Eldora, CO 2024-2025 Season

[EMSC]

As I predicted, the worst possible outcome for the resort. Note that there is literally zero discussion of adding anything at all over the next decade plus to the resort - only about sucking money OUT of the resort. The year round stuff is basically to run the existing lift for MTB which trails are cheap to free (if you get IMBA or someone to do it). So Powd'r will will leave it in good shape and the resort will slowly fall into terrible dis-repair each year moving forward. Good for me that my son only has a couple more years at Eldora and I can look to ski elsewhere. Less good for those with young kids.

 

[ChrisC]

As I predicted, the worst possible outcome for the resort. Note that there is literally zero discussion of adding anything at all over the next decade plus to the resort - only about sucking money OUT of the resort.

The fact that Powdr was able to convince Nederland that Eldora would be a source of funding for future town infrastructure after a reserve of $10M is created?

Is Eldora at its effective build-out with no more lifts, snowmaking, etc needed?

In the 1990s, I recall that Eldora was not well-run, and friends attending CU Boulder would only ski there. My thought: Attending schools in New England, such as those near Stowe, Sugarbush, Killington, Sunday River, Sugarloaf, etc., might result in better skiing opportunities during downtime.


And I assume the financials will look different, including converting Eldora employees to Municipal employees and hiring a liaison/manager for Eldora. There also might be a consulting fee for the following:

Local partner on deck. While the POWDR team will continue to support Eldora under a two-year agreement, the Town will partner with 303 Ski, a coalition of Front Range ski-industry veterans who have been instrumental in vetting operating plans, conducting financial modeling, and assessing community programming. 303 Ski will plan to support the mountain once POWDR’s contract expires. More details to follow. The Town of Nederland is incredibly thankful to the 303 Ski team, and we are proud to finally announce our partnership.​

Municipal Revenue Bonds
More often are funded by a public-private partnership or a monopolistic project, such as a toll road, hospitals, stadiums or airports.

Paying for Eldora. The Town will issue municipal revenue bonds backed only by the resort’s earnings, which is profitable enough to service the debt. The revenue bonds will not be backed by local tax dollars. This avoids risk to the taxpayers. The Town will also explore opportunities for grants and private-sector funding to help reