Slopes Build Empires

Sun., Jan. 5, 1997

Associated Press

Alpine skiing

The North American ski industry is being reshaped by a new breed of empire builders, making the snowy steep slopes as appealing to Wall Street as they are to skiers.

Consolidation in ski resorts is happening at an alarming pace.

Vail Resorts in Colorado plans to add the Keystone, Breckenridge and Arapahoe Basin ski area to its holdings. If the merger wins federal approval, Vail Resorts will become the world’s largest ski resort company.

The ski industry’s slow growth over the past 10 years has contributed to merger mania. Resorts have found that combining resources provides them with economies of scale.

Insiders say independent operations are getting swallowed because they can’t keep up with consumer demand for expensive capital improvements every year.

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