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Vail Resorts, which in September acquired Park City Mountain Resort from Powdr Corp. for $182.5 million, on Monday announced what it claims is the largest capital investment plan in the history of the United States ski industry — $50 million in spending at both Park City and the adjacent Canyons Resort.
The biggest ticket item is a new 8-passenger gondola that will connect the two ski mountains and create the largest single ski mountain in the U.S. at more than 7,300 skiable acres.
Here’s the full press release issued by Vail Resorts on Monday:
Vail Resorts, Inc. (NYSE: MTN) today announced details of the company’s planned upgrades to Park City Mountain Resort (“Park City”) for the 2015-2016 ski season. The plan, which totals over $50 million, is one of the most ambitious and impactful capital programs in U.S. ski industry history and will transform the guest experience at Park City. The plan would establish the connection between Park City and Canyons, creating the largest single ski area in the country with more than 7,300 acres of skiable terrain, and complete a number of critical upgrades to the infrastructure of both resorts. The plan will be subject to approval by both Summit County and the City of Park City.
Components of the $50-million capital plan include:
“This comprehensive capital plan for Park City and Canyons is one of the most ambitious and impactful plans undertaken at any resort in industry history, transforming the experience at both resorts and creating the largest single ski resort in the U.S. with more than 7,300 acres of skiable terrain,” said Blaise Carrig, president of the mountain division for Vail Resorts. He added, “The improvements offer skiers and riders more terrain and upgraded lifts to enhance the guest experience and reduce crowding and lift lines, new and upgraded restaurants, more snowmaking and an overall ‘touching up’ of all aspects of the resorts. The plan was based on feedback from guests and the local community as well as discussions with the senior operating teams at the two resorts. We look forward to continuing to work with the county and the city and are hopeful we can bring this plan to life for the 2015-2016 ski season.”
For the 2015-2016 ski season, the company intends to operate the two resorts as one unified branded experience under the name “Park City Mountain Resort”. The Canyons base area will be renamed “Canyons at Park City”. The company will continue to maintain the unique history and atmosphere of the two base areas with differentiated marketing for the diverse hotel and hospitality experiences.