NSD Inks Alliance with Marunuma Kōgen (Gunma)—What It Means for Hakuba

TL;DR: Hakuba operator NSD has formed an alliance with Gunma's Marunuma Kōgen ski resort, starting 2026-27 winter season.

Nippon Ski Resort Development (NSD)—the Tokyo Stock Exchange-listed company that operates eight ski areas in Hakuba, Gunma and Gifu—announced today that it has signed an "alliance partner resort" agreement with Marunuma Kōgen, a ski area in Katashina village, Gunma Prefecture, operated by Nippon Paper Industries-affiliated Nippon Paper Industries Development Co.

The partnership kicks in for the 2026-27 winter season. Under the deal, NSD shareholder benefit vouchers will be accepted at Marunuma Kōgen, and both parties will run joint marketing to drive visitor traffic. The press release also flags "green-season collaboration" as a medium-term goal—year-round mountain-resort activity is a stated priority for NSD, which already runs summer lifts, camping and adventure parks across its portfolio.

Key Facts

• Eight-resort portfolio. NSD operates six ski areas in Nagano (including several in the Hakuba Valley), one in Gunma, and one in Gifu.
• Marunuma Kōgen profile. The resort sits at 2,000 m elevation in Katashina village and features a ropeway that ascends Mt. Nikkō-Shirane, a day-trip onsen center, a lodge ("Chalet Marunuma") and summer adventure activities including camping and a tree-adventure course.
• Voucher reciprocity. NSD shareholder vouchers—typically issued to Tokyo Stock Exchange investors—will be accepted at Marunuma Kōgen starting winter 2026-27.
• Joint marketing. Both operators committed to coordinated promotional campaigns for the coming season, with the explicit goal of "strengthening customer attraction."
• Summer ambitions. The press release signals "green-season linkage" as a next step, aligning with NSD's stated mission to build year-round mountain resorts and not rely solely on snow.

What This Means for International Buyers / Visitors

If you own property in Hakuba or you're weighing a purchase, this is a quiet signal that the dominant local operator sees value in cross-regional alliances rather than just doubling down inside the valley. NSD already runs Hakuba Cortina, Hakuba Norikura, and a handful of smaller areas in Nagano and Gifu; partnering with Gunma's Marunuma Kōgen extends its footprint without the capital outlay of an acquisition.

From a rental-income angle, the news is neutral in the short term—nobody is booking a Hakuba chalet because they can now use a shareholder voucher two prefectures away. But it does underline NSD's push into green-season revenue, which matters if you're betting on summer occupancy to fill the shoulder months. NSD's summer lift and camping operations have grown steadily since 2020, and linking those assets with a Gunma resort that already runs a popular summer ropeway and campground suggests they're serious about making May–October pay.

For visitors, the practical upshot is modest: if you hold NSD shareholder vouchers (rare unless you're a Tokyo-based investor in the parent parking company or NSD itself), you'll be able to redeem them at one more resort. Joint marketing may mean bundled lift deals or shuttle buses eventually, but nothing concrete was announced today.

Background

NSD was founded in 2005 and is a subsidiary of Tokyo Stock Exchange Prime-listed Japan Parking Development; NSD itself is listed on the Growth market. The company's stated mission is "leveraging beautiful rural landscapes and mountain views to build year-round resorts that enrich local communities." It's been vocal about not wanting to be a winter-only operator, and green-season capex has climbed every year since COVID.

Marunuma Kōgen is less well known internationally but popular with Tokyo day-trippers; the Mt. Nikkō-Shirane ropeway and "Sky Terrace & Café" at 2,000 m draw solid summer crowds. The resort is owned by a paper-industry conglomerate, so today's alliance is a commercial partnership rather than an equity deal.

Editorial note: HakubaHub synthesises Japanese-language property, planning, and tourism announcements for English-speaking buyers and residents. We translate and contextualise; we do not republish marketing claims as fact. Shun is a researcher and writer, not a licensed agent. Always verify details independently.