When Merlin bought the package deal of tourist destinations that included Falls and Hotham and then decided to hang on to the ski resorts, I thought they would "actively manage" them, try different strategies of running things to prove the concept. Then, once they'd got a management formula that was right for them, they would go off and buy a few dozen ski resorts across the world. But they haven't sold them, they haven't "actively managed" them and haven't bought any more ski resorts. Huge specialist companies like Merlin Entertainments usually don't just buy one or two assets in a category and passively manage them, they tend to either get big in the category or exit it. So I'm rather confused about what their medium to long term strategy is for the two ski resorts they own.