Vail Resorts closes on acquisition of Stowe Mountain Resort

Vermont Business Magazine Vail Resorts, Inc(NYSE: MTN) today announced that it has closed on its acquisition of Stowe Mountain Resort inVermont, the premier, high-end resort for skiers and snowboarders on the East Coast. Vail Resorts acquired the resort from MtMansfield Company, Inc, a wholly owned subsidiary of American International Group, Inc. (AIG).The final purchase price, after adjustments for certain agreed upon terms, including a reduction in the price by the amount that the resort's EBITDA exceeded capital expenditures for the period fromNovember 1, 2016through closing, was$41 million. The original estimate at the time the deal was announced in February was $50 million.Stowe Mountain Resortis expected to generate incremental annual Resort Reported EBITDA in excess of$5 millionduring its first 12 months of operation following the acquisition.

As part of the transaction, Vail Resorts acquired all of the assets related to the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities) at Mount Mansfield and Spruce Peak. The deal does not include the Stowe Mountain Lodge, Stowe Mountain Club (the new facilities on the Spruce Peak side), Stowe Country Club and certain real estate owned and held for potential future development, which will be retained by MMC.

Vail also announced that Stowe Mountain Resort is now included on the Epic Pass and Epic Local Pass for the 2017-2018 winter season. The Epic Pass, at$859for adults, will offer unlimited, unrestricted access toStowenext winter, as well as to 45 of the world's best mountain resorts, includingVail,Beaver Creek,Breckenridge,KeystoneandArapahoeBasin inColorado; Whistler Blackcomb inCanada;Park CityinUtah; Heavenly,NorthstarandKirkwoodatLake Tahoe; Perisher inAustralia; Afton Alps inMinnesota; Mt.BrightoninMichiganandWilmot MountaininWisconsin. Epic Pass holders will again enjoy limited access to 30 European ski resorts including Verbier and Les 4 Vallées inSwitzerland, Les 3 Vallées inFrance; Arlberg inAustria; and Skirama Dolomiti Adamello Brenta inItaly. For additional information on the Epic Pass and Epic Local Pass, visitwww.epicpass.com.

The Vail-Stowe deal is generally considered beneficial to both Stowe and the Vermont ski industry.

It's been a very year so far for the Vermont ski industry. Stratton was acquired by Vail's fierce competitor, Aspen,in a deal announced in April. And Sugarbush will be part of Aspen'sMountain Collective ski pass system.

About Vail Resorts, Inc.
Vail Resorts, Inc, through its subsidiaries, is the leading global mountain resort operator. The Company's subsidiaries operate eleven world-class mountain resorts and three urban ski areas, includingVail,Beaver Creek,BreckenridgeandKeystoneinColorado;Park CityinUtah; Heavenly,NorthstarandKirkwoodin theLake Tahoearea ofCaliforniaandNevada; Whistler Blackcomb inCanada; Perisher inAustralia;StoweinVermont; Afton Alps inMinnesota; Mt.BrightoninMichiganandWilmot MountaininWisconsin. The Company owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company inJackson Hole, Wyo.Vail Resorts Development Company is the real estate planning and development 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 iswww.vailresorts.comand consumer website iswww.snow.com.

SOURCE BROOMFIELD, Colo.,June 7, 2017/PRNewswire/ --Vail Resorts, Inc.