SAM Magazine—Vernon, N.J., Nov. 7, 2018—SNOW Operating has reached an agreement with Mountain Creek Resort, Inc., and the Koffman family to acquire controlling ownership in the operations of Mountain Creek Resort. The Koffmans will remain partners in the ownership, but SNOW Operating will have a controlling position in all operational decisions. The final agreement remains subject to necessary approvals, including bankruptcy court.
Mountain Creek Resort, Inc., entered into Chapter 11 bankruptcy last spring as the result of about $26 million owed to the Vernon Township Municipal Utilities Authority for a project spearheaded by the resort’s previous owners.The new partnership is one in a series of steps designed to enable the company to emerge from bankruptcy.
“One of the resorts biggest partners is the town of Vernon, and I feel confident we will come to a resolution that works for both the town and the resort,” said SNOW Operating CEO Joe Hession. “Vernon is my hometown and I recognize that Mountain Creek needs the town and local support, and I also understand the town does best when Mountain Creek is strong and healthy. This new arrangement secures our long-term involvement with the resort and puts us in a position to help shape the resort’s future.”
SNOW Operating obtained the rights to operate Mountain Creek’s ski-related businesses in September 2017. It has been operating all resort businesses, including the waterpark and bike park, under a separate agreement since June 2018.
“The team at SNOW Operating has proven themselves to be very capable operators over the past year. We are very excited about working with them at Mountain Creek for years to come, and we look forward to a long and mutually beneficial partnership for all,” said Jeffrey Koffman, partner, Mountain Creek Resort, Inc.