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Old 04-07-2012, 05:26 AM
 
166 posts, read 377,845 times
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I dont know anyone from VT (Burlington area) that goes there. My out-of-state friends from CT, MA, NY, NJ, etc dont go there. Is it Canadians fueling the growth? With the waterpark and golf course expansion and now news of more plans I am curious whats fueling the growth?


JAY, Vt. (AP) - A Vermont ski resort's expansion plans include two new hotels, five additional ski lifts and 145 more acres of skiing and riding.

Jay Peak Resort's plans also include 13 single family homes and 700 additional townhouse and condominium units.

Vt. ski resort submits expansion plans - WCAX.COM Local Vermont News, Weather and Sports-
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Old 04-07-2012, 03:16 PM
 
Location: IN
20,137 posts, read 34,425,984 times
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Quote:
Originally Posted by MTK1 View Post
I dont know anyone from VT (Burlington area) that goes there. My out-of-state friends from CT, MA, NY, NJ, etc dont go there. Is it Canadians fueling the growth? With the waterpark and golf course expansion and now news of more plans I am curious whats fueling the growth?


JAY, Vt. (AP) - A Vermont ski resort's expansion plans include two new hotels, five additional ski lifts and 145 more acres of skiing and riding.

Jay Peak Resort's plans also include 13 single family homes and 700 additional townhouse and condominium units.

Vt. ski resort submits expansion plans - WCAX.COM Local Vermont News, Weather and Sports-
Jay Peak is a popular destination with a number of people in NH and MA. Why? I'm not sure. It isn't exactly an easy drive.
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Old 04-07-2012, 08:14 PM
 
Location: Vermont / NEK
5,643 posts, read 12,026,123 times
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Jay has always been a popular destination for Canadians. Also many folks travel here for an extended stay from southern New England and NY. But the real driver behind the recent years' expansion is without a doubt the EB-5 program.

Basically the program gives $$ to qualified recipients and Jay has been making hay with it. The NEK, with its relative high unemployment actually gets an assist in securing these funds.
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Old 04-07-2012, 08:50 PM
 
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Some people prefer Jay because of its rugged natural landscape. It's not as hoity-toity as places like Stowe and the trails are supposedly superb. I've never eaten there, but I here the dining is good and less expensive than most Vermont ski resorts and the resort offers nighttime activities for families.

My neighbor could afford to ski anywhere. He could probably afford a second home in Aspen. Even though Stowe Mountain Resort is practically in our backyard, he's chosen to purchase a second home (a condo) at Jay. He feels he gets more for his money and he doesn't mind the hour drive because he and his family stay there most weekends rather than just going for a day trip.

My kids have been to the water park with their schools and love it. It will probably be a great draw in the summer months and off seasons, plus it's a nice attraction for families where some members ski and other don't.
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Old 04-07-2012, 10:38 PM
 
890 posts, read 2,500,330 times
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Originally Posted by square peg View Post
Jay has always been a popular destination for Canadians. Also many folks travel here for an extended stay from southern New England and NY. But the real driver behind the recent years' expansion is without a doubt the EB-5 program.

Basically the program gives $$ to qualified recipients and Jay has been making hay with it. The NEK, with its relative high unemployment actually gets an assist in securing these funds.
I think your explanation is the most likely, and also very interesting. It certainly explains the lavish plans which includes housing and hotels. With the lingering recession affecting most parts of the U.S.,you won't see this kind of investment in tourist areas.
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Old 04-07-2012, 11:15 PM
 
Location: on a dirt road in Waitsfield,Vermont
2,185 posts, read 5,845,822 times
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People go to Jay cause they get the most snow of anyplace in NE. It's one of the few ski hills with a tram in NE. In addition to the hotel and waterpark they also built a nice hockey facility called the Ice Haus. The EB-5 basically allows a wealthy foreigner to become a citizen by investing in job growth in a down economy. Sugarbush used the program as well for the last phase of their base developement. Each entity that gets the funds must create a certain number of jobs.

I don't think Jay is expanding as a result of the EB-5 it's just a good way to finance it. They want to increase business both in the winter and the summer. Build it and they will come is their business model.
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Old 04-08-2012, 12:38 PM
 
Location: Winter Springs, FL
1,789 posts, read 3,954,860 times
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The agent/broker EB-5 relationship as most people know is over. From the EB-5 information site: "Why such a profitable arrangement was suddenly and without notice terminated by the broker/agent is not known at this time, but several analysts have speculated that it may be due to either the financial condition of the resort due to the large amounts of capital expenditures and low revenue from the warm winter and low bookings or doubts that the job creation projections may not be realized as outlined."
Bill Stenger claims that everything is fine and that revenue was up 35%. The question many folks are asking is how where revenues up 35% in the the worst winter in 30 years? The waterpark helps, but did income from the waterpark out pace ski annd lodging revenues that were lost from a year ago? There were a list of ski resorts from in state as well as nationally that did not have revenue increases or increases close to 35%. Either Bill is pulling a Bear Stern, claiming everything is fine and the ship is about to go down or something very fishy is going on. There has to be a very good reason why a profitable arrangement was suddenly and without notice terminated by the broker/agent.
Vermont is the only USCIS designated regional center in the United States owned, controlled and supervised directly by state government. The Vermont Agency of Commerce and Community Development (VACCD) may be investigated for violation of Federal and state securities laws. Also from the EB-5 info site: "Questions must be raised as to VACCD's role in supervising the marketing, promotion and solicitation of these projects involving possible unregistered brokers/agents and the payment of fees to unregistered persons (such as attorneys) which could be violations of federal (SEC) and state securities laws and regulations.
We will also explore the role of immigration attorneys in the recommendation of securities to their clients, issues of ethics, dual compensation, due care, conflicts of interest, and their liability should the Reg. D exemption found to have been violated and the offer rescinded, as well as what potential liability they could face should there be a failure of the project to create sufficient jobs to remove conditions or fail to repay a significant portion of the capital invested."
A very fishy story on all sides.
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Old 04-08-2012, 02:31 PM
 
Location: in a cabin overlooking the mountains
3,079 posts, read 3,568,603 times
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Things that make you go

ILW.COM - immigration news:
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Old 04-08-2012, 10:19 PM
 
890 posts, read 2,500,330 times
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Wow!!!!! Thanks for that info!!!!
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Old 04-09-2012, 07:53 AM
 
Location: on a dirt road in Waitsfield,Vermont
2,185 posts, read 5,845,822 times
Reputation: 1113
Revenue up 35% means that they took in more money which obviously has the waterpark, Ice Hauss and new hotel to account for most of that. The important stat is profit. The maintenance cost of just the waterpark, especially in the winter is staggering. Many in the resort biz, especially here in Vermont, want Jay to succeed but the sustainability of their business model has already been questioned by many.
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