International Expansion Opportunities_Study for Vail Resorts_Nov 2011

International Expansion: Overview and Opportunities

November 2011

Prepared by Sidney Oster

Agenda

2

1. Introduction

2. International tourism – key facts and trends

3. South America and China – market overviews

4. Conclusions / next steps

5. Appendix – Select ski resort descriptions

‒ Argentina

‒ Chile

‒ China

Introduction

3

Acquiring new mountain resorts and international expansion are both important strategic goals for Vail

Resorts in FY2012 and beyond.

It is my understanding the company is considering making direct investments in South America

(effectively Argentina and Chile) and China.

An acquisition of a resort property in a foreign market would be a significant event for Vail Resorts,

and one with inherent risks.

The purpose of this presentation is to:

‒ provide an overview of the key facts and trends in international tourism;

‒ conduct research into the ski resort markets in South America and China;

‒ summarize some of the risks and opportunities of international expansion;

‒ offer my conclusions about the relative merits of the markets under consideration; and

‒ present our immediate action items.

International growth opportunity highlights

4

A leader in luxury, destination-based travel locations that already owns six of the best mountain

resorts in North America.

Experienced in managing, operating, and acquiring luxury properties, such as the company’s recent successful purchase of Northstar-at-Tahoe.

The company recently refinanced its long-term debt and has over $70 million of non-restricted cash on its balance sheet.

In 2010, international tourism receipts reached an estimated $919 billion, an increase of 4.7%.

Globally, tourism arrivals are expected to increase 4-5% in 2011 and to reach 1.6 billion by 2020.

According to the 2011 Luxe Report published by Virtuoso, luxury international leisure trips were the dominant choice among its clientele.

Argentina, with nine major ski resorts, had the largest increase in tourist arrivals in the Americas in

2010 at almost 23%. Growth is expected to continue at a rate of 10% annually until 2020.

In 2011, Spanish daily newspaper El Mundo published an article declaring Chile, with fourteen major ski resorts, as the principal skiing destination in Latin America.

In 2010, China, with more than 200 ski resorts, surpassed Spain as the 3rd most popular tourism destination. It is expected that China will become the world’s largest tourist destination by 2015.

China and Chile have had relatively stable inflation over the past decade, while Argentina has

experienced dramatic fluctuations, reaching over 20% in 2010.

The Chinese yuan appreciated by 4% vs. the U.S. dollar over the past twelve months, while the Argentine peso depreciated 6% during the same time period.

Argentina and Chile have mature skiing industries, while in China it is relatively new and emerging.

The skiing season in South America takes place during the offseason for China and the U.S.

Vail Resorts is poised to take advantage of international expansion opportunities

International tourism is a large and growing market

Argentina, Chile, and China share many growth opportunities

Significant differences exist between the markets

Select observations

International Tourism – Key Facts and Trends

5

International tourism – historical trends

6

Inbound tourism 1990 - 2010 Inbound tourism has become one of the world’s major trade categories, with overall export income generated by inbound tourism, including passenger transport, exceeding $1 trillion in 2010.

According to the 2011 Luxe Report published by Virtuoso, luxury international leisure trips were the dominant choice among its clientele.

In 2010, international tourism receipts are estimated to have reached $919 billion worldwide, up from $851 billion in 2009, an increase of 4.7%.

Asia and the Pacific (+13%) was the first region to recover and among the strongest growing regions in 2010.

While the Americas rebounded (+6%) from the decline in 2009, Europe’s (+3%) recovery was slower than in other regions.

Overall, recovery was particularly strong in emerging economies, where arrivals grew faster (+8%) than in advanced ones (+5%).

International tourist arrivals are projected to increase in 2011 by 4% to 5%.

Source: Tourism Highlights – 2011 Edition, World tourism Organization (UNWTO).

Inbound tourism by purpose of visit, 2010 (share)

Tourist arrivals and receipts, Asia and the Pacific

7

Source: Tourism Highlights – 2011 Edition, World tourism Organization (UNWTO). Data as collected by UNWTO, June 2011 * Provisional figure or data.

