Jay Peak bombshell

[RH29]

Big props to Jay Peak here. Their financials are no doubt suffering and they could definitely use the money, but they're giving full refunds, no questions asked, to Canadian passholders unable to travel to Jay this year.

 

[thetrailboss]

Big props to Jay Peak here. Their financials are no doubt suffering and they could definitely use the money, but they're giving full refunds, no questions asked, to Canadian passholders unable to travel to Jay this year.

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I don't think that they have much choice.

 

[fbrissette]

Big props to Jay Peak here. Their financials are no doubt suffering and they could definitely use the money, but they're giving full refunds, no questions asked, to Canadian passholders unable to travel to Jay

I don't think that they have much choice.

Yep. No Canadian would have bought a pass without the refund policy. I told them to keep my money for next year's pass. I think they need it more than me at this point.

 

[abc]

Yep. No Canadian would have bought a pass without the refund policy. I told them to keep my money for next year's pass. I think they need it more than me at this point.

How many Canadian bought Jay passes that were not using money rolled over from prior years?

If I remember right, the US border was only technically open to Canadian in September. It took some time for the Canadian government to allow short travel without having to get a test in the US. So it can't be that many Canadians buying season passes across the border?

 

[urungus]

Yep. No Canadian would have bought a pass without the refund policy. I told them to keep my money for next year's pass. I think they need it more than me at this point.

One thing to keep in mind is that if Jay Peak is sold, new owner may not honor previous policies. “Cash is king” For instance, when Powdr bought Killington in 2007, they refused to recognize “lifetime” passes issued by the previous ownership https://www.rutlandherald.com/news/...cle_690ff75e-a200-50f2-8ec9-887c4a58f9d5.html

 

[thetrailboss]

One thing to keep in mind is that if Jay Peak is sold, new owner may not honor previous policies. “Cash is king” For instance, when Powdr bought Killington in 2007, they refused to recognize “lifetime” passes issued by the previous ownership https://www.rutlandherald.com/news/...cle_690ff75e-a200-50f2-8ec9-887c4a58f9d5.html

True, but unlikely. Unless of course POWDR decides to buy Jay and piss off all those skiers and riders.

 

[cdskier]

One thing to keep in mind is that if Jay Peak is sold, new owner may not honor previous policies. “Cash is king” For instance, when Powdr bought Killington in 2007, they refused to recognize “lifetime” passes issued by the previous ownership https://www.rutlandherald.com/news/...cle_690ff75e-a200-50f2-8ec9-887c4a58f9d5.html

A one-time deferral/rollover is a vastly different situation than a "lifetime" pass.

 

[machski]

A one-time deferral/rollover is a vastly different situation than a "lifetime" pass.

However, a Canadian could potentially roll over the value paid for their pass and have a new owner credit their rollover but without and exchange "discount.". In other words, a Canadian might have to shell out a bunch extra next year should a sale occur in ownership. I wouldn't want my $$ locked up if that was a possibility.

 

[kbroderick]

However, a Canadian could potentially roll over the value paid for their pass and have a new owner credit their rollover but without and exchange "discount.". In other words, a Canadian might have to shell out a bunch extra next year should a sale occur in ownership. I wouldn't want my $$ locked up if that was a possibility.

Possible, but highly unlikely. I don't know what percentage of the business comes from north of the border, but I'm confident that it's high enough to be worth treating Canadians well.

The Killington lifetime pass situation was significantly different in ongoing scale and in that Killington was effectively competing against some of the folks holding those passes, as many were transferrable annually and thus rented out each season at sightly below resort pricing. At Jay Peak, it's hopefully a limited-time issue (one way or another, I expect we'll get back to allowing cross border travel by the time next ski season rolls around).

 

[thetrailboss]

Update regarding the State's claims:

Merrill Lynch to pay $4.5M settlement for role in Kingdom Con

The Vermont Department of Financial Regulation says Merrill Lynch has settled for $4.5 million over the broker-dealer’s handling of the accounts used in connection with the EB-5 fraud at Jay Peak.

www.wcax.com

 

[thetrailboss]

Bump.

This was in the Vail thread. Another EB-5 headache. It sounds like Vail wants to shut down the project and the State is pissed. Perhaps the State once again promised investors something that it shouldn’t have?

Vail Resorts is threatening immigration status of foreign investors in Mount Snow project, Vermont regulators allege

Vermont regulators this month issued a cease-and-desist order to Vail Resorts, alleging that the Colorado-based ski giant is reneging on an agreement with roughly 30 immigrant investors that could …

www-denverpost-com.cdn.ampproject.org

 

[thetrailboss]

I am surprised nobody posted about this. According to LiftBlog the Bonnie is down for an extended time due to moisture freezing in the gear box last weekend.

Update on the Bonaventure Quad | Jay Peak Resort

January 28, 2022 UPDATE

jaypeakresort.com

 

[machski]

I am surprised nobody posted about this. According to LiftBlog the Bonnie is down for an extended time due to moisture freezing in the gear box last weekend.

Update on the Bonaventure Quad | Jay Peak Resort

January 28, 2022 UPDATE

jaypeakresort.com

Ahh, the Bonnie was suppose to go years ago in favor of the Powerline 6. That failure was the first indication to me the development at Jay was about to halt.

 

[thetrailboss]

Ahh, the Bonnie was suppose to go years ago in favor of the Powerline 6. That failure was the first indication to me the development at Jay was about to halt.

Yeah spend millions on a new 6-Pack or buy a penthouse suite at Trump Tower? Q chose the latter. Skiers and riders lost. I knew it was not good when they quietly "moved" the base terminal instead of replacing it. For all those beautiful buildings, Jay's lifts are ancient. The last "major" lift improvement was the Freezer in 1999-2000!

 

[IceEidolon]

Well, there was the Tram overhaul, that's a long way from nothing. Unfortunately it doesn't add any capacity, just reliability.

 

[thetrailboss]

Well, there was the Tram overhaul, that's a long way from nothing. Unfortunately it doesn't add any capacity, just reliability.

True. Both the cabins and major overhaul a few years back. The latter was done because they had no choice.....

 

[machski]

Yeah spend millions on a new 6-Pack or buy a penthouse suite at Trump Tower? Q chose the latter. Skiers and riders lost. I knew it was not good when they quietly "moved" the base terminal instead of replacing it. For all those beautiful buildings, Jay's lifts are ancient. The last "major" lift improvement was the Freezer in 1999-2000!

Actually, the Power line 6 wasn't a $$ thing, it was an ACT250 thing. State shit it down due to two tower footings being basically in seasonal streambeds. I remember it went round and round, then they finally shelved the plans and just shortened Bonnie (to make room for Stateside Hotel). Power line was suppose to shift towards Jet and run up the existing power line cut.

 

[MG Skier]

IIRC, I think the Bonnie or the chairs and or towers etc. were possibly scheduled to upgrade the Jet to a quad if the 6 was built....there is not a ton of space at the top of the Jet Triple now, so I am fine with a triple over there.

 

[thetrailboss]

Actually, the Power line 6 wasn't a $$ thing, it was an ACT250 thing. State shit it down due to two tower footings being basically in seasonal streambeds. I remember it went round and round, then they finally shelved the plans and just shortened Bonnie (to make room for Stateside Hotel). Power line was suppose to shift towards Jet and run up the existing power line cut.

That is very interesting considering that the other Vermont Regulators were all-in on Jay and giving Q whatever he wanted.....

 

[thetrailboss]

More info coming soon......

Judge: FBI interviews of Shumlin administration in EB-5 fraud case must be unsealed - VTDigger

The ruling will provide public access to summaries of interviews with the former governor, his top staffers and others who were responsible for overseeing the development projects at Jay Peak Resort and other Northeast Kingdom properties owned by the Miami developer Ariel Quiros.

vtdigger.org