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Vail Resorts Aquires Whistler-Blackcomb

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Pipe_Munky
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Vail Resorts strikes $1.4-billion deal to buy Canada’s Whistler Blackcomb
STAFF
The Globe and Mail
Published Monday, Aug. 08, 2016 7:19AM EDT
Last updated Monday, Aug. 08, 2016 7:59AM EDT

"Vail Resorts Inc. has struck a deal to acquire Canada’s Whistler Blackcomb Holdings Inc. worth what the two companies say is $36 a share, or $17.50 cash and 0.0975 of a share.

Whistler chief executive officer Dave Brownlie said the deal, worth about $1.39-billion, would boost the Canadian company’s financial heft and marketing, among other things.

“We will also continue our discussions with the Squamish and Lil’wat First Nations, on whose traditional lands we operate, regarding a business partnership that will benefit our communities, our province and our company for decades to come,” he said in a statement.


Related: How Whistler transformed itself in to a top skiing draw

“Our board of directors has also been monitoring the unique challenges facing the broader ski industry to the unpredictability of year-to-year regional weather patterns.”

Whistler is one of Canada’s major ski sites, while Vail boasts mountain resorts across the United States and in Australia."

http://www.theglobeandmail.com/report-on-business/vail-resorts-strikes-deal-to-buy-canadas-whistler-blackcomb/article31306120/
Aug 8 2016 9:13AM
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PacificRimJob
Posts: 24725 - Karma: 29,944
God damnit...
Aug 8 2016 9:30AM
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el_mn_op
Posts: 577 - Karma: 1,175
Aug 8 2016 9:46AM
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HaydenWrong
Posts: 986 - Karma: 2,165
el_mn_op


Jennifer Aniston for the win


via GIPHY

[url=http://
Aug 8 2016 10:00AM
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big.love
Posts: 283 - Karma: 1,035
Spinach is a good source for potassium. #nowyouknow
Aug 8 2016 10:33AM
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SkiBum.
Posts: 3600 - Karma: 3,909
Upsetting.
Aug 8 2016 10:43AM
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CaptainObvious.
Posts: 5712 - Karma: 20,638
I'm excited.
Aug 8 2016 10:46AM
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intifada
Posts: 931 - Karma: 263
The evil empire is expanding. As a vail resorts employee I'm stoked they finally have a decent mountain I can ski at for free because the rest of their resorts are trash.
Aug 8 2016 11:03AM
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CB4TSB
Posts: 428 - Karma: 1,221
This just in Vail Resorts has applied for a trademark patent on the word "Whistler"
Aug 8 2016 11:09AM
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Jibberino
Posts: 2089 - Karma: 1,346
intifadaThe evil empire is expanding. As a vail resorts employee I'm stoked they finally have a decent mountain I can ski at for free because the rest of their resorts are trash.


Yeah, Breck, Key, Kirkwood and Park City all suck. Especially for pow and park.
Aug 8 2016 11:14AM
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a_burger
Posts: 5235 - Karma: 20,715
how long until anti-trust?
Aug 8 2016 11:17AM
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CaptainObvious.
Posts: 5712 - Karma: 20,638
JibberinoYeah, Breck, Key, Kirkwood and Park City all suck. Especially for pow and park.


lol Kirkwood is amazing for Pow. If you think it's not, you're doing it wrong.
Aug 8 2016 11:18AM
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CaptainObvious.
Posts: 5712 - Karma: 20,638
JibberinoYeah, Breck, Key, Kirkwood and Park City all suck. Especially for pow and park.


Aaaaaaaaaaaand I'm sorry. You were being sarcastic.







.....I'm an ass.
Aug 8 2016 11:22AM
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.Hugo.
Posts: 17360 - Karma: 28,484
CaptainObvious......I'm an ass.


And you smell like one too
Aug 8 2016 11:25AM
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Mr.Bishop
Posts: 22708 - Karma: 76,635
I can't say this surprises me in the least. I have a strong feeling this is a large part of the future of resorts.
Aug 8 2016 11:27AM
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intifada
Posts: 931 - Karma: 263
JibberinoYeah, Breck, Key, Kirkwood and Park City all suck. Especially for pow and park.


