Packer sells Perisher to US ski giant
Australia’s biggest ski resort, Perisher, is poised to fall into American hands.
Vail Resorts, America’s largest mountain resort operator, has lodged a $A176.6 million bid to buy Perisher from two private companies, James Packer’s Murray Publishers and Transfield Corporate.
The deal needs approval from the NSW government, which would receive $4 million in stamp duty from Vail.
Perisher’s lease with the government expires in 2048 with a 20-year renewal option.
Nestled in the Snowy Mountains and Kosciuszko National Park, Perisher is Australia’s largest ski resort.
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It includes the resort towns of Perisher Valley, Smiggin Holes, Guthega, and Blue Cow and 3,000 acres (1,214.06 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.
Under the deal, skiers at Perisher would also get access to Vail’s US resorts through season passes, said Vail chairman and chief executive Rob Katz.
“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 of about $20 million during the first 12 months after the acquisition.
