New Utah resort set to open

And why it's tough keeping a private ski area open in this economy

Updated: October 17, 2010, 1:36 PM ET
By Devon O'Neil | ESPN Action Sports

Eight years ago, Elk Meadows ski area in southern Utah closed. Subsequent developers planned to transform it into a private resort called the Mt. Holly Club, like the Yellowstone Club in Montana, complete with Olympic gold medalist Ted Ligety as its director of skiing. But the plan blew up and the investors defaulted on a loan held by a New York City hedge fund, which foreclosed on the property.

As it happened, the men who ran that hedge fund were looking for something else to do, ...

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