Vail Resorts Closes its Acquisition of Peak Resorts; Adds 17 U.S. Ski Areas Near Major Metropolitan Areas to Portfolio

Vail Resorts, Inc. has announced that the Company has closed on its acquisition of Peak Resorts, Inc. for a purchase price of $11.00 per share. With this acquisition, Vail Resorts has added 17 U.S. ski areas to its network of world-class resorts, bringing its total number of owned and operated resorts to 37 worldwide.

The 17 new resorts are located in the Northeast, Mid-Atlantic and Midwest, near major metropolitan areas including New York, Boston, Washington, D.C., Baltimore, Philadelphia, Cleveland, Columbus, St. Louis, Kansas City and Louisville.

“We are thrilled that with this acquisition, skiers and riders living in and around some of the biggest cities in the country will now have access to both ski close to home and at renowned mountain resorts around the world – with just one pass,” said Rob Katz, chairman and chief executive officer of Vail Resorts. “We are excited to welcome each of these ski areas into the Vail Resorts family and to continue to invest in what makes them unique.”

The new resorts in the Northeast are: Mount Snow in Vermont; Hunter Mountain in New York; and Attitash Mountain Resort, Wildcat Mountain and Crotched Mountain in New Hampshire. They join the Company’s existing Northeast resorts – Stowe Mountain Resort and Okemo Mountain Resort in Vermont, and Mount Sunapee Resort in New Hampshire – and together will provide skiers and riders incredible variety and choice in the region.

In the Mid-Atlantic, the acquired resorts are: Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder in Pennsylvania.

In the Midwest, the new resorts are: Alpine Valley, Boston Mills, Brandywine and Mad River Mountain in Ohio; Hidden Valley and Snow Creek in Missouri; and Paoli Peaks in Indiana. They join the Company’s other Urban resorts in the Midwest which draw guests from Chicago, Detroit and Minneapolis. Those resorts are: Wilmot Mountain in Wisconsin; Mt. Brighton in Michigan; and Afton Alps in Minnesota.

The 2019-20 Epic Pass, Epic Local Pass, Epic Australia Pass and Military Epic Pass now include unlimited and unrestricted access to each of the 17 ski areas, in addition to the access provided to some of the world’s most well-known resorts including Vail, Whistler Blackcomb, Park City and Breckenridge. Guests with an Epic Day Pass are also able to access these 17 ski areas as a part of the total number of days purchased. For the 2019-20 season, Vail Resorts will honour all Peak Resorts pass products and continue to sell them through the fall. Current Peak Resorts’ pass holders now have the option to upgrade to an Epic Pass or Epic Local Pass.

Following today’s closing, Vail Resorts plans to invest approximately $15 million over the next two years in one-time capital spending to elevate the guest experience at these resorts. Additionally, the Company’s annual ongoing capital expenditures are expected to increase by approximately $10 million to support the addition of the new ski areas.

Peak’s common stock will be delisted from the Nasdaq Global Select Market effective as of the close of trading on September 24, 2019.

Pass Access Details
Vail Resorts currently offers the following access and benefits for 2019-20 Epic Pass, Epic Local Pass, Military Epic Pass and Epic Day Pass holders. These products now include access to each of the 17 acquired ski areas as outlined below.

Epic Pass™: For $969 for adults and $509 for children (ages five to 12), the Epic Pass offers the following access and benefits:
• Unlimited, unrestricted access to: Whistler Blackcomb, Vail, Beaver Creek, Breckenridge, Keystone, Crested Butte, Park City, Heavenly, Northstar, Kirkwood, Stowe, Okemo, Mount Snow, Mount Sunapee, Attitash, Wildcat, Crotched, Hunter, Liberty, Roundtop, Whitetail, Jack Frost, Big Boulder, Stevens Pass, Alpine Valley, Boston Mills, Brandywine, Mad River, Hidden Valley, Snow Creek, Paoli Peaks, Afton Alps, Mt. Brighton, and Wilmot in North America. The Epic Pass also includes access to Perisher, Falls Creek, and Hotham in Australia.
• Limited access to partner resorts, including: seven days at each of Telluride, Sun Valley, Snowbasin, and the Resorts of the Canadian Rockies; five consecutive days at Hakuba Valley, Japan’s ten ski resorts; five consecutive days at Japan’s Rusutsu Resort. The Epic Pass also grants limited access to Les 3 Vallées in France; 4 Vallées in Switzerland; and Skirama Dolomiti in Italy.

Epic Local Pass™: For $719 for adults, $579 for teens (ages 13 to 18) and $379 for children (ages five to 12), the Epic Local Pass offers the following access and benefits:
• Unlimited, unrestricted access to: Breckenridge, Keystone, Crested Butte, Okemo, Mount Snow, Mount Sunapee, Attitash, Wildcat, Crotched, Hunter, Liberty, Roundtop, Whitetail, Jack Frost, Big Boulder, Stevens Pass, Alpine Valley, Boston Mills, Brandywine, Mad River, Hidden Valley, Snow Creek, Paoli Peaks, Afton Alps, Mt. Brighton, and Wilmot.
• Unlimited access with holiday restrictions to: Park City, Heavenly, Northstar, Kirkwood, and Stowe.
• 10 total days combined (with holiday restrictions) at: Vail, Beaver Creek, and Whistler Blackcomb.
• Limited access to partner resorts, including: two days (with limited holiday restrictions) at Sun Valley; two days (with limited holiday restrictions) at Snowbasin; and five total consecutive days with no blackout dates at Hakuba Valley’s ten ski resorts in Japan; and five total consecutive days with no blackout dates at Rusutsu Resort.

Military Epic Pass™: For $159 for Active and Retired Military and their dependents and $559 for Veteran Military and their dependents, the Military Epic Pass offers the following access:
• Unlimited, unrestricted access to: Whistler Blackcomb, Vail, Beaver Creek, Breckenridge, Keystone, Crested Butte, Park City, Heavenly, Northstar, Kirkwood, Stowe, Okemo, Mount Snow, Mount Sunapee, Attitash, Wildcat, Crotched, Hunter, Liberty, Roundtop, Whitetail, Jack Frost, Big Boulder, Stevens Pass, Alpine Valley, Boston Mills, Brandywine, Mad River, Hidden Valley, Snow Creek, Paoli Peaks, Afton Alps, Mt. Brighton, and Wilmot in North America. The Military Epic Pass also includes access to Perisher, Falls Creek, and Hotham in Australia.

Epic Day Pass: Announced earlier this year as a part of Epic for Everyone, the Epic Day Pass provides unprecedented flexibility and season pass discounts to guests skiing as little as one day.
• With the customizable pass, guests can unlock discounts of up to 50 percent off lift ticket window prices by selecting the number of days they plan to ski or ride – from one day to seven days – and whether or not to add holiday access.
• Guests can use the pass at any of the Company’s North American owned resorts, including Whistler Blackcomb, Vail, Beaver Creek, Breckenridge, Keystone, Crested Butte, Park City, and more, including the 17 new resorts. Those purchasing four or more days also get access to Telluride, Sun Valley, Snowbasin, and Resorts of the Canadian Rockies as a part of the total number of days purchased.