NEWRY, Maine -- After posting a $52.5 million loss for its fiscal
year 2000, the owner of nine major U.S. ski resorts said it plans
to re-evaluate its strategy.
The American Skiing Co. (ASC) owns Steamboat in Colorado;
Killington, Mount Snow and Sugarbush in Vermont; Sunday River and
Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; the
Canyons in Utah, and Heavenly in California/Nevada.
Noting that losses in part were due to disappointing snow
conditions last season, company chairman and chief executive
officer Leslie Otten said, "Since the end of this past ski season,
we have been busy taking corrective action and re-evaluating our
The new strategy includes selling real estate inventory and
reducing real estate debt levels by $40 million or more before
embarking on any new projects, Otten said.
He touted the grand opening last March of the 360-room Grant
Summit Hotel and the 150-unit Sundial Lodge at the Canyons in Park
City, Utah, providing that village with its first ski-in/ski-out
ASC, which is set to add 325 acres of new terrain at the
Canyons, recently opened a Grand Summit hotel at Steamboat and will
link downtown South Lake Tahoe with Heavenly ski mountain via a new
eight-passenger gondola in time for the upcoming season.
Otten said he was especially optimistic about the future of the
Canyons, which stands to benefit from the 2002 winter Olympic
ASC and Marriott Vacation Club inked a $7 million vacation
ownership development deal at Heavenly expected to close later this
The agreement would allow Marriott to acquire time-share
development rights on land in Heavenly from ASC.
Both companies are negotiating a similar deal at Killington.
For more details, contact American Skiing Co. at (800) 543-2SKI.
Its Web site is at www.peaks.com.