With the $85 billion bailout of AIG, Stowe is currently owned by the government. But for how long?
Two big uncertainties face Stowe Mountain Resort this winter. The obvious: Will Mother Nature deliver the white goods like it did last year? And the not so obvious: Who will ultimately own the resort?
The resort’s troubled parent company, American International Group Inc. (AIG) recently received an $85 billion loan from the Federal Reserve to help cover losses resulting from insuring mortgage-backed securities and other risky investments. To pay back the loan, AIG agreed to sell some of its assets.
Resorts from Maine to California are abuzz with stories of fantastic early season conditions and more skier visits than the last few years. Should the trend continue, who knows what's in store for the ski industry and its patrons.
The likelihood of Park City hosting the World Cup opener was dubious until nearly two feet of snow covered the resort yesterday. With a natural base established and smowmakers working overtime, Park City hopes to be prepared in time for the races.