"Endless Winter Snow"

7.16.2008

Event
Cardrona Games 2008 - New Zealand

Freestyle skiing, snowboarding, motorbikes (FMX) and snowmobiling mixed with live music and top athletes make up the Relentless Cardrona Games, held on Thursday 17 and Friday 18 July

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RESORT UPDATES

photo: Yu Long Snow Mountain China

Yabuli , Sun Mountain China
Melco China Resorts (Holding) Limited "Melco China Resorts" or the "Company"), is pleased to announce that it has acquired in aggregate an additional 144.6 hectares of land at its flagship Sun Mountain Yabuli Ski Resort project in Heilongjiang Province, China, by way of acquiring a 100 percent equity interest in a domestic company. Taking into account a government subsidy of RMB 102 million for the Yabuli project, the net cash out from the Company is RMB 55 million ($8 million). The significant addition to the Company's land bank has enabled Melco China Resorts to also obtain a RMB 120 million ($18 million) loan from the Harbin Bank. The loan carries a 7.47 percent interest rate and is secured by a portion of the Company's land bank. The additional land and funding, combined with the proceeds of the Company's recent $72 million equity financing, will allow Melco China Resorts to expand its development plans at Yabuli.
Sun Mountain Yabuli resort is the core focus of Melco China Resorts immediate development plan with three premium hotels, including a luxurious 24 all-suite boutique mountaintop hotel, luxury homes, and unique year-round facilities and attractions currently under construction. Located approximately two and a half hours south east of the city of Harbin, Yabuli is China's most recognized destination ski resort and will host the World Winter University Games in early 2009.
"This transaction increases our total land holdings for development by 191 percent from 75.7 hectares to 220.3 hectares and provides for additional development opportunities in key areas of the resort including the resort village, existing train station, and residential village," commented Graham Kwan, CEO of Melco China Resorts. "Beyond the potential to add hotels and entertainment attractions, the land acquisition dramatically expands the potential scale of our residential component. Our initial plan called for development density of 3,200 units, with initial sales expected to begin this July. The optioned land will allow us to increase that number by up to 2,800 additional units subject to master planning, unit layout and approvals."
According to the China Ski Association, the total number of ski visits in China increased at a CAGR of 109 percent to more than 4 million between 1999 and 2004. The number is expected to increase to 10 million by 2010. Capturing this tremendous opportunity, Melco China Resorts, the largest ski operator in China, is transforming five existing ski areas, four in the northeastern provinces of Heilongjiang and Jilin, and one near China's capital city, Beijing, into unique, year-round luxury mountain resorts. Melco China Resorts has plans to secure additional areas and develop further resorts in the coming years. The result will be China's premier network of year-round village centered, destination mountain resorts.

About Melco China Resorts
Melco China Resorts is China's single largest ski resort developer and operator with five premier destination resort properties. The portfolio includes Sun Mountain Yabuli, host for the 2009 World University Games; Sky Mountain Beidahu, host of the 2007 Asian Winter Games; The Lotus Mountain Club, to be developed as an ultra-exclusive and private mountain resort club; Adventure Mountain Changchun, an experiential mountain adventure centre retreat; and Star Mountain Beijing, the Company's' first ski area in the major Beijing market and home to Melco China Resorts ski school headquarters, The Perfect Turn. Melco China Resorts is committed to developing the five properties and transforming them into world-class, four seasons luxury mountain resorts with excellent real estate investment opportunities for discerning buyers. Melco China Resorts' leadership team boasts a proven record of resort development success both internationally and in China. Whiteface New York
Whiteface will enter a new frontier in 2008-09. Known as Lookout Mountain, Whiteface will open an expert run and triple chair to the east of the Slides. In addition, snowmaking will be brought to this new area.
When completed beyond 2008-09, Lookout Mountain will have three expert runs, one long intermediate trail, snowmaking, triple chair, and more glades. It will drop 2,200 vertical feet, more than some resorts in the east.
The intermediate trail will enable skiers and riders to connect to Kids Kampus and the main lodge. Guests will be able to access the chair lift from the beginning of the flats on Easy Street.

Batawa Ski Hill, Ontario
Batawa Ski Hill is quickly moving from a small unknown Ontario ski hill whose racers tear up the slopes in competition across Ontario, to a ski area that can now rival most in Ontario for quality ski terrain and skier satisfaction. Over the past two seasons Batawa Ski Hill has invested heavily in the facility’s aging infrastructure and it’s been paying off. “We’ve doubled previous average skier visits, “days open” and seen great increases in ski and snowboard lessons in the past two seasons,” said Steve Spiessman, ski area general manager. “We anticipate an even larger increase in volume this year as a result of the chairlift installation.”
The new quad Chairlift, with padded seating for 4, will take guests up the hill with ease and comfort. “Two luxuries we never had before,” Spiessman explains. “The new chairlift will make skiing and snowboarding easier for people of all ability levels. It will make us much more inviting to schools and give people in the Quinte region one less reason to drive an hour or more to take their family skiing. Everything they need is right here in their own back yard.” The Chairlift will initially transport 1800 people per hour up hill, and can easily be upgraded to 2400 people per hour with the addition of 6 more chairs. With an uphill travel time of 1.5 minutes, skiers and snowboarders will get more runs in less time than ever before. The T-Bars will remain in place for special events or high volume holidays and weekends, giving Batawa Ski Hill a total uphill capacity of over 3800 people per hour.

Summit at Snoqualmie - Washington
The Summit at Snoqualmie has received the green light from the United States Forest Service to begin the installation of a new high-speed quad chairlift, named Silver Fir Express. Located just East of The Summit’s Central Base Area, the new Silver Fir Express will replace the current Silver Fir triple chair, originally installed in 1988. Construction is expected to be completed in November, 2008, meaning the chair will be open to the public in time for the start of the 2008-2009 winter season.

