"They were keen to talk to us. We said no," he said.

"To get 10 times [earnings] for a ski resort ... is incredible. They've got a view on the future of the industry."

For Vail Resorts, which purchased Perisher in 2015 from James Packer and his joint venture partners, Luca and Guido Belgiorno-Nettis, for $176.6 million, adding the 450-hectare Falls Creek and the 320-hectare Mount Hotham brings two more resorts as well as their pool of regular skiers into the company's worldwide Epic Pass network, which allows holders unlimited access to its resorts.

But the move may be a mixed blessing for locals. After Canada's Whistler Blackcomb resort, which Vail Resorts purchased for $1.3 billion, was added to the network this year, Canadian skiers complained that the move favoured high-spending jetset skiers over locals and the pass priced in US dollars pushed up costs for people paying in the weaker Canadian currency.

Falls Creek is Victoria's largest ski field. Falls Creek Resort

Chinese skiers push demand

A Vail Resorts spokeswoman, Johnna Muscente, declined to comment on the deal.

"We do not comment on or speculate about acquisition rumours," she said.


Merlin, which also operates attractions including the Sea Life aquariums in Sydney, Melbourne and Sunshine Coast and Madame Tussauds in Sydney, likewise declined to comment.

"We don't comment on rumour or speculation," spokeswoman Rachel Anker said.

China is creating much of the demand for the ski industry to boost its scale. The number of Chinese skiers rose 16 per cent to 17.5 million last year from 15.1 million in 2016, figures from sports industry website ISPO.com show.

The country, which will host the 2022 Winter Olympics, is promoting skiing and seeks to position itself as a global destination.

China has built 646 resorts in the past two decades and is targeting 1000 by the time the Olympics begin in February 2022, the ABC reported in February.

Alpine property values have been recovering in recent years from their post-GFC slump. That, plus the growing Chinese market is clearing the skies above the industry.

"Ski resorts are now a lot more bankable than they used to be," Mr Grollo said.