Ragged Mountain Expansion Plans

[gregnye]

Today, I received an interesting email from Ragged announcing their expansion plans and their EB-5 Capital Investment Project. Here it is below:

"FUTURE RESORT PLANS

This week Ragged Mountain Resort gave further insight into their previously announced expansion plans. Some of the first projects will include the continuation of significant snowmaking upgrades, the replacement of the Spear Mountain lift with a new detachable high-speed lift, renovated base facilities, hotel accommodations, slopeside housing, and other recreational amenities such as tubing, a mountain coaster, ziplines and mountain biking. Perhaps of greatest significance to skiers and snowboarders is the expansion onto Ragged’s third mountain, Pinnacle Peak, which will increase the resort’s terrain by more than 30%. This past winter Ragged began to cut the primary trails off the Pinnacle Peak summit.

Last September, Ragged Mountain Resort was designated as an approved Capital Investment Project under the New Hampshire EB-5 Regional Center. The resort is currently working on detailed planning and intends to announce the timing and extent of improvements soon. The first phase includes raising up to $35 million to renovate, expand, develop and operate the resort as a premier year-round destination, while spurring the creation of a minimum of 700 direct and indirect jobs in the state. The Federal EB-5 program was created to encourage foreign investment in the United States with the specific purpose of providing capital to create jobs for US citizens. Non-US citizens who invest in approved projects can get a green card for themselves and their family.

Stay tuned for more development news as the summer progresses."


So there you go. This seemed to come out of the blue!! For how long have they been planning this (probably forever)?

Discuss.

[riverc0il]

This has been rumored for a while now. Personally, I'll believe it when the contract with Poma or Doppelmeyer is inked.

It certainly won't bode well for Tenney ever getting back in the action if this does happen. Combined with Waterville's expansion, it really limits anyone that would care much for a slow ride up a double for bland terrain.

[thetrailboss]

Very interesting. They are cutting the trails. Looks like Ragged is back on track. Good work by Bob Fries and crew.

[deadheadskier]

Bob Fries has been the GM of Waterville for the past two seasons.

[thetrailboss]

Bob Fries has been the GM of Waterville for the past two seasons.

Oops! Behind on the times!

[Abubob]

Oops! Behind on the times!

Don't feel bad. I had a guy tell me that Ragged was going under. I said, "Where have you been?" I gotta wonder where all this foreign investment is heading though. Will some Chinese or Indian banker decide to shut things down because there isn't enough profit or will oil prices go so sky high that the whole industrial ski complex grinds to a halt? I seriously worry.

[riverc0il]

Don't feel bad. I had a guy tell me that Ragged was going under. I said, "Where have you been?" I gotta wonder where all this foreign investment is heading though. Will some Chinese or Indian banker decide to shut things down because there isn't enough profit or will oil prices go so sky high that the whole industrial ski complex grinds to a halt? I seriously worry.

It doesn't work like that. EB5 investors have no say in how the business is run. Actually, the investors can invest all the money, the business can fail, and the investors get nothing, not even their citizenship. Any business that goes the EB5 route is almost in a can't loose situation... as long as they can deliver on the jobs.