You're right kirkwood is awesome, forgot about that one. Stand by my comment for the others
Aug 8 2016 11:27AM
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arnie_grape
Posts: 3451 - Karma: 11,678
not stoked. I was hoping they'd stay the fuck out of canada.

at least it's whistler though. its already the disneyland of ski hills. bumping the price from 120/day up to 160 should be no biggie.

"just the cheeseburger today? okay that'll be 32.70. ketchup too? okay your total is $36"


but I'll be really bummed if they start coming after all the sick bc resorts with expansion plans like red, revy, whitewater etc. vail has the money and they'll probably take it.
Aug 8 2016 11:49AM
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eheath
Posts: 61600 - Karma: 123,024
Fuck this shit.
Aug 8 2016 11:56AM
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mat_espo
Posts: 267 - Karma: 771
They're going to fucking ruin whistler.
Aug 8 2016 12:26PM
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GayWolf420
Posts: 37372 - Karma: 119,843
How much percentage-wise do they own all around the world? Does the anti trust act apply to their entities outside of the US? Theyre easily at over 50% of resorts now
Aug 8 2016 12:31PM
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CaptainObvious.
Posts: 5712 - Karma: 20,638
mat_espoThey're going to fucking ruin whistler.


.....How? Genuinely I'm asking how they'll ruin whistler. I've skied at a shitload of the Vail resorts and not once felt like they even touched the mountains. Aside from maybe some "Epic" shit on the mountain, like free photo spots, little race courses (also free), and maybe more marketing material to get you to try and buy more shit.

I feel like there is so much "anti-establishment" hate just for the sake of hate. Everyone jumps on the fuck corporate bandwagon without even knowing why they're jumping on the bandwagon besides it being cool.

Why is this not viewed as a move that will introduce stability in smaller resorts and accessibility in larger resorts? The homies up north who fork out their money to get a pass to Whistler now have the option to come to Colorado....Utah....Nevada.....California....Michigan....jesus tittyfucking christ you can ski all over the place and save some nickels (as compared to what it would cost if you wanted to travel a la carte)

I don't. fucking. get it. Besides the lifties bitching because they won't be allowed to smoke week behind the shack anymore.

I know I'm going to get a shitload of hate for saying all that, but whatever. Prove me wrong and make me understand. I'm open.
Aug 8 2016 1:23PM
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JAHpow
Posts: 7282 - Karma: 17,175
Where's Vail getting all this money?
Aug 8 2016 1:24PM
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eheath
Posts: 61600 - Karma: 123,024
CaptainObvious......How? Genuinely I'm asking how they'll ruin whistler. I've skied at a shitload of the Vail resorts and not once felt like they even touched the mountains. Aside from maybe some "Epic" shit on the mountain, like free photo spots, little race courses (also free), and maybe more marketing material to get you to try and buy more shit.

I feel like there is so much "anti-establishment" hate just for the sake of hate. Everyone jumps on the fuck corporate bandwagon without even knowing why they're jumping on the bandwagon besides it being cool.

Why is this not viewed as a move that will introduce stability in smaller resorts and accessibility in larger resorts? The homies up north who fork out their money to get a pass to Whistler now have the option to come to Colorado....Utah....Nevada.....California....Michigan....jesus tittyfucking christ you can ski all over the place and save some nickels (as compared to what it would cost if you wanted to travel a la carte)

I don't. fucking. get it. Besides the lifties bitching because they won't be allowed to smoke week behind the shack anymore.

I know I'm going to get a shitload of hate for saying all that, but whatever. Prove me wrong and make me understand. I'm open.


Vail just changes everything, its not exactly noticable to someone just riding the resort, vail fired like half of the employees at park city, i wouldnt be surprised if they clean house at whistler too, change a bunch of shit on the back end, etc. who knows what will happen to summer ops (bike and snow) and who knows what else they might change. Vail buying your resort means one good thing, your pass will be cheaper and everything else is going to change for the worst most likely. Im not just assuming this, ive personally experienced it.
Aug 8 2016 1:29PM
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CaptainObvious.
Posts: 5712 - Karma: 20,638
eheathVail just changes everything, its not exactly noticable to someone just riding the resort, vail fired like half of the employees at park city, i wouldnt be surprised if they clean house at whistler too, change a bunch of shit on the back end, etc. who knows what will happen to summer ops (bike and snow) and who knows what else they might change. Vail buying your resort means one good thing, your pass will be cheaper and everything else is going to change for the worst most likely. Im not just assuming this, ive personally experienced it.


