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Why the Dealmaker Behind Vail Resorts Went Down Under to Expand His Skiing Empire

Illustration: Peter Diamond/Bloomberg Markets

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By Anthony Effinger

April 30, 2015 at 9:01 PM UTC

This article is for subscribers only.

When Rob Katz, CEO of Vail Resorts, bought Podunk ski areas outside of Detroit and Minneapolis in 2012, some people in the business thought he was nuts. They probably knew better than to underestimate him as he added another obscure bump in March: Australia’s Perisher, where much of the snow is man-made and half the lifts are T-bars, J-bars, and rope tows.

Katz, 48, has a plan. The former investment banker (Drexel Burnham Lambert) and buyout guy (Apollo Global Management) now has 11 resorts in his portfolio, including Park City and Heavenly. That’s up from five when Katz became Vail’s boss in 2006. What’s more, you can ski at all of them with a single-season Epic Pass that will cost $769 this year. It can be a very good deal: A single day at Vail Mountain is $159.