Peak Resorts operates 13 individually branded ski resorts in the United States, primarily located in the Northeast and Midwest, 12 of which it owns. Most of its 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.
Peak’s resorts are comprised of nearly 1,650 acres of skiable terrain that appeal to a wide range of ages and abilities. The group also said in the IPO filing that it offers 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.
Combined, Peak’s ski resorts generated approximately 1.8 million visits in the 2013/2014 ski season, an increase of 4% from the prior ski season. Revenue increased by 5.5%, to $105.2 million in fiscal 2014 from $99.7 million in fiscal 2013.
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Another issue in the filing is that the company signaled that the U.S. ski industry is highly fragmented, with less than 13% of the 470 ski resorts being owned by companies with four or more ski resorts. Revenues for the 2014 fiscal year ending in April were $105 million, up from the previous year of $99.7 million.
Proceeds from the offering will be put toward paying down outstanding debt to different firms.
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