• Font Size    
E-mail

Close Window E-mail This Page

Bad Economic Conditions Affect Colorado Ski Towns

Required fields are marked with an asterisk(*)

The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications. Read more in our Privacy Policy

Send E-mail

   Print     Share +    Comments
Nov 20, 2008 5:20 pm US/Mountain

Bad Economic Conditions Affect Colorado Ski Towns

Written by Stan Bush

 Section: Skiing Video Clips

 Ski Report: Trails & Conditions
Reporting
Stan Bush
WINTER PARK, Colo. (CBS4) ― Ski season just barely started, but the towns and resorts the industry relies on are already feeling part of the bad economic conditions.

"Our tax revenue dropped 28 percent last year," Winter Park Mayor Jim Meyers said. "We expect another 9 percent."

Intrawest, which owns Colorado resorts Copper Mountain, Steamboat Springs and Winter Park, announced a new round of layoffs Wednesday, the same day Winter Park opened for the season.

"Like many companies in North America, Intrawest is not immune in this current economic environment," said Intrawest spokesman Ian Galbraith in a statement.

But if economic problems worsen, or a good snowfall doesn't come this winter, the downward financial spiral could be passed on to mountain ski towns.

"Their employees live in our town, they spend money in our town, and personally I feel bad about these layoffs," says Meyers.

Officials at Copper Mountain say the layoffs may not be very deep, but some cuts will go against employees who haven't been hired yet. Some intended position will never be filled.

Intrawest has seen its share of recent challenges. In October the company narrowly avoided bankruptcy by refinancing a $1.7 billion loan.

The company's problems have been magnified by the introduction of Vail Resorts' Epic Pass, which gives season ticket holders unlimited access to Vail and Beaver Creek Resorts.

"The Epic Pass has given Vail a considerable piece of the market share," said Jerry Jones, a former Snowmass executive and industry analyst.

 

(© MMIX CBS Television Stations, Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Curious & Controversial News

Add Comment

here. here. Need a log in? Register here
  •  * Will not be displayed with comment
  •  * e.g. (http://www.mywebsite.com)
  •  
  • Click here to refresh with new letters

Show Comments (0)

Close Window Login


Close Window Flag Comment


loading...
You need the latest Flash player to view video content.
Click here to download.

Click here to bypass this detection if you already have the latest Flash Player.

Business

Top News Stories

© MMIX, CBS Television Stations Inc. All Rights Reserved.