Crans-Montana prepares for the onslaught from the USA
Published: Friday, Sep 27th 2024, 10:20
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Since this year, the US ski giant Vail Resorts has owned not only the ski resort in Andermatt-Sedrun in Switzerland but also the one in the Valais winter sports resort of Crans-Montana. The ski lift operator, hoteliers and restaurateurs there are preparing for the expected onslaught of US ski tourists next winter.
Andermatt and Crans-Montana are part of Vail Resorts' Epic Pass, which offers free access to 42 mostly US ski resorts. The ski pass, which is popular with US-Americans and costs around 1000 US dollars for a season in advance, should also boost winter tourism in Crans-Montana.
Vail Resorts not only earns money with the sale of ski passes, but also in the hotel and catering sector at the respective destinations. In Andermatt, for example, the group has entered into a partnership with the Radisson Blu Hotel.
More US guests expected
"I am confident that many Epic Pass holders will travel to Crans-Montana this winter and spend their vacations there," says Mike Goar, who looks after the Swiss ski resorts for Vail Resorts, in an interview with the news agency AWP. A similar trend has already been seen in Andermatt.
Before Vail Resorts acquired a majority stake in the Andermatt-Sedrun ski resort in 2022, only around 3% of hotel guests in the region were American. Last winter, the proportion of US guests climbed to 11 percent, according to Goar. "This figure will continue to grow," he is convinced.
Goar is convinced that the fact that Crans-Montana now includes two ski resorts in Switzerland within the scope of the Epic Pass will attract even more Americans. Especially for travelers living on the US East Coast, the two resorts are easily accessible via Geneva and Zurich and the price for the entire stay is competitive in comparison to the US.
As the Epic Pass is currently only available to buy in dollars, demand from Europeans is not yet too high. "But as soon as it is possible to buy it in several currencies, we will promote the Epic Pass in Europe. This will probably be the case as early as next year."
Vail Resorts gets fit
Vail Resorts, a company listed on the US stock exchange with well-known ski destinations such as Vail and Beaver Creek in Colorado and Whistler Mountain in Canada, is a giant. The group also has partnerships with major European destinations such as Verbier 4 Vallées in Valais, Les 3 Vallées in France, Skirama Dolomiti in Italy and Ski Arlberg in Austria.
In the 2023/24 financial year, which ended in July, the group's turnover stagnated at 2.89 billion US dollars, with fewer ski passes sold at higher prices, as Vail Resorts announced on Friday night. Operating profit (EBITDA) fell by 11 percent to 825 million and net profit by 14 percent to 230 million. Higher costs and depreciation had a negative impact.
The Group wants to continue to grow, make better use of synergies and become more efficient at the same time, the statement continued. Costs amounting to 100 million US dollars are to be saved over the next two years. This is also likely to involve job losses. For the new financial year, the Group is expecting a profit in the range of 224 to 300 million dollars.
Growth in the Alps
In future, Vail Resorts will be looking for additional ski resorts that fit into its portfolio, particularly in the Alps. "We are concentrating on medium-sized to large areas with growth potential," says Goar. A good example of this is the entry into Andermatt, where the hotel offering will increase by more than 1000 beds in the next few years.
Goar did not want to comment on rumors that the Americans are interested in the Flims Laax ski resort in Graubünden or Verbier in Valais. However, in Andermatt, for example, there are plans to invest in the renovation of lifts, artificial snowmaking and restaurants. Last year, around CHF 10 million was already invested in this area.
"In Crans Montana, we are taking a little more time and will first determine the investment requirements," continues Goar. However, the first projects are already planned for this winter. Vail Resorts plans to invest a total of around 30 million francs in the Valais destination by 2028.
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