Toggenburg Mountain Sold

Both Meier and Harris point out how difficult the ski industry, or biz in general is here NYS. Too make matters worse, our biggest ski areas in NY don't have to worry about making a profit.

From Stu's article:

"Some years the ski areas operate at a loss. ORDA’s capital budget for fiscal 2021 is $144.5 million, tens of millions more than Vail’s estimated $115-$120 million 2021 spend across its 37 resorts, many of which could slip all three New York ski areas into their pants pockets."

Blows my mind
 
Great job. Stuart! I enjoyed the read, and actually skied at a number of the ski areas that are now closed.

In terms of collusion, Meier and Harris knew exactly what they were doing. While Meier is no ski industry expert, he's not dumb enough to give Harris the opportunity to operate three ski areas.

On a different topic, does anybody know if GP plans to replace the Alpha slope chair with the used Windham triple this year? Wes mentioned that the major projects this summer were the wedding pavilion, campground, and Alpha chair replacement, but it looks like nothing has been done with the chair yet, and it's now August.
 
"Meier, who has invested $10 million into Greek Peak since acquiring it, never made comparable investments in Toggenburg – it’s no mystery why the place stagnated. Greek Peak’s investments are still paying dividends – Meier says the ski area added nearly 1,000 new passholders in April alone."

The other reality is that the $10M was a drop in the bucket compared to some of the unfortunate luck that fell on GP in the form of the flood that swept through the base area shortly after Meier and Stemmerman purchased the resort. This allowed their insurance company to pick up the costs of the entire ground-level renovations in the Katalima, Taverna, rental center (including new equipment), tuning/repair shop, Adaptive Center, Juntior Ski/Ride Center, and so on. Insurance also paid for a new main pump house and equipment. Then a few years after that, disaster struck again, which resulted in their insurance carrier replacing the chair 4 pumphouse and equipment. Finally, a fire destroyed their storage barn last year on Page Green Road that landed them a new storage facility right next to the Alpha Slope lift. I don't wish this level of destruction on anybody, but they did end up with millions of dollars in new facilities and equipment, as the result of the multiple disasters.
 
Emily said:
"Meier, who has invested $10 million into Greek Peak since acquiring it, never made comparable investments in Toggenburg – it’s no mystery why the place stagnated. Greek Peak’s investments are still paying dividends – Meier says the ski area added nearly 1,000 new passholders in April alone."

The other reality is that the $10M was a drop in the bucket compared to some of the unfortunate luck that fell on GP in the form of the flood that swept through the base area shortly after Meier and Stemmerman purchased the resort. This allowed their insurance company to pick up the costs of the entire ground-level renovations in the Katalima, Taverna, rental center (including new equipment), tuning/repair shop, Adaptive Center, Juntior Ski/Ride Center, and so on. Insurance also paid for a new main pump house and equipment. Then a few years after that, disaster struck again, which resulted in their insurance carrier replacing the chair 4 pumphouse and equipment. Finally, a fire destroyed their storage barn last year on Page Green Road that landed them a new storage facility right next to the Alpha Slope lift. I don't wish this level of destruction on anybody, but they did end up with millions of dollars in new facilities and equipment, as the result of the multiple disasters.
Click to expand...
And it all went back into the ski side of the operations

You just showed your cards ---- welcome back RJ1972
 
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