Warm Winter Brings Economic Ups and Downs

[Bubba]

From "Seven Days", a weekly publication out of Burlington. Buried in the article is that Sugarbush skier visits were down about 25%.

Warm Winter Brings Economic Ups and Downs


http://www.sevendaysvt.com/vermont/warm ... -286323177" onclick="window.open(this.href);return false;

[skiadikt]

then they've done a little better than k, who according to the numbers in the other post are down about 30%. when the numbers come out in june, it'll be interesting to see how this shakes out. last year they were celebrating a record season statewide. another story this season.

[Big Bob]

Peaks resorts are starting to show the pain with layoffs and frozen EB-5 money

http://www.newenglandskiindustry.com/vi ... toryid=420" onclick="window.open(this.href);return false;

[Bubba]

Peaks resorts are starting to show the pain with layoffs and frozen EB-5 money

http://www.newenglandskiindustry.com/vi ... toryid=420" onclick="window.open(this.href);return false;

Job description

Peak Resorts General Manager - Midwest Resort

Peak Resorts is a leader and innovator in the ski industry committed to building an enhanced resort experience. You will find our resorts near mountains, rivers, and lakes including some of the most unforgettable attractions throughout North America. What sets Peak Resorts apart is our passion, determination, and commitment. We pride ourselves on the integrity behind everything that we do and everything that we offer. Shining reputations are not easy to come by. Our passion for family, snowmaking technology, and service has not only won us numerous industry awards, but more importantly the respect of even the most hard-to-please customers. We don’t just meet expectations. We set them.

Peak Resorts, Inc. is accepting applications for a Ski Resort General Manager to lead and manage a Midwest property. The incumbent performs high level administrative, technical, and professional work in furthering the activities and operations of the ski resorts programs and activities.



Position Responsibilities:

(this list is not all inclusive of job duties and responsibilities).


•Hires, motivates, evaluates, and directs staff to ensure adequate guidance and resources to accomplish established goals and objectives. Ensures that all employees receive the training, support, guidance, feedback, and resources necessary.
•Leads by example supporting and promoting Peak Resort policies, procedures and grooming standards.
•Ability to delegate responsibility, motivate and lead direct reports to achieve goals and objectives.
•Familiarity with state and federal environmental standards and OSHA regulations.
•Adhere to guidelines of formal written employee handbooks and training programs for each department.
•Monitors performance and effectiveness, adjusting operations as necessary to meet or exceed revenue goals.
•Confers with the Peak Corporate to review progress toward goals, operating results, etc., and discuss changes in goals and/or operating methods required to meet revenue targets, budgets, etc.


Education and/or Experience:


Bachelor's degree (BA) in Business Administration, Ski Area Management, or related field from four-year college or university and five years of increasingly responsible administrative experience in ski area management and operations and three years in a Managerial Position.


Educational credentials will be evaluated along with overall career experience and performance related to the ski industry or other similar industries. Preferred experience in all ski service functions; snow management, ski school, food and beverage, equipment rental and repair, marketing, long range planning and construction projects; or equivalent combination of education and experience. The position’s education and experience qualifications are not limited to the ski industry alone, however extensive knowledge of the ski industry and the sport is required.


Required Qualifications:


•Excellent leadership, interpersonal, communication (including ability to handle crisis communication as needed), planning, business, financial, and guest service skills.
•Excellent presentation and negotiation skills; computer skills for word processing, spreadsheet, project management and financial accounting applications.
•Ability to develop and maintain effective working relationships with a broad range of individuals and groups.
•Good organization and strong attention to detail.
•Must be willing to relocate within the Midwestern region of the U.S.
•Ability to manage a large, diverse operation.
•Ability to ski and/or snowboard all levels of terrain.
•Ability to deal with changing circumstances in a positive manner.
•Ability to work in adverse weather conditions and work a schedule that includes weekends and holidays.
•Must possess a current valid driver license.


Please submit resume to PMDP@peakresorts.com

[skiadikt]

many zoners "meet" those qualifications. sounds perfect for hwystar ...

[Mister Moose]

Job description

Peak Resorts General Manager - Midwest Resort


Peak Resorts, Inc. is accepting applications for a Ski Resort General Manager to lead and manage a Midwest property.
Required Qualifications:


•Must be willing to relocate within the Midwestern region of the U.S.
•Ability to manage a large, diverse operation.

How large an operation is in the Midwest?

[Big Bob]

From the job description: "You will find our resorts near mountains, rivers, and lakes including some of the most unforgettable attractions throughout North America."

They are talking about a job in the Midwest, correct? Somehow I cannot associate these "mountains" with the Midwest! Pretty flat terrain in that neck of the woods!

[skiadikt]

From the job description: "You will find our resorts near mountains, rivers, and lakes including some of the most unforgettable attractions throughout North America."

They are talking about a job in the Midwest, correct? Somehow I cannot associate these "mountains" with the Midwest! Pretty flat terrain in that neck of the woods!

no sh*t. the vertical drop on those midwest "mountains" is a whopping 250-310 ft. they even have black diamond trails. think snowshed's vertical is around 550 ft. despite that, my sense is that these areas are cash machines with a lot of local support.

[Ski-N-Sail]

From the job description: "You will find our resorts near mountains, rivers, and lakes including some of the most unforgettable attractions throughout North America."

They are talking about a job in the Midwest, correct? Somehow I cannot associate these "mountains" with the Midwest! Pretty flat terrain in that neck of the woods!

no sh*t. the vertical drop on those midwest "mountains" is a whopping 250-310 ft. they even have black diamond trails. think snowshed's vertical is around 550 ft. despite that, my sense is that these areas are cash machines with a lot of local support.

So evidently there is this place in the Upper Peninsula of Michigan. I read about it in the Powder Mag back in October. It has 900 vertical feet. No beginners are allowed. Most trails are black diamonds. They have cat skiing and a hike access only section of the mountain. There is no grooming or snowmaking. They get 273 inches of snow annually.

http://www.nytimes.com/2007/03/09/trave ... .html?_r=0" onclick="window.open(this.href);return false;

http://www.powder.com/stories/travel/pa ... Ii3dzbr.97

[steamboat1]

http://www.newenglandskiindustry.com/vi ... toryid=433



Cash Strapped Peak Resorts May Be Forced to Discontinue Dividends
Ski area operator is facing mounting debt and EB-5 issues.


Facing mounting debt, EB-5 delays, and a bad winter, Peak Resorts is scrambling to make ends meet.

EPR Properties Loan Inquiry
In its Q1 earnings call on April 28, EPR Properties announced "we were approached by Peak to consider a secured term loan."

EPR Properties has provided nearly $115 million in long term debt Peak Resorts, and has a first right of refusal on future financing. The vast majority of the debt carries an interest rate in excess of 10%.

According to EPR, "We indicated that any loan request considered by EPR will be a maximum of $10 million and also require a suspension of all dividends to common shareholders of Peak until the full repayment of the loan among other conditions."

Peak Resorts' most recent quarterly dividend of $0.1375 per share was issued on February 24, at a total cost of $1.9 million. The company's stock (NASDAQ: SKIS) is currently trading at $3.15 per share, a sharp drop from its $9 per share initial public offering 18 months ago.

EPR also disclosed that "Peak has fully funded their off season reserve to EPR" pursuant to its lease terms.

Previously Reported Financial Issues
As first reported on NewEnglandSkiIndustry.com News on April 10, financial issues resulted in Peak Resorts recently letting go long time full time, year round employees at multiple ski areas. In addition, furloughs have been instituted. The publicly traded ski corporation's portfolio includes Attitash, Crotched, Mount Snow, and Wildcat.

Meanwhile, the West Lake snowmaking project is in jeopardy due to EB-5 delays. Mount Snow broke ground on the project in May 2015, reportedly fronting $12 million with the expectation that at least $30 million of EB-5 immigrant investor funds would be released from escrow last year. With the Jay Peak-Q Burke alleged EB-5 Ponzi scheme grabbing national headlines, it is not known when Mount Snow's $52 million of EB-5 funds will be released from escrow.