Work is beginning this week on disassembly of the current Silver Fir triple chairlift. The project, costing an estimated $4.5 million, will continue throughout the summer and fall and involve the use of a helicopter to install the new chairlift towers. The process will be documented through photos and video on The Summit’s website.

While this new lift will serve the same terrain as the existing chair, ride times and lift capacities will be dramatically improved. The length of ride time will shorten from its current 10-plus minute ride to just over four minutes. Lift capacity will increase to 2400 skiers per hour.

“We are very excited to break ground on this highly-anticipated improvement project. Silver Fir serves as a means of access to many of our gladed trails and allows for easy connectivity between two of our base areas – Summits Central and East,” said Dan Brewster, general manager for The Summit. “This improvement marks the start of an exciting new phase at The Summit.” Several other summer improvement projects are currently underway at The Summit. For a full list, visit: www.summitatsnoqualmie.com/

The Summit at Snoqualmie, operated by Boyne Resorts, is a proud partner of the USFS offering equal opportunity recreation. Boyne Resorts is the largest family owned four-season resort company in North America; founded by Everett Kircher in 1947. In addition to The Summit, Boyne Resorts owns and/or operates award-winning mountain and golf resorts and attractions throughout the United States and Canada including Cypress Mountain near Vancouver, British Columbia, the Official Freestyle Skiing and Snowboard Venue for the 2010 Olympic Winter Games, Big Sky Resort in Montana, Boyne Mountain, Boyne Highlands, The Inn at Bay Harbor - A Renaissance Golf Resort and Avalanche Bay Indoor Waterpark in Michigan, Brighton in Utah, Crystal Mountain in Washington, Loon Mountain in New Hampshire, Sugarloaf and Sunday River Resort in Maine and Gatlinburg Sky Lift in Tennessee. For more information on Boyne Resorts, please visit www.boyneresorts.com.

Sun Valley -Idaho

Construction for Bald Mountain’s Gondola will begin in September.
Originating at the base of River Run and climbing to the Top Terminal Plaza at the Roundhouse, the gondola project will encompass the two terminals, new restrooms and new access to The Roundhouse Restaurant.
www.sunvalley.com

Außerfern - Austria

In the Tyrolean resort of Außerfern, Doppelmayr built the Almkopfbahn, a combined lift consisting of 6-seater chairs and 8-seater gondolas. The parking facility is equipped with an automatic carrier sorting system.

On the edge of Tyrol’s Zugspitz Arena lies the Berwangertal ski network1 with 13 lifts and 40 kilometers of ski trails, including 12 kilometers equipped with snow-making equipment. The ski area starts right on the B179 “Fernpass” federal road and is also easily reached by rail. – Bichlbach rail station is immediately next to the bottom station of the combined lift (altitude 1,075 m). The lift proved to be a great success in the last winter season. Older skiers who attach particular importance to comfort, as well as ski instructors with groups of children, preferred the gondolas, while the more athletic skiers chose the chairs. Chairs with bubbles and gondolas are employed in a ratio of 2:1.

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The Canyons - Utah
Includes 17 Ski Lifts, the Grand Summit Hotel, Sundial Lodge and 18 Hole Championship Golf Course
PARK CITY, Utah - - American Skiing Company announced that it had entered into a definitive agreement to sell its subsidiary ASC Utah, Inc., the owner and operator of The Canyons resort, located near Park City, Utah, to Talisker Canyons Finance Co. LLC, an affiliate of Talisker Corporation, for $100.0 million in cash. The purchase price is subject to various adjustments, as outlined in the purchase agreement. The transaction is not expected to result in any change in the status of currently pending litigation between The Canyons and Wolf Mountain (a landlord at The Canyons). The announced sale represents the planned disposition of the last major resort asset of American Skiing Company. “This sale will complete a necessary step for American Skiing Company to wind down its affairs,” said ASC President and CEO B.J. Fair. “We at ASC and The Canyons have worked tirelessly to position the resort for success in the years to come. I am very proud of what we have accomplished, and look forward to the energy and vision that I expect Talisker to bring to the resort and community,” added Fair.

The Canyons is Utah’s largest winter resort. Its 3,700 skiable acres (fourth largest in the nation) are serviced by 17 lifts spread across eight mountain peaks. The AAA Four Diamond Grand Summit Hotel, Sundial Lodge and numerous other lodging, dining and retail options are located at the base of the resort. An 18-hole championship golf course and numerous resort amenities are expected additions to the resort in the coming years.
Talisker is a private real estate development and investment company in the resort development, residential, retail and commercial sectors operating in Canada, the United States, and Europe.
Talisker has significant assets in Park City where it has been developing resort real estate since 2000. In 2003 it added to its portfolio in Park City by acquiring United Park City Mines, a NYSE listed company.

For more information on the company’s developments in Park City go to www.taliskerclub.com.

Crested Butte - Colorado
More Teocalli bowl Mountain Terrain
On-mountain improvements will include expanded terrain off the Headwall lift into the Teocalli bowl area in what is known as Teo-2 and Teo-2.5 which will add additional expert terrain to the mix. Summer on-mountain improvements will include a new stage and concert venue at the base of the mountain next to the Red Lady Lift. Four new bike trails will be cut and opened, a new mountain bike downhill course will take shape, a new duel slalom course by the Peachtree Lift and a bike rhythm section will be constructed at the base area. CBMR’s commitment to providing world class terrain park and pipe facilities continues with the addition of new and expanded features in the DC Terrain Park and the addition of a completely new intermediate terrain park