Vail Resorts, Inc. (NYSE:MTN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry Into a Material Definitive Agreement.
Partnership (the Whistler LP), by its general partner, Whistler
Blackcomb Holdings Inc. (Whistler Blackcomb), a wholly owned
subsidiary of Vail Resorts, Inc. (the Company), entered into a
master development agreement (the Whistler MDA) with Her Majesty,
the Queen in Right of British Columbia (the Province) with
respect to the operation and development of Whistler Mountain.
Additionally, on February 23, 2017, Blackcomb Skiing Enterprises
Limited Partnership (the Blackcomb LP and together with the
Whistler LP, the Partnerships), by its general partner, Whistler
Blackcomb, entered into a master development agreement (the
Blackcomb MDA and together with the Whistler MDA, the MDAs) with
the Province with respect to the operation and development of
Blackcomb Mountain (together with Whistler Mountain, the Whistler
Blackcomb Resort). Each of Whistler LP and Blackcomb LP were
operating under existing master development agreements that
terminated upon execution of the MDAs.
additional 60 years by option exercisable by the Partnerships
after the first 30 years of the initial term. In accordance with
the MDAs, each Partnership is obligated to pay the following
annual fees to the Province based on the consideration received
by such Partnership for certain types of activities related to
the Whistler Blackcomb Resort:
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for certain types of improvements on Whistler Mountain or
Blackcomb Mountain, as the case may be, including gondolas and chairlifts, and the land owned by the Province within the defined development area, the greater of 2% of gross revenue received by the applicable Partnership and $500; |
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for the golf course and the lands underlying such golf
course, the greater of 5% of golf-related revenue received by the Partnership and $10,000; and |
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for contracts between the Partnerships and arms length
parties for the operation of certain activities at the Whistler Blackcomb Resort, 2% of revenue received by the applicable Partnership from such arms length contracts. |
lands and the Blackcomb Mountain lands for the operation and
development of the Whistler Blackcomb Resort. The MDAs also
provide for the granting of specific tenures of land owned by the
Province to the Whistler LP or the Blackcomb LP, as applicable,
by way of rights-of-way, leases or licenses.>>Each
Partnership is permitted to develop new improvements to Whistler
Mountain or Blackcomb Mountain, as the case may be, within
standard municipal type development control conditions.
qualified in its entirety by reference to each MDA, copies of
which are filed as Exhibits 10.1 and 10.2 to this Current Report
on Form 8-K.
is incorporated herein by reference. Upon execution of each of
the MDAs described under Item 1.01 above, each of the Ski Area
Agreement for Whistler Mountain and the amendments thereto, dated
as of September 30, 1982, between the Province and Whistler LP
(the Ski Area Agreement) and the Development Agreement for
Blackcomb Mountain and the amendments thereto, dated as of May 1,
1979, between the Province and Blackcomb LP (the Development
Agreement), are terminated effective immediately. The Ski Area
Agreement, including amendments thereto, and the Development
Agreement, including amendments thereto, were filed as Exhibits
10.4 and 10.5, respectively to the Companys Quarterly Report on
Form 10-Q filed with the Securities and Exchange Commission on
December 9, 2016. No early termination penalties are payable in
connection with the termination of the Ski Area Agreement and
Development Agreement.
Index which immediately precedes such exhibits and is
incorporated herein by reference.
About Vail Resorts, Inc. (NYSE:MTN)
Vail Resorts, Inc. is a holding company. The Company operates through three segments: Mountain, Lodging and Real Estate. Its Mountain segment operates over 10 mountain resort properties and approximately three urban ski areas, as well as ancillary services, primarily including, ski school, dining, and retail/rental operations. It operates mountain resorts and urban ski areas, such as Whistler Blackcomb in British Columbia, Canada. In the Lodging segment, it owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand, as well as other lodging properties and various condominiums; National Park Service (NPS) concessionaire properties, including the Grand Teton Lodge Company (GTLC), which operates destination resorts in Grand Teton National Park; Colorado Mountain Express (CME), and mountain resort golf courses. Its Real Estate segment owns, develops and sells real estate in and around its resort communities. Vail Resorts, Inc. (NYSE:MTN) Recent Trading Information
Vail Resorts, Inc. (NYSE:MTN) closed its last trading session 00.00 at 182.67 with 263,796 shares trading hands.
