Saw this article elsewhere and thought it deserves its own thread: There was plenty of posturing in the main thread at the start of the season about KT's finances - looks like even with the delayed opening, and subsequent shit season and reduced numbers due to covid restrictions, they're still expecting to break even. Also, wonder what they'll do re 365 passes for the coming 12 months? Will they be offered at all? Maybe they will offer them, but maintain a reservation system so you still have to book ya days in advance? I'm hoping they offer them, and they also do something similar to when they 1st came about a decade ago and if you buy a 20/21 365 pass, it is also able to be used for the tail end of this season in September... If they don't offer them, Summer business could take a big hit
Interesting they expect to break even, but given their comfortable profits even in a normal bad year, not a huge surprise
Also, year end results released to ASX on 20/08/20 and the approximate date the annual report will be available is 18/09/20 for anyone interested
Not a lot of interest being paid on anything these days. The Reserve Bank continues to set the cash rate at 0.25%. Term deposits at CBA are 0.4%, 0.5%, 0.7% and 0.8% as you give them your money for longer terms. All of that is below the rate of inflation, and you get taxed on it, so you're effectively going backwards.
Event Holdings (EVT) which owns Rydges Hotels, Q Hotels (?), Greater Union theatres, German cinemas, Thredbo and a handful of other assets
Thredbo lifts are owned by Event Holdings who also own a bunch of hotels, cinemas and other stuff in the entertainment industry. The situation for management of the resort is rather strange. There is no Resort Management Board like they have at ski resorts in "Mexico" and many overseas resorts. Rather the lift company also runs most of the operations at the resort as well and acts rather like an RMB, with NSW Parks & Wildlife having a degree of supervisory oversight, because, rather strangely, Thredbo is technically inside a national park, even if it is otherwise run like a conventional ski resort.
There is a single lease covering the village and the slopes, and the lessee is Kosciuszko Thredbo Pty Ltd, a wholly owned subsidiary of ASX listed company Event Hospitality and Entertainment Limited. All lodges, apartments and houses in the village have a sublease with KT who, as Bogong points out, provides municipal services to the village in addition to lift and resort operations.
My bad. Greater Union were renamed Event, although the company name (not trading name) apparently remains Greater Union.
From what I understand, KT looked after their major stakeholders, over season sliders. I think that was smart, though it burnt me in a way. I doubt anyone has gotten, or needed, a discount on their fees? KT must make a fair chunk of rev out of the sublessor. I would still be surprised if they do actually "break even" this year. But I would expect the loss will not be great. I doubt I will be in a position to buy a 365 next season if they do come up, but hopefully the one after.
Judging by how quickly tickets have sold out KT may be emboldened by how willingly the punters lapped up whatever shit was served to them and not offer season passes next year at all?
As a lapper of shit in 2020 I'll likely lap up whatever's served in 2021, but hopefully season passes are on. What's the worst that could happen? Same as this year and they need to build some crappy work around to ration tickets for punters while providing a side door for season pass holders I assume.
Spoke with guest services yesterday and they said they would love to offer season passes in time for summer but they said it is still up in the air.
Ah, that makes sense. I thought Amalgamated owned Thredbo, but see they morphed into Event (I think they were originally a building/construction company who developed Thredbo???).
LendLease were the original building/construction company who developed Thredbo. Can't remember when/how the changeover took place. It was quite a while ago though, AHL had Thredbo when I moved there very early 90s.
I am willing to take it for 2020, but if they pull something similar for 2021 I will take advantage of the military epic pass and go back to perisher.
I'd be poring over those terms and conditions with a fine tooth comb to confirm that it is how they would handle the situation. Not that the current T&C meant much as there was a clause in there for "whatever we want".
Yep, basically the terms and conditions have a shit eating clause in them. but, if they're flogging a season pass for next year I'll buy it, shit eating clause or not.
From the other thread, a bit of old info about thredbo's lease: https://www.smh.com.au/national/thredbo-goldmine-at-8000-a-year-20040120-gdi6y5.html
None of that is news though. They have a lease. The lease has terms. They wish(ed) to continue in with that lease under the terms provided by the lease. What struck me as weird is that someone thought they might be able to adjust the lease terms without some parlay. Thredbo pays for road, sewer (they run a whole system and treatment plant), waste and telecoms. This is not a burden on government. As an indication of what a burden this element at Perisher is, we all pay (including a Customers!! Which I find galling and I imaging KT finds even more so) the additional day and annual park access fees specifically to cover this burden Perisher gives the State. Every Thredbo visitor helps run Perisher’s service utilities!
Exactly. @AWJ - what's your point? Do you want to own a resort? Turnover does not equal profit, and the customers the resorts bring are customers for the whole Snowy region townships.
