The municipalities ensure the availability of tourism infrastructure
International tourism companies have expressed interest in the Weisse Arena Group’s mountain railways, including Vail Resorts from the U.S.
The municipalities of Flims, Laax, and Falera have proposed a different solution: they will take over the tourism infrastructure themselves. On October 26, 2025, all three municipalities approved the plan by a clear majority.
The agreement sends a clear signal about the destination’s future.
The Background: A Local Response to International Pressure
Successful alpine destinations have become targets for international investors and tourism conglomerates. For Weisse Arena Bergbahnen AG as well as for the region, a takeover by investors with no local ties would have had far-reaching consequences: for local resident discounts, for jobs, and for the destination’s strategic direction.
At the initiative of the three municipalities, a sustainable, local solution was developed with the Weisse Arena Group.
The transaction is based on a proven infrastructure: Finanz Infra AG, which has been financing snowmaking systems since 2005.
This model—public investment combined with operation by the mountain railways—has proven so viable that it has since been replicated by other destinations, such as Corvatsch, Brigels, and Splügen.
The Transaction: What Is Being Acquired
Finanz Infra AG is acquiring Weisse Arena Bergbahnen AG’s entire mountain tourism infrastructure at current net book values. This includes:
- All transportation systems:
– Mountain railways, chairlifts, ski lifts - Valley and mountain stations, as well as associated infrastructure buildings:
– Ticket offices, ski school buildings, shops, parking garages - 11 buildings with restaurants on the mountain
- Other Fixed Infrastructure
Ownership Structure Following the Transaction
Municipalities will fully take over Finanz Infra AG; WAG will remain the lessee:
Financing: Municipalities, Loans, Debt
The purchase price of CHF 94.5 million will be funded as follows: The municipalities of Flims, Laax, and Falera will contribute a total of CHF 50 million in equity; Laax and Flims will each contribute CHF 20 million, and Falera CHF 10 million (CHF 18 million from the municipality of Flims’s prior investment in the FlemX construction will be credited toward this amount, bringing its actual new contribution to CHF 2 million). In addition, there will be a loan from Weisse Arena AG in the amount of CHF 20 million, as well as debt financing of CHF 42.5 million
In the future, Flims and Laax will each hold a 40 percent stake, and Falera a 20 percent stake, in Finanz Infra AG; WAG will cease to be a shareholder. On average, more than CHF 10 million per year from the lease payments can be reinvested without increasing Finanz Infra AG’s debt.
Financing at a Glance
- Municipality of Laax: CHF 20.0 million
- Municipality of Falera: CHF 10.0 million
- Municipality of Flims: CHF 2.0 million (CHF 18.0 million already invested in FlemX)
– WAG loan: CHF 20 million
– Debt financing: CHF 42.5 million
– Total: CHF 94.5 million
Sale and Lease Back: WAG Remains the Operator
Weisse Arena Bergbahnen AG will become the lessee and continue to operate the infrastructure as before. This is the first sale-and-lease-back model of its kind in the Swiss mountain rail sector. The lease agreement is open-ended; it can be terminated no earlier than 2056, i.e., after 30 years. The lessee bears all operating and maintenance costs as well as all investments up to CHF 100,000. Larger, value-enhancing investments are the responsibility of Finanz Infra AG.
WAG thus retains the entrepreneurial freedom to operate and further develop its services while simultaneously benefiting from the lower financing costs of the municipality-owned Finanz Infra AG. Even in the event of a change in WAG’s shareholder structure, the lease agreement remains in effect with all rights and obligations:
The infrastructure remains permanently in local hands.
What Secures the Transaction in the Long Term
- 300 operating days per year
- Resident Discounts
- Jobs in the destination
- No tax increases, no supplemental appropriations
- Investment capacity exceeding CHF 10 million per year
The Votes: A Clear Show of Confidence
Falera approved the project on October 23, 2025, with 93.2 percent in favor; Laax followed on October 24, also with 93.2 percent in favor. Flims was the last municipality to vote, holding a referendum on October 26 that resulted in 85.48 percent voting in favor.
Officials described the results as a clear vote of confidence in the authorities and the Weisse Arena Group.
The result reflects what has guided the project from the very beginning: a solution that is economically viable and protects local interests.
The Weisse Arena Group remains responsible for operations and maintenance.