Saddleback

[steamboat1]

well if they close then apply for eb-5 it would create more than 7 jobs.

Actually they wouldn't have to create any new jobs. They'd just have to show they saved 10 jobs per investor. Actually they wouldn't even have to close. Just show they've been losing money for several years. I forget the exact requirements for this.

edit: To qualify for the just saving jobs provision they'd have to show their net worth has dropped more than 20%. I know I've been getting bashed on the Sugarbush thread but Win used this provision when applying for EB-5 money.

 

[mbedle]

I pretty sure in that area of Maine, they would qualify for just retaining 10 jobs per investment.

 

[dlague]

UPDATE: Maine's Saddleback ski area has extended the deadline to secure $3 million needed to stave off closing. Shocking!

 

[skiMEbike]

Here's the article in Bangor Daily News....Sounds like next week we should hear something:

DALLAS PLANTATION, Maine — The general manager for the Saddleback ski area said Friday the resort was going to extend by a few days its self-imposed deadline for securing $3 million in financing for a new chairlift.

In July, the resort announced it would have to close for the 2015-16 ski season if it was unable to replace its Rangeley Double Chairlift which, although having been refurbished in the mid-2000s, is going on 51 years old.

Chris Farmer, Saddleback’s general manager and real estate agent, said the ski hill was essentially in a “holding pattern.”

“We are still working on it,” Farmer said at about 4 p.m. Friday.

On July 20, Saddleback’s co-owner and spokesman Mark Berry announced the ski area would cease winter operations if it could not secure $3 million in financing needed to purchase a new four-person chairlift to replace the aging 4,717-foot double chairlift that currently services much of the ski hill’s intermediate terrain and provides access to the resort’s upper chairlift, the Kennebago Quad.

In a release Friday, Berry said that, over the two weeks since the announcement that the ski hill was facing closure, his family and mountain managers have “been working every possible angle to secure the financing needed to build the lift and to develop a long-term plan that will safeguard the winter operations for the future.”

Berry said he and the other owners recognize the ski hill’s important role in the region’s economy.

“The economic impact on our staff and the community is not lost on us,” Berry said. “We’ve worked very hard and had several meetings with financial institutions and potential buyers. While I am not able to announce a decision today, I believe we will have a yes or a no answer by mid next week — and that’s progress from where we were two weeks ago. A final decision is needed in the next few business days to ensure the lift can be purchased and installed in time.”

Berry said public support for the ski hill, which has recently touted its solitude with a marketing slogan, “Take the trail less skied. Break away from the crowd,” has been strong.

“We are humbled and grateful for the amazing show of support for this beautiful Rangeley mountain resort,” Berry said. “Our family and our staff have invested our heart and soul into providing Maine families with a safe, friendly affordable ski area that they can call their own and it remains our goal to ensure its long-term future.”

He said the family business partners have long held the goal of replacing the antiquated double chair with a quad or four-passenger chairlift.

The resort employs up to 300 people in the winter and has averaged 80,000 to 100,000 skier visits per year.

Since buying the resort in 2003, the Berry family has spent more than $40 million on improvements, according to published reports. They put the resort, most of its 121 condominiums and 400 acres on the market in 2012 for $14 million.

It’s currently for sale for $9.5 million with 2,070 acres.

 

[thetrailboss]

Here's the article in Bangor Daily News....Sounds like next week we should hear something:

DALLAS PLANTATION, Maine — The general manager for the Saddleback ski area said Friday the resort was going to extend by a few days its self-imposed deadline for securing $3 million in financing for a new chairlift.

In July, the resort announced it would have to close for the 2015-16 ski season if it was unable to replace its Rangeley Double Chairlift which, although having been refurbished in the mid-2000s, is going on 51 years old.

Chris Farmer, Saddleback’s general manager and real estate agent, said the ski hill was essentially in a “holding pattern.”

“We are still working on it,” Farmer said at about 4 p.m. Friday.

On July 20, Saddleback’s co-owner and spokesman Mark Berry announced the ski area would cease winter operations if it could not secure $3 million in financing needed to purchase a new four-person chairlift to replace the aging 4,717-foot double chairlift that currently services much of the ski hill’s intermediate terrain and provides access to the resort’s upper chairlift, the Kennebago Quad.

In a release Friday, Berry said that, over the two weeks since the announcement that the ski hill was facing closure, his family and mountain managers have “been working every possible angle to secure the financing needed to build the lift and to develop a long-term plan that will safeguard the winter operations for the future.”

