WHISTLER, B.C. — The Colorado-based company that owns the Whistler Blackcomb ski resort in British Columbia has announced a 60-year renewal of the resort's master development agreements with the B.C. government.
Vail Resorts, Inc. (NYSE:MTN) says the renewal also includes approval of Whistler Blackcomb's associated master plans.
That is one of the key requirements before a three-phase, $345 million facelift can proceed at the mountain home of the 2010 Winter Olympics, 125 kilometres north of Vancouver.
A news release from Vail Resorts says execution of the long-term agreements provides future certainty for Whistler Blackcomb's operations and a positive benefit for the local communities and British Columbia.
Whistler Blackcomb operates on the traditional territories of the Squamish and Lil'wat Nations, and Vail Resorts says agreements have also been reached to ensure the First Nations participate in the success of the ski area.
Vail Resorts says the Squamish and Lil'wat will become partners through economic and cultural commitments, jobs, contracting and development opportunities, and recreational opportunities for First Nations youth.
"This is a significant milestone for Whistler Blackcomb and our local communities as it provides us with the long-term certainty for the capital investment required to maintain our position as a premier mountain resort destination in the world," Whistler Blackcomb chief operating officer Dave Brownlie said in a joint release with Vail Resorts.
Rob Katz, chairman and chief executive officer of Vail Resorts, says execution of the master development agreements and master plans is a major accomplishment that has taken years to achieve.
"With this step now complete, we look forward to a strong partnership with the local First Nations, the Province of British Columbia, the Resort Municipality of Whistler, and all of the community stakeholders over the course of the next 60 years," he said in the release.
Vail Resorts, the largest resort operator in North America, bought Whistler Blackcomb, the continent's biggest ski area in a $1.06 billion deal last August.
It also operates nine other mountain resorts and three ski areas in the U.S. and Australia.
