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This just in.

Another press release with positive information about the company, one
of many the past few days.  It looks like they'll meet their "cleandown"
requirements on Friday, they've lined up new equity partners, and now
they have the go ahead for Killington.  This should get keep the stock
price out of the $2 range...

*****

Wednesday April 28, 9:04 am Eastern Time

Company Press Release

SOURCE: American Skiing Company

State of Vermont Gives Green Light to Killington
Resort Village Planning Process

KILLINGTON, Vt., April 28 /PRNewswire/ -- In a precedent-setting move, the
State of Vermont has given a favorable Act 250 decision to Killington Ski
Resort's proposed resort village. Killington is an American Skiing Company
(NYSE: SKI - news) resort.

In addition to bringing the economic development potential of the resort
closer to reality, the decision was noteworthy because the resort's
application was the largest ever submitted for review in the State. It is
also the first time a decision has been rendered on a master plan without a
specific construction approval request from the applicant.

``There's no question that Killington put the application process together
with an unusually high level of coordination between the town, regional
planning commissions and the State of Vermont,'' said William Burke,
Environmental Coordinator for District Commission #1 of the State of Vermont
Environmental Board. ``The collaborative approach that Killington took was
precedent setting, and the openness of the process was critical to the
District Commission's ability to issue a timely decision.''

At buildout, the project could add as many as 700 hotel suites, 520 hotel
rooms, 160 townhouses and 20 single family homes, plus 180,000 square feet
of retail and restaurant space and 50,000 square feet of public assembly and
indoor sports facility space. Up to 119 acres of new ski terrain are also
included in the plan.

Unique process:

``Vermont development law is extremely complex,'' said Carl Spangler, Vice
President for Development of American Skiing Company, which owns the resort.
``It has historically required numerous steps of application and revision
with different agencies, with construction permits as the sought-for
outcome.'' But according to Spangler, the sheer scope of the proposed
multi-year project suggested the need for a different approach.

``We recognized that the complexity of the Resort Village project would be
overwhelming using the traditional model,'' he said. ``So instead, we sought
community, environmental group and State agency input to create a consensus.
We wanted to know if they liked the concept, and what was needed in the
future -- all to guide us in bringing the project to reality.  That's what
this decision means: that what we have proposed is reasonable, and -- with
updated information on a regular and periodic basis -- can go forward.''

More than thirty public meetings were held in the past 18 months, with input
from the Town of Killington; the Vermont Agency of Natural Resources; the
Rutland Regional, Southern Windsor County and Two Rivers-Ottaqueechee
Planning Commissions; the Green Mountain Club; the Conservation Law
Foundation; and the Appalachian Trail conference.

Spangler noted that in essence the proposed village is a redesign and
reconfiguration of a village plan that had been under development since the
early 1970's. ``We now have the opportunity to do it right -- pedestrian
friendly, with architecture that fits the region and minimizes environmental
impact,'' he said.

In an 83 page decision released last week, the State rendered 289 Findings
of Fact and Conclusions of Law. Most notably, the state found that:

     -- The economic, school age and general population impacts of the Master
Development Plan (MDP) were favorable;

     -- The MDP is contiguous to existing settlements, and the economic
benefits outweigh the costs;

     -- The MDP is not in a rural growth area but, even if it was, the
benefits outweigh the costs.

Next steps:

No timeline for a construction start has been set, and all future
construction must still proceed through the local and state regulatory
processes. But, according to Spangler, the level of uncertainty is greatly
reduced and the ability to predict the probability of future development has
been greatly increased.

``It's still possible that someone will appeal the decision,'' he said,
``but to date we've done well with appeals in Vermont.''

Headquartered in Newry, Maine, American Skiing Company is the largest
operator of alpine ski, snowboard and golf resorts in the United States. Its
resorts include Steamboat in Colorado; Killington, Mount Snow and Sugarbush
in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in
New Hampshire; The Canyons in Utah; and Heavenly in California/Nevada.

Statements in this press release, other than statements of historical
information, are forward-looking statements that are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are subject to certain risks
and uncertainties that could cause actual results to differ materially
from those projected. Readers are cautioned not to place undue reliance on
these forward-looking statements which speak only as of the date hereof.
Please refer to the 'Risk Factors' included in the form 10-K dated October 27,
1998 and Form 10-Q dated March 9, 1999, on file with the Securities and
Exchange Commission.

SOURCE: American Skiing Company

 More Quotes and News:
                     American Skiing Co (NYSE:SKI - news)
 Related News Categories: leisure/travel, sports

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