PHOENIX--(BUSINESS WIRE)--Viad Corp (NYSE: VVI) announced today plans for two exciting new attractions that will continue to add scale to its high-margin Pursuit business, a new geothermal lagoon in Iceland and new FlyOver experience in Toronto.
Steve Moster, Viad's president and chief executive officer, said, "We continue to accelerate Pursuit’s growth through our Refresh, Build, Buy initiatives. FlyOver Canada Toronto will be our fourth location for this high-margin growth platform.”
Through a competitive bid process undertaken by Canada Lands Company Limited, a federal Crown corporation that specializes in real estate, development and attractions management, Pursuit has entered into a land lease to construct the new FlyOver Canada attraction near the base of Canada’s famed CN Tower. Subject to standard City of Toronto approvals, construction is expected to commence in 2020, with an expected opening in 2022.
Moster added, “We are also very excited to expand our iconic locations platform with the addition of a new geothermal lagoon attraction in Iceland. With a scenic oceanfront location, and close proximity to downtown Reykjavik, this lagoon will offer guests a convenient, world-class experience that connects them to an iconic place known for its natural beauty and geothermal resources.”
Pursuit will operate the geothermal lagoon in partnership with Geothermal Lagoon ehf, the Icelandic entity that owns the lagoon assets. The experience is currently in development and is expected to open in 2021.
David Barry, president of Pursuit, said, “We take great pride in our expertise operating world-class attractions and hospitality assets, and we are honored to have been chosen by Canada Lands and Geothermal Lagoon to bring two new attractions to market. We have now completed five transactions this year that will accelerate our growth, reflecting our commitment to refreshing, improving, and expanding our global collection of iconic, unforgettable and inspiring experiences.”
Viad (NYSE: VVI) generates revenue and shareholder value through two businesses: GES and Pursuit. GES is a global, full-service live events company offering a comprehensive range of services to the world's leading brands and event organizers. Pursuit is a collection of inspiring and unforgettable travel experiences in Alaska, Montana, the Canadian Rockies, Vancouver, Reykjavik (opening in Summer 2019), Las Vegas (opening in 2021) and Toronto (opening in 2022) that includes attractions, lodges and hotels, and sightseeing tours that connect guests with iconic places. Viad is an S&P SmallCap 600 company. For more information, visit www.viad.com. For more information about Pursuit’s collection of experiences, visit www.pursuitcollection.com.
This press release contains a number of forward-looking statements. Words, and variations of words, such as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify our forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. These forward-looking statements are not historical facts and are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements.
Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to, the following:
- our ability to successfully integrate and achieve established financial and strategic goals from acquisitions;
- fluctuations in general economic conditions;
- our dependence on large exhibition event clients;
- the importance of key members of our account teams to our business relationships;
- the competitive nature of the industries in which we operate;
- travel industry disruptions;
- unanticipated delays and cost overruns of our capital projects, and our ability to achieve established financial and strategic goals of such projects;
- seasonality of our businesses;
- transportation disruptions and increases in transportation costs;
- natural disasters and other catastrophic events;
- the impact of recent U.S. tax legislation;
- our multi-employer pension plan funding obligations;
- our exposure to labor cost increases and work stoppages related to unionized employees;
- liabilities relating to prior and discontinued operations;
- adverse effects of show rotation on our periodic results and operating margins;
- our exposure to currency exchange rate fluctuations; our exposure to cybersecurity attacks and threats;
- compliance with laws governing the storage, collection, handling, and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data;
- the effects of the United Kingdom’s exit from the European Union; and
- the effects of changes in the U.S. trade policy.
For a more complete discussion of the risks and uncertainties that may affect our business or financial results, please see Item 1A, “Risk Factors,” of our most recent annual report on Form 10-K filed with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release except as required by applicable law or regulation.