Peak Resorts (SKIS) 10-K 27 Jul 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Apr. 30, 2015	Jun. 30, 2015	Oct. 31, 2014
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Apr. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	Peak Resorts Inc
Entity Central Index Key	1,517,401
Current Fiscal Year End Date	--04-30
Entity Filer Category	Non-accelerated Filer
Trading Symbol	skis
Entity Public Float			$ 0
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		13,982,400

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Revenues:
Resort revenues	$ 104,858	$ 105,205	$ 99,688
Costs and Expenses:
Resort operating expenses	72,670	73,942	68,091
Depreciation and amortization	9,450	9,155	8,850
General and administrative expenses	4,088	3,240	2,529
Land and building rent	1,440	1,464	1,428
Real estate and other taxes	1,828	1,651	1,817
Settlement of lawsuit		700
Costs and expenses, total	89,476	$ 90,152	82,715
Other Operating Income-gain on settlement of lawsuit	2,100
Income from Operations	17,482	$ 15,053	16,973
Other Income (expense):
Interest, net of interest capitalized of $488, $344 and $3,680 in 2015, 2014 and 2013, respectively	(15,458)	(17,359)	(12,785)
Defeasance fee paid with debt restructure	(5,000)
Gain on sale/leaseback	333	333	333
Investment income	11	11	9
Nonoperating income (expense), total	(20,114)	(17,015)	(12,443)
Income (Loss) before income tax expense (benefit)	(2,632)	(1,962)	4,530
Income tax expense (benefit)	(778)	(461)	1,823
Net Income (Loss)	$ (1,854)	$ (1,501)	$ 2,707
Basic and diluted earnings (loss) per share	$ (0.22)	$ (0.38)	$ 0.68
Cash dividends declared per common share	$ 0.2466

Consolidated Statements of Inc3

Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Statement of Financial Position [Abstract]
Interest capitalized	$ 488	$ 344	$ 3,680

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2015	Apr. 30, 2014
Current assets
Cash and cash equivalents	$ 16,849	$ 13,186
Restricted cash balances	37,519	13,063
Accounts receivable	1,639	396
Inventory	1,583	1,541
Deferred income taxes	970	875
Prepaid expenses and deposits	1,930	1,433
Assets, current, total	60,490	30,494
Property and equipment-net	143,944	136,696
Land held for development	35,780	36,877
Other assets	1,326	2,470
Total assets	241,540	206,537
Current liabilities
Accounts payable and accrued expenses	8,218	5,050
Accrued salaries, wages and related taxes and benefits	927	886
Unearned revenue	8,606	7,458
EB-5 investor funds in escrow	30,002
Current portion of deferred gain on sale/leaseback	333	333
Current portion of long-term debt and capitalized lease obligation	999	984
Liabilities, current, total	49,085	14,711
Long-term debt	97,569	173,973
Capitalized lease obligation	1,494	191
Deferred gain on sale/leaseback	3,511	3,844
Deferred income taxes	8,831	9,682
Other liabilities	$ 612	$ 648
Commitments and contingencies
Stockholders' Equity
Common stock, $.01 par value, 20,000,000 shares authorized, 13,982,400 and 3,982,400 shares issued in 2015 and 2014, respectively	$ 140	$ 40
Additional paid-in capital	82,538	385
Retained earnings (deficit)	(2,240)	3,063
Total stockholders' equity	80,438	3,488
Total liabilities and stockholders' equity	$ 241,540	$ 206,537

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 30, 2015	Apr. 30, 2014
Statement of Financial Position [Abstract]
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares, issued	13,982,400	3,982,400

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Cash Flows from Operating Activities
Net income (loss)	$ (1,854)	$ (1,501)	$ 2,707
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Deferred income tax	(946)	(511)	1,743
Depreciation and amortization of property and equipment	9,450	9,155	8,850
Amortization and write-off of deferred financing costs	141	52	52
Amortization of other liabilities	(36)	(36)	(36)
Gain on sale/leaseback	(333)	(333)	(333)
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(1,243)	(30)	981
Inventory	(42)	(85)	607
Prepaid expenses and deposits	(497)	(550)	(609)
Other assets	(202)	(76)	(285)
Accounts payable and accrued expenses	1,245	1,331	308
Accrued salaries, wages and related taxes and benefits	41	(188)	(33)
Unearned revenue	1,148	2,534	173
Net cash used in operating activities	6,872	9,762	14,125
Cash flows from Investing Activities
Additions to property and equipment	(12,116)	(6,281)	(2,154)
Additions to land held for development	(109)	(97)	(3,850)
Change in restricted cash	(24,456)	(923)	(1,105)
Net cash used in investing activities	(36,681)	(7,301)	(7,109)
Cash flows from Financing Activities
Payments on long-term debt and capitalized lease obligation	(77,058)	(1,167)	(1,128)
Additions to EB-5 investor funds held in escrow	30,002
Net proceeds from issuance of common stock	82,253
Payment of deferred financing costs	(198)
Distributions to stockholders	(1,527)	(79)	(96)
Net cash provided by (used in) financing activities	33,472	(1,246)	(1,224)
Net Increase in Cash and Cash Equivalents	3,663	1,215	5,792
Cash and Cash Equivalents, beginning of year	13,186	11,971	6,179
Cash and Cash Equivalents, end of year	16,849	13,186	11,971
Supplemental Schedule of Cash Flow Information
Cash paid for interest, including $488, $344 and $3,680 capitalized in 2015, 2014 and 2013, respectively	15,810	16,952	12,733
Supplemental Disclosure of Noncash Investing and Financing Activites
Capital lease agreements to acquire equipment	$ 2,028	144	795
Acquisition of equipment with long-term borrowings		3,603	9,402
Land held for development financed with long-term borrowings		$ 1,000
Acquisition of Sycamore Lake, Inc. (Alpine Valley Ski Area) financed with long-term borrowings			$ 2,550

Consolidated Statements of Cas7

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Statement of Cash Flows [Abstract]
Interest capitalized	$ 488	$ 344	$ 3,680

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance at Apr. 30, 2012	$ 40	$ 385	$ 1,857	$ 2,282
Beginning balance, shares at Apr. 30, 2012	3,982,400
Net income (loss)			2,707	2,707
Ending balance at Apr. 30, 2013	$ 40	385	4,564	4,989
Ending balance, shares at Apr. 30, 2013	3,982,400
Net income (loss)			(1,501)	(1,501)
Ending balance at Apr. 30, 2014	$ 40	385	3,063	3,488
Ending balance, shares at Apr. 30, 2014	3,982,400
Issuance of common stock, net of issuance costs	$ 100	82,153		82,253
Issuance of common stock, net of issuance cost, shares	10,000,000
Net income (loss)			(1,854)	(1,854)
Dividends declared			(3,449)	(3,449)
Ending balance at Apr. 30, 2015	$ 140	$ 82,538	$ (2,240)	$ 80,438
Ending balance, shares at Apr. 30, 2015	13,982,400

Nature of Business and Signific

Nature of Business and Significant Accounting Policies	12 Months Ended
	Apr. 30, 2015
Nature of Business and Significant Accounting Policies [Abstract]
Nature of Business and Significant Accounting Policies

Property and Equipment

Property and Equipment	12 Months Ended
	Apr. 30, 2015
Property and Equipment [Abstract]
Property and Equipment	Note 2. Property and Equipment Property and equipment consists of the following at April 30, 2015 and 2014 (dollars in thousands) : 2015 2014 Land and improvements $ $ Buildings and improvements Equipment, furniture and fixtures Less: accumulated depreciation and amortization $ $ At April 30, 2015 and 2014, equipment with a cost of $2,804 and $4,207 , respectively, and accumulated depreciation of $425 and $2,593 , respectively, was subject to the capital leases discussed in Note 10. Depreciation expense for the years ended April 30, 2015 2014 and 2013 totaled $9,450 , $9,155 and $8,850 , respectively.

