Jay Peak Resort is reporting a big bounce-back year, buoyed by increased snowfall and the shedding of costs associated with operating an EB-5 immigrant investment program that led to fraud charges against the past operators.
It’s difficult to make a comparison to the preceding fiscal year because of the state of the financial books when the property was placed in receivership amid fraud allegations against owner Ariel Quiros, say officials now running the operation.
However, they estimate that profits quadrupled in the fiscal year just ending, compared with the previous one, from $1.8 million to more than $9 million.
“It’s clear that we had a good year. It’s clear that it was significantly more efficient. The great snow season helped tremendously,” said Michael Goldberg, the receiver who has been overseeing Quiros’ properties since the allegations were brought against him a year ago.
Read more by clicking below image