China by far accounts for the most tourist arrivals than any other country in Asia and the Pacific.

Tourist arrivals and receipts, the Americas

8


Argentina had the largest increase in arrivals in 2010 at almost 23%.

Leisure, rec., and holiday travel still growing

9

Source: Tourism Towards 2030 – Global Overview, World tourism Organization (UNWTO).

Leisure, recreation and holiday travel will remain the primary purpose for international visits.

Continued growth in international tourist arrivals

10


International tourist arrivals to reach 1.6 billion by 2020, and increase of 70% over 2010…

Emerging economies driving tourism growth

11


…with inbound tourism to emerging economies projected to surpass advanced destinations in 2015.

The growing importance of Asia and the Pacific

12


Asia and the Pacific are expected to gain most of the new arrivals…

North-east Asia projected to dominate tourism

13


…with north-east Asia projected to be the most visited sub region by 2030.

South America and China – Market Overviews

14

Market summary - Argentina

15

Argentina is the 2nd largest economy in South America and

the world’s 8th largest country with 2.8 million mainland

square kilometers.

Argentina has three major ski regions: the ski resorts near

Mendoza; the Lakes District and Patagonia ski areas in the

south; and Ushuaia on the southern tip of the country.

There are nine major ski resorts and a few other smaller

ones located primarily along the western edge of the country

near the Andes mountains.

The two major downhill resorts are Cerro Catedral, in

Bariloche and Las Lenas, in Mendoza.

According to All About AR, snowboarding has also increased

in popularity in Argentina over the past several years.

In response to the continuous demands of key industry

players and in recognition of the increasing importance of

tourism activity in Argentina, the Ministry of Tourism was

created in 2010.

According to Minister of Tourism Enrique Meyer, tourism in

Argentina is expected to grow at a rate of 10% annually until

2020, compared with the world average of 4.1%.

Sources: Welcomeargentina.com, J2ski.com

Major ski resorts in Argentina

16

Name Location Ski Season Ski Market

Batea Mahuida Ski Resort 370 km from Neuquen June - October Beginners to intermediate

Catedral Ski Resort 20 km from Bariloche Mid June - mid

October Skiers of all levels

Caviahue Ski Resort 357 km from Neuquen June - late September Beginners to intermediate

Cerro Bayo Ski Resort 9 km from Villa La Angostura June - late September Skiers of all levels

Cerro Castor Ski Resort Southern tip of Argentina June - mid October Skiers of all levels

Chapelco Ski Resort San Martin de los Andes Mid June - mid October Skiers of all levels

La Hoya Ski Resort 13 km from Esquel Early June - mid October Skiers of all levels

Las Lenas Ski Resort 450 km from Mendoza June - late September Beginners to intermediate

Penitentes Ski Resort 180 km from Mendoza June - late August Skiers of all levels

Sources: Welcomeargentina.com. Note: Shaded properties are shown in detail at the end of this presentation.

Market summary - Chile

17

Chile stretches 4,300 km – over half the continent – from the

driest desert in the world (near San Pedro de Atacama) to massive

glacial fields.

2,500 miles of the Andes (nearly half its length) runs through

Chile.

The capital city of Santiago was ranked number one by The New

York Times Travel section in their annual “Top 41 places to Go” in

2011.

The world’s largest travel publisher, Lonely Planet, included Chile

in their respected list of Top Ten Regions 2011 and named

Patagonia as one of the world’s most desirable destinations.

In 2011, Spanish daily newspaper El Mundo published an article

declaring Chile the principal skiing destination in Latin America,

naming it the region's “white paradise.”

Skiing in Chile originally dates back to 1887, when Norwegian

engineer and Miguel Hermudsen Elina Rosenquist were sent to the

mountains to begin working on the construction of the Trans-

Andean Railway.

There are approximately 14 ski resorts and centers in Chile.

