Park City, UT (Monday, July 29, 2002) - Following the resignation of Blaise Carrig as President and Managing Director of The Canyons Resort to head up Heavenly in California for Vail Resorts, American Skiing Company announced today that Scott Pierpont, currently Vice President of Operations for The Canyons, will act as interim Managing Director. Pierpont served as the Managing Director of American Skiing Company's Mount Snow, Vermont ski resort before relocating to The Canyons in January 2002 and has extensive resort management and operating experience.

"We are disappointed that Blaise will be leaving the American Skiing Company family," said CEO B.J. Fair. "Since taking over The Canyons, Blaise has assembled a talented and capable team that has done an exceptional job of overseeing the development of this world class resort. We remain very optimistic about the coming ski season and expect The Canyons to capitalize on the great exposure and awareness generated by the 2002 Winter Olympics. Scott is a seasoned industry veteran and I am confident that under his leadership The Canyons will continue to offer the same high level of customer service that our guests have come to expect."

The Company is conducting an executive search to identify a successor for Carrig and expects to complete the search in the near future.