Vail Resorts to Invest an Unprecedented $50 Million in Park City Mountain Resort in One Season and Create the Largest Ski Resort in the U.S.
Components of the
- The Interconnect Gondola. An eight-passenger, high-speed two-way gondola from the base of the existing Silverlode Lift at
Park City to the Flatiron Lift at Canyons. The gondola will also have an unload at the top ofPine Cone Ridge to allow skiers and riders the opportunity to ski into Thaynes Canyons atPark City via gated ski access or to theIron Mountain area at Canyons through new trails that will be created fromPine Cone Ridge . This will mark the first gondola atPark City since "The Gondola" was dismantled in 1983. - Upgrade of King Con and Motherlode Lifts at
Park City . The King Con Lift will be upgraded from a four-person to a six-person, high-speed detachable chairlift and will increase lift capacity to this very popular ski pod. The Motherlode Lift will be upgraded from a fixed-grip triple to a four-person, high-speed detachable chairlift, also increasing lift capacity. Both upgrades will reduce crowding, lift lines and improve the guest experience. New Snow Hut Restaurant , Upgrades toSummit House Restaurant atPark City and Expansion ofRed Pine Lodge Restaurant at Canyons. The plan calls for building a completely new Snow Hut restaurant at the base of the Silverlode Lift and next to thePark City terminal for the Interconnect Gondola, with 500 indoor seats and a top-of-the-line kitchen and culinary experience. The plan also includes an upgrade to the "scramble" area inside the Summit House restaurant to improve the flow of diners and improve the quality of the experience. At Canyons, theRed Pine Restaurant will be renovated to accommodate an additional 250 indoor seats. This upgrade follows the recent renovation and increase of 150 seats to the Cloud Dine restaurant at Canyons.- Snowmaking and Other Improvements. The plan features additional snowmaking on two trails in the
Iron Mountain area of Canyons which will become increasingly central ski terrain given its proximity to the Interconnect Gondola. The plan also includes almost$5 million of "catch up" maintenance and upgrades atPark City , given the lack of spending at the resort over the past few years. This "catch up" maintenance spending is in addition to the normal annual maintenance capital for the two resorts of$5 million , which will be undertaken this year as well.
"This comprehensive capital plan for
For the 2015-2016 ski season, the company intends to operate the two resorts as one unified branded experience under the name "
About
Forward-Looking Statements
Statements in this press release, other than statements of historical information, are forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries; unfavorable weather conditions or natural disasters; willingness of our guests to travel due to terrorism, the uncertainty of
military conflicts or outbreaks of contagious diseases, and the cost and availability of travel options; adverse events that occur during our peak operating periods combined with the seasonality of our business; competition in our mountain and lodging businesses; high fixed cost structure of our business; our ability to successfully initiate, complete and sell our real estate development projects and achieve the anticipated financial benefits from such projects; our ability to fund resort capital expenditures; our reliance on government permits or approvals for our use of federal land or to make operational and capital improvements; risks related to federal, state and local government laws, rules and regulations; risks related to our reliance on information technology; our failure to maintain the integrity of our customer or employee data; adverse consequences of current or future legal
claims; a deterioration in the quality or reputation of our brands, including from the risk of accidents at our mountain resorts; our ability to hire and retain a sufficient seasonal workforce; risks related to our workforce, including increased labor costs; loss of key personnel; our ability to successfully integrate acquired businesses or future acquisitions; our ability to realize anticipated financial benefits from Canyons or
All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law.
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