Peak Resorts, Inc. (NASDAQ:SKIS) (“Peak” or the “Company”), a leading owner and operator of high-quality, individually branded U.S. ski resorts, announced today that Hunter Mountain, located in the Catskill Mountains of New York, has secured all the required permits which will allow it to move forward with the terrain expansion project announced last June. Construction for the project, which will increase the resort’s skiable acreage by approximately 25%, will begin later this month and is expected to be completed in time for the start of the 2018/19 ski season.
The additional acreage will be located on the north-facing slope of Hunter Mountain, between Hunter Mountain and Hunter West. Initial work on the appropriately named Hunter North will include the clearing of five trails, which will be predominantly intermediate terrain along with the installation of a high-speed six-person detachable chairlift. The new lift will transport guests from the base of Hunter North to the intersection of the existing Belt Parkway and Way Out trails.
Access to Hunter North will be available from the summit of Hunter Mountain via the intermediate White Cloud trail and Hunter’s popular intermediate trail, Belt Parkway. In addition, guests will be able to access the new six passenger lift and trail system via a new entrance and parking area accessible via Route 23A.
“The Hunter North expansion will provide our guests and Peak Pass passholders with an entirely new area to explore,” said Jesse Boyd, Senior VP of Operations of Peak Resorts. “The new entrance, arrival area and high-speed lift will provide guests with easy access to a new area of intermediate-level terrain that will dramatically broaden the variety of trails that Hunter has to offer.”
Keeping in line with the other areas of the mountain, Hunter North will feature high-efficiency snowmaking across the entirety of the new terrain.
“The support we’ve received for this project from the local community and our loyal guests has been phenomenal from the time it was announced,” added Russ Coloton, General Manager and President of Hunter Mountain. “This expansion of our skiable terrain will be felt both locally and regionally through increased visitors not only to our resort but across the surrounding communities, including local businesses.”
The expansion is expected to cost approximately $9 million and is projected to generate approximately $1.5 million to $2 million in incremental annual EBITDA.
About Hunter Mountain
As the Great Northern Catskills’ premier four season resort, Hunter Mountain maintains renowned skiing and snowboarding terrain across 58 trails and 1600’ of vertical; award-winning learning facilities; and luxury mountainside accommodations. With high-efficiency snowmaking on 100% of its trails, an entire dedicated learning area perfect for beginners and families alike, the expert terrain of Hunter West and Empire Terrain Parks, plus the largest snow tubing park in New York State, Hunter has something for everyone. To learn more, visit Hunter Mountain’s website at HunterMountain.com.
About Peak Resorts
Headquartered in Missouri, Peak Resorts is a leading owner and operator of high-quality, individually branded ski resorts in the U.S. The company now operates 14 ski resorts primarily located in the Northeast and Midwest, 13 of which are company owned, including Hunter Mountain, the Catskills’ premier winter resort destination.
The majority of the resorts are located within 100 miles of major metropolitan markets, including New York City, Boston, Philadelphia, Cleveland and St. Louis, enabling day and overnight drive accessibility. The resorts under the company’s umbrella offer a breadth of activities, services and amenities, including skiing, snowboarding, terrain parks, tubing, dining, lodging, equipment rentals and sales, ski and snowboard instruction and mountain biking and other summer activities. To learn more, visit the company’s website at ir.PeakResorts.com, or follow Peak Resorts on Facebook (https://www.facebook.com/skipeakresorts) for resort updates.
Forward Looking Statements
This news release contains forward-looking statements regarding the future outlook and performance of Peak Resorts, Inc., within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties are discussed under the caption “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended April 30, 2017, filed with the Securities and Exchange Commission (the “SEC”), and as updated from time to time in the company’s filings with the SEC. Peak Resorts undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.