Source: Chileanski.com, Welcomechile.com

Major ski resorts in Chile

18

Sources: Chileanski.com, J2ski.com. Note: Shaded properties are shown in detail at the end of this presentation.


Antillanca Ski Resort 98 km from Osorno June - October Skiers of all levels

Antuco Ski Resort 89 km from Los Angeles June - September

Cerro Mirador Ski Resort 8 km from Punta Arenas June - September Skiers of all levels

Chapa Verde Ski Resort Rancagua June - September Skiers of all levels

Corralco Ski Resort 120 km from Temuco June - September Skiers of all levels

El Colorado Ski Resort 39 km from Santiago June - October Skiers of all levels

El Fraile Ski Resort 29 km from Coyhaique June - September

La Parva Ski Resort 38 km from Santiago June - October Skiers of all levels

Lagunillas Ski Resort 67 km from Santiago June - September Intermediate

Las Araucarias Ski Resort 82 km from Temuco June - September Skiers of all levels

Portillo Ski Resort 165 km from Santiago Mid June - early

October Skiers of all levels

Pucon Ski Resort 65 km from southeast of Temuco June - September Intermediate

Termas de Chillan Ski Resort Base of Chillan Volcano, south of

Los Angeles June - September Skiers of all levels

Valle Nevado Ski Resort 39 km from Santiago June - October Skiers of all levels

Market summary - China

19

The promotion of tourism is a very high priority for the

Chinese government, which reportedly has spent $400 million

upgrading Yabuli Ski Resort, the largest in China.

In 2010, China surpassed Spain as the world’s third most

popular travel destination in terms of tourist arrivals.

The ITB World Travel Trends Report 2010-2011 estimates

that inbound travel to China will grow to 188 million by 2015,

making the country the world’s largest tourist destination.

The China Ski Association put the number of skiers in China at

five million in 2005, up from just 200,000 in 2000. The

association predicts 20 million skiers by 2014.

Despite this growth, and the country’s reportedly more than

200 resorts, the ski industry in China is still an emerging

market and attracting tourists has been challenging.

Club Med opened its first ski resort in China in 2010 – Club

Med Yabuli – and plans another four by 2015.

China's Wanda Group has plans on a resort in the mountains

bordering North Korea.

Malaysia's Genting Group is developing a resort called Beijing

Secret Garden outside of Beijing near the Great Wall. It is

expected to accommodate 18,000 tourists a day and be the

largest ski village in Asia.

Sources: Red Luxury, Chinahighlights.com, World tourism Organization (UNWTO), China Economic Review.

Sources: Chinatravel.com

China is the world’s 3rd largest travel destination

20

Source: World tourism Organization (UNWTO).

In 2010, China surpassed Spain as the world’s 3rd most popular travel destination.

The World's Top Tourism Destinations

(by international tourist arrivals)

2010 % Change % Change

Rank Country 2009 2010 2009 / 2008 2010 / 2009

1 France 76.8 76.8 -3.0% 0.0%

2 United States 55.0 59.7 (5.1) 8.7

3 China 50.9 55.7 (4.1) 9.4

4 Spain 52.2 52.7 (8.8) 1.0

5 Italy 43.2 43.6 1.2 0.9

6 United Kingdom 28.2 28.1 (6.4) (0.2)

7 Turkey 25.5 27.0 2.0 5.9

8 Germany 24.2 26.9 (2.7) 10.9

9 Malaysia 23.6 24.6 7.2 3.9

10 Mexico 21.5 22.4 (5.2) 4.4

Arrivals (in millions)

Major ski resorts in China

21

Source: www.chinahighlights.com.

Note: Shaded properties are shown in detail at the end of this presentation.


Alshan Ski Resort Inner Mongolia November - April Skiers of every level

Badaling Ski Resort Beijing

Beidahu Ski Resort Jilin Province Middle November - early

April Beginners to advanced

Changbaishan Ski Resort Jilin Province November - Early May Beginners to advanced

Cuiyunshan Ski Resort Beijing

Erlongshan Longzhu Ski Resort Heilongjiang December - April Beginners, intermediate and

advanced.

Emeishan Ski Resort Chengdu

Huaibei Ski Resort Beijing December - March Beginners to advanced

Jade Dragon Snow Mountain Ski Resort

Lijiang November - early May Beginners and intermediate

skiers who are able to acclimatize the high altitude.

Jingdinghu Ski Resort Beijing

Jingyuetan Ski Resort Changchun

Jundu Ski Resort Beijing

Lianhuashan Ski Resort Beijing

According to China Economic Review, more than 200 ski resorts, most of them quite small, have opened in China.

Major ski resorts in China (cont’d)

22


Note: Shaded properties are shown in detail at the end of this presentation.


Mulan Ski Resort Chengde Skiers of every level

Linshan Ski Resort Beijing

Nanshan Ski Resort Beijing Mid December - March Skiers of all levels

Pinggu Ski Resort Beijing

Saibei Ski Resort Zhangjiakou

Shijinglong Ski Resort Beijing December - February.

Tianshan Mountain Ski Resort Xinjiang

Xiling Mountain Ski Resort Chengdu Mid December - March Skiers of all levels

Xueshijie Ski Resort Beijing Beginners, intermediate and

expert.

Yabuli Ski Resort Harbin Middle November - Late

March. Experienced skiers

Yunfoshan Ski Resort Beijing December- March Beginners

Yuyang Ski Resort Beijing

Wanlong Ski Resort Zhangjiajie

Wujimi Ski Resort Harbin

Uncertainty and inflation rates

23

Source: CIA World Factbook.

While inflation in China, Chile, and the U.S. have remained relatively stable through challenging global economic times, Argentina has experienced dramatic fluctuations.

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

An

nu

al

Ra

te o

f in

fla

tio

n

United States Argentina Chile China

Comparative exchange rates

24

Exchange rate trends is an important consideration when making a foreign direct investment since it can have an impact on the overall rate of return on dollars invested.

$0.235

$0.240

$0.245

$0.250

$0.255

Argentine Peso

$0.0018

$0.0019

$0.0020

$0.0021

$0.0022

$0.0023

Chilean Peso

$0.148

$0.150

$0.152

$0.154

$0.156

$0.158

Chinese Yuan Argentine peso down 6% against the U.S.

dollar (USD) over the past 12 months.

Chilean peso flat against the USD

Chinese yuan up over 4% against the USD.

Generally, the appreciation of the USD against

a foreign currency (as is the case with the

Argentine peso) would lower the cost of assets

acquired, but would also reduce the value of

returns from those assets.

Conclusions

25

International market opportunity comparisons

26

Argentina Chile China

# of ski resorts 9 major resorts 14 major resorts Over 200 resorts with ~25 of

any significant size

Stage of ski industry Mature Mature

Emerging with little existing ski culture

Ski season June - October June - October December - March

# of tourist arrivals in 2010 5,288,000 2,766,000 55,665,000

Economic/ political observations

The 2nd largest economy in South America (27th in the world). Recently elected a new President. Created Dept. of Tourism in 2010. 30% decrease in foreign investment in first half of 2011. More than 20% inflation in 2010. 6% devaluation against the dollar over the past 12 months.

The 42nd largest economy in the world. Chile’s economy increased by almost 600% between 1988 and 2008. Currency flat against the dollar over the past 12 months. Relatively stable and low inflation.

The 2nd largest economy in the world. Currency up 4% against the dollar over the past 12 months. Relatively stable and low inflation.

Other market characteristics

Almost 23% growth in tourist arrivals in 2010. Tourism expected to grow at a rate of 10% annually until 2020. All major ski resorts at least 1,000km from Buenos Aires. Only two downhill ski resorts. 3hr time difference to Mountain Time.

El Mundo declared Chile as the premier skiing destination in Latin America. Most ski resort close to Santiago, Concepcion and other major cities. 3hr time difference to Mountain Time.

China is expected to become the world's top tourist destination by 2015. 20 million skiers projected by 2014. Club Med and other groups entering the market. Safety regulations, accreditation programs, and quality lag behind the rest of the world. 14hr time difference to Mountain Time.

SWOT Analysis

27

Internal Strengths (S) Internal Weaknesses (W)

A recognized leader in mountain resorts and luxury travel destinations.

Over $70 million in cash on the balance sheet.

Team experienced with acquisitions and integration.

Ability to tap capital markets for funding.

Experience remotely operating properties under management and JV agreements.

A lack of experience with acquisitions in foreign markets.

Can only focus on a few opportunities with internal resources.

Possible internal language/cultural barriers to certain markets.

Significant capex needed for current properties.

Highly seasonal cash flows.

External Opportunities (O) External Threats (T)

Continued growth in the number of international tourist arrivals.

Increased interest is luxury and leisure travel.

Inbound tourism for emerging economies expected to surpass advances economies.

Continuing low interest rates and cost of capital.

Chile named top ski destination in Latin America.

China to be world's top destination by 2015.

Increasing wealth of Chinese and ability to spend on luxury and leisure activities.

Continued devaluation of the dollar.

Worsening economy affects international travel or the ability of Vail Resorts to raise cash through capital markets or by continued real estate sales.

Continued devaluation of the dollar.

Political/financial instability in Argentina.

Some larger and more experienced competitors have already entered into China.

Low quality of resorts in China keeps international tourists away.

Increased tourism in Argentina does not translate into more skiers due to distance of resorts from Buenos Aires.

Conclusions / next steps

28

There is clearly an opportunity for Vail Resorts in international markets.

Based on my research, Vail Resorts should be focused primarily on expansion in China.

Opportunities in Chile should also be explored, although there is a smaller number of potential targets.

Offseason cash flows would help to smooth out the operating performance at Vail Resorts.

Joint ventures, partnership, and minority investment opportunities should be explored in both markets.

Despite the projected growth in tourism in Argentina, the market should not be a focus for Vail Resorts

due to negative economic factors, the small number of potential targets, and the distance of ski resorts

from major cities.

Thank you for you attention!

Appendix - Select Ski Resort Descriptions

29

Las Lenas ski resort - Argentina

30

One of the highest and most modern ski resorts in

Argentina.

Located 450 kilometers away from the City of

Mendoza and 1,200 km from Buenos Aires.

Featuring a 1,200-meter vertical slope from the

base at 2,240 meters of height and its summit at

3,430 meters.

17,500 hectares distributed into 29 trails accessed

through 14 lifts (including a ski carpet for

beginners).

At 7,050-meter-long, Las Leñas boasts one of the

longest ski trails in South America.

Las Leñas uses a modern snowmaking system with

30 snow machines scattered around the venue.

Resort description

Other resort information

Season: From mid June to late Sept, divided

into high, intermediate, low and special.

Climate: Moderate during the day and very

cold at night. Temperatures range between -

2° and 11° C.

Services: Fine dining, daycare, medical

clinic, institutional museum.

Phone: (54 02627) 47-1100.

Website: www.laslenas.com.

Email: [email protected]. Sources: Welcomeargentina.com, J2ski.com

Cerro Catedral ski resort - Argentina

31

Cerro Catedral, or “Mount Cathedral”, is located just

20 km from the City of Bariloche and reaches 1,030

meters above sea level.

Considered to be one of the most complete ski

resort with an advanced infrastructure.

600 hectares of skiable surface divided into 53 trails

of various difficulties.

Options for all ski disciplines are available, including

off-piste, freestyle, and snowboarding.

Cerro Catedral has been the stage for the most

important international competitions and snow

festivals, including the downhill torch parade.

The resort boasts an advanced snow-making

system which creates real flakes that cover a

skiable surface of about 10 hectares.

Resort description


Season: From June 18 to October 10,

divided into high, low and mid season.

Activities: Alpine, Nordic, and off-piste

skiing, snowboarding, sleds, paragliding,

hiking, mountaineering, and biking.

Services: Fine dining, 1,600 internet

stations, ski rental, kids nursery, ski school,

shopping mall, discos, quad vehicles and

snow cats.

Phone: (54 02944) 42-0268.

Email: [email protected]. Sources: Welcomeargentina.com, J2ski.com

Penitentes ski resort - Argentina

32

Opened in 1979, Penitentes lies 180 kilometers

from Mendoza and very close to neighboring Chile.

Occupies over 300 skiable hectares distributed into

over 20 trails featuring different degrees of

difficulty and suitable for all kinds of skiers.

Approved by Federación Argentina de Ski y

Andinismo (FASA) and Federación Internacional de

Ski (FIS), some of these trails are the setting for

various national and international competitions.

Penitentes boasts a ski school with a highly-

qualified and experienced team of instructors and a

magnificent snow garden for children to enjoy the

mountain.

The first-class accommodation infrastructure

includes all options from hostels to 4-star hotels, all

of them located at the foot of the mountain.

Resort description


Season: From June to late August, divided

into high and low.

Climate: Average temperature is 1º C, and

it ranges between -4º and 7º C. The climate

is dry and generally sunny.

Services: Ski school, snow garden,

commercial center, daycare, and disco.

Sources: Welcomeargentina.com, J2ski.com

Valle Nevado ski resort - Chile

33

Built in 1988, Nevado is located approx. 37 miles

from Santiago and is considered to have some of

the highest quality snow in Chile.

From 2001 – 2005, the resort invested $21 million

improving infrastructure and has a projected 15-

year, $225 million plan of expansion.

Nevado was designed with the inspiration of French

ski resorts, offering modern buildings, hotels and

equipment, like Andes Express ski lift, one of the

most advanced in the Southern Hemisphere.

With the interconnected resorts El Colorado and La

Parva, Nevado already has more skiable acreage

than anywhere else in the Southern Hemisphere (65

miles of groomed trails).

Nevado hosted the first event on the 2003/2004

Snowboard FIS World Cup circuit - the only

Southern Hemisphere stop on the tour.

Valle Nevado also claims one of the highest

numbers of sunny days, at 80% of the season.

Resort description


Average Snowfall: 324 Inches.

Skiable Acreage: 800.

Vertical Drop: 2,600 feet.

Terrain: 14% beginner, 30% intermediate,

42% advanced, 14% expert.

Number of Runs: 42 (including El Colorado

and La Parva).

Number of Lifts: 14.

Season: Mid-June to Mid-October Source: Chileanski.com.

Termas de Chillan ski resort - Chile

34

Located 194 km east of Concepcion on the base of

the Chillan Volcano, Termas de Chillan is Chile’s

most complete ski and spa resort.

Other winter activities include: dogsledding,

snowmobiling, and heli-skiing.

South America's longest chair (the 2,500 meter Don

Otto) and run (13 km).

28 individual pistes (totaling 35 km), served by 9

ski lifts.

A snow park with half pipe, quarter pipe, fun box

and jump.

The resort also includes a hot springs spa with

sulfur and iron pools.

Extensive summer activities, including: hiking,

tennis, golf, mountain biking, rock climbing,

paintball, and an equestrian school.

Resort description


Skiable Acreage: 24,710.


Terrain: 30% beginner, 40% intermediate,

30% advanced.

Number of Runs: 28.

Number of Lifts: 9.

Season: June to Early October.

Website: www.termaschillan.cl.

Sources: Chileanski.com, Welcomechile.com.

Portillo ski resort - Chile

35

Built 55 years ago, Portillo is Chile’s oldest ski resort

and is located 9,350 feet (2,850 meters) above sea

level, on the International Highway between Santiago,

Chile, and Mendoza, Argentina - just a 2-hour drive

from Santiago.

The resort butts up against 22,800-foot Mt. Aconcagua

(the highest mountain in the Western Hemisphere) and

offers views of the surrounding mountains and the

glacial Laguna del Inca.

