Thredbo Could Be Sold as EVT Puts Australia’s Premier Ski Resort “On the Table”

Australia’s ski industry woke up to a potentially seismic development today, August 24, 2026 after EVT Limited, the ASX-listed hospitality and entertainment company that owns Thredbo Alpine Resort, announced a sweeping strategic review that could ultimately result in the sale of the iconic ski resort. EVT has appointed Rothschild & Co to review its group structure and identified approximately AUD 800 million (USD 573 million) in non-core assets for potential sale, which could also include Thredbo.

“Everything is genuinely on the table,” EVT’s Chief Executive Officer Jane Hastings said during the conference call. Hastings shared  plans to divest approximately AUD $800 million (USD $573 million) of non-core property assets over the next three years, from a property portfolio valued at approximately AUD $2.25 billion (USD $1.61 billion). The company said the proceeds would support growth in its hotel business and potentially fund shareholder returns. Sitting inside that sprawling portfolio is one of Australia’s most important ski resorts.

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EVT Limited has owned Thredbo Alpine Resort for decades, making the resort an unusual component of a corporate empire better known for Rydges and QT hotels, Event Cinemas and other entertainment properties. The possibility of Thredbo changing hands is particularly notable because it is Australia’s largest and arguably most internationally recognizable ski resort, with some of the country’s longest ski runs and a significant year-round tourism operation. Thredbo has been voted Australia’s best ski resort for 10 years running at the World Ski Awards.

EVT’s results show that Thredbo is not simply a failing business being discarded. In the 2026 Fiscal Year, Thredbo’s normalized EBITDA actually increased 13.7%, while group revenue from the resort rose 10.6%. But the value EVT places on the asset has fallen dramatically. The company has reduced Thredbo’s value from approximately AUD $292 million (USD $209 million) to AUD $143 million (USD $102 million) following a difficult winter and the need for continued infrastructure investment.

Warm weather and a lack of natural snow left resorts fighting to build a viable early-season product. Thredbo was able to keep its beginner terrain operating thanks to a major new addition: an all-weather snowmaking system capable of producing snow at temperatures as high as 20°C (68°F). “We’ve had a very slow start to the 2026 winter season,” Hastings said during the earnings call. “However, the all-weather snow factory installed, providing the ability to make snow at 20°C, has been invaluable.”

Hastings remains bullish about the underlying demand for skiing in Australia and assures that the Australian ski industry was not affected by the cost of living crisis. “It’s never been an affordable option for Australians, a skiing holiday,” she said. “We don’t see shrinkage in the size of that market.” She also pointed to increased interest generated by the 2026 Winter Olympics, saying the event had created additional enthusiasm for skiing in Australia.

Thredbo’s 2026 season is currently scheduled to run through October 5, with the resort continuing to operate as conditions allow. 

So Who Would Buy Thredbo?

That’s the question now hanging over the Australian ski industry. A sale of Thredbo would potentially attract significant interest from major international ski operators and investment groups. The Australian has already reported that potential buyers could include Vail Resorts, as well as private-equity firms and other major tourism operators. Vail would be the obvious name for skiers. The company already owns Perisher, Mount Hotham and Falls Creek in Australia and operates the Epic Pass. A Thredbo acquisition would give Vail control of another of Australia’s most important ski destinations and create a remarkably dominant position in the country’s ski industry.

But that could also make a Vail acquisition complicated. Australia introduced a mandatory merger-control regime on January 1, 2026, giving the Australian Competition and Consumer Commission greater power to review acquisitions that could substantially lessen competition. Vail already operates the country’s largest collection of major ski resorts through Perisher, Hotham and Falls Creek. Adding Thredbo would fundamentally reshape the competitive landscape of Australian skiing. Whether the ACCC would view such a transaction as problematic would depend on how the market is defined and the specific structure of any deal. It is far too early to say that Vail could not buy Thredbo — but the regulatory question would certainly be an important one.

EVT Says Nothing Has Been Decided

For now, skiers shouldn’t interpret Monday’s announcement as a sale announcement. EVT has not said that Thredbo is being sold. Rather, the company has opened the door to a much broader examination of its corporate structure while simultaneously looking to sell hundreds of millions of dollars in non-core property.

Hotels are clearly the company’s preferred growth engine.

EVT said its hotel portfolio has expanded to 84 hotels and 12,603 rooms, with its broader Australia and New Zealand footprint reaching more than 100 hotels. Management wants to recycle capital toward that business rather than continue tying money up in assets it considers non-core.

That leaves Thredbo in an intriguing position. For the first time in years, Thredbo’s ownership is genuinely a question mark. And for Australian skiers, that makes Monday’s otherwise corporate earnings announcement one of the most consequential developments in the ski industry in years. Nothing has been decided — but it looks like Thredbo is officially on the table.