Peak Resorts Receives Approval for New EB-5 Regional Center
November 16 2017 - 4:05PM
Regional Center Designation Permits Peak
Resorts to Participate in the EB-5 Program
Peak Resorts, Inc. (NASDAQ:SKIS) (“Peak” or the “Company”), a
leading owner and operator of high-quality, individually branded
U.S. ski resorts, announced today that United States Citizenship
and Immigration Services (“USCIS”) has approved the Company’s
proposed Great North Regional Center, a new privately managed
regional center, which will serve as Peak’s exclusive EB-5
investment sponsor for projects at its Northeast resorts. The
approval is effective immediately.
Timothy D. Boyd, President and Chief Executive
Officer of Peak Resorts, commented, “We are delighted that USCIS
has approved our new regional center, which will allow Peak Resorts
to continue to pursue job creating, transformative economic
development projects at our key Northeast resorts. The Great North
Regional Center is a central piece of our growth strategy and will
provide us with enhanced control and strategic oversight as we
commence phase two of our development at Mount Snow as well as for
future projects. With this approval from USCIS, Peak and its EB-5
investment partners can now move forward with greater long-term
visibility and be far more effective in putting our partners’
capital to use as we grow our business and work to deliver
increased shareholder value.”
The successful completion of the $30 million
EB-5 funded West Lake Water Project and related snowmaking
infrastructure at Mount Snow during the summer has set the stage
for very favorable early season conditions, including the most open
terrain in the Northeast. Guests at Mount Snow are currently
enjoying top-to-bottom skiing and riding on 11 trails across 112
acres, including 14 features at Carinthia. Mount Snow’s snowmaking
system is now the Northeast’s most powerful allowing the Company to
open terrain faster and earlier than ever before.
“Our ability to open Mount Snow for the
2017/2018 ski season on November 11 clearly highlights the
capabilities made possible by our incredible EB-5 backed West Lake
infrastructure investment and our ability to deliver an elevated
guest experience like never before,” added Mr. Boyd. “Skiers and
riders have raved about the early season conditions, and we have
had very strong visitation to date. We are now working to expand
our available terrain and hope to have more of the mountain open
for the Thanksgiving weekend.”
As skiing and riding are now underway at Mount
Snow, capital investments continue to progress with construction of
the new $22 million Carinthia base lodge expected to be completed
for the 2018/2019 ski season. Peak is also working towards phase
two of the Carinthia project, which will include the construction
of 102 ski-in/ski-out residential units around the new base lodge,
marking a significant expansion of lodging capacity at Mount Snow.
Furthermore, the regulatory process for the Company’s proposed $9
million terrain expansion at Hunter Mountain is underway. The
Company expects this expansion of skiable terrain by 25-30% to be
completed in time for the 2018/2019 ski season subject to the
receipt of required regulatory approvals.
As the Thanksgiving holiday approaches, Peak
Resorts’ resort operations and snowmaking teams are also preparing
for additional openings in the coming days. Subject to snowmaking
progress, the Company announced today that it plans to open Hunter
Mountain on Tuesday, November 21, as well as expand skiable terrain
at Mount Snow to approximately 200 acres by Thanksgiving weekend.
Snowmaking teams at their respective resorts have leveraged
favorable temperatures to prepare slopes for guest use and build
upon the early season skiing and riding underway at Mount Snow, Big
Boulder and Wildcat Mountain, which is now open for its 60th
season.
About Peak ResortsHeadquartered
in Missouri, Peak Resorts is a leading owner and operator of
high-quality, individually branded ski resorts in the U.S. The
company operates 14 ski resorts primarily located in the Northeast
and Midwest, 13 of which are company owned.
The majority of the resorts are located within
100 miles of major metropolitan markets, including New York City,
Boston, Philadelphia, Cleveland and St. Louis, enabling day and
overnight drive accessibility. The resorts under the company's
umbrella offer a breadth of activities, services and amenities,
including skiing, snowboarding, terrain parks, tubing, dining,
lodging, equipment rentals and sales, ski and snowboard instruction
and mountain biking and other summer activities. To learn more,
visit the company’s website at ir.peakresorts.com or follow Peak
Resorts on Facebook for resort updates.
For further information, or to receive future
Peak Resorts news announcements via e-mail, please contact JCIR, at
212-835-8500 or skis@jcir.com.
Forward Looking StatementsThis news release
contains forward-looking statements regarding the future outlook
and performance of Peak Resorts, Inc., within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
are subject to a variety of risks and uncertainties that could
cause actual results to differ materially from current
expectations. These risks and uncertainties are discussed under the
caption “Risk Factors” in the company’s Annual Report on Form 10-K
for the year ended April 30, 2017, filed with the Securities and
Exchange Commission (the “SEC”), and as updated from time to time
in the company’s filings with the SEC. Peak Resorts
undertakes no obligation to release publicly the result of any
revisions to these forward-looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.
Investor Contact:Norberto Aja,
Jim Leahy, Joseph JaffoniJCIR212-835-8500 or skis@jcir.com
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