| VAIL, Colo., June 14, 1999 - Vail Resorts, Inc. (NYSE: MTN) today announced
that it has completed its acquisition of the Grand Teton Lodge Company
from CSX Corporation following approval by the National Park Service. The
transaction, first announced on February 22, 1999, is valued at approximately
$50 million.
Adam Aron, Chairman and Chief Executive Officer, commented, "We are
very excited to be expanding our resort operations with the acquisition
of the Grand Teton Lodge Company, one of the finest concessionaires in
the entire United States National Park system. We believe that this transaction
is consistent with our strategy of diversifying our revenue base into complementary
businesses that enable us to improve the overall resort experiences offered
to our guests on a year round basis."
The Grand Teton Lodge Company, which generated revenues of approximately
$25 million in 1998, operates Jenny Lake Lodge, Jackson Lake Lodge, and
Colter Bay Village, all located within the Grand Teton National Park in
Jackson Hole, Wyoming. The company also owns the Jackson Hole Golf Tennis
Club as well as approximately thirty acres of developable land.
The Company expects the acquisition to be accretive to earnings in fiscal
2000, as previously stated. Vail Resorts, Inc. is the premier mountain
resort operator in North America. The Company operates the Colorado mountain
resorts of Vail, Breckenridge, Keystone, and Beaver Creek.
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. Such forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ materially
from those projected. Readers are cautioned not to place undue reliance
on these forward-looking statements which speak only as of the date hereof.
Such risks and uncertainties include, but are not limited to, the ability
of the Company to successfully integrate the acquisition, to realize the
expected benefit of it, or to achieve the anticipated earnings effect,
as well as, general business and economic conditions; competitive factors
in the ski and resort industry; and the weather. Investors are also directed
to other risks discussed in documents filed by the Company with the Securities
and Exchange Commission. |