Ok fair enough. I can understand changes under the sheets that the general consumers won't feel. And as a fan of the industry and people that work in it, that does blow.

But....speaking objectively and to the end goal....which is to make money...regardless of how evil you are, the move is a positive for consumers. Could they do that without cutting the workforce? Probably.

Here's my question which I think is very important. Five years after they consume a resort, does it run better? Because if it does, then there was rhyme to their reason, even if it pissed people off.

I can tell you that growing up at Kirkwood, then leaving Tahoe, and going back to it three years after Vail acquired it.....my experience was better.
Aug 8 2016 1:35PM
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JohnLocke
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So much for anti-trust laws......
Aug 8 2016 1:42PM
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SkiBum.
Posts: 3600 - Karma: 3,909
DeebieSkeebiesHow much percentage-wise do they own all around the world? Does the anti trust act apply to their entities outside of the US? Theyre easily at over 50% of resorts now


Not even close
Aug 8 2016 1:42PM
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..=
Posts: 548 - Karma: 1,224
This is a mixed situation. Now that Epic passes will be specifically targeted towards Canadians, the value will be much higher than previously. A Whistler specific pass was like $1500, now it'll likely be much cheaper with the added inclusion of Breck, Keystone and Australia. It'll be interesting to see how the glacier season is handled going forward. In the long run, it could also be quite bad, but only time will be able to tell.

What I do know is that companies like this are slowly but surely monopolizing skiing. Don't forget about your local small time resorts, even with the cheap pass option, you've gotta support them as well. It's no different than buying skis from a K2 instead of an ON3P
Aug 8 2016 2:04PM
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GayWolf420
Posts: 37372 - Karma: 119,843
SkiBum.Not even close


Obviously shooting from the hip as an idiot but elaboration would be cool as well. They own a shitload still.
Aug 8 2016 2:55PM
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eheath
Posts: 61600 - Karma: 123,024
DeebieSkeebiesObviously shooting from the hip as an idiot but elaboration would be cool as well. They own a shitload still.


they own now what 15 resorts? there are hundreds of resorts in the united states. They're not even above 50% in CO and they own 0 resorts on the east coast, where there are over 100 alone.
Aug 8 2016 3:15PM
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gapersarefriends
Posts: 2158 - Karma: 4,270
eheaththey own now what 15 resorts? there are hundreds of resorts in the united states. They're not even above 50% in CO and they own 0 resorts on the east coast, where there are over 100 alone.


Kind of far fetched, but would be kind of cool to see how much of the area available to ski in north america vail now owns
Aug 8 2016 3:28PM
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el_mn_op
Posts: 577 - Karma: 1,175
DeebieSkeebiesHow much percentage-wise do they own all around the world? Does the anti trust act apply to their entities outside of the US? Theyre easily at over 50% of resorts now


SkiBum.Not even close


eheaththey own now what 15 resorts? there are hundreds of resorts in the united states. They're not even above 50% in CO and they own 0 resorts on the east coast, where there are over 100 alone.



But the number of resorts they own isn't equal to their market share.. Given how large/popular many of the resorts they own [have bought] are, I would think that their market share, at least in North America, is probably pretty significant?
Aug 8 2016 3:33PM
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eheath
Posts: 61600 - Karma: 123,024
el_mn_opBut the number of resorts they own isn't equal to their market share.. Given how large/popular many of the resorts they own [have bought] are, I would think that their market share, at least in North America, is probably pretty significant?


el_mn_opBut the number of resorts they own isn't equal to their market share.. Given how large/popular many of the resorts they own [have bought] are, I would think that their market share, at least in North America, is probably pretty significant?


