Australia — A billionaire’s entertainment company is not confident in the country’s ski industry.
The country is dealing with another down winter, which is a bummer, especially since 2025 was a strong winter. Rainy conditions in recent weeks have closed ski resorts for the season, including Mt. Baw Baw and Selwyn Resort.
The Financial Review reports that EVT is looking to shed some of its assets, and Thredbo ski resort appears to be on the chopping block. EVT owns a variety of hospitality and entertainment assets in Australia, New Zealand, and Germany. Alan Rydge, an Australian billionaire, is the chairman of the company.
Rothschild & Co. is planning a strategic review of the company’s assets. EVT revealed that the value of the Thredbo Resort has dropped sharply, partly because it will need new lifts and snowmaking equipment. The ski resort’s value fell from A$292m to A$143m. In U.S. dollars, the value has decreased from roughly $209 million to $102 million. Ouch.
“Everything is on the table, said Jane Hastings, CEO of EVT.
However, this doesn’t mean the ski resort is burning cash. Fiscal year results for 2026 showed revenue up 10.6% and EBITDA up 13.7% compared to 2025. The big caveat, though, is that EVT expects slower growth in the upcoming fiscal year because of this awful, no-good, very-bad winter.
“We’ve had a very slow start to the 2026 winter season. However, the all-weather snow factory installed, providing the ability to make snow at 20 degrees, has been invaluable. This enabled us to open from opening weekend and have a viable product for the beginners’ market. Without it, we would not have been able to open,” said Hastings.
Who Would Buy It?
Vail Resorts is the name everyone brings up. However, their market saturation in a country where the snow hasn’t been plentiful makes me think they wouldn’t want to further invest in the industry. Regulatory concerns would also likely follow such a purchase. I do wonder if Alterra would be interested, as it would get them into a market they aren’t in yet. Their issue is the harsh winter the company just had, which resulted in layoffs. Ultimately, it wouldn’t surprise me if an Aussie bought it.
Alternatively, EVT could be taken over. The Australian reports that Blackstone, a U.S. investment management company, is considering buying the Australian firm. If the ski resort isn’t sold before then, then it would likely stick with Blackstone.
About Thredbo Resort
With the biggest vertical drop in Australia, Thredbo Resort is known for its varied terrain. According to Mountainwatch, the ski resort features 480 hectares (1,186 acres) of skiable terrain, 14 lifts, and a vertical drop of 672 meters (over 2,200 feet). In terms of its lifts, Thredbo has the only gondola at a ski resort in Australia. With the Karel’s T-Bar, it also had the highest lift point in the country before Perisher took the crown in 2025. The resort is well regarded, with the World Ski Awards naming it the country’s best ski resort for nine consecutive years. During the offseason, some of Thredbo’s activities include mountain biking, hiking trails, scenic lift rides, disc golf, and a mountain coaster.
Image/Video Credits: PeakRankings, Thredbo Resort
