Reed Hastingsco-founder and former CEO of Netflix, has made an investment 100 million dollars To become The new majority owner of Powder Mountain Resort, Located in Utah, United States. This acquisition comes just months after Hastings purchased a minority stake in the resort.
the Powder Mountain’s history dates back to 1972, When Alvin Cubaby founded the ski resort on land his father had originally acquired for sheep grazing. In 2013, Technology Group Summit Group, along with investor Greg Mauro, acquired the resort for $40 million. With the vision of turning it into an exclusive ski resort focusing on the technology sector.
However, over the years, promised investments to improve Powder Mountain’s infrastructure have been delayed, impacting skiers’ experience. The lack of artificial snow and the age of some of the lifts Challenges have become noticeable.
Reed Hastings, who had taken a minority stake in the resort four months earlier, decided to step up and become the majority owner with a $100 million investment. with Hastings’ assets are estimated at $4.2 billion, and he is known for his support in maintaining the exclusive status of Powder Mountain.The number of daily visitors is limited to 3,000 visitors, including daily and seasonal tickets.
howeverHastings has plans to revitalize Powder Mountain and make it accessible to the local community. One of the first planned investments is the renovation of the ski school buildings and sports shops, as well as the installation of artificial snow and the modernization of the lifts, some of which date back to 1971.
next to, The ski area will be expanded by 200 hectares to create a new area for high-level skiers called “Don’t Remember It.” Which will require directed accompaniment. A new trail and activity center for cross-country skiing, snowshoeing and ice skating are also planned.
One of the most notable decisions is Offering night lift tickets at $19, Available to everyone, every night. The move bucks the trend of other ski resorts offering affordable ski passes to attract more visitors, as Hastings seeks to maintain the sense of space and exclusivity that defines Powder Mountain.
the Hastings’ investment has generated excitement among ski enthusiasts and the local community. Kevin Mitchell, general manager of Powder Mountain, said he was excited about the change in ownership and the planned improvements.
