The Jay-Ragged pass this year

[drjeff]

Jay bought by the group that owns Ragged per Stuart Winchester

 

[drjeff]

Pacific Group Resorts Enters Asset Purchase Agreement for Jay Peak

Receiver will still accept additional bids

www.stormskiing.com

 

[Newpylong]

Not yet, but stalking horse bidder. Should be a nice addition to their portfolio.

 

[drjeff]

Not yet, but stalking horse bidder. Should be a nice addition to their portfolio.

Wondering longterm how this acquisition may or may not affect PRG's capital expenditures for Ragged?

Ragged definitely has built some momentum the last few seasons. Hope this doesn't negatively affect that. Guess time will tell

 

[RH29]

I'm hoping that Jay stays on Indy Pass, but the realistic side of me says that's the end of that after this season.

 

[machski]

Of course, the bid is quite a bit lower than the receiver had been asking and additional bids will be accepted. One of the Big Boys could now step in if they feel the lower price has yielded good value.

 

[deadheadskier]

Sign the deal before Vail comes in and screws up Jay too!

 

[thebigo]

More info on liftblog:

After news of the potential deal surfaced, Pacific Group Vice President and Chief Marketing Officer Christian Knapp tweeted “The possibility of Pacific Group Resorts, Inc. purchasing Jay Peak Resort is extremely exciting and would be an incredible fit for our company, but by no means is it a done deal. Filing the APA is one more step in an extraordinarily long process that started more than 3 years ago.”

It’s not clear how long the sale process will take but under the agreement potential bidders would have 30 days from the time the District Court approves bid procedures to submit offers. If qualified bidder(s) beyond Pacific Group emerge, a private auction would take place shortly after the bid deadline. Should another buyer prevail, Pacific Group would be paid a breakup fee of $1.25 million plus expenses from the sale proceeds. “Other parties have expressed interest in purchasing the Jay Peak Resort over the past few years, however, only Pacific Group Resorts, Inc. has been willing to submit a binding bid,” notes the motion. “The Receiver is hopeful that perhaps another bidder will surface at the auction.”

Also interesting:

Jay Peak on the other hand is the single largest Indy Pass resort by redemptions.

 

[deadheadskier]

I definitely wouldn't have guessed Jay having the highest redemption rate. I would have guessed a place much closer to US population centers, like say Cannon or Waterville.

Interesting that Pacific has been working on this for 3 years. I don't ever recall hearing anyone say that they were a contender. Guess they kept things quiet?

 

[cdskier]

I definitely wouldn't have guessed Jay having the highest redemption rate. I would have guessed a place much closer to US population centers, like say Cannon or Waterville.

Interesting that Pacific has been working on this for 3 years. I don't ever recall hearing anyone say that they were a contender. Guess they kept things quiet?

They were mentioned by VTDigger (and in this forum) back in 2019.

Alterra eyes Jay Peak. Vail takes a pass. - VTDigger

According to minutes from a Jay Zoning Board meeting, a handful of potential buyers have visited the resort.

vtdigger.org

 

[machski]

I definitely wouldn't have guessed Jay having the highest redemption rate. I would have guessed a place much closer to US population centers, like say Cannon or Waterville.

Interesting that Pacific has been working on this for 3 years. I don't ever recall hearing anyone say that they were a contender. Guess they kept things quiet?

Yup, Jay is the highest. Makes sense in a way, with all their lodging and base area diversions now, makes for a great 2 day overnight trip on the Indy. Cannon doesn't really have that and Waterville and the Village aren't connected and Waterville isn't as interesting skiing. Though both Cannon and Waterville are in the top 10 of Indy redemption areas on the pass themselves.

 

[drjeff]

I definitely wouldn't have guessed Jay having the highest redemption rate. I would have guessed a place much closer to US population centers, like say Cannon or Waterville.

Interesting that Pacific has been working on this for 3 years. I don't ever recall hearing anyone say that they were a contender. Guess they kept things quiet?

The head of the Indy Pass (Doug Fish if I recall his name correctly) has said that multiple times over the last couple of years when he does his essentially annual interview about the Indy Pass on Stuart Winchester's Storm Skiing Podcast.

Even Jay Peak's GM, Steve Wright, has said that Jay doesn't need to be a part of the Indy Pass, but that he feels obligated to remain a part of it to help drive it's sales (The Indy Pass) in the New England region which then helps support the other, smaller area, on the Indy in New England. As most of us know, Steve IS that kind of awesome influence on the ski industry!

The hour or so of content that Stuart typically drops per week in season (a bit less in the off season, but still new stuff year round) via his podcast and website has some great information, and if one is so inclined the relatively nominal fee for a premium subscription (you get the podcasts released to you a few days ahead of the free drops on various streaming platforms) as well as additional content on the Storm Skiing Blog, is well worth the $$ IMHO

 

[Smellytele]

Yup, Jay is the highest. Makes sense in a way, with all their lodging and base area diversions now, makes for a great 2 day overnight trip on the Indy. Cannon doesn't really have that and Waterville and the Village aren't connected and Waterville isn't as interesting skiing. Though both Cannon and Waterville are in the top 10 of Indy redemption areas on the pass themselves.

Cannon has a lot of blackout dates

 

[mbedle]

Keep in mind that during the auction process, Pacific Group also has the opportunity to up their bid. They are not help to the base bid amount.

 

[machski]

Cannon has a lot of blackout dates

They do, one reason we bought a full Indy to wipe those away.

 

[Smellytele]

They do, one reason we bought a full Indy to wipe those away.

I think I can find 2 days to ski cannon even with the blackouts

 

[machski]

I think I can find 2 days to ski cannon even with the blackouts

Yeah, well we are using Indy to cover up Silver NEP blackouts too. Thus the full freight Indy