Can the new owner of Utah’s Powder Mountain transform the ski industry the way he did entertainment, even as he learns the ski business on the fly?
Already a subscriber?On a Monday morning in early March, Reed Hastings, the billionaire co-founder and former chief executive of Netflix, clicked into the bindings on his snowboard and started off down one of the slopes at Powder Mountain, a ski area in Utah’s north-east corner.
Powder has rickety chairlifts and ageing day lodges that imbue the place with a certain air of nostalgia. Adding to the charm is that, upon descending some runs, getting back to the lift requires hopping on an old bus. Hastings, whose net worth is $US5.98 billion, according to the Bloomberg Billionaires Index, immediately invested $US100 million of his own money in the ski area, paying off a portion of the debt and purchasing four new chairlifts, which are set to be installed this summer.
In 2022, the owners of Homewood Mountain Resort in Homewood, California, announced plans to restrict season-pass and day-ticket sales to certain Homewood homeowners. After public outcry, that plan was scrapped, according to a spokesperson for the resort. “I’m investing a lot of money in Powder Mountain, but my plan was never to subsidise it,” he said. “My passion is the charities that I work with, but I never saw this as a charitable endeavour.”
Much of the ski community, particularly locals, was upset by the changes. “I’m very concerned,” said Aaron Vexler, 48, who has owned a condominium at Powder Mountain since 2012. “They’re severely limiting the terrain, raising prices and also selling more passes. How do you sell more passes and keep the ski area uncrowded?” Others, feeling as if Hastings is only interested in making money, gave the new owner a nickname: “Greed” Hastings.
“The overall experience for the private community will feel integrated but elevated,” said Alex Zhang, Powder’s chief creative officer. “The homeowners have access to premium conveniences – such as ski-in-ski-out housing, upscale lodges and private lifts – resulting in untracked powder that lasts for days.”A few days later, we checked out the new public terrain. A large portion of it is known as “Don’t Mention It”, or DMI.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Hastings responded to shock axing as O’Brien takes action after brutal Knights start — HoopsNRL: Broncos star Payne Haas has opened up on last year's State of Origin loss to the Maroons and how he thinks new coach Michael Maguire can right the ship for the Blues.
Read more »
Hutly and Bondable tech companies founder Jeremy Hastings says AFL football prevents ageingBrisbane-based tech company founder Jeremy Hastings played rugby union and soccer. Then he was introduced to Australian Rules.
Read more »
Police search for Corey Hastings accidentally released from Sydney correctional facility7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Mourning family 'struggling' after teenager dies in Hastings Point bridge tragedyA mourning family leans on the community after an Easter holiday outing ends in the tragic death of their teenage son.
Read more »
Prisoner found after being 'accidentally' released from Sydney jailCorey Hastings was found in Bondi after leaving the Matraville prison yesterday in what&x27;s being blamed on an &x27;administration error&x27;.
Read more »
‘I’m done, I’m going home’: Hastings refuses to train with reserve grade after copping axeNRL: The NRL 360 panel react to the news that Jackson Hastings did not train with the NSW cup side after being dropped.
Read more »