Seven Springs and Hidden Valley operate on private property. In November, Kirsten Lynch began her role as new CEO, with former CEO Rob Katz taking on a new role as executive chairperson of the board.Īnd, in December, the company helped bring men’s World Cup ski racing back to the United States for the first time in two years by hosting the Birds of Prey World Cup races at Beaver Creek.Īccording to Wednesday’s announcement, the acquisition of Seven Springs, Hidden Valley and Laurel Mountain will close this winter, with Laurel Mountain’s operation subject to receipt of consent from the Commonwealth of Pennsylvania. Previously, the last time Vail Resorts has returned cash to investors via a dividend was April of 2020 at $1.76 per share. In October, Vail Resorts reinstated its dividend after an 18-month hiatus, paying out 88 cents per share. In September, the company announced its largest single-year investment into its mountains with a $320 million capital plan taking place across 14 resorts, including a new chair planned for Vail running between the bottom of Chair 5 and the Wildwood area near Chairs 3 and 7. ![]() Vail Resorts began the month of August with $1.2 billion cash on hand, Chief Financial Officer Michael Barkin told investors in a fall 2021 earnings call. It has also been a busy few months for Vail Resorts, which will update the public on its fiscal year 2022 first-quarter results in a earnings call at 3 p.m. “We are thrilled that the resorts will now become part of Vail Resorts’ network and are confident that Vail Resorts will continue to invest in what makes these resorts so special,” he said. In announcing the sale of Seven Springs, Hidden Valley and Laurel Mountain to Vail Resorts on Wednesday, Nutting described Vail Resorts as a perfect successor to his family’s company. “We believe that strong, responsible and connected local newspapers are critically important to building and supporting strong communities now more than ever,” Nutting said. In the announcement, Nutting reiterated his family’s commitment to the industry and the critical role of community newspapers Robert Nutting announced that the company had purchased Swift - which owns newspapers in the ski areas of Aspen, Steamboat, Summit County, Park City and Lake Tahoe, as well as Vail - on Nov. The Nutting family also acquired the Hidden Valley ski area in 2013 and opened Laurel Mountain in 2016. “The renewed focus on year-round programming helped to drive an equally dramatic climb in employment levels during the summer months, when the number of employees went from approximately 600 to more than 1,000,” according to the release. ![]() ![]() The company covered the Winter Olympics in 1980 after purchasing the Lake Placid News in 1979 and entered the ski business as operators in 2006 with the purchase of Seven Springs.įrom 2006 to the present, Seven Springs nearly doubled the number of personnel during winter operations - from approximately 900 to more than 1,700, the resort announced in a news release on Wednesday. Robert Nutting is also CEO of Ogden Newspapers, a fifth-generation, family-owned and -operated newspaper company, founded in 1890 by H.C. Robert Nutting and the Nutting family are winter sports enthusiasts who recently shared their excitement in entering the ski market of Vail with the purchase of the Vail Daily’s parent company, Swift Media. “It has been an honor to be a part of their incredible growth for more than a decade and leave each resort a much stronger community asset than we found it.”Īs Vail Resorts enters Nutting’s home market in Pennsylvania, the Nutting family is also entering Vail Resorts’ namesake market in Colorado. I am extremely proud of our stewardship of Seven Springs and its sister resorts, and even more so of all the people who we have worked with side-by-side to transform them into what they are today,” said Robert Nutting, president and chief executive officer of Seven Springs Mountain Resort, Inc. “The resorts truly are a part of the fabric of this region and a critical community asset. ![]() Laurel Mountain offers 70 skiable acres and 761 vertical feet. Hidden Valley offers 110 skiable acres and 470 vertical feet, with 26 slopes and trails and two terrain parks. Seven Springs is 60 miles southeast of Pittsburgh and is among the largest ski resorts in Pennsylvania, with 285 skiable acres and 750 vertical feet.
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