Mount Snow has been reportedly using Senator Patrick Leahy's office to put pressure on the EB-5 situation. Senator Leahy has come under fire in recent weeks due to his involvement with the Jay Peak-Q Burke situation, including joining Jay Peak officials on fundraising junkets, lobbying for Jay Peak, and accepting $10,800 in contribution from Jay Peak management. After championing the EB-5 program and subsequent extensions, Senator Leahy is now calling for reform or the termination of the EB-5 program.

While some logging and snowmaking pipe welding activities have taken place at Mount Snow this spring, the West Lake snowmaking project cannot be completed until the EB-5 situation is remedied.

Meanwhile, after purchasing Hunter Mountain for $36.8 million and the poor 2015-16 season, Peak Resorts' free cash account was nearly halved year to year by the end of January.

When speaking about the Mount Snow EB-5 situation, Mount Snow President Dick Deutsch stated, "I’m very concerned. I’d be foolish not to be concerned."

Fiscal Year End
Peak Resorts fiscal year ended on April 30, coinciding with the early discount deadline on its Peak Pass offering. Fiscal year results are expected to be announced in July.

[steamboat1]

My guess is they took the loan.
Peak Resorts:

Peak Resorts announced what was already known by many—a hiatus in its dividend, tied to a cash crunch resulting from a triple whammy of a terrible ski season, $12 million of pre-funding of an E-B project, and an unexpected delay in the government approval to release funds raised to finance the EB-5 project. At the same time, however, the company surprised by saying its new multi-mountain Peak Pass—which is enabled by the late season acquisition of Hunter Mountain—is driving a 40% spike in season pass unit sales and a 29% rise in season pass dollar volumes. This bodes well... particularly if next season we get better ski weather.

The company has said that the dividend is dependent on approval from the government to release $52 million of funds raised via EB-5 and currently held in escrow for a Mount Snow development project. So this argues that if the approval comes through, the dividend could come back. Peak pre-spent $12 million for this development effort, in anticipation of getting the funds released by now. The release is only waiting on approval of the first of 104 investor petitions in the financing group. Peak says it is not aware of any problem with the application, and that it is just suffering from an approval delay that is similar to what other EB-5 programs are going through, because of a rise in EB-5 application volumes. Peak's pre-spending, combined with a terrible ski season, and the hiatus in EB-5 fund release, pushed Peak's cash balance to $11.5 million at the end of January, from $20.9 million in the year-ago period. The dividend payout was about $1.9 million per quarter. EB-5 work will likely remain suspended until the application is approved. As time goes on, this creates risk that we miss the summer/fall window to move work on this project ahead.

On a more positive note, its Peak pass product is proving very popular. This multi-resort ski pass is essentially a Northeast corollary to Vail's popular Epic pass, as it allows skiers to visit either Hunter or Mount Snow. Also included are Attitash, Wildcat and Crotched Mountains in New Hampshire, and Jack Frost and Big Boulder in Pennsylvania. Peak said that because of this new product, pre-season sales of season passes are up 40% in units and 29% in revenues. This looks encouraging for next season, particularly if weather is typical, rather than unusually warm like last winter in the Northeast.

[steamboat1]

http://www.newenglandskiindustry.com/vi ... toryid=432

[ME2VTSkier]

Dividend cancelled

http://www.newenglandskiindustry.com/vi ... toryid=435

[Dr. NO]

Didn't the ASC all mountain pass help to sink ASC into bankruptcy? Put lots of bodies on the mountain, but all the extra early income was already spent on things like The Grand at all the areas. May have scared some people away due to the increase of pass holders crowding the mountains also.

Peaks seems to be running down the same road by over spending and providing cheap passes.

[Southside_Bobby]

They got $300 of my money on April 30th.

We'll see what happens to Hunter, after being family owned for so many years. My guess is it will be such a cash cow for Peaks that things won't change much there. Luckily they don't really need any new infrastructure right now.

Mount Snow was ASC's cash cow and they let it completely deteriorate, sending all the revenue out West. (Kind of like K for Powdr). Mt. Snow has improved greatly recently.

Jay is profitable and will stay open, with a bunch of recent infrastructure.

If we want a new lift at K, maybe what we need is a Ponzi scheme.