Portillo is 100% above tree line and therefore the skiing

is bowl-like and wide open, with incredible

opportunities for off-piste skiing and snowboarding.

The resort offers some of the region's most galvanizing

runs - speed skiers in Portillo's Kilometro Lanzado

competitions were the first to exceed 200kph.

Four former gold medalists have led Portillo's Ski School

in the past, and the resort hosts National Ski Teams

every year (last year the Austrian and U.S. Olympic

teams trained here).

Resort description


Average Snowfall: 255 inches.

Skiable Acreage: 1,235.


Terrain: 24% beginner, 33%

intermediate, 43% advanced.

Number of Runs: 25.

Number of Lifts: 14.

Season: June to Early October.

Source: Chileanski.com.

Huaibei ski resort - China

36

Huaibei is the largest ski resort accessible from

Beijing, encompassing a total area of over 30,000

square meters.

The largest ski run in Beijing.

The ski terrain is surrounded by mountains topped

with the ancient Ming Great Wall.

Huaibei’s seven trails total 3,800 meters in length

‒ Four beginner trails

‒ Two intermediate trails

‒ One expert trail

The advanced snowmaking system and favorable

weather conditions ensures approximately 1-meter

deep snow in and around the resort.

Other snow related activities include: snowmobiling,

archery in the snow, and horse-drawn sledding.

Resort description


Notable features: The largest ski resort

accessible from Beijing; ski glade surrounded

by the Great Wall.

Location: 70 kilometers from downtown

Beijing (about 1 hour's ride) in the Jiugukou

(Nine Valleys Pass) Natural Scenic Area.

Season: December to March.

Skiing market: Beginners to advanced.


Xiling ski resort - China

37

Xiling, commonly referred to as “The Oriental Alps”,

is located 120 km away from Chengdu in Southwest

China's Sichuan Province.

The ski resort's proximity to a major transportation

hub like Chengdu makes it easily accessible to both

domestic as well as foreign skiing enthusiasts.

Relatively stable snow conditions that remain in the

60-80 centimeter depth range.

Xiling has seven world-class Alpine ski pistes,

totaling in all 10 km, from beginner to advanced.

The resort has a full range of ropeways servicing all

the pistes and several snowmobile trails.

A minimum stock of 2,000 rental ski sets as well as

a fleet of 35-40 snowmobiles that can be rented.

Summer activities include: grass skiing, a toboggan

run, hot-air ballooning, all-terrain vehicle rentals,

and nature hikes.

Resort description


Notable features: Considered to be China's

best alpine ski resort.

Season: Mid December to March.

Location: At Xiling Snow Mountain 120

kilometers away from Chengdu in Southwest

China's Sichuan Province.

Highest mountain: 5,364 meters.

Skiing market: Suitable for all levels.


Nanshan ski resort - China

38

Nanshan is the largest ski resort in China that

specializes in snowboarding.

Jib features – Advanced: 1 Full Pipe, 1 Wallride,

numerous Rails/Boxes; Easy/Beginner: 1 Jump

Roller, 1 Mini Kicker, 1 Mini Funbox, 1 Spin Ball .

Also considered one of the best resorts in China for

beginners and boasts one of the largest, if not the

largest, staff of ski instructors in country.

The resort has 12 snow-making and two snow-

grooming machines.

The Nanshan Ski Service Center has more than

3,000 sets of skis, snowboards, toboggans, and

snowmobiles for rent.

Nanshan offers year-round activities, with grass

skiing, water skiing, swimming and hang-gliding

during the summer.

Resort description


Notable features: A snowboarding park,

and a German designed toboggan run.

Season: Mid December to March.

Location: Near the village of Miyun, 62

kilometers away from Beijing.

Trails: 10, for beginner, intermediate and

advanced levels, including an advanced

Mogul trail.


International Expansion Opportunities_Study for Vail Resorts_Nov 2011

Documents

Transcript of International Expansion Opportunities_Study for Vail Resorts_Nov 2011