I mean lets list the resorts they own and do not own in north america

Vail owns:
Vail Ski Resort
Beaver Creek Resort
Keystone Resort
Breckenridge Ski Resort
Heavenly Mountain Resort
Kirkwood Mountain Resort
Northstar
Park City Mountain Resort
Afton Alps
Mount Brighton
Wilmot Mountain
Perisher Ski Resort

and now Whistler

Vail does not own:
Mammoth
Bear
Squaw
Snowbird/Alta
Brighton
Solitude
Deer Valley
Snowbasin
Powder Mountain
Big Sky
Jackson Hole
Grand Targhee
Sun Valley
Mt Batchelor
Mt Hood (any of the 3)
Mt Baker
Snoqualmie
Stevens Pass
Winter Park
Loveland
Abasin
Copper Mountain
Silverton
Crested butte
Steamboat

And this is just the "larger" ski resorts in the west that i could come up with off the top of my head, tons in washington, montana, cali, etc weren't even listed. So yes, they are no where near the majority of the market share either.
Aug 8 2016 3:41PM
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Kazabazua
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Just when you thought Whistler couldn't get anymore expensive...
Aug 8 2016 4:05PM
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Brocka_Flocka
Posts: 1215 - Karma: 8,742
The Colorado Native who wants to go to school at UBC is absolutely stoked on this.


But the Colorado Native who grew up skiing Summit County hates this.
Aug 8 2016 4:27PM
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Bombogenesis
Posts: 1984 - Karma: 4,006
JohnLockeSo much for anti-trust laws......



How does a business expanding violate anti trust laws??
Aug 8 2016 4:47PM
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el_mn_op
Posts: 577 - Karma: 1,175
eheathAnd this is just the "larger" ski resorts in the west that i could come up with off the top of my head, tons in washington, montana, cali, etc weren't even listed. So yes, they are no where near the majority of the market share either.



http://www.wikinvest.com/stock/Vail_Resorts_(MTN)

^In 2007, Vail's market share by revenue was 28%, and their market share by skier visits was 11.3%. I wish this article wasn't so old. I couldn't find an updated stat on their market share/ didn't feel like doing the research or math myself. 28% isn't the majority, but it is over a quarter of the market, and I imagine it's only gone up since...

Although, that's only in the U.S. Idk, that doesn't really resolve anything, but is interesting at least. Shrug.
Aug 8 2016 4:51PM
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eheath
Posts: 61600 - Karma: 123,024
el_mn_ophttp://www.wikinvest.com/stock/Vail_Resorts_(MTN)

^In 2007, Vail's market share by revenue was 28%, and their market share by skier visits was 11.3%. I wish this article wasn't so old. I couldn't find an updated stat on their market share/ didn't feel like doing the research or math myself. 28% isn't the majority, but it is over a quarter of the market, and I imagine it's only gone up since...

Although, that's only in the U.S. Idk, that doesn't really resolve anything, but is interesting at least. Shrug.


There is no doubt they have a large share of the market, but not anywhere near majority like people are assuming. By revenue, maybe 40-45% because all of their resorts are extremely expensive, but what matters to me more is the skier visits, which if it was 11.3% in 2007, they're probably closer to 20% now, but that still very low to consider them as a monopoly in my mind, even though the grounds for a monopoly would be determined on revenue, correct? I'm not exactly sure on that.


But to the previous point, 20% of skiers is a lot but in reality, not that much when you think about how many little resorts exist and the amount of people around those smaller resorts. Vail will really be making a move is they start buying up resorts like jay peak, killington, mount snow, etc but i doubt that'll happen.
Aug 8 2016 5:00PM
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RousedWits
Posts: 387 - Karma: 894
The one thing I see is ticket prices rising.

One thing I don't see happening is a complete refresh of the employees. The people working there now will most likely continue, and just receive a pay check from someone else. I think that overall the mountain staff, locals, and people who ski there often will carry the same culture and vibe that has been there since I've been going there. Especially since whistler is such a large mountain already with a village and a big reputation.

What scares me is the trend of ski mountains being bought by bigger companies. Smaller ski areas, often times get bought and the new ownership tries to transform the place into some type of resort. in doing so they can really ruin a lot of what made the small ski area special. Just my opinion I guess
Aug 8 2016 5:02PM
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eheath
Posts: 61600 - Karma: 123,024
RousedWitsOne thing I don't see happening is a complete refresh of the employees. The people working there now will most likely continue, and just receive a pay check from someone else. I think that overall the mountain staff, locals, and people who ski there often will carry the same culture and vibe that has been there since I've been going there. Especially since whistler is such a large mountain already with a village and a big reputation.


