Wednesday, July 8, 2009
Magic Mountain officially opens up ownership to skiers and snowboarders
LONDONDERRY, VT (June 29, 2009) Magic Mountain, a classic ski area located in southern Vermont, today announced that it is officially selling shares of the mountain effectively offering "ownership" opportunities for skiers, snowboarders and enthusiasts of the mountain.
As the second ski resort in New England to ever offer ownership to its pass holders and customers, Magic Mountain shareholders will enjoy an equity position in the mountain, season pass discounts, reduced ticket prices, and voting rights in operational decisions. Modeled after the Mad River Glen ski area co-op, the opportunity for individual ownership aims to increase customer loyalty, and fund significant upgrades to the resort.
"After reviewing the success of Mad River Glen, we realized that we had a tremendous opportunity to allow loyal fans of Magic Mountain to invest in something special and participate in saving and reviving a classic Vermont ski area," said Jim Sullivan, President, Magic Mountain. "In addition, this offering makes perfect business sense from a capital growth perspective in this current economy where it is difficult to garner support from large investors. This opportunity brings the dream of owning a piece of a ski mountain and having a say in how it is run to individual ski enthusiasts and in particular those who love Magic and what it represents."
Magic Mountain aims to raise $3 million and invest it in the snow-making system, as well as upgrades to lifts, grooming equipment and the main lodge. The resort is now issuing 1,000 shares priced at $3,000 per share, which will enable the setting up of an LLC whereby the new share holders will own 60 percent of the mountain.
To purchase shares of Magic Mountain and review the current business plan, click here:
Magic Mountain is also hosting an open meeting for anyone interested in being a shareholder on Sunday, July 5. To learn more about this meeting, click here: