How an oil tycoon ended up fighting the 'Americanization' of Canada's national parks
Hub Podcasts
Pursuit's roll-up and the market share problem
Waterous explains Pursuit's acquisitions pushing market share from 80% to 92% and the ski resorts' challenge to the deal.
Adam Waterous, oil tycoon and ski-resort owner, joins Alberta Edge to discuss his unusual, decade-long fight against what he and a watchdog group call an "extreme monopoly" in Canada's national parks tourism industry. What began as a vision to build a passenger rail line connecting Calgary to Banff turned into an "in for a penny, in for a pound" saga involving the purchase of a ski hill, a challenge to a powerful U.S.-based tourism company, and tough questions about the role of Parks Canada. Waterous argues the case reveals deeper problems in Canada's regulatory system, why costs are rising for visitors, and how control over iconic landscapes can become a question of Canadian identity.
This podcast is generously supported by Don Archibald. The Hub thanks him for his ongoing support.
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CREDITS:
Falice Chin - Host, Producer, and Editor
STATEMENT FROM PURSUIT:
"Pursuit is a global company with operations in the Canadian Rockies, Costa Rica, Iceland, Alaska and Montana. Canada has always been integral to Pursuit's success and remains central to our future. While we operate globally, our Canadian experiences are led by local teams based in their communities, ensuring decisions reflect local knowledge, long-term relationships, and the character of these iconic places. With roots in the Canadian Rockies dating back 130 years, we're proud to be deeply connected to Alberta's communities. Over the past decade, we've added more than 1,200 jobs in Alberta, reinvested 100% of Canadian profits into local operations, enhancing guest experiences and refreshing tourism infrastructure with a focus on long-term sustainability; and contributed $3.8 million in community support between 2020 and 2025 at the community level in Banff and Jasper. Our Promise to Place guides us to protect natural environments, respect local heritage, and strengthen communities. This commitment drives our investments in our team members, the world-class experiences we provide to guests, and our commitment to sustainability to ensure the Canadian Rockies remain vibrant for generations to come." In 2024, the Competition Bureau conducted a detailed and independent review of Pursuit's acquisition of the Jasper SkyTram. That review examined competition related concerns raised by a group of private business operators in Banff and concluded in April 2025 with no further action. As part of that review, the Bureau assessed official market data, including how tourism experiences operate across different geographic areas in the Canadian Rockies. With this information, the Bureau determined there were no competition concerns that warranted further steps. With the review complete, Pursuit remains focused on responsibly operating and reinvesting in the places where we work, including the Canadian Rockies, with a long term commitment to people, place, and stewardship."Hosted on Acast. See acast.com/privacy for more information.
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