American Skiing Looks at Selling Maine Resorts
SAM Magazine--Park City, Utah, March 7, 2007--American Skiing Company (ASC), today announced that its Board of Directors has authorized the Company to conduct a strategic review of options for its Sunday River and Sugarloaf resorts, both in Maine, including the potential sale of the resorts.
"As a result of our recently announced resort sales, we've received a tremendous amount of interest in our remaining resorts. To ensure we maximize the value of these assets, we will commence a review of options for our Maine resort properties," said ASC President and CEO B.J. Fair.
Mr. Fair also noted that American Skiing Company would only pursue a sale of one or both resorts if the valuation and terms presented from a potential buyer were favorable.
It is interesting to note that ASC founder Les Otten resigned from the board last week, prompting rumors about his interest to return to Sunday River as an owner.
And as for the one last resort not for sale in the once-mighty American Skiing Company empire--The Canyons--a legal dispute stands in the way.
"With respect to The Canyons, we are continuing our efforts towards successful and favorable resolution of the litigation involving the resort," says Fair. (For more on the dispute, refer to a breaking news item on this site on July 7, 2006.)
Sunday River features 131 trails spread across eight interconnected mountain peaks, serviced by a network of 18 lifts, including four high-speed quads. In the 2005-2006 winter season, Sunday River was the fourth most visited winter resort in the eastern U.S., with more than 473,000 skier visits.
Sugarloaf/USA boasts New England's longest continuous vertical drop (2,820 feet) and only lift-serviced above-treeline skiing. Sugarloaf/USA attracted more than 310,000 skier visits in the 2005-2006 winter season. \