Rumor heard- yes or no?

[MsMtSnow]

Hey - I'm Jess, I work for the Alpine Training Center at Mt. Snow as a Developement Team coach. The news around the lockerroom was that Killington has been purchased by Vail, heard from several different sources, whom in the past have been very reliable. I mean, it's no secret American Skiing Company will probably declare bankruptcy somewhere in the near future, just wondering if anyone here knew anything more. Another person who had not heard about the Killington rumor had heard Vail was looking at purchasing Mt. Snow.

Just curious!

Jess

 

[threecy]

I think I've heard something like that too.

 

[Stephen]

Hey - I'm Jess, I work for the Alpine Training Center at Mt. Snow as a Developement Team coach. The news around the lockerroom was that Killington has been purchased by Vail, heard from several different sources, whom in the past have been very reliable. I mean, it's no secret American Skiing Company will probably declare bankruptcy somewhere in the near future, just wondering if anyone here knew anything more. Another person who had not heard about the Killington rumor had heard Vail was looking at purchasing Mt. Snow.

Just curious!

Jess

sarcasm
But I thought ASC had the best business plan in the whole world???
/sarcasm

Welcome to the board, Jess. :beer: :dunce:

 

[severine]

I thought they were working on seceding (excuse the spelling, please) from the state of Vermont and joining New Hampshire?? Wasn't that their big plan to save money? (Although I don't see how it could have possibly worked...)
Anybody else have any insight on this? Now you've piqued my interest!

 

[jamesdeluxe]

In other "how desperate is the ASC?" news, check out this story from The Canyons in Park City. Me thinks the end is near.
http://www.sltrib.com/2004/Feb/02212004/business/business.asp

 

[tree_skier]

rumurs rumers rumers

once again ASC is a publicly traded corp. FTC rules would requires any sale, such as the sale of the bush and hevenly and the almost sale of steamboat to be disclosed. don't look for the sale of either k-mart or mount no to happen untill bankrupcy courts force them as they both make too much money for asc to sell better potiential for sales would be attitash, the loaf or gasp someday bigger as they don't turn the profits k-mart and mt no do.

 

[tree_skier]

The source af ASC's fiscal woes is in two words The Canyons. The finiancial plan was sent into disarray when the first hotel wasn't completed on schedual and then things spiraled out of control after that. The plan itself was also based too heavily on leverage and this contributed to the spiral.

In looking at bankrupcy it gets a little complex as when you look at an ASC resort it isn't all the same company. The Grand Summits are a seperate company still controlled by Les. Also certain key elements such as the snow making sources at someday bigger are also owned seperately by Les. There was a good article on this subject a few years ago in Vermont Life title (i believe) "The Fleecing of American Skiing Company" Which details a number of facts including how Les is still getting about 5 million a year from ASC.

Bankrupcy is a strong possibility and the rumors i have head say this spring. There have been a number of potiental buyers spending significant time at Mount Snow this year, including one who built a very expensive house in the valley this last year. However I don't see a sale of Mount Snow or Killington until bankrupcy as they both make too much profit for ASC to give away ala sugarbush.