Thredbo’s woes: Is a ski resort without snow like a pub with no beer?

For sale: large Australian ski resort with unreliable snow. All offers considered.

It is more than 10 years since James Packer saw the writing on the wall – or at least the patches of grass popping up from the snow on the ski fields of Kosciuszko’s Perisher resort – and offloaded the resort to US-based ski resort giant Vail.

Skiing was long considered a rich person’s sport and there was historically a vanity aspect to ownership of both Australia’s major alpine resorts, Thredbo and Perisher. But global warming has melted their appeal.

After an underwhelming season at what is arguably Australia’s premier ski resort, Thredbo, the hotel group controlled by the billionaire Rydges family, EVT, is weighing the possibility of offloading it.

It is one of a laundry list of assets the company is considering for sale. Finding a buyer and getting a reasonable price will determine that outcome.

On Tuesday, EVT wrote down the value of Thredbo from $292 million to $143 million to reflect the declining, or at least unreliable, performance of the resort.

Surely, it must also give a nod to the rise of the Japanese ski resorts as worthy competitors – some of which have been likened to winter Bali for Australian tourists.

Package deals for Japan skiing, even after airfares, are now priced comparably to a week’s skiing in Australia, which is notoriously expensive for accommodation and lift tickets.

Climate is of course the culprit and has been for 70 years, according to a report from the CSIRO, which speaks to the variability and long-term deterioration in the falls and depth of snow at three sites in the Snowy Mountains.

CSIRO’s research shows that over the Alps in south-eastern Australia, the annual average temperature has risen by about 1.4 degrees Celsius, or about 0.2 degrees per decade, since 1950. Average annual precipitation has decreased by about 140 millimetres (20 millimetres per decade). The decrease in rainfall means less snowfall, and the warming means more snowmelt.

Thredbo and Perisher resorts are reportedly experiencing the third-lowest snow levels since records began in 1954, and a couple of smaller resorts have already called it quits on this year’s season – a few weeks shy of the usual close.

As of Monday, August 24, Thredbo had just 19 of 53 slopes open. Perisher had 39 of its 100-plus runs open.

Last year’s season was strong, but resort owner EVT has flagged that Thredbo’s earnings this financial year (covering the 2026 winter season) will fall, largely because snowfall had been so patchy.

The write-down of the value of the resort reflects the ongoing variability in conditions and possibly the investment needed in artificial snow-making machines to ensure that the lower slopes are skiable.