Vail cleaned house at park city, a well established resort, the resort with the most skier visits in utah, with great employees and reputation as well... vail likes to have vail people working for their resorts.
Aug 8 2016 5:12PM
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Z-Juice
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For those of you who have skied at Park City or any of the Cali resorts before and after Vail bought them, have they changed operating dates significantly? I believe PC closes earlier than it used to, not sure about Cali resorts.

The reason I ask is because I might spend the 18/19 season in Whistler, when Vail Resorts starts operating the mountain. One reason why I'm interested is because they usually have a great park setup through mid-May, I'd hate to see them close earlier and not have that option. I know there's no way of telling what their plans are, just seeing if any of you guys have a guess based on Vail's previous experience of taking over resorts.
Aug 8 2016 5:13PM
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RousedWits
Posts: 387 - Karma: 894
eheathVail cleaned house at park city, a well established resort, the resort with the most skier visits in utah, with great employees and reputation as well... vail likes to have vail people working for their resorts.


Jeez did not know that, that is ridiculous!
Aug 8 2016 5:24PM
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SkiBum.
Posts: 3600 - Karma: 3,909
eheathVail cleaned house at park city, a well established resort, the resort with the most skier visits in utah, with great employees and reputation as well... vail likes to have vail people working for their resorts.


They didn't clean house as much as people just didn't want to work for them. They gave the ax to maybe 5-7 management/upper management. But way more then that left on their own terms within the next year
Aug 8 2016 5:54PM
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Jibberino
Posts: 2089 - Karma: 1,346
DeebieSkeebiesHow much percentage-wise do they own all around the world? Does the anti trust act apply to their entities outside of the US? Theyre easily at over 50% of resorts now


You must be fucking joking right? Over 50% of resorts outside the US? You know that they only own one resort outside of the US right?
Aug 8 2016 6:03PM
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KapitolPhoto
Posts: 1399 - Karma: 3,250
EpicPoutine.
Aug 8 2016 6:09PM
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eheath
Posts: 61600 - Karma: 123,024
SkiBum.They didn't clean house as much as people just didn't want to work for them. They gave the ax to maybe 5-7 management/upper management. But way more then that left on their own terms within the next year


I used to know a bunch of people who worked for park city, mostly marketing and communications departments and they just shut the whole thing down, it was like at least 12 employees just in that department and everyone i knew personally who was in that department was laid off. And that wasn't the only department that got cut too, park manger got cut too, along with other management as you said, no one i know left on their own terms, they got laid off. All though everyone i know in the maintenance departments didn't get fired, but a bunch of peoples pay got cut especially going into the summer, its absolute bullshit.
Aug 8 2016 6:23PM
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pow_pow~
Posts: 1429 - Karma: 1,804
DeebieSkeebiesHow much percentage-wise do they own all around the world? Does the anti trust act apply to their entities outside of the US? Theyre easily at over 50% of resorts now


They own like 15 resorts..

CaptainObvious......How? Genuinely I'm asking how they'll ruin whistler. I've skied at a shitload of the Vail resorts and not once felt like they even touched the mountains. Aside from maybe some "Epic" shit on the mountain, like free photo spots, little race courses (also free), and maybe more marketing material to get you to try and buy more shit.

I feel like there is so much "anti-establishment" hate just for the sake of hate. Everyone jumps on the fuck corporate bandwagon without even knowing why they're jumping on the bandwagon besides it being cool.

Why is this not viewed as a move that will introduce stability in smaller resorts and accessibility in larger resorts? The homies up north who fork out their money to get a pass to Whistler now have the option to come to Colorado....Utah....Nevada.....California....Michigan....jesus tittyfucking christ you can ski all over the place and save some nickels (as compared to what it would cost if you wanted to travel a la carte)

I don't. fucking. get it. Besides the lifties bitching because they won't be allowed to smoke week behind the shack anymore.

I know I'm going to get a shitload of hate for saying all that, but whatever. Prove me wrong and make me understand. I'm open.


Whistler will stay the same, expensive to stay, expensive to eat, and expensive to ski.

KazabazuaJust when you thought Whistler couldn't get anymore expensive...


Well considering this will drop season passes from about $2k or whatever to $600...

RousedWitsThe one thing I see is ticket prices rising.

One thing I don't see happening is a complete refresh of the employees. The people working there now will most likely continue, and just receive a pay check from someone else. I think that overall the mountain staff, locals, and people who ski there often will carry the same culture and vibe that has been there since I've been going there. Especially since whistler is such a large mountain already with a village and a big reputation.

What scares me is the trend of ski mountains being bought by bigger companies. Smaller ski areas, often times get bought and the new ownership tries to transform the place into some type of resort. in doing so they can really ruin a lot of what made the small ski area special. Just my opinion I guess


People that think Vail acquires a mountain and then fires all the staff are idiots. Sure they get rid of a few upper management positions to replace them with one of their own but that's to be expected. To say that they clean out all the staff is just silly.
Aug 8 2016 7:04PM
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Static
Posts: 8553 - Karma: 4,089
JAHpowWhere's Vail getting all this money?


Fucking hell, are they really fucking us that hard on skiing? Is ski resort real estate really that fixable? Are they abusing some federal subsidies?
Aug 8 2016 7:10PM
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californiagrown
Posts: 9794 - Karma: 2,014
CaptainObvious......How? Genuinely I'm asking how they'll ruin whistler. I've skied at a shitload of the Vail resorts and not once felt like they even touched the mountains. Aside from maybe some "Epic" shit on the mountain, like free photo spots, little race courses (also free), and maybe more marketing material to get you to try and buy more shit.

I feel like there is so much "anti-establishment" hate just for the sake of hate. Everyone jumps on the fuck corporate bandwagon without even knowing why they're jumping on the bandwagon besides it being cool.

Why is this not viewed as a move that will introduce stability in smaller resorts and accessibility in larger resorts? The homies up north who fork out their money to get a pass to Whistler now have the option to come to Colorado....Utah....Nevada.....California....Michigan....jesus tittyfucking christ you can ski all over the place and save some nickels (as compared to what it would cost if you wanted to travel a la carte)

I don't. fucking. get it. Besides the lifties bitching because they won't be allowed to smoke week behind the shack anymore.

I know I'm going to get a shitload of hate for saying all that, but whatever. Prove me wrong and make me understand. I'm open.


Won't change the winter ops too much. But it will completely change the summer ops. Yellowjackets telling riders to slow down on a-line, freight train and dirt merchant. Closing trails for slippery conditions, and making everything rollable and mellow. Fences and netting everywhere etc.

Vail hates liability, and the bike park has a whole bunch of trails that leave them open to it.
Aug 8 2016 7:16PM
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Doc.Stomp
Posts: 86 - Karma: 1,374
I think there are two sides to this argument...

On the one hand, it sucks. Vail resorts are a public company meaning they need to make money for their share holders. In the currently turbulent global market based off things like the Brexit and so on, its easy to see why they are inflating prices to their holdings at the ticket window. It is to cope in the event that a huge market crash occurs in the next 5 years or so, which is entirely possible. This insurance has been working for them. Currently Vail are showing a 13% percent increase in ticket sales because they are encouraging people to buy early. This combined with the Epic pass program allowing skiers to ski all mountains is jumping their stock radically, by 8% yesterday in fact. Its just an insurance policy essentially. All this however means that community spirit, jobs, trademarks and the mountain town go under the microscope to see how much money they can save. That is the bad bit, its a factory holiday to the snow.

On the other hand, there is a positive side to it. As their portfolio grows, so does their stability. By acquiring Whistler they have pretty much ensured that they will have a mountain with skiable terrain for the next 30 years or so. California is in its driest period in decades and nobody knows how long the snow is going to last. Im an Aussie and there is a feeling down here that in 20 years we might not have the snow quality we get now days. The fact that Vail has invested down here and now in Whistler shows business confidence in the snow. Then following that, a belief that if shit does hit the fan they can provide another mountain or potentially snow-make harder than any other company with all the money they have stored away. It sounds pessimistic as fuck but honestly as the snow melts, a company with a financial backing is exactly what mountains will need to keep going.

Its stability for the ski industry. Vail believe that by investing in these mountains, they will be profitable for the next century. That gives me hope that people will be skiing for the next 100 years. The lesser of two evils.
Aug 8 2016 7:25PM
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JGWI
Posts: 2842 - Karma: 7,812
Vail is just jealous that their own resort is like a run-down freeway truck stop with moldy overpriced donuts, so they go and buy everyone else's.
Aug 8 2016 7:31PM
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