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🔒Ski industry taps technology, diversifies to expand its $300M yearly impact

Tourism in rural Maine relies heavily on the ski and snowmobile industries. For Maine’s $300 million skiing industry, investing in energy-efficient snowmaking equipment is an essential part of staying strong.

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Big business

In November 2016, Sunday River and Sugarloaf were part of a package of U.S. ski resorts and other properties sold by Florida-based real estate investment trust CNL Lifestyle Properties to New York hedge fund manager Och-Ziff. The purchase price of about $830 million made it the largest such transaction in the sport’s history. Management of Sunday River and Sugarloaf is still handled by Michigan-based Boyne Resorts.

Source: Associated Press

Ski facts

Ski visits: In Maine, about 1.3 million in 2015, 1.2 million in 2016. New Hampshire: 2.5 million. Vermont: over 4.5 million. Colorado: over 12 million.

Over 60% of customers are Mainers.

Most nonresident skiers are from greater Boston.

This year, the Maine Office of Tourism, with Ski Maine and the Maine Snowmobile Association, started a weekly snow report, similar to Maine’s foliage report.

Source: Ski Maine

Saddleback update

An initiative to purchase Saddleback Mountain and make it a skier and community owned mountain is well underway, said Saddleback Mountain Foundation Chairman Peter Stein.

The goal is to turn the ski area “into a co-operative where individuals, families and local businesses can buy shares and agree to minimum yearly purchases.  In turn, those shareholders become partial owners, get voting rights on mountain operations and development, and get benefits at the ski mountain like discounts on mountain services or yearly dividends that can be used for any mountain purchases,” according to a foundation newsletter.

Stein declined to cite numbers, but a membership letter last November said the foundation had obtained commitments approaching $5 million. Of that, the letter says, $4 million needed to be raised to secure the foundation’s exclusive right to buy the resort and to fully capitalize the operating company. Plans are to open the mountain for the 2017-18 season.

“We’ll be out with revised fundraising numbers and goals soon,” Stein said. “We feel very positive about where we are.”

– Digital Partners -