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.
It took a while, but Vermont's oldest major ski resort finally has its first slopeside lodging: Guests can now get from the Stowe Mountain Lodge, which opened in June, to the Over Easy Transfer Gondola connecting Spruce Peak to Mt. Mansfield without ever setting boot to snow.
Stowe's considerable charm is about to become more charming. A $220 million expansion plan is moving ahead. Among other things, it includes additional lifts, snowmaking and terrain, along with a "hamlet" at the base of Spruce Peak.
Wintertime Stowe has two distinct cultures. One begins as early as 7:30 am on powder days, when elite collegiate racers, instructors, factory riders from nearby Burton Snowboards and hot locals come out to play in the fluff or rocket on the corduroy.