Government Approves Peak Resorts I-526 Petition, Unlocking Escrow Account
$52 million can now be spent on snowmaking and base area projects at Mount Snow.
Tuesday, December 13, 2016, NewEnglandSkiIndustry.com
Peak Resorts announced United States Citizenship and Immigration Services I-526 approval today, allowing it to access $52 million in EB-5 immigrant investor funds held in escrow. The estimated timeline was delayed by almost a year due in part to the alleged EB-5 Ponzi scheme uncovered at Jay Peak.
Using the funds, Mount Snow expects to have its 120 million gallon West Lake snowmaking reservoir ready for the 2017-18 season. In addition, a newly rebuilt and expanded Carinthia base area is expected to debut for the 2018-19 season.
At the close of the most recent quarter, Peak Resorts had $25.5 million in short term debt, $118 million in long term debt, and only $3.7 million in free cash. Peak Resorts recently revised its dollars invested in the EB-5 project to $15 million, which it will now reimburse itself for.
Peak Resorts operates Attitash, Crotched, Mount Snow, and Wildcat in New England, as well as numerous other ski areas in the Northeast and Midwest.
