VAIL RESORTS PURCHASE OF FALLS CREEK SKIING COMPANY

Hot off the press from Falls Creek Resort Management – received 22nd February 2019

PRESS RELEASE

Falls Creek Alpine Resort Management Board welcomes today’s announcement by Vail Resorts of the purchase of the Falls Creek Ski Lifts and Mount Hotham Skiing Company.

Vail Resorts has today announced that it will acquire the ski fields of Falls Creek and Hotham resorts in Victoria, Australia from a subsidiary of Merlin Entertainments for a purchase price of approximately AU$174 million, subject to certain adjustments related to the timing of closing and regulatory approval.

Chair of Falls Creek Alpine Resort Management Board Jo Shannon says “We are delighted that Vail Resorts has chosen to invest in Falls Creek. As a company with extensive success in running year-round mountain resorts around the world, this demonstrates the current level of confidence in the Victorian alpine industry.

Vail Resorts’ mission to create the Experience of a Lifetime aligns perfectly with the Board’s vision to create the Ultimate All Seasons Alpine Village Experience; a vision we strive for on behalf of all Victorians.

We look forward to working collaboratively with Vail Resorts and all our partners in continuing to make Falls Creek a great place to live, work and play.”

The Victorian ski industry is a major contributor to the Victorian state economy, contributing an estimated $1 billion to gross state product in 2018, and is one of the largest providers of employment in the north-east of Victoria.

Falls Creek is not only the largest ski industry contributor to the Victorian economy, with an estimated year-round contribution to gross state product of $330m and providing over 3100 jobs, it is also recognised as Victoria’s Major Tourist Attraction, having won the title at the RACV Victorian Tourism Awards in 2018.

“This is a tremendous announcement, demonstrating confidence in the outlook for the industry. Furthermore, it is a boost to the significant investments made by all Falls Creek resort stakeholders and will further extend Falls Creeks success as Australia’s premier All Seasons Alpine Resort. We will be delighted to work with Vail Resorts in contributing to even more success for Victoria and the North East” says Falls Creek Resort Management CEO, Stuart Smythe.

The continued growth in Falls Creek resort visitation, its year-round activation and environmental stewardship aligns strongly with that of Vail Resorts. The Falls Creek Alpine Resort Management Board welcomes the investment and confidence shown in the industry.

FALLS CREEK RESORT MANAGEMENT