Chief Operating Officer (COO) innerhalb der Bergsparte des Unternehmens ernannt. Mike Goar verfügt über mehr als 40 Jahre Erfahrung in der Skibranche und hatte Führungspositionen in mehreren der bekanntesten Skigebiete in den Vereinigten Staaten inne, darunter das grösste Skigebiet des Landes, Park City Mountain in Utah.

“I am personally committed to operational excellence and continuous collaboration with our committed partners to ensure the success of Andermatt-Sedrun and now also the impressive Crans-Montana Mountain Resort,” says Mike Goar. “These ski areas offer skiers and snowboarders a unique experience in the Swiss Alps. I look forward to getting to know Crans-Montana even better through a valuable partnership with our employees and other stakeholders and contributing to its future growth and sustainability.”

The day-to-day operations of Crans-Montana Mountain Resort will be led by Pete Petrovski, who has been appointed Managing Director of the resort. He reports directly to Mike Goar and will take over the position before the start of the 2024/25 winter season. Originally from Skopje, North Macedonia, Petrovski has more than 14 years of experience in mountain operations and Vail Resorts. He is currently the Director of Ski Services at Keystone Resort - a renowned ski resort in Colorado, USA, ranging from 2,800 to almost 3,800 m above sea level and spanning three peaks and five valleys. Bertrand Cassignol will remain at the Crans-Montana Mountain Resort as Head of Operations and ensure business continuity. He reports directly to Petrovski.

To support Mike Goar's expanded role, Igi Zopp has been appointed Managing Director of Andermatt-Sedrun. Since Vail Resorts acquired Andermatt-Sedrun in 2022, including projects budgeted for calendar year 2024, the resort has invested over 20 million Swiss francs - including snowmaking upgrades, three restaurant upgrades and lift planning projects.

About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts is a network of the world's premier ski destinations, including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe and 32 other ski resorts in North America, Andermatt-Sedrun in Switzerland and Perisher, Hotham and Falls Creek in Australia. Our passion is to provide a unique experience for our team members and guests and our EpicPromise is to achieve a net zero footprint by 2030, supporting our employees and communities and expanding engagement with our sport. Our company owns and/or manages a number of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels in close proximity to our mountain destinations, and the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations throughout North America. Learn more about our company at https://www.vailresorts.com or explore our resorts and pass options at www.EpicPass.com.