US company Vail Resorts takes over Crans-Montana ski resort
Published: Thursday, Nov 30th 2023, 10:40
Updated At: Thursday, Nov 30th 2023, 10:40
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The US ski resort operator Vail Resorts is taking over the Valais ski resort of Crans-Montana. In doing so, the company intends to drive forward its growth strategy in Europe.
According to an announcement on Thursday, Vail Resorts is taking over 84 percent of the shares in the ski lift operating company. The company is also taking over 80 percent of the ski school company and all 11 restaurants in the region.
With the acquisition, Vail Resorts expects significant revenue growth and a larger number of international guests.
Good experiences in Andermatt-Sedrun
The year before, Vail Resorts had already taken over the management of the Andermatt-Sedrun destination. The American winter sports giant paid 149 million Swiss francs to purchase a 55% stake in the Andermatt Swiss Alps (ASA) subsidiary, which is owned by Egyptian businessman Samih Sawiris.
In this region, the experience with Vail Resorts has been good so far: the company brings a lot of know-how and invests in the offer for guests and the further development of the destination. It also "respects the local conditions", said a spokesperson for Andermatt Swiss Alps when asked by the news agency AWP.
EBITDA of 5 million expected after takeover
Vail Resorts estimates the value of the resort at around 118.5 million francs. The US company wants to include Crans-Montana in its "Epic Pass" products and invest around 30 million francs in the area over the next five years. The "Epic Pass" can currently be used to visit the ski resorts of Andermatt-Sedrun-Disentis and Verbier 4Vallées in Switzerland, Les 3 Vallées in France, Skirama Dolomiti in Italy and Ski Arlberg in Austria.
The US company expects earnings before interest, taxes, depreciation and amortization (EBITDA) of around CHF 5 million in the first full year of operation after the expected completion of the takeover in 2024, i.e. at the end of July 2025. In the medium term, the resort is expected to achieve an annual EBITDA of over 15 million Swiss francs, according to the statement.
Vail Resorts operates a total of 40 ski resorts in the USA, Canada and Australia. The portfolio includes famous ski resorts such as Vail and Bever Creek in Colorado, Park City in Utah and a majority stake in Whistler Mountain in Canada. Vail Resorts' annual turnover for the 2022/2023 financial year, which ended in July, amounted to 2.9 billion dollars.
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