Other Assets

Other Assets	12 Months Ended
	Apr. 30, 2015
Other Assets [Abstract]
Other Assets	Note 3. Other Assets The components of other assets at April 30, 2015 and 2014 are as follows (dollars in thousands) : 2015 2014 Goodwill $ $ Deferred development costs Other $ $

Long-term Debt

Long-term Debt	12 Months Ended
	Apr. 30, 2015
Long-term Debt [Abstract]
Long-term Debt	Note 4. Long ‑term Debt Long-term debt consisted of borrowings pursuant to the loans and other credit facilities discussed below, as follows (dollars in thousands) : April 30, 2015 April 30, 2014 Attitash/Mount Snow Debt; payable in monthly interest only payments at an increasing interest rate (10.93% at April 30, 2015 and 2014); remaining principal and interest due on December 1, 2034 $ $ Credit Facility Debt; payable in monthly interest only payments at an increasing interest rate (10.13% at April 30, 2015 and 9.98% at April 30, 2014); remaining principal and interest due on December 1, 2034 Mount Snow Development Debt (interest at 10.00% at April 30, 2014 ). Paid in full in December 2014. - Crotched Mountain Debt (interest at 10.27% at April 30, 2014). Paid in full December 2014. - Sycamore Lake (Alpine Valley) Debt; payable in monthly interest only payments at an increasing interest rate (10.40% at April 30, 2015 and 10.20% at April 30, 2014 ); remaining principal and interest due on December 1, 2034 Wildcat Mountain Debt; payable in monthly installments of $27 , including interest at a rate of 4.00% , with remaining principal and interest due on December 22, 2020 Other debt Less unamortized debt issuance costs Less: current maturities $ $ On November 10, 2014, in connection with the Company’s initial public offering, the Company entered into a Restructure Agreement (the “Restructure Agreement”) with certain affiliates of EPR Properties (“EPR”), the Company’s primary lender, providing for the (i) prepayment of approximately $75.8 million of formerly non-prepayable debt secured by the Crotched Mountain, Attitash, Paoli Peaks, Hidden Valley and Snow Creek resorts and (ii) retirement of one of the notes associated with the future development of Mount Snow (the “Debt Restructure”). On December 1, 2014, the Company entered into various agreements in order to effectuate the Debt Restructure, as more fully described in the Company’s Current Report on Form 8-K filed with the SEC on December 5, 2014. Pursuant to the Debt Restructure, the Company paid a defeasance fee of $5.0 million to EPR in addition to the consideration described below. In exchange for the prepayment right, the Company granted EPR a purchase option on the Boston Mills, Brandywine, Jack Frost, Big Boulder and Alpine Valley properties, subject to certain conditions. If EPR exercises a purchase option, EPR will enter into an agreement with the Company for the lease of each such acquired property for an initial term of 20 years, plus options to extend the lease for two additional periods of ten years each. All previously existing option agreements between the Company and EPR were terminated. Over the years, the Company has depreciated the book value of these properties pursuant to applicable accounting rules, and as such, it has a low basis in the properties. As a result, the Company will realize significant gains on the sale of the properties to EPR if the option is exercised. The Company will be required to pay capital gains tax on the difference between the purchase price of the properties and the tax basis in the properties, which is expected to be a substantial cost. To date, EPR has not exercised the option. Additionally, the Company agreed to extend the maturity dates on all non-prepayable notes and mortgages secured by the Mount Snow, Boston Mills, Brandywine, Jack Frost, Big Boulder and Alpine Valley properties remaining after the Debt Restructure by seven years to December 1, 2034, and to extend the lease for the Mad River property, previously terminating in 2026, until December 31, 2034. The Company also granted EPR a right of first refusal to provide all or a portion of the financing associated with any purchase, ground lease, sale/leaseback, management or financing transaction contemplated by the Company with respect to any new or existing ski resort property for a period of seven years or until financing provided by EPR for such transactions equals or exceeds $250 million in the aggregate. Proposed financings from certain types of institutional lenders providing a loan to value ratio of less than 60% (as relates to the applicable property being financed) are excluded from the right of first refusal. The Company granted EPR a separate right of first refusal in the event that the Company wishes to sell, transfer, convey or otherwise dispose of any or all of the Attitash ski resort for seven years. The Attitash right excludes the financing or mortgaging of Attitash. In connection with the Debt Restructure, the Company entered into a Master Credit and Security Agreement with EPR (the “Master Credit Agreement”) governing the restructured debt with EPR. Pursuant to the Master Credit Agreement, EPR agreed to maintain the following loans to the Company following the prepayment of certain outstanding debt with proceeds from the Company’s initial public offering: (i) a term loan in the amount of approximately $51.1 million to the Company and its subsidiary Mount Snow, Ltd., (included in the table above as the “Attitash/Mount Snow Debt”); (ii) a term loan in the amount of approximately $23.3 million to the Company and its subsidiaries Brandywine Ski Resort, Inc. and Boston Mills Ski Resort, Inc. (the “Boston Mills/Brandywine Debt”); (iii) a term loan in the amount of approximately $14.3 million to the Company and its subsidiary JFBB Ski Areas, Inc. (the “JFBB Debt” and together with the Boston Mills/Brandywine Debt, included in the table above as the “Credit Facility Debt”); and (iv) a term loan in the amount of approximately $4.6 million to the Company and its subsidiary Sycamore Lake, Inc. (included in the table above as the “Sycamore Lake (Alpine Valley) Debt”). Interest will be charged at a rate of (i) 10.13% per annum as to each of the Boston Mills/Brandywine Debt and JFBB Debt; (ii) 10.40% per annum as to the Sycamore Lake (Alpine Valley) Debt; and (iii) 10.93% per annum pursuant to the Attitash/Mount Snow Debt. Each of the notes governing the restructured debt provides that interest will increase each year by the lesser of three times the percentage increase in the Consumer Price Index ("CPI") or a factor of 1.015 (the "Capped CPI Index"). Past due amounts will be charged a higher interest rate and be subject to late charges. The Master Credit Agreement further provides that in addition to interest payments, the Company must pay the following with respect to all restructured debt other than the Attitash/Mount Snow Debt: an additional annual payment equal to 10% of the gross receipts attributable to the properties serving as collateral of the restructured debt (other than Mount Snow) for such year in excess of an amount equal to the quotient obtained by dividing (i) the annual interest payments payable pursuant to the notes governing the restructured debt (other than with respect to the Attitash/Mount Snow Debt) for the immediately preceding year by (ii) 10%. The Company must pay the following with respect to the Attitash/Mount Snow Debt: an additional annual payment equal to 12% of the gross receipts generated at Mount Snow for such year in excess of an amount equal to the quotient obtained by dividing (i) the annual interest payments payable under the note governing the Attitash/Mount Snow Debt for the immediately preceding year by (ii) 12%. No additional interest payments were due for the year s ended April 30, 2015 and 2014. The Master Credit Agreement includes restrictions on certain transactions, including mergers, acquisitions, leases, asset sales, loans to third parties, and the incurrence of certain additional debt and liens. Financial covenants set forth in the Master Credit Agreement consist of a maximum leverage ratio (as defined in the Master Credit Agreement) of 65% , above which the Company and certain of its subsidiaries are prohibited from incurring additional indebtedness, and a consolidated fixed charge coverage ratio (as defined in the Master Credit Agreement) covenant, which (i) requires the Company to increase the balance of its debt service reserve account if the Company’s consolidated fixed charge coverage ratio falls below 1.50 :1.00 and (ii) prohibits the Company from paying dividends if the ratio is below 1.25 :1.00. The payment of dividends is also prohibited during default situations. Under the terms of the Master Credit Agreement, the occurrence of a change of control is an event of default. A change of control will be deemed to occur if (i) within two years after the effective date of the Master Credit Agreement, the Company’s named executive officers (Messrs. Timothy Boyd, Stephen Mueller and Richard Deutsch) cease to beneficially own and control less than 50% of the amount of the Company’s outstanding voting stock that they own as of the effective date of the Master Credit Agreement, or (ii) the Company ceases to beneficially own and control less than all of the outstanding shares of voting stock of those subsidiaries which are borrowers under the Master Credit Agreement. Other events of default include, but are not limited to, a default on other indebtedness of the Company or its subsidiaries. None of the restructured debt may be prepaid without the consent of EPR. Upon an event of default, as defined in the Debt Restructure Agreements, EPR may, among other things, declare all unpaid principal and interest due and payable. Each of the notes governing the restructured debt mature s on December 1, 2034. As a condition to the Debt Restructure, the Company entered into the Master Cross Default Agreement with EPR (the “Master Cross Default Agreement”). The Master Cross Default Agreement provides that any event of default under existing or future loan or lien agreements between the Company or its affiliates and EPR, and any event of default under the Lease Amendment, shall automatically constitute an event of default under each of such loan and lien agreements and Lease Amendment, upon which EPR will be entitled to all of the remedies provided under such agreements and Lease Amendment in the case of an event of default. Also in connection with the Debt Restructure, the Company and EPR entered into the Guaranty Agreement (the “Guaranty Agreement”). The Guaranty Agreement obligates the Company and its subsidiaries as guarantors of all debt evidenced by the Debt Restructure Agreements. The table below illustrates the potential interest rates applicable to the Company’s fluctuating interest rate debt for each of the next five years, assuming an effective rate increase by the Capped CPI Index: Attitash/Mount Snow Debt Credit Facility Debt Sycamore Lake/(Alpine Valley) Debt 2015 (1) 2016 2017 2018 2019 (1) For 2015, the dates of the rates presented are as follows: (i) April 1, 2015 for the Attitash/Mount Snow Debt; (ii) October 1, 2015 for the Credit Facility Debt; and (iii) December 1, 2015 for the Sycamore Lake (Alpine Valley) Debt. The Capped CPI Index is an embedded derivative, but the Company has concluded that the derivative does not require bifurcation and separate presentation at fair value because the Capped CPI Index was determined to be clearly and closely related to the debt instrument. The Wildcat Mountain Debt due December 22, 2020 represents amounts owed pursuant to a promissory note in the principal amount of $4.5 million made by WC Acquisition Corp. in favor of Wildcat Mountain Ski Area, Inc., Meadow Green ‑Wildcat Skilift Corp. and Meadow Green ‑Wildcat Corp. (the “Wildcat Note”). The Wildcat Note, dated November 22, 2010, was made in connection with the acquisition of Wildcat Mountain, which was effective as of October 20, 2010. The interest rate as set forth in the Wildcat Note is fixed at 4.00% . A substantial portion of the Company’s assets serve as collateral for the Company’s long ‑term debt. Future aggregate annual principal payments under all indebtedness are as follows (in thousands): 2016 $ 2017 2018 2019 2020 Thereafter $ The Mount Snow Development Debt represented obligations incurred to provide financing for the acquisition of land at Mount Snow that is in development stages. The Crotched Mountain Debt represented amounts incurred to pay off outstanding debt secured by the Crotched Mountain ski resort and for general working capital purposes. The Mount Snow Development Debt and Crotched Mountain Debt were paid in full in connection with the Debt Restructure. Deferred financing costs are net of accumulated amortization of $191 and $371 at April 30, 2015 and 2014, respectively. Amortization of deferred financing costs will be $50 for each year of the five-year period ending April 30, 2020. This amortization is included in interest expense. Amortization for the years ended April 30, 2015, 2014 and 2013 totaled $141 , $52 and $52 , respectively

Income Taxes

Income Taxes	12 Months Ended
	Apr. 30, 2015
Income Taxes [Abstract]
Income Taxes	Note 5. Income Taxes The provision for income taxes for the years ended April 30, 2015, 2014 and 2013 consists of the following (in thousands): 2015 2014 Current: Federal $ - $ - $ State taxes based on income Benefit of net operating losses - - Deferred: Federal State $ $ $ Deferred income taxes consist of the following at April 30, 2015 and 2014 (in thousands) : 2015 2014 Deferred tax assets: Deferred gain on sale/leaseback $ $ Accrued compensation Unearned revenue Net operating loss carryforwards Deferred tax liabilities: Property and equipment $ $ Deferred income taxes are included in the April 30, 2015 and 2014 consolidated balance sheet as follows (in thousands) : 2015 2014 Current assets Noncurrent liabilities $ $ Realization of deferred tax assets is dependent upon sufficient future income during the period that the deductible temporary differences and carryforwards are expected to be available to reduce taxable income. Based on management’s projections, the net deferred tax assets will be recovered with projected taxable income from the three years through April 30, 2018. There was no valuation allowance deemed necessary. Loss carryforwards for tax purposes as of April 30, 2015, have the following expiration dates (in thousands) : Amount Expiration date 2019 $ 2031 2033 2034 $ The Company accounts for income taxes in accordance with ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. For fiscal years 2015, 2014 and 2013, the expected income tax rate differs from the statutory rate as follows (in thousands): 2015 2014 Computed "expected" tax (benefit) $ $ $ Increase (decrease) in income tax (benefit) resulting from: Permanent differences State income tax Other Income tax (benefit) $ $ $ In connection with the Company’s initial public offering in November 2014, a change of ownership in the Company occurred pursuant to the provisions of the Tax Reform Act of 1986. As a result, the Company’s usage of its net operating loss carryforwards will be limited each year; however, management believes the full benefit of those carryforwards will be realized prior to their respective expiration dates. The Company accounts for unrecognized tax benefits also in accordance with ASC 740, Income Taxes, which prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution to any related appeals or litigation, based solely on the technical merits of the position. The Company has no accrual for interest or penalties related to uncertain tax positions at April 30, 2015 and 2014, and did not recognize interest or penalties in the Statements of Operations during the years ended April 30, 2015, 2014 and 2013. The major jurisdictions in which the Company files income tax returns include the federal and state jurisdictions within the United States. The tax years after 2009 remain open to examination by federal and state taxing jurisdictions. However, the Company has NOLs beginning in 2001 which would cause the statute of limitations to remain open for the year in which the NOL was incurred. Management regularly assesses the likelihood that its net deferred tax assets will be recovered from future taxable income. To the extent management believes that it is more likely than not that a net deferred tax asset will not be realized, a valuation allowance is established. When a valuation allowance is established or increased, an income tax charge is included in the consolidated financial statements and net deferred tax assets are adjusted accordingly. Changes in tax law, statutory tax rates, and estimates of the Company’s future taxable income levels could result in actual realization of the net deferred tax assets being materially different from the amounts provided for in the consolidated financial statements. If the actual recovery amount of the deferred tax asset is less than anticipated, the Company would be required to write off the remaining deferred tax asset and increase the tax provision, resulting in a reduction of net income and stockholders’ equity. The Company does no t have any unrecognized tax benefits and has no t incurred any interest and penalties for fiscal years 2015, 2014, and 2013.

Acquisition

Acquisition	12 Months Ended
	Apr. 30, 2015
Acquisition [Abstract]
Acquisition	Note 6. Acquisition Effective October , 2012, the Company acquired substantially all of the outstanding common stock of Sycamore Lake, Inc. (doing business as Alpine Valley) in the Cleveland, Ohio metropolitan area for approximately $2.6 million. There were no significant transactions costs incurred. Of the total purchase price, $2.55 million was financed under a 10% promissory note to EPT Ski Properties, Inc., subject to annual increases as described in Note 4. The note requires monthly payments of interest until its maturity in December 2032 when a final principal amount is due. The note was amended in November 2014 as a part of the debt restructuring. The maturity was extended to December 2034 . Alpine Valley's results of operations are included in the accompanying 2013 consolidated financial statements since the date of acquisition. The allocation of purchase price is as follows (in thousands) : Buildings and improvements $ Land Equipment Goodwill Total assets acquired Deferred tax liability Net assets acquired $ The following presents the unaudited pro forma consolidated financial information as if the acquisition of Sycamore Lake, Inc. was completed on May 1, 2012, the beginning of the Company's 2013 fiscal year. The following pro forma financial information includes adjustments for depreciation and interest for the acquisition note and property and equipment recorded at the date of acquisition. This pro forma financial information is presented for informational purposed only and does not purport to be indicative of the results of future operations or the results that would have occurred had the acquisition taken place on May 1, 2010 (in thousands except per share data). 2013 (Unaudited) Net revenues $ Net earnings $ Pro forma basis and diluted earnings per share $

Sale_Leaseback

Sale/Leaseback	12 Months Ended
	Apr. 30, 2015
Sale/Leaseback [Abstract]
Sale/Leaseback	Note 7. Sale/Leaseback In November 2005, the Company sold Mad River Mountain and simultaneously leased the property back for a period of 21 years . The resultant gain was deferred and is being ratably recognized in income over the term of the lease.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Apr. 30, 2015
Employee Benefit Plan [Abstract]
Employee Benefit Plan	Note 8. Employee Benefit Plan The Company maintains a tax-deferred savings plan for all eligible employees. Employees become eligible to participate after attaining the age of 21 and completing one year of service. Employee contributions to the plan are tax-deferred under Section 401(k) of the Internal Revenue Code of 1986, as amended. Company matching contributions are made at the discretion of the board of directors. No contributions were made in 2015 and 2014. A contribution of $250 was made in 2013. On November 4, 2015, the Company’s board of directors adopted the Peak Resorts, Inc. 2014 Equity Incentive Plan (the “Incentive Plan”), and on November 5, 2014, the Company’s stockholders approved the Incentive Plan. The stockholders approved a maximum of 559,296 shares to be available for issuance under the Incentive Plan. The Incentive Plan authorizes the Company to grant stock options, stock appreciation rights, restricted stock, restricted stock units, stock bonuses, other stock based awards, cash awards, or any combination thereof, as defined in and allowed by the Incentive Plan. No awards have been made under the Incentive Plan.

Financial Instruments and Conce

Financial Instruments and Concentrations of Credit Risk	12 Months Ended
	Apr. 30, 2015
Financial Instruments and Concentrations of Credit Risk [Abstract]
Financial Instruments and Concentrations of Credit Risk	Note 9 . Financial Instruments and Concentrations of Credit Risk The following methods and assumptions were used to estimate the fair value of each class of financial instruments to which the Company is a party: Cash and cash equivalents, restricted cash: Due to the highly liquid nature of the Company’s short ‑term investments, the carrying values of cash and cash equivalents and restricted cash approximate their fair values. Accounts receivable: The carrying value of accounts receivable approximate their fair value because of their short ‑term nature. Accounts payable and accrued expenses: The carrying value of accounts payable and accrued liabilities approximates fair value due to the short ‑ term maturities of these amounts. Long ‑term debt: The fair value of the Company’s long ‑term debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities. The interest rates on the Company’s long ‑term debt instruments are consistent with those currently available to the Company for borrowings with similar maturities and terms and, accordingly, their fair values are consistent with their carrying values. Concentrations of credit risk: The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company’s cash and cash equivalents and restricted cash are on deposit with financial institutions where such balances will, at times, be in excess of federally insured limits. Excess cash balances are collateralized by the backing of government securities. The Company has not experienced any loss as a result of those deposits.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Apr. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies Disclosure	Note 10. Commitments and Contingencies Restricted cash: The provisions of certain of the Company’s debt instruments generally require that the Company make and maintain a deposit, to be held in escrow for the benefit of the lender, in an amount equal to the estimated minimum interest payment for the upcoming fiscal year. In addition, the Company has funds it is holding in escrow in connection with its efforts to raise funds under the EB-5 Program. The Company intends to use the current and future funds for future development. Loss contingencies: The Company is periodically involved in various claims and legal proceedings, many of which occur in the normal course of business. Management routinely assesses the likelihood of adverse judgments or outcomes, including consideration of its insurable coverage and discloses or records estimated losses in accordance with ASC 450, “Contingencies”. After consultation with legal counsel, the Company does not anticipate that liabilities arising out of these claims would, if plaintiffs are successful, have a material adverse effect on its business, operating results or financial condition. Leases: The Company leases certain land, land improvements, buildings and equipment under non ‑cancelable operating leases. Certain of the leases contain escalation provisions based generally on changes in the CPI with maximum annual percentage increases capped at 1.5% to 4.5% . Additionally, certain leases contain contingent rental provisions which are based on revenue. The amount of contingent rentals was insignificant in all periods presented. Total rent expense under such operating leases was $1,756 , $2,075 and $2,081 for years ended April 30, 2015, 2014 and 2013, respectively. The Company also leases certain equipment under capital leases. Future minimum rentals under all non ‑cancelable leases with remaining lease terms of one year or more for years subsequent to April 30, 2015 are as follows (in thousands): Capital Operating Leases Leases 2016 $ $ 2017 2018 2019 2020 Thereafter — $ Less: amount representing interest Less: current portion Long-term portion $ Off-balance sheet arrangement : We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors .

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Apr. 30, 2015
Earnings (Loss) Per Share [Abstract]
Earnings (Loss) Per Share	Note 11. Earnings (Loss) Per Share The computation of basic and diluted earnings (loss) per share for the years ended April 30, 2015, 2014 and 2013 is as follows (in thousands except share and per share data): 2015 2014 2013 Net income (loss) $ $ $ Weighted number of shares: Common shares outstanding for basic and diluted earnings (loss) per share Basic and diluted earnings (loss) per share $ $ $

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Apr. 30, 2015
Selected Quarterly Financial Data [Abstract]
Selected Quarterly Financial Data	Note 12. Selected Quarterly Financial Data Selected quarterly financial data for the years ended April 30, 2015 and 2014 is as follows (in thousands, except for per share data): 2015 Quarter ended (unaudited) Year ended April 30, 2015 April 30, 2015 January 31, 2015 October 31, 2014 July 31, 2014 Revenue $ $ $ $ $ Other Operating Income-gain on settlement of lawsuit - - - Income (loss) from operations Net income (loss) $ $ $ $ $ Basic and diluted earnings (loss) per share $ $ $ $ $ 2014 Quarter ended (unaudited) Year ended April 30, 2014 April 30, 2014 January 31, 2014 October 31, 2013 July 31, 2013 Revenue $ $ $ $ $ Other Operating Income-gain on settlement of lawsuit - - - - - Income (loss) from operations Net income (loss) $ $ $ $ $ Basic and diluted earnings (loss) per share $ $ $ $ $

Related Party Transactions

Related Party Transactions	12 Months Ended
	Apr. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Note 1 3 . Related Party Transactions On October 30, 2007, the Company and certain of its subsidiaries entered into an Amended and Restated Credit and Security Agreement with EPT Ski Properties, Inc. pursuant to which EPT Ski Properties, Inc. provided the Company with a $31 .0 million operating loan. This amount was later increased to $56.0 million upon the execution of the fifth amended and restated promissory note, dated July 13, 2012. Messrs. Boyd and Mueller and Richard Deutsch, the Company’s Chief Executive Officer, Chief Financial Officer and Chief Development and Acquisitions Officer, respectively, executed a Consent and Agreement of Guarantors on October 30, 2007 pursuant to which they each personally guaranteed payment of the amount due by the Company under, and satisfaction of all other obligations pursuant to, the Amended and Restated Credit and Security Agreement. See Note 4 to the consolidated financial statements for terms of the agreements. On November 10, 2014, the Company entered into a Restructure Agreement. As a part of the Agreement, the guaranty by Messrs. Boyd, Mueller and Deutsch terminated, and in its place the Company and certain of its subsidiaries guaranteed all of the Company’s obligations to EPR under the restructured loans .

Subsequent Events

Subsequent Events	12 Months Ended
	Apr. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 14. Subsequent Events On June 12, 2015 , the Company declared a cash dividend of 13.75 cents per share of common stock. The dividend is payable on August 21, 2015 , to stockholders of record on July 10, 2015 . The current indicated annualized dividend would be 55 cents per share. In June 2015, the Company entered into capital leases to finance the installation of Low-E snow guns at Mount Snow, Attitash and Wildcat, as well as to fund the purchase of groomers for Mount Snow and Attitash. The Low-E snow guns lease is payable in 48 monthly payments of $61.8 and the groomers lease is payable in 60 monthly payments of $23.5 , both commencing July 2015. The Company has a $1.00 purchase option at the end of each lease term. Messrs. Boyd, Mueller and Deutsch have personally guaranteed the leases .

Nature of Business and Signif23

Nature of Business and Significant Accounting Policies (Policy)	12 Months Ended
	Apr. 30, 2015
Nature of Business and Significant Accounting Policies [Abstract]
Description of Business	Description of business : Peak Resorts, Inc. (the “Company”) and its subsidiaries operate in a single business segment—ski resort operations. The Company’s ski resort operations consist of snow skiing, snowboarding and snow sports areas in Wildwood and Weston, Missouri; Bellefontaine and Cleveland, Ohio; Paoli, Indiana; Blakeslee and Lake Harmony, Pennsylvania; Bartlett, Bennington and Pinkham Notch, New Hampshire; and West Dover, Vermont and an 18 hole golf course in West Dover, Vermont. The Company also manages hotels in Bartlett, New Hampshire and West Dover, Vermont and operates a restaurant in Lake Harmony, Pennsylvania. The Company's revenues are highly seasonal in nature. The vast majority of revenues are generated during the ski season, which occurs during the third and fourth fiscal quarters. Operations occurring outside of the ski season typically result in losses and negative cash flows. Additionally, operations on certain holidays contribute significantly to the Company's revenues, most notably Christmas, Dr. Martin Luther King, Jr. Day and Presidents Day. The seasonality of the Company's revenues amplifies the effect on the Company's revenues, operating earnings and cash flows of events that are outside the Company's control. While the Company's geographically diverse operating locations help mitigate its effects, adverse weather conditions could limit customer access to the Company's resorts, render snowmaking wholly or partially ineffective in maintaining ski conditions, cause increased energy use and other operating costs related to snowmaking efforts and, in general, can result in decreased skier visits regardless of ski conditions. The Company’s operating segments are aggregated into a single reportable segment. Management has determined a single reportable segment is appropriate based on the uniformity of services and similar operating characteristics .
Principles of consolidation
Use of estimates	Use of estimates : The preparation of consolidated financial statements in conformity with U.S. g enerally a ccepted a ccounting p rinciples requires management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Significant items subject to estimates and assumptions include the carrying value of property and equipment, and land held for development. As future events and their effects cannot be determined with certainty, actual results could differ significantly from those estimates.
Statements of cash flows	Statements of cash flows : For purposes of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Additionally, all credit card and debit card transactions that process in less than seven days are classified as cash and cash equivalents. The majority of payments due from banks for third-party credit card and debit card transactions process within 24 to 48 hours, except for transactions occurring on a Friday, which are generally processed the following Monday. The amounts due from banks for these transactions classified as cash and cash equivalents totaled $1,368 and $1,651 at April 30, 2015 and 2014, respectively.
Cash, Cash and Equivalents and Restricted cash	Restricted cash : The provisions of certain of the Company's debt instruments generally require that the Company make and maintain a deposit, to be held in escrow for the benefit of the lender, in an amount equal to the estimated minimum interest payment through December 31 of each fiscal year. In the absence of an event of default under the Company's promissory notes, the requirement to maintain such a deposit is eliminated when the Mount Snow Development Debt discussed in Note 4 is repaid in full. Restricted cash at April 30, 2015 and 2014 is comprised of the interest related escrow balances and EB-5 investors funds held in escrow. In addition, the Company has funds it is holding in escrow in connection with its efforts to raise funds under the U.S. government's Immigrant Investor Program, commonly known as the EB-5 program (the “EB-5 Program”). The EB-5 Program was first enacted in 1992 to stimulate the U.S. economy through the creation of jobs and capital investments in U.S. companies by foreign investors. In turn, these foreign investors are, pending petition approval, granted visas for lawful residence in the U.S. Under the EB-5 Program, a limited number of visas are reserved for such foreign investors each year Cash and cash equivalents, restricted cash: Due to the highly liquid nature of the Company’s short ‑term investments, the carrying values of cash and cash equivalents and restricted cash approximate their fair values. Restricted cash: The provisions of certain of the Company’s debt instruments generally require that the Company make and maintain a deposit, to be held in escrow for the benefit of the lender, in an amount equal to the estimated minimum interest payment for the upcoming fiscal year. In addition, the Company has funds it is holding in escrow in connection with its efforts to raise funds under the EB-5 Program. The Company intends to use the current and future funds for future development.
Reserve for uncollectible accounts receivable	Reserve for uncollectible accounts receivable : The Company performs ongoing reviews of the collectability of accounts receivable and, if considered necessary, establishes a reserve for estimated credit losses. In assessing the need for and in determining the amount of any reserve for credit losses, the Company considers the level of historical bad debts, the credit worthiness of significant debtors based on periodic credit evaluations and significant economic developments that could adversely impact upon a customer's ability to pay amounts owed the Company.
Inventory	Inventory : Inventory is stated at the lower of cost (first-in, first-out method) or market and consists primarily of retail goods, food and beverage products.
Property and equipment	Property and equipment : Property and equipment is carried at cost net of accumulated depreciation, amortization and impairment charges, if any. Costs to construct significant assets include capitalized interest during the construction and development period. Expenditures for replacements and major betterments or improvements are capitalized; maintenance and repair expenditures are charged to expense as incurred. Depreciation and amortization are determined using both straight-line and accelerated methods over estimated useful lives ranging from 3 to 25 years for land improvements, 5 to 40 years for building and improvements and 3 to 25 years for equipment, furniture and fixtures.
Land held for development	Land held for development : The land held for development is carried in the accompanying consolidated balance sheets at acquisition cost plus costs attributable to its development, including capitalized interest as part of this ongoing development.
Deferred development and financing costs	Deferred development costs : Costs related to major development projects at the Company's ski resorts, including planning, engineering and permitting, are capitalized. When acquiring, developing and constructing real estate assets, the Company capitalizes costs. Capitalization begins when the activities related to development have begun and ceases when activities are substantially complete and the asset is available for use. Costs capitalized include permits, licenses, fees, legal costs, interest, development, and construction costs. Deferred financing costs : Debt issuance expenses, included in long-term debt in the accompanying consolidated balance sheets, incurred in connection with certain mortgage indebtedness are being amortized under the straight-line basis which approximates the interest method over the term of the related debt.
Long-lived Assets	Long-lived Assets: The Company evaluates potential impairment of long-lived assets and long-lived assets to be disposed of whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If the sum of the expected cash flows, on an undiscounted basis, is less than the carrying amount of the asset, an impairment loss is recognized in the amount by which the carrying amount of the asset exceeds its fair value. The Company does not believe any events or changes in circumstances indicating an impairment of the carrying amount of a long-lived asset occurred during the years ended April 30, 2015 , 2014 and 2013 .
Business combinations	Business combinations : Historical acquisitions were accounted for as purchase transactions. Accordingly, the assets and liabilities of acquired entities were recorded at their estimated fair values at the dates of the acquisitions.
Revenue recognition	Revenue recognition : Revenues from operations are generated from a wide variety of sources including snow pass sales, snow sports lessons, equipment rentals, retail product sales, food and beverage operations, and golf course operations. Revenues are recognized as services are provided or products are sold. Sales of season passes are initially deferred in unearned revenue and recognized ratably over the expected ski season which typically runs from early December to mid-April.
Advertising costs	Advertising costs : Advertising costs are expensed at the time such advertising commences. Advertising expense for the years ended April 30, 2015, 2014 and 2013 was $2,155 , $2,206 and $2,008 , respectively.
Taxes collected from customers	Taxes collected from customers : Taxes collected from customers and remitted to tax authorities are local and state sales taxes on snow pass sales as well as food service and retail transactions at the Company's resorts. Sales taxes collected from customers are recognized as a liability, with such liability being reduced when collected amounts are remitted to the taxing authority.
Income taxes	Income taxes : Deferred income tax assets and liabilities are measured at enacted tax rates in the respective jurisdictions where the Company operates. In assessing the ability to realize deferred tax assets, the Company considers whether it is more likely than not that some portion or all deferred tax assets will not be realized and a valuation allowance would be provided if necessary. The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 740 , “Income Taxes”, also provides guidance with respect to the accounting for uncertainty in income taxes recognized in a Company’s consolidated financial statements, and it prescribes a recognition threshold and measurement attribute criteria for the consolidated financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company does not have any material uncertain tax positions. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2009. The Company’s policy is to accrue income tax related interest and penalties, if applicable, within income tax expense.

Financial Instruments and Con24

Financial Instruments and Concentrations of Credit Risk (Policy)	12 Months Ended
	Apr. 30, 2015
Financial Instruments and Concentrations of Credit Risk
Cash and cash equivalents, restricted cash	Restricted cash : The provisions of certain of the Company's debt instruments generally require that the Company make and maintain a deposit, to be held in escrow for the benefit of the lender, in an amount equal to the estimated minimum interest payment through December 31 of each fiscal year. In the absence of an event of default under the Company's promissory notes, the requirement to maintain such a deposit is eliminated when the Mount Snow Development Debt discussed in Note 4 is repaid in full. Restricted cash at April 30, 2015 and 2014 is comprised of the interest related escrow balances and EB-5 investors funds held in escrow. In addition, the Company has funds it is holding in escrow in connection with its efforts to raise funds under the U.S. government's Immigrant Investor Program, commonly known as the EB-5 program (the “EB-5 Program”). The EB-5 Program was first enacted in 1992 to stimulate the U.S. economy through the creation of jobs and capital investments in U.S. companies by foreign investors. In turn, these foreign investors are, pending petition approval, granted visas for lawful residence in the U.S. Under the EB-5 Program, a limited number of visas are reserved for such foreign investors each year Cash and cash equivalents, restricted cash: Due to the highly liquid nature of the Company’s short ‑term investments, the carrying values of cash and cash equivalents and restricted cash approximate their fair values. Restricted cash: The provisions of certain of the Company’s debt instruments generally require that the Company make and maintain a deposit, to be held in escrow for the benefit of the lender, in an amount equal to the estimated minimum interest payment for the upcoming fiscal year. In addition, the Company has funds it is holding in escrow in connection with its efforts to raise funds under the EB-5 Program. The Company intends to use the current and future funds for future development.
Accounts receivable	Accounts receivable: The carrying value of accounts receivable approximate their fair value because of their short ‑term nature.
Accounts payable and accrued expenses	Accounts payable and accrued expenses: The carrying value of accounts payable and accrued liabilities approximates fair value due to the short ‑ term maturities of these amounts.
Long-term debt	Long ‑term debt: The fair value of the Company’s long ‑term debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities. The interest rates on the Company’s long ‑term debt instruments are consistent with those currently available to the Company for borrowings with similar maturities and terms and, accordingly, their fair values are consistent with their carrying values.
Concentrations of credit risk	Concentrations of credit risk: The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company’s cash and cash equivalents and restricted cash are on deposit with financial institutions where such balances will, at times, be in excess of federally insured limits. Excess cash balances are collateralized by the backing of government securities. The Company has not experienced any loss as a result of those deposits.

Commitments and Contingencies (

Commitments and Contingencies (Policy)	12 Months Ended
	Apr. 30, 2015
Commitments and Contingencies [Abstract]
Cash and cash equivalents, restricted cash	Restricted cash : The provisions of certain of the Company's debt instruments generally require that the Company make and maintain a deposit, to be held in escrow for the benefit of the lender, in an amount equal to the estimated minimum interest payment through December 31 of each fiscal year. In the absence of an event of default under the Company's promissory notes, the requirement to maintain such a deposit is eliminated when the Mount Snow Development Debt discussed in Note 4 is repaid in full. Restricted cash at April 30, 2015 and 2014 is comprised of the interest related escrow balances and EB-5 investors funds held in escrow. In addition, the Company has funds it is holding in escrow in connection with its efforts to raise funds under the U.S. government's Immigrant Investor Program, commonly known as the EB-5 program (the “EB-5 Program”). The EB-5 Program was first enacted in 1992 to stimulate the U.S. economy through the creation of jobs and capital investments in U.S. companies by foreign investors. In turn, these foreign investors are, pending petition approval, granted visas for lawful residence in the U.S. Under the EB-5 Program, a limited number of visas are reserved for such foreign investors each year Cash and cash equivalents, restricted cash: Due to the highly liquid nature of the Company’s short ‑term investments, the carrying values of cash and cash equivalents and restricted cash approximate their fair values. Restricted cash: The provisions of certain of the Company’s debt instruments generally require that the Company make and maintain a deposit, to be held in escrow for the benefit of the lender, in an amount equal to the estimated minimum interest payment for the upcoming fiscal year. In addition, the Company has funds it is holding in escrow in connection with its efforts to raise funds under the EB-5 Program. The Company intends to use the current and future funds for future development.
Loss contingencies	Loss contingencies: The Company is periodically involved in various claims and legal proceedings, many of which occur in the normal course of business. Management routinely assesses the likelihood of adverse judgments or outcomes, including consideration of its insurable coverage and discloses or records estimated losses in accordance with ASC 450, “Contingencies”. After consultation with legal counsel, the Company does not anticipate that liabilities arising out of these claims would, if plaintiffs are successful, have a material adverse effect on its business, operating results or financial condition.
Leases	Leases: The Company leases certain land, land improvements, buildings and equipment under non ‑cancelable operating leases. Certain of the leases contain escalation provisions based generally on changes in the CPI with maximum annual percentage increases capped at 1.5% to 4.5% . Additionally, certain leases contain contingent rental provisions which are based on revenue. The amount of contingent rentals was insignificant in all periods presented. Total rent expense under such operating leases was $1,756 , $2,075 and $2,081 for years ended April 30, 2015, 2014 and 2013, respectively. The Company also leases certain equipment under capital leases. Future minimum rentals under all non ‑cancelable leases with remaining lease terms of one year or more for years subsequent to April 30, 2015 are as follows (in thousands): Capital Operating Leases Leases 2016 $ $ 2017 2018 2019 2020 Thereafter — $ Less: amount representing interest Less: current portion Long-term portion $
Off-balance Sheet Arrangement	Off-balance sheet arrangement : We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors .

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Apr. 30, 2015
Property and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consists of the following at April 30, 2015 and 2014 (dollars in thousands) : 2015 2014 Land and improvements $ $ Buildings and improvements Equipment, furniture and fixtures Less: accumulated depreciation and amortization $ $

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Apr. 30, 2015
Other Assets [Abstract]
Schedule of Other Assets	The components of other assets at April 30, 2015 and 2014 are as follows (dollars in thousands) : 2015 2014 Goodwill $ $ Deferred development costs Other $ $

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Apr. 30, 2015
Long-term Debt [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of borrowings pursuant to the loans and other credit facilities discussed below, as follows (dollars in thousands) : April 30, 2015 April 30, 2014 Attitash/Mount Snow Debt; payable in monthly interest only payments at an increasing interest rate (10.93% at April 30, 2015 and 2014); remaining principal and interest due on December 1, 2034 $ $ Credit Facility Debt; payable in monthly interest only payments at an increasing interest rate (10.13% at April 30, 2015 and 9.98% at April 30, 2014); remaining principal and interest due on December 1, 2034 Mount Snow Development Debt (interest at 10.00% at April 30, 2014 ). Paid in full in December 2014. - Crotched Mountain Debt (interest at 10.27% at April 30, 2014). Paid in full December 2014. - Sycamore Lake (Alpine Valley) Debt; payable in monthly interest only payments at an increasing interest rate (10.40% at April 30, 2015 and 10.20% at April 30, 2014 ); remaining principal and interest due on December 1, 2034 Wildcat Mountain Debt; payable in monthly installments of $27 , including interest at a rate of 4.00% , with remaining principal and interest due on December 22, 2020 Other debt Less unamortized debt issuance costs Less: current maturities $ $
Schedule of Future Potential Interest Rates of Fluctuating Rate Debt	The table below illustrates the potential interest rates applicable to the Company’s fluctuating interest rate debt for each of the next five years, assuming an effective rate increase by the Capped CPI Index: Attitash/Mount Snow Debt Credit Facility Debt Sycamore Lake/(Alpine Valley) Debt 2015 (1) 2016 2017 2018 2019 (1) For 2015, the dates of the rates presented are as follows: (i) April 1, 2015 for the Attitash/Mount Snow Debt; (ii) October 1, 2015 for the Credit Facility Debt; and (iii) December 1, 2015 for the Sycamore Lake (Alpine Valley) Debt.
Schedule of Aggregate Annual Principal Payments on Long-term Debt	Future aggregate annual principal payments under all indebtedness are as follows (in thousands): 2016 $ 2017 2018 2019 2020 Thereafter $

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Apr. 30, 2015
Income Taxes [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The provision for income taxes for the years ended April 30, 2015, 2014 and 2013 consists of the following (in thousands): 2015 2014 Current: Federal $ - $ - $ State taxes based on income Benefit of net operating losses - - Deferred: Federal State $ $ $
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes consist of the following at April 30, 2015 and 2014 (in thousands) : 2015 2014 Deferred tax assets: Deferred gain on sale/leaseback $ $ Accrued compensation Unearned revenue Net operating loss carryforwards Deferred tax liabilities: Property and equipment $ $ Deferred income taxes are included in the April 30, 2015 and 2014 consolidated balance sheet as follows (in thousands) : 2015 2014 Current assets Noncurrent liabilities $ $
Summary of Tax Credit Carryforwards	Loss carryforwards for tax purposes as of April 30, 2015, have the following expiration dates (in thousands) : Amount Expiration date 2019 $ 2031 2033 2034 $
Schedule of Effective Income Tax Rate Reconciliation	The Company accounts for income taxes in accordance with ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. For fiscal years 2015, 2014 and 2013, the expected income tax rate differs from the statutory rate as follows (in thousands): 2015 2014 Computed "expected" tax (benefit) $ $ $ Increase (decrease) in income tax (benefit) resulting from: Permanent differences State income tax Other Income tax (benefit) $ $ $

Acquisition (Tables)

Acquisition (Tables)	12 Months Ended
	Apr. 30, 2015
Acquisition [Abstract]
Schedule of Purchase Price Allocation	The allocation of purchase price is as follows (in thousands) : Buildings and improvements $ Land Equipment Goodwill Total assets acquired Deferred tax liability Net assets acquired $
Business Acquisition, Pro Forma Information	2013 (Unaudited) Net revenues $ Net earnings $ Pro forma basis and diluted earnings per share $

Commitments and Contingencies31

Commitments and Contingencies (Tables)	12 Months Ended
	Apr. 30, 2015
Commitments and Contingencies [Abstract]
Schedule of Future Minimum Rental Payments	Future minimum rentals under all non ‑cancelable leases with remaining lease terms of one year or more for years subsequent to April 30, 2015 are as follows (in thousands): Capital Operating Leases Leases 2016 $ $ 2017 2018 2019 2020 Thereafter — $ Less: amount representing interest Less: current portion Long-term portion $

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Apr. 30, 2015
Earnings (Loss) Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	The computation of basic and diluted earnings (loss) per share for the years ended April 30, 2015, 2014 and 2013 is as follows (in thousands except share and per share data): 2015 2014 2013 Net income (loss) $ $ $ Weighted number of shares: Common shares outstanding for basic and diluted earnings (loss) per share Basic and diluted earnings (loss) per share $ $ $

Selected Quaterly Financial Dat

Selected Quaterly Financial Data (Tables)	12 Months Ended
	Apr. 30, 2015
Selected Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Information	Selected quarterly financial data for the years ended April 30, 2015 and 2014 is as follows (in thousands, except for per share data): 2015 Quarter ended (unaudited) Year ended April 30, 2015 April 30, 2015 January 31, 2015 October 31, 2014 July 31, 2014 Revenue $ $ $ $ $ Other Operating Income-gain on settlement of lawsuit - - - Income (loss) from operations Net income (loss) $ $ $ $ $ Basic and diluted earnings (loss) per share $ $ $ $ $ 2014 Quarter ended (unaudited) Year ended April 30, 2014 April 30, 2014 January 31, 2014 October 31, 2013 July 31, 2013 Revenue $ $ $ $ $ Other Operating Income-gain on settlement of lawsuit - - - - - Income (loss) from operations Net income (loss) $ $ $ $ $ Basic and diluted earnings (loss) per share $ $ $ $ $

Nature of Business and Signif34

Nature of Business and Significant Accounting Policies (Narrative) (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2015USD ($)segment	Apr. 30, 2014USD ($)	Apr. 30, 2013USD ($)
Number of business segments | segment	1
Number of reportable segments | segment	1
Due from banks	$ 1,368	$ 1,651
Advertising costs	2,155	2,206	$ 2,008
Adjustments for New Accounting Principle, Early Adoption [Member]
Unamortized debt issuance expense	$ 811	$ 754
Minimum [Member] | Land Improvements [Member]
Property and equipment, useful life	3 years
Minimum [Member] | Building and Building Improvements [Member]
Property and equipment, useful life	5 years
Minimum [Member] | Furniture and Fixtures [Member]
Property and equipment, useful life	3 years
Maximum [Member] | Land Improvements [Member]
Property and equipment, useful life	25 years
Maximum [Member] | Building and Building Improvements [Member]
Property and equipment, useful life	40 years
Maximum [Member] | Furniture and Fixtures [Member]
Property and equipment, useful life	25 years

Property and Equipment (Narrati

Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Property and Equipment [Abstract]
Capitalized equipment, gross	$ 2,804	$ 4,207
Capitalized equipment, accumulated depreciation	425	2,593
Depreciation expense	$ 9,450	$ 9,155	$ 8,850

Property and Equipment (Schedul

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Apr. 30, 2015	Apr. 30, 2014
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 227,401	$ 211,022
Less: accumulated depreciation and amortization	83,457	74,326
Property and equipment, net	143,944	136,696
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	28,197	26,330
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	72,351	71,614
Equipment, Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 126,853	$ 113,078

Other Assets (Schedule of Other

Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	Apr. 30, 2015	Apr. 30, 2014
Other Assets [Abstract]
Goodwill	$ 627	$ 627
Deferred development costs	364	1,707
Other	335	136
Other assets, total	$ 1,326	$ 2,470

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details) $ in Thousands	Nov. 11, 2014USD ($)	Nov. 10, 2014USD ($)	Jan. 31, 2015item	Apr. 30, 2015USD ($)	Apr. 30, 2014USD ($)item	Apr. 30, 2013USD ($)	Oct. 20, 2010USD ($)
Debt Instrument [Line Items]
Additional payment, number | item			0		0
Maturity extension period	7 years
Long-term debt				$ 98,072
Consolidated fixed charge coverage ratio				1.50
Accumulated amortization, deferred finance costs				$ 191	$ 371
Amortization of financing costs				$ 141	$ 52	$ 52
Debt Restructuring Agreement [Member]
Debt Instrument [Line Items]
Maximum leverage ratio per agreement				65.00%
Scenario, Forecast [Member]
Debt Instrument [Line Items]
Amortization of financing costs				$ 50
Attitash/Mount Snow Debt [Member]
Debt Instrument [Line Items]
Long-term debt, maturity date				Dec. 1, 2034	Dec. 1, 2034
Capped Consumer Price Index (CPI)				1.015
Additional payment, interest rate				10.00%
Long-term debt, interest rate				10.93%	10.93%
Long-term debt				$ 51,050	$ 63,500
EPT Mount Snow, Inc. [Member]
Debt Instrument [Line Items]
Additional payment, interest rate				12.00%
Long-term debt, interest rate					10.00%
Long-term debt					$ 42,907
EPT Crotched Mountain, Inc. [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate					10.27%
Long-term debt					$ 10,972
Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, maturity date				Dec. 1, 2034	Dec. 1, 2034
Long-term debt, interest rate				10.13%	9.98%
Long-term debt				$ 37,562	$ 47,029
Boston Mills and Brandywine Debt [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate				10.13%
Long-term debt				$ 23,300
JFBB Ski Areas Incorporated [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate				10.13%
Long-term debt				$ 14,300
Sycamore Lake (Alpine Valley) [Member]
Debt Instrument [Line Items]
Long-term debt, maturity date				Dec. 1, 2034	Dec. 1, 2034
Long-term debt, interest rate				10.40%	10.20%
Long-term debt				$ 4,550	$ 4,550
Wildcat Mountain Debt [Member]
Debt Instrument [Line Items]
Long-term debt, maturity date				Dec. 22, 2020	Dec. 22, 2020
Maximum borrowing capacity							$ 4,500
Long-term debt, interest rate				4.00%	4.00%		4.00%
Long-term debt				$ 3,790	$ 3,962
ERP Properties [Member] | Debt Restructuring Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, fee amount		$ 5,000
ERP Properties [Member] | Debt Restructuring Agreement First Right Of Refusal [Member]
Debt Instrument [Line Items]
Transaction benchmark amount	$ 250,000
Period of agreement	7 years
Loan to value ratio benchmark	60.00%
ERP Properties [Member] | Debt Restructuring Agreement First Right Of Refusal [Member] | Attitash Ski Resort Property [Member]
Debt Instrument [Line Items]
Period of agreement	7 years
ERP Properties [Member] | Debt Restructuring Agreement Benchmark [Member]
Debt Instrument [Line Items]
Repayments of secured debt		$ 75,800
ERP Properties [Member] | Scenario, Plan [Member] | Debt Restructuring Agreement [Member]
Debt Instrument [Line Items]
Potential lease term duration	20 years
ERP Properties [Member] | Scenario, Plan [Member] | Debt Restructuring Agreement [Member] | Lease Additional Extension Period [Member]
Debt Instrument [Line Items]
Additional lease term duration	10 years
Minimum [Member] | Dividends Can Be Paid [Member]
Debt Instrument [Line Items]
Consolidated fixed charge coverage ratio				1.25

Long-term Debt (Schedule of Lon

Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Oct. 20, 2010
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 98,072
Less: unamortized debt issuance costs	(811)	$ (754)
Long-term debt, including current maturiites, net of unamortized discounts	98,072	174,477
Less: current maturities	503	504
Total long-term debt	97,569	173,973
Attitash/Mount Snow Debt [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 51,050	$ 63,500
Long-term debt, interest rate	10.93%	10.93%
Long-term debt, maturity date	Dec. 1, 2034	Dec. 1, 2034
EPT Mount Snow, Inc. [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt		$ 42,907
Long-term debt, interest rate		10.00%
EPT Crotched Mountain, Inc. [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt		$ 10,972
Long-term debt, interest rate		10.27%
Credit Facility [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 37,562	$ 47,029
Long-term debt, interest rate	10.13%	9.98%
Long-term debt, maturity date	Dec. 1, 2034	Dec. 1, 2034
Sycamore Lake (Alpine Valley) [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 4,550	$ 4,550
Long-term debt, interest rate	10.40%	10.20%
Long-term debt, maturity date	Dec. 1, 2034	Dec. 1, 2034
Wildcat Mountain Debt [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 3,790	$ 3,962
Debt payable in monthly installments	$ 27	$ 27
Long-term debt, interest rate	4.00%	4.00%	4.00%
Long-term debt, maturity date	Dec. 22, 2020	Dec. 22, 2020
Other Debt [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 1,931	$ 2,311

Long-term Debt (Schedule of Fut

Long-term Debt (Schedule of Future Potential Interest Rates of Fluctuating Rate Debt) (Details)		Apr. 30, 2015	Apr. 30, 2014
Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates		10.13%	9.98%
EPT Crotched Mountain, Inc. [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates			10.27%
EPT Mount Snow, Inc. [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates			10.00%
Sycamore Lake (Alpine Valley) [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates		10.40%	10.20%
2015 [Member] | Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates	[1]	10.28%
2015 [Member] | EPT Mount Snow, Inc. [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates	[1]	10.93%
2015 [Member] | Sycamore Lake (Alpine Valley) [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates	[1]	10.56%
2016 [Member] | Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates		10.43%
2016 [Member] | EPT Mount Snow, Inc. [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates		11.09%
2016 [Member] | Sycamore Lake (Alpine Valley) [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates		10.71%
2017 [Member] | Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates		10.59%
2017 [Member] | EPT Mount Snow, Inc. [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates		11.26%
2017 [Member] | Sycamore Lake (Alpine Valley) [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates		10.88%
2018 [Member] | Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates		10.75%
2018 [Member] | EPT Mount Snow, Inc. [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates		11.43%
2018 [Member] | Sycamore Lake (Alpine Valley) [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates		11.04%
2019 [Member] | Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates		10.91%
2019 [Member] | EPT Mount Snow, Inc. [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates		11.60%
2019 [Member] | Sycamore Lake (Alpine Valley) [Member]
Debt Instrument [Line Items]
Long-term debt, potential interest rates		11.20%
[1]	For 2015, the dates of the rates presented are as follows: (i) April 1, 2015 for the Attitash/Mount Snow Debt; (ii) October 1, 2015 for the Credit Facility Debt; and (iii) December 1, 2015 for the Sycamore Lake (Alpine Valley) Debt.

