Vail Resorts, Inc. (NYSE: MTN) announced today new resort projects underway this summer for the 2010-2011 ski season that will continue to focus on Vail Resorts' longstanding commitment to delivering an unparalleled guest experience. Vail Resorts anticipates spending $75-85 million in calendar 2010 on high-profile amenities for its mountain and lodging business that cater to bringing the finest mountain resort experience to its guests.
"Now that the 2009-2010 ski season is over, we are already looking ahead to next ski season and starting work on projects that continue to enhance the world-class experience at Vail Resorts for all of our guests," said Rob Katz, chairman and chief executive officer for Vail Resorts. "Our ability to continue investing in our assets further distinguishes Vail Resorts as the leader in the mountain resort industry."
Projects underway and planned this summer for the 2010-2011 winter season include:
* Vail Mountain High Noon Lift (Chair 5) replacement with a new high-speed quad lift that will continue to serve Sun Up Bowl and Sun Down Bowl. The new lift cuts ride time in half from 12 minutes to six and has an uphill capacity of 2,400 people per hour. The new Chair 5 lift will significantly enhance the guest experience of Vail's legendary Back Bowls by giving skiers and riders a faster lift that provides easier access to lap terrain in the area and also improves skier circulation across Vail Mountain.
* A new 14,750-square-foot restaurant at Heavenly Mountain Resort, located at the top of the Heavenly Gondola. The new restaurant significantly increases on-mountain, indoor seating at the resort and the central location provides guests with easy access to services steps away from the gondola. The lodge is architecturally designed to complement the beautiful mountain landscape.
* Tubing hill expansion at Adventure Ridge on Vail Mountain with additional tubing hill lanes and a new enclosed lift. Adventure Ridge currently offers adults and children a variety of winter activities including tubing, ski biking, kids snowmobiling, nature snowshoe tours and more. The additional tubing lanes and upgraded lift will provide guests with an easier tubing experience and faster lift times, allowing for more laps and more fun.
* Renovation of guest rooms at the Keystone Lodge with upgraded amenities in all guest rooms including new flat screen televisions as well as new tinted windows that that will reduce solar gain during the day and heat loss after the sun goes down.
* Continued investment in grooming and snowmaking equipment at Vail, Beaver Creek, Breckenridge, Keystone and Heavenly Resorts. For the 2010-2011 ski season Vail Resorts is upgrading and increasing its fleet of over 130 snowcats. The company is also adding new snowmaking equipment to continue to deliver the best snow quality experience in the ski industry. Grooming is a passion within the company and cumulatively hundreds of thousands of acres of snow are groomed throughout the ski and ride season at the resorts.
New Offerings for Summer 2010
Vail Resorts continues to focus on its summer offerings and new this summer is the addition of an alpine coaster at Breckenridge Ski Resort, planned to open in August 2010 and operate in the summer and winter. The Alpine Coaster will be located at the Peak 8 Fun Park and the three-foot elevated track will wind guests of all ages through loops and curves within the canopy of Peak 8 giving coaster riders spectacular mountain views.
Also, the Epic Summer program is back for its second year offering families an all-inclusive guided trip designed to showcase a quintessential Colorado vacation experience. Families can choose from a four- or seven-day itinerary with a local guide who leads the tour which highlights summer activities in the Rocky Mountains including horseback riding, gold panning, hiking in Rocky Mountain National Park and much more. This all-inclusive trip is offered at a great value with transportation in Colorado and meals included. Prices start at $249 per adult per night ($183 per child per night, ages 6-12) for the week-long trip. Airfare is not included. For more information visit www.epicsummer.com.
New Real Estate Openings
Vail Resorts will also be opening two new real estate properties this summer and fall including:
One Ski Hill Place, A RockResort property located at Breckenridge Ski Resort. Situated at the base of Peak 8, these ski-in/ski-out, wholly-owned units will be the most luxurious in Breckenridge with the most ideal location - slopeside and just steps to the gondola which links Peak 8 to the town of Breckenridge. The units range from studios to four bedrooms and include wood floors in the kitchen, granite countertops, high-end stainless steel appliances, a five-piece master bath, stone fireplace, spacious deck and high-speed wireless Internet access. Expected opening: June 2010. For more information visit www.oneskihillplace.com.
The Ritz-Carlton Residences®, Vail located at the base of Vail Mountain within walking distance to shopping, restaurants and Gore Creek, The Ritz-Carlton Residences, Vail is a limited collection of 71 whole-ownership residences. Residences range from a two-bedroom home to a sprawling six-bedroom penthouse and offer the welcoming feel of an elegant mountain resort home with luxurious bathrooms, upscale kitchens with Bosch stainless steel appliances and some of the most stunning views in all of Vail. Expected opening: Fall 2010. For more information visit www.TheResidencesVail.com.
