Alpine Resorts Victoria's annual report, tabled in the Victorian Parliament this month, has made it clear ARV's ability to continue as a going concern will be dependent upon it's ability to generate sufficient revenue from resort operations. Financial reports for the statutory authority which was established by the Victorian government in 2022 to operate resorts at Mt Buller, Mt Stirling, Falls Creek, Mt Hotham, Lake Mountain and Mount Baw Baw following the abolition of individual resort management boards, show an operating surplus of $13.182m (2024: $4.393m) and generated net cash flows from operating activities of $13.794m (2024: $5.123m) for the year ended 31 December 2025. Surplus and operating cash inflow is dependent on funding received from the Victorian government of $10.361m (2024: $13.083m) to support ARV to meet its operational funding requirements. This support is provided to ARV through a Letter of Comfort from the Victorian government which expires on 30 April 2027. A cash flow forecast prepared by ARV management for the period ending 31 December 2027, indicates ARV is expected to have sufficient funds to meet its expenditure commitments and pay its liabilities. It states, however, this is assuming it has ongoing funding support from DEECA as well as at least $4.3m from government for asset renewal, and also cautions that future revenue from resort operations is dependent on snow fall during the winter season and may be affected by other external factors beyond management's control. The annual report indicated ARV's total income of $80,832,000 comprised: - almost $9.7m from site rent and over $16m for service charges; - almost $23.4m from resort entry fees, almost $3.5m from recreational activities, and $1.9m from food, beverage and merchandise sales; - $20.2m from grant funding, almost $2.5m from property and over $1.5m from other income. ARV expenses totalled $73.293m, with the most significant costs being employee benefits of $27.663m, operating expenses of $17.702m and external service expenses of $15.210m. ARV chair, Ali Wastie, said the annual report demonstrates ARV had "moved beyond organisational establishment and into delivery" on key government priorities while positioning the sector for future growth. "Over the past year, we have completed every commitment outlined in the Minister's Letter of Expectations, developed a clear pathway to financial sustainability, advanced climate adaptation planning and strengthened relationships with Traditional Owners," she said. "These achievements provide a strong foundation for the future of Victoria's alpine resorts." Ms Wastie said the resorts generate more than $2 billion in economic value for Victoria and support thousands of regional jobs. "The work delivered in 2025 positions the sector to continue making that contribution while adapting to the challenges and opportunities that lie ahead,” she said. Ms Wastie said ARV's strategic achievements were complemented by solid visitation numbers across the resorts during the 2025 snow season of almost 900,000 visitors, representing a 36 per cent increase on the 10-year average. Major achievements delivered by ARV during 2025, included: • a pathway to financial sustainability report and ARV's first long-term financial plan; • achievement of all commitments outlined in the Minister's Letter of Expectations; • development of a 10-year Climate Change Adaptation Strategy for Victoria's six alpine resorts; • development of a Traditional Owner engagement and self-determination strategy; • completion of an all-resorts asset management strategy with resort specific asset plans; • development of integrated water management plans to strengthen long-term water security across resorts; • ARV's first all-resorts winter marketing campaign in partnership with Visit Victoria; and • operational commencement of the Mt Hotham Snow Play and Activity Hub. 2026 RESORT VISITATION: CLARIFICATION We wish to clarify some data used in our story titled "Light on snow but big on visitors" published in last week's Alpine Observer/Myrtleford Times. Alpine Resorts Victoria has emphasised visitor and visitor days statistical data for 2026 has been collected under different methodology to previous years and therefore the figures shouldn’t be used to determine a historical ranking such as the “second highest in a decade” based on comparison of the years. ARV says its new methodology for visitation statistics is more accurate, relying on permit sales data for day and multiday visitors; camera reads to identify visits by season permit holders; and vehicle occupancy numbers noted at the time of purchase.
