Jay Peak bombshell

[VTKilarney]

Not surprising, but Jay Peak's summer business has taken a huge hit:

General Manager Steve Wright says the resort is 85% to 90% off it’s normal numbers for hotel rentals, most of the weddings and all of the conferences have been canceled, and golf, a popular summertime activity, is way down.

Normally in the summer, Jay Peak employs up to 650 people; currently there are less than 100 people working there.

In the winter, the busier season, the resort, just four miles from the Canadian border, usually has 1,500 employees. But Wright said hiring this year will depend on how much cross-state travel is allowed and if the border reopens.

“We’re going to build the most impossibly conservative model, from a staffing and expense and a revenue perspective, that we can,” Wright said. “But it will be a model that will be built to scale up.”

https://www.vpr.org/post/canadian-border-closed-nek-tourist-spots-see-big-drop#stream/0

 

[jimmywilson69]

yeah the border being closed really screws Jay...

 

[BenedictGomez]

On the bright side, the weekend skiing at Jay Peak will be like it's 1999 again! I'm all over that.

 

[jimmywilson69]

are you allowed to go to VT from your NJ? Seems like very few counties meet their "threshold" for non-quarantine.

Otherwise, yes Jay will be a ghost town

 

[VTKilarney]

And now Burke is challenging its tax assessment. The town valued Burke at $18,722,700. Burke says that fair market value is $11,210,000. The article says that the resort has lost more than $1 million a year for each of the last three years, though that number has been declining.

Keep in mind that the hotel and conference center cost $67 million to build. Quiros bought the resort for $7 million, so according to Burke Mountain the $67 million hotel has only added $4.2 million in value to the resort.

https://vtdigger.org/2020/08/18/bur...seeks-to-slash-town-assessment-by-40-percent/

 

[BenedictGomez]

are you allowed to go to VT from your NJ? Seems like very few counties meet their "threshold" for non-quarantine.

I live in the only county in NJ that's "allowed" to go to VT. We're pretty rural & pretty educated, which I imagine are 2 large parts of that puzzle. In fact, we have less COVID19, ironically, that a handful of VT counties, and that's even with VT not taking into account cases confined to prisons, which I really think they should.

 

[BenedictGomez]

The town valued Burke at $18,722,700. Burke says that fair market value is $11,210,000. The article says that the resort has lost more than $1 million a year for each of the last three years, though that number has been declining.

I'll bid $1, Bob.

 

[jimmywilson69]

Lucky You! and LOL yes I'll Take Burke for $1

 

[VTKilarney]

Update on the criminal cases.

Stenger is still doing his best Sgt. Schultz impression.

https://vtdigger.org/2020/10/09/stenger-quiros-courtroom-clash-looms-in-eb-5-criminal-fraud-case/

 

[mister moose]

Update on the criminal cases.

Stenger is still doing his best Sgt. Schultz impression.

While it is tough to believe Stenger had zero knowledge of the spaghetti like money trail that was oozing out of Jay Peak, all the information to date shows Stenger was not the beneficiary of that spaghetti. That's a very important difference.

My 2 cents is Stenger will have sleepless nights, a large legal bill and probation, with a small fine. He may be barred from certain positions in the future.

 

[BenedictGomez]

While it is tough to believe Stenger had zero knowledge of the spaghetti like money trail that was oozing out of Jay Peak, all the information to date shows Stenger was not the beneficiary of that spaghetti. That's a very important difference.

I find it very difficult to believe Stenger wasnt benefitting somehow, and if it's known that he was it will come out during the trial.

As it stands, their current legal defense is, "Actually, Bill Stenger is the dumbest son-bitch on the planet", and I'm just not buying it.

 

[jimmywilson69]

I still have a little hope that he is the "dumbest SOB on the planet" because pre this he was a ski area god. Now he's not even Less Otter... LOL

Also agree if he's got a giant Cayman bank account somewhere it'll be presented at trail...

The whole Jay Peak thing was too good to be true. Now they can't even sell the damn thing. Almost crazy to think that's even a possibility with all that's been added there. I first visited Jay in 2000. It was a modest ski area that got lots of snow, had a gravel parking lot and damn near everyone spoke French. not so much now...

 

[abc]

Jay has refunded all the season pass money to Canadians!

Is that a "bombshell" or what? (befitting the title)

 

[machski]

Jay has refunded all the season pass money to Canadians!

Is that a "bombshell" or what? (befitting the title)

A good move considering the uncertainty with the border closure going forward. Another thing I saw was that should the border reopen prior to the season, Jay will make passes available to Canadians at tier 1 lowest prices. Should the border open during the season, Jay will make passes available to Canadians at a pro-rated cost based on season remaining. Given they get around 50% of their business from North of the border, a very good move I think.

Sent from my Pixel 3 using AlpineZone mobile app

 

[fbrissette]

A good move considering the uncertainty with the border closure going forward. Another thing I saw was that should the border reopen prior to the season, Jay will make passes available to Canadians at tier 1 lowest prices. Should the border open during the season, Jay will make passes available to Canadians at a pro-rated cost based on season remaining. Given they get around 50% of their business from North of the border, a very good move I think.

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A nice gesture indeed. However, many of the Canadians with season passes have decided to get a pass somewhere else. I pulled the trigger on an Ikon pass and will ski Tremblant this winter. I rented my Jay Peak condo for the season. It does not matter anymore if the border reopens, no Vermont for me this winter. Sucks. And I cannot get ski in ski out accommodation at Tremblant for the price I rent my condo at Jay. So I'm back to driving and booting up in the parking lot. Tough life...

 

[JimG.]

Update on the criminal cases.

Stenger is still doing his best Sgt. Schultz impression.

https://vtdigger.org/2020/10/09/stenger-quiros-courtroom-clash-looms-in-eb-5-criminal-fraud-case/

Maybe they need to give him some chocolate.

 

[abc]

A nice gesture indeed. However, many of the Canadians with season passes have decided to get a pass somewhere else. I pulled the trigger on an Ikon pass and will ski Tremblant this winter....

Without the Canadians, Jay Peak will be much quieter this season...

 

[dlague]

A nice gesture indeed. However, many of the Canadians with season passes have decided to get a pass somewhere else. I pulled the trigger on an Ikon pass and will ski Tremblant this winter. I rented my Jay Peak condo for the season. It does not matter anymore if the border reopens, no Vermont for me this winter. Sucks. And I cannot get ski in ski out accommodation at Tremblant for the price I rent my condo at Jay. So I'm back to driving and booting up in the parking lot. Tough life...

Never thought about border issues but a friend of mine flew out of Montreal to Boston last weekend and visiting for the week. So you can fly out just not drive out! Hmmmm


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[urungus]

Never thought about border issues but a friend of mine flew out of Montreal to Boston last weekend and visiting for the week. So you can fly out just not drive out! Hmmmm

Very odd alright:
https://www.cbc.ca/news/business/canada-u-s-border-closure-fly-travel-covid-19-1.5754763

 

[EPB]

Very odd alright:
https://www.cbc.ca/news/business/canada-u-s-border-closure-fly-travel-covid-19-1.5754763

Seems beneficial to the economy of places like FL... Not sure exactly how much it moves the needle though.

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