XML 41 R33.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Subsequent Event
6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Event

Note 24. Subsequent Events

Jasper Wildfires

On July 22, 2024, Jasper National Park was closed and evacuated due to wildfire activity, and a wildfire entered the Jasper townsite on July 24, 2024. The Municipality of Jasper reported that about 70% of the town, including homes, businesses, and hotels were untouched by fire. All of Pursuit’s hotels and attractions in the Jasper townsite, as well as our Pyramid Lake Lodge, Miette Mountain Cabins, and Maligne Lake Cruise were not reached by the wildfire and remain intact. Our known property losses have been limited to the Maligne Canyon Wilderness Kitchen, a restaurant and retail operation located about three miles outside the town of Jasper. The majority of the park, including the town of Jasper, remains closed as authorities continue work to control the fire and restore critical services to the Jasper townsite. Parks Canada communicated that they anticipate re-opening visitor services within Jasper National Park on September 3, 2024.

We are currently working with our insurance carriers to determine the extent of potential recoveries from our policies. Assessment of the full value of the loss is ongoing.

Jasper SkyTram

On June 26, 2024, we entered into an agreement to acquire the Jasper SkyTram attraction in Jasper National Park. All conditions precedent to the closing of the Jasper SkyTram acquisition have yet to be satisfied and have been delayed to an unknown extent by the Jasper wildfires as noted above.

FlyOver Canada Toronto

During July 2019, we executed a facility lease with the intent of building a new FlyOver attraction, FlyOver Canada Toronto, at the base of the CN Tower in Toronto’s Entertainment District. We did not have control of the underlying assets and accordingly, we did not record the lease liability or ROU asset on our Condensed Consolidated Balance Sheets. Effective August 6, 2024, this facility lease was terminated.