Peak Resorts said earlier in the week that its EB-5 application had been approved by the Immigration Service, taking the company very close to the release of $52 million held in escrow.
The EB-5 funds will be released from escrow once the first petition is approved by Immigration. Peak said this is typically shortly after approval of an EB-5 project.
Peak can use the $52 million held in escrow to move ahead with planned improvements at Mount Snow this summer and next, including a new water reservoir and pipe system, which should improve early-season snow-making, and a new skier services lodge.
Peak pre-spent $12 million on the EB-5 project and will get the money back as soon as the release of funds is approved.
For the upcoming year, history suggests that the odds are high that the ski season could be much better than last year. Additionally, Peak will have Hunter and is reporting momentum with the new multi-mountain ski pass. This argues for a measure of optimism about the potential for the year ahead.
Sure hope you're right about next season, and that historical suggestion is heeded. So many things have gone a-historical, though, lately that all I can do is cross my fingers.