Andermatt-Sedrun Sport-Aktie: Mike Gower becomes Andermatt-Sedrun’s new president | 12/06/22

He most recently served as Chief Operating Officer of Park City Mountain in Utah, the largest

An adjacent ski area in the United States, Andermatt Swiss Alps AG announced Sunday.

Goar will take over after the planned transaction is completed. As is known, the ski area in Andermatt for the Egyptian investor Samih Sawiris will become in the hands of the Americans. US ski giant Vail Resorts will invest in expanding the ski area and take a 55 percent majority in Andermatt-Sedrun Sport AG.

It said in the statement that President-designate Ghawar now has to obtain a work visa for Switzerland. Until the deal is completed (possibly at the end of the third quarter of 2022), Matthias Furer will be in charge. He will then focus on business area destination management.

Vail Resorts, a US listed company, operates 40 ski destinations in the USA, Canada and Australia; Among them are big names like Vail and Beaver Creek in Colorado and Whistler Mountain in Canada. The Andermatt-Sedron commitment is the first of its kind on European soil.

For 2022, Vail Resorts is targeting $2.5 billion in sales. For comparison: Andermatt-Sedrun recently reported sales of around CHF 25 million for the 2019/20 financial year.

high investment

Vail Resorts now wants to invest $149 million in its new Swiss destination. About 110 million will flow directly to ramp expansions, elevators, and snowmaking systems as well as to catering establishments.

Seller Andermatt Swiss Alps, which still owns a 40 percent stake in the ski area, intends to use the remaining 39 million in the valley for further infrastructure development and real estate projects.

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Andermatt (AWP)

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