Long-term Debt (Schedule of Agg

Long-term Debt (Schedule of Aggregate Annual Principal Payments on Long-term Debt) (Details) $ in Thousands	Apr. 30, 2015USD ($)
Long-term Debt [Abstract]
2,016	$ 503
2,017	766
2,018	522
2,019	702
2,020	160
Thereafter	95,419
Long-term debt	$ 98,072

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Income Taxes [Abstract]
Unrecognized tax benefits	$ 0	$ 0	$ 0
Income tax examination, penalties and interest expense	$ 0	$ 0	$ 0

Income Taxes (Schedule of Compo

Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Current:
Federal			$ 1,574
State taxes based on income	$ 168	$ 50	226
Benefit of net operating losses			(1,720)
Current income tax expense (benefit), total	168	50	80
Deferred:
Federal	(895)	(635)	1,694
State	(51)	124	49
Deferred income tax expense (benefit), total	(946)	(511)	1,743
Income tax expense (benefit)	$ (778)	$ (461)	$ 1,823

Income Taxes (Schedule of Defer

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Apr. 30, 2015	Apr. 30, 2014
Deferred Tax Assets:
Deferred gain on sale/leaseback	$ 1,307	$ 1,420
Accrued compensation	222	248
Unearned revenue	748	627
Net operating loss carryforwards	7,746	6,884
Deferred tax assets, net, total	10,023	9,179
Deferred income taxes, current	970	875
Deferred Tax Liabilities:
Property and equipment	(17,884)	(17,986)
Deferred tax liabilities, net, total	(17,884)	(17,986)
Deferred income taxes, noncurrent	(8,831)	(9,682)
Deferred tax assets (liabilities), total	(7,861)	$ (8,807)
Deferred tax assets, valuation allowance	$ 0

Income Taxes (Summary of Tax Cr

Income Taxes (Summary of Tax Credit Carryforwards) (Details) - Apr. 30, 2015 - USD ($) $ in Thousands	Total
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	$ 20,353
Tax Expiration Period 2019 [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward, expiration date	Dec. 31, 2019
Tax credit carryforward, amount	$ 278
Tax Expiration Period 2031 [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward, expiration date	Dec. 31, 2031
Tax credit carryforward, amount	$ 14,872
Tax Expiration Period 2033 [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward, expiration date	Dec. 31, 2033
Tax credit carryforward, amount	$ 2,907
Tax Expiration Period 2034 [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward, expiration date	Dec. 31, 2034
Tax credit carryforward, amount	$ 2,296

Income Taxes (Schedule of Effec

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Income Taxes [Abstract]
Computed "expected" tax (benefit)	$ (895)	$ (667)	$ 1,540
Increase (decrease in income tax (benefit) resulting from:
Permanent differences	41	46	44
State income tax	60	174	230
Other	16	(14)	9
Income tax expense (benefit)	$ (778)	$ (461)	$ 1,823

Acquisition (Narrative) (Detail

Acquisition (Narrative) (Details) - Sycamore Lake (Alpine Valley) [Member] - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2012	Apr. 30, 2015
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 2,600
Promissory Note [Member]
Business Acquisition [Line Items]
Long-term debt, gross	$ 2,550
Debt Instrument, interest rate, stated percentage	10.00%
Debt instrument, maturity date		Dec. 1, 2032
Debt instrument, maturity date, description		note requires monthly payments of interest until its maturity in December 2032 when a final principal amount is due. The note was amended in November 2014 as a part of the debt restructuring. The maturity was extended to December 2034

Acquisition (Schedule of Purcha

Acquisition (Schedule of Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Apr. 30, 2015	Apr. 30, 2014	Oct. 31, 2012
Business Acquisition [Line Items]
Goodwill	$ 627	$ 627
Sycamore Lake (Alpine Valley) [Member]
Business Acquisition [Line Items]
Buildings and improvements			$ 1,306
Land			1,180
Equipment			116
Goodwill			627
Total assets acquired			3,229
Deferred tax liability			(627)
Net assets acquired			$ 2,602

Acquisition (Business Acquisiti

Acquisition (Business Acquisitioin, Pro Forma Information) (Details) - 12 months ended Apr. 30, 2013 - Sycamore Lake (Alpine Valley) [Member] - USD ($) $ / shares in Units, $ in Thousands	Total
Net revenues	$ 99,750
Net earnings	$ 2,404
Pro forma basic earnings per share	$ 0.60
Pro forma diluted earnings per share	$ 0.60

Sale_Leaseback (Narrative) (Det

Sale/Leaseback (Narrative) (Details)	1 Months Ended	12 Months Ended
	Nov. 30, 2005	Apr. 30, 2015
Sale/Leaseback [Abstract]
Sale leaseback, period	21 years
Sale leaseback transaction, description of accounting for leaseback		the Company sold Mad River Mountain and simultaneously leased the property back for a period of 21 years

Employee Benefit Plan (Narrativ

Employee Benefit Plan (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Savings Plan 401K [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum age for participation in plan	21 years
Minimum years of service for participation	1 year
Contribution to plan by employer, discretionary	$ 0	$ 0	$ 250
Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized by plan	559,296

Commitments and Contingencies52

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Operating leases, rent expense, net	$ 1,756	$ 2,075	$ 2,081
Minimum [Member]
Operating lease interest percentage increase benchmark limit	1.50%
Maximum [Member]
Operating lease interest percentage increase benchmark limit	4.50%

Commitments and Contingencies53

Commitments and Contingencies (Schedule of Future Minimum Rental Payments) (Details) - USD ($) $ in Thousands	Apr. 30, 2015	Apr. 30, 2014
Operating Leases
2,016	$ 1,717
2,017	1,630
2,018	1,596
2,019	1,557
2,020	1,539
Thereafter	10,340
Operating Leases, future minimum payments due, total	18,379
Capital Leases
2,016	668
2,017	542
2,018	495
2,019	490
2,020	$ 192
Thereafter
Capital Leases, future minimum payments due, total	$ 2,387
Less: amount representing interest	397
Capital Lease obligations, total	1,990
Less: current portion	496
Long‑term portion	$ 1,494	$ 191

Earnings (Loss) Per Share (Sche

Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014	Jan. 31, 2014	Oct. 31, 2013	Jul. 31, 2013	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Earnings (Loss) Per Share [Abstract]
Net income (loss)	$ 9,780	$ 3,269	$ (6,743)	$ (8,160)	$ 8,538	$ 5,582	$ (7,740)	$ (7,881)	$ (1,854)	$ (1,501)	$ 2,707
Weighted number of shares: Common shares outstanding for basic and diluted earnings (loss) per share									8,420,756	3,982,400	3,982,400
Basic and diluted earnings (loss) per share	$ 0.70	$ 0.27	$ (1.69)	$ (2.05)	$ 2.14	$ 1.40	$ (1.94)	$ (1.98)	$ (0.22)	$ (0.38)	$ 0.68

Selected Quaterly Financial D55

Selected Quaterly Financial Data (Schedule of Quaterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014	Jan. 31, 2014	Oct. 31, 2013	Jul. 31, 2013	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Selected Quarterly Financial Data [Abstract]
Revenues	$ 47,047	$ 45,985	$ 6,230	$ 5,596	$ 47,805	$ 46,193	$ 6,187	$ 5,020	$ 104,858	$ 105,205	$ 99,688
Other Operating Income-gain on settlement of lawsuit			2,100						2,100
Income (loss) from Operations	18,947	14,498	(6,887)	(9,076)	$ 18,924	$ 13,372	$ (8,568)	$ (8,675)	17,482	$ 15,053	16,973
Net income (loss)	$ 9,780	$ 3,269	$ (6,743)	$ (8,160)	$ 8,538	$ 5,582	$ (7,740)	$ (7,881)	$ (1,854)	$ (1,501)	$ 2,707
Basic and diluted earnings (loss) per share	$ 0.70	$ 0.27	$ (1.69)	$ (2.05)	$ 2.14	$ 1.40	$ (1.94)	$ (1.98)	$ (0.22)	$ (0.38)	$ 0.68

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2015	Oct. 30, 2007
Related Party Transaction [Line Items]
Long-term debt	$ 98,072
Loans Payable [Member]
Related Party Transaction [Line Items]
Long-term debt	$ 56,000	$ 31,000
Long-term debt, description	EPT Ski Properties, Inc. provided the Company with a $31.0 million operating loan. This amount was later increased to $56.0 million upon the execution of the fifth amended and restated promissory note, dated July 13, 2012. Messrs. Boyd and Mueller and Richard Deutsch, the Company's Chief Executive Officer, Chief Financial Officer and Chief Development and Acquisitions Officer, respectively, executed a Consent and Agreement of Guarantors on October 30, 2007 pursuant to which they each personally guaranteed payment of the amount due by the Company under, and satisfaction of all other obligations pursuant to, the Amended and Restated Credit and Security Agreement. See Note 4 to the consolidated financial statements for terms of the agreements. On November 10, 2014, the Company entered into a Restructure Agreement. As a part of the Agreement, the guaranty by Messrs. Boyd, Mueller and Deutsch terminated, and in its place the Company and certain of its subsidiaries guaranteed all of the Company's obligations to EPR under the restructured loans

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2015	Apr. 30, 2015	Apr. 30, 2014
Subsequent Event [Line Items]
Capitalized equipment, gross		$ 2,804,000	$ 4,207,000
Low-E Snow Guns [Member]
Subsequent Event [Line Items]
Capitalized equipment, gross	$ 61,800
Capital lease assets term, period	48 months
Snow Groomers [Member]
Subsequent Event [Line Items]
Capitalized equipment, gross	$ 23,500
Capital lease assets term, period	60 months
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends payable, date declared		Jun. 12, 2015
Dividends payable, amount per share		$ 0.1375
Dividends payable, date to be paid		Aug. 21, 2015
Dividends payable, date of record		Jul. 10, 2015
Annualized dividend amount		$ 0.55
Description of related party leasing arrangements		Messrs. Boyd, Mueller and Deutsch have personally guaranteed the leases
Subsequent Event [Member] | Snow Groomers [Member]
Subsequent Event [Line Items]
Capital lease, purchase option amount	$ 1