Berry said he and the other owners recognize the ski hill’s important role in the region’s economy.

“The economic impact on our staff and the community is not lost on us,” Berry said. “We’ve worked very hard and had several meetings with financial institutions and potential buyers. While I am not able to announce a decision today, I believe we will have a yes or a no answer by mid next week — and that’s progress from where we were two weeks ago. A final decision is needed in the next few business days to ensure the lift can be purchased and installed in time.”

Berry said public support for the ski hill, which has recently touted its solitude with a marketing slogan, “Take the trail less skied. Break away from the crowd,” has been strong.

“We are humbled and grateful for the amazing show of support for this beautiful Rangeley mountain resort,” Berry said. “Our family and our staff have invested our heart and soul into providing Maine families with a safe, friendly affordable ski area that they can call their own and it remains our goal to ensure its long-term future.”

He said the family business partners have long held the goal of replacing the antiquated double chair with a quad or four-passenger chairlift.

The resort employs up to 300 people in the winter and has averaged 80,000 to 100,000 skier visits per year.

Since buying the resort in 2003, the Berry family has spent more than $40 million on improvements, according to published reports. They put the resort, most of its 121 condominiums and 400 acres on the market in 2012 for $14 million.

It’s currently for sale for $9.5 million with 2,070 acres.

So it is for sale at $9.5 million? Wow. Something sounds wrong.

Also interesting that it is in the same skier day range as Burke (75k-100k) that also struggles.

 

[ss20]

The resort employs up to 300 people in the winter and has averaged 80,000 to 100,000 skier visits per year.

:-o

That's... nothing. I'm one of 350 at Thunder Bump. To run a whole mountain of that magnitude with 300 people is incredible. And 80,000-1000,000 skier visits in a season? I'm sure Stratton, Mount Snow, Okemo, Killington, Sunday River, and Loon get 80,000 people on the hill both President's Week and Christmas break.

 

[mbedle]

It is not for sale with 2,070 acres of land for 9.3 million. Jesus, ever article you read gets something wrong. The 2,70 acres of land are for sale, separate from the ski resort.

 

[Jully]

Actually they wouldn't have to create any new jobs. They'd just have to show they saved 10 jobs per investor. Actually they wouldn't even have to close. Just show they've been losing money for several years. I forget the exact requirements for this.

edit: To qualify for the just saving jobs provision they'd have to show their net worth has dropped more than 20%. I know I've been getting bashed on the Sugarbush thread but Win used this provision when applying for EB-5 money.

That's very interesting. I was not aware of that fact. I wonder if their net worth has dropped 20% or if they would even bother to go into it at this point in time.

 

[salsgang]

Here is to hoping we get some news, hopefully good, this week. Good thoughts to all involved.

 

[steamboat1]

Here is to hoping we get some news, hopefully good, this week. Good thoughts to all involved.

For your sake & all Saddleback regulars I hope for positive news too.

 

[x10003q]

I just spoke to guest services and there is still no information today - 8/18/2015.

 

[tipsdown]

It appears as though a sale is in the works...Who, is anyone's guess....

 

[ss20]

It appears as though a sale is in the works...Who, is anyone's guess....

Save Saddleback
Q Saddleback
Otten's Saddleback

 

[deadheadskier]

It appears as though a sale is in the works...Who, is anyone's guess....

Peaks!
Peaks!
Peaks!


one can hope

 

[EPB]

Peak has made it abundantly clear to investors that they are looking to buy. SB probably fits the size (in earnings) that they're after. Not sure about proximity to population centers though.

 

[ss20]

Peaks!
Peaks!
Peaks!


one can hope

Not a chance. They're slowly dying financially. Wildcat got their snowmaking re-build out of necessity. Crotched's Quad was from an abandoned area. Last year Mount Snow's new guns were financed by the State, and this year/next year's West Lake are coming from EB-5 money. Their stock which sold for $9-$11 in November has been hovering around $7 from January onward.

 

[AdironRider]

Yeah Peaks is on the slow march to death.

I'm guessing it won't be a standard player in the game, but could see some Maine timber tycoon buying it up or something like that.

 

[deadheadskier]

I'm aware its highly unlikely. It would be great to have Saddleback on my pass though.

 

[ss20]

Let me say it before anyone else does...

Vail Resorts!

*runs to AZ fallout shelter*

 

[deadheadskier]

hate to burst your bubble, but people have said it before. Lots of real estate that could be developed. Opportunity for Vail to break into the New England market on the cheap.