Jay Peak Receiver Announces Funds Secured to Guarantee Resort Operations

April 27, 2016 (Jay, VT)- Michael Goldberg, a Florida attorney and the court-appointed receiver for Jay Peak Resort, today announced he had secured the funds to keep the resort open for business through the summer and into the next ski and ride season. Goldberg made the announcement at a press conference at Jay Peak where Governor Peter Shumlin also expressed his support for the resort and its continued vibrancy.

“(Jay Peak) is a strong business. It will continue to be a thriving business,” remarked Shumlin. “Not only is this place alive and well but looking for staff. If you want a job, come and apply.” 

Jay Peak and Burke Mountain Resort were placed into receivership by a federal judge on April 13 as part of an ongoing civil investigation by the Securities and Exchange Commission into the resorts’ owners’ use of EB-5 investment funds. While current ownership works with the SEC, Kansas-based resort-management company Leisure Hotels and Resorts (LHR) has been brought in to run daily operations.

There had been speculation earlier in the week that Jay Peak and Burke Mountain Resort were in danger of shutting down. Goldberg’s announcement proved closure rumors to be baseless. 

“We have enough money to fund the operations, to pay the employees. This is a profitable (resort).” said Goldberg. “I can never guarantee anything 100%, but I can guarantee this 99.999%: I don’t know what happens in the world, but it won’t be anything operational that shuts Jay Peak down. That I can guarantee you.” 

Steve Wright, Jay Peak’s General Manager, said the guarantee was welcome news. He said business levels currently on the books for summer are at record numbers with close to 70 weddings, 13 bands scheduled to play in the Stateside Amphitheater, and numerous conferences being held at the resort. 

“We’ve got one last weekend of skiing and riding, and then all of our focus will be on preparing for our busiest summer ever,” said Wright.