VAIL, Colo. - Vail Resorts, Inc. (NYSE: MTN) announced
that it has closed on its acquisition of Heavenly Ski Resort in the
Lake Tahoe area of California and Nevada. The acquisition of
Heavenly, in addition to bringing greater diversification to its
winter resort business, enables Vail Resorts to further advance its
reputation as the leading
mountain resort operator in the United States. The transaction
closed for consideration of $102 million (including $2.7 million of
assumed debt), less a cash adjustment of $2.8 million
resulting in net consideration of $99.2 million. The cash
adjustment is intended to offset the losses incurred by Heavenly
during the period from closing until the end of Vail Resorts'
fiscal year on July 31, 2002. The actual loss expected to be
incurred during that period is approximately $3 million.
Vail Resorts, Inc. is the leading mountain resort operator in the
United States. The Company operates the Colorado mountain resorts
of Vail, Beaver Creek, Breckenridge and Keystone, and
the Grand Teton Lodge Company in Jackson Hole, Wyo. The Company
also holds a majority interest in Rockresorts, a luxury resort hotel
company with 11 distinctive properties across the United
States. Vail Resorts Development Company is the real estate
planning, development, construction, retail leasing and management
subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held
company traded on the New York Stock Exchange (NYSE: MTN). The Vail
Resorts company website is
www.vailresorts.com and consumer website is www.snow.com.
Posted by Ari Cheren, MountainZone.com Staff