Greek Peak Conditions (2016 - 2017)

billyymc wrote

Our two best days of the year were at Okemo and Stowe. We had a free pass to Okemo - and I thought it was pretty decent. The kids and wife did too. Not sure why everyone hates on it so much. Did a Fri / Sat trip and it hit about 60 degrees both days...great spring skiing.

Okemo is an OK mountain. Folks have a distaste for the owners, Tim and Dianne. They are just a bit too full of themselves, and also handled the residents of Colorado poorly when they took over Crested Butte.

In terms of the GP 10% gift card bonus, I'm not sure I'm real comfortable with the wording of their ad. It makes them sound as if they are experiencing financial difficulties and need some cash flow.

Rj1972 wrote

In terms of the GP 10% gift card bonus, I'm not sure I'm real comfortable with the wording of their ad. It makes them sound as if they are experiencing financial difficulties and need some cash flow.

That's the way I read the advertisement as well.

What part makes you uncomfortable? The fact that they lost money this winter or that they admitted it?

I was uncomfortable with the word "bared."

It sounds like a humble add offering to help people out with a discount if they can help them out after getting beat up by a real crappy season. I like it. It feels sort of homey, honest and connected with their customers.

raisingarizona wrote

 
 I like it. It feels sort of homey, honest and connected with their customers.

You just nailed Greek Peak. The place has some of the best people working there you could ever want to meet. I'm sure that goes for every ski area, but I only live here so that's what I have to go by.

And yeah, I'm sure they're hurting for cash flow. It never snowed in the valley this year. I'm sure they aren't the only ski area in the NE trying to generate some cash.

campgottagopee wrote

raisingarizona wrote

 
 I like it. It feels sort of homey, honest and connected with their customers.

You just nailed Greek Peak. The place has some of the best people working there you could ever want to meet. I'm sure that goes for every ski area, but I only live here so that's what I have to go by.

And yeah, I'm sure they're hurting for cash flow. It never snowed in the valley this year. I'm sure they aren't the only ski area in the NE trying to generate some cash.

absolutely on both counts - were usually up there 5-10 times a winter and havent been up since our wine tour last october...

hoping to get up soon to check out the bike park but with one kid wrapping up high school and another grad school these graduations and grad parties are killing me!

"We need your continued support"

They are a for-profit organization--not a charity. I helped them out with a Cascades Club membership, and we see how well my $10K was put to use.

RJ, seriously??? You need to let that sill Cascade Club thing go. PHU_LEASE you know damn well you "gave" your $10K to Al --- that's not Marc and John's issue ---- they could've shut down the entire thing but they didn't. All we locals new the thing would never fly to begin with. Something about lipstick on a pig

Please find a new dead horse to beat.

Yeah, I know Camp. The Cascade is old news; however, I know several locals that purchased memberships that really shouldn't have done so from a financial standpoint.

John and Marc represent a new era. They obtained the best mountain in CNY with no debt. The place is going to soar. I'm just not certain why the current plea for support. It can be interpreted a number of different ways, which is poor marketing IMO.

Holy shit batman, you certainly paint a pretty picture.

I'd venture a guess that buying, or "obtaining" as you put it,  a very neglected ski hill for 7 million comes along with some debt. As far as soaring?? I sure hope you're correct!!!

Only time will tell if this past season had any long term effect on their overall finances. Historically, one in five seasons at GP have been losers, so hopefully Marc and John considered that when they developed their five year plan, and acquired Tog along the way. The place has so much potential. A financial investor is truly what they need, as spending a million here and there, coupled with nickel and diming the customer, won't get them much more market share.

Remember, these folks also own HLL, which was worth much more than $7M. The ski area was the added bonus.

I'm in the biz of buying and selling things, that's what I do. "Worth" is only a word. Something is only "worth" what someone is willing to pay for it, and the first money is always the best money.

In my mind you have it backwards. They bought a ski area that came with a boat anchor named HLL.  That place NEVER should've been built. Al had ZERO dollars of his own money invested in the place, and who in their right mind would EVER think a $50 million dollar hotel would make it in Virgil NY.....friggin VIRGIL NY. The writing was on the wall before it even got started.

Is this groundhog day or something?? I feel like we've already talked about this.

If they knew how to market HLL, it could be a true gem regardless of location. There are many successful hotels and resorts in the middle of nowhere, but it takes an effective marketing team to bring in the business.

Yes, we've been down this road before.

I guess if I had invested in HLL I would be hanging on to that hope as well.

So that now it was brought up.  What was this 10k for a time share?   Do you still own the time share?  

The $10K was to raise money for the Adventure Center construction. $10K was required for membership in the Cascades club. This afforded members a number of different benefits, including reduced fee waterpark access and $1,000 credited to your Cascade Card annually for ten years. This $1K could be used for resort services. At the end of ten years, members would also have their entire $10K reimbursed.

When the bankruptcy occurred, prospective buyers/bidders were informed about the 65 Cascades Club members. While prospective buyers could have walked away from the 65 members, they realized that these are some of their most loyal customers, and walking away wouldn't garner much goodwill. Accordingly, ALL of the perspective buyers indicated that they would honor the Cascade Club membership and not walk away from the members under the bankruptcy.

When John and Marc were the successful bidders, they explored options to completely terminate the Cascade Club members, but ultimately decided to continue adding $1K per year to Cascades members cards for the balance of the years remaining; however, they would not reimburse the initial $10K investments.

Basically, it turned into a break-even for Cascade Club members, so it wasn't a complete loss, other than the time value of money. However, a number of folks who purchased memberships were locals who were really counting on the return of their initial $10K after ten years. Those are the folks I feel bad for. For only $650K John and Marc could have really generated some goodwill among the families who purchased membership. That sum of money is a drop-in-the -bucket for ski areas owners.

campgottagopee wrote

I guess if I had invested in HLL I would be hanging on to that hope as well.

I never spent a penny on HLL, as I'm not a fan of fractional ownership, unless I'm the company selling them.

Rj1972 wrote

For only $650K John and Marc could have really generated some goodwill among the families who purchased membership. That sum of money is a drop-in-the -bucket for ski areas owners.

You made a lot of sense up to your last 2 sentences.  It depends on the size and breadth of the ski area.  Even here, 650,000 represents about 9% of the purchase price for the entire ski area for the current owners.  

Rj1972 wrote

 

Basically, it turned into a break-even for Cascade Club members, so it wasn't a complete loss, other than the time value of money. However, a number of folks who purchased memberships were locals who were really counting on the return of their initial $10K after ten years. Those are the folks I feel bad for. For only $650K John and Marc could have really generated some goodwill among the families who purchased membership. That sum of money is a drop-in-the -bucket for ski areas owners.

LOL

Good grief. I've lost money in the stock market. Breaking even thru a BK is winning!!!! I don't feel sorry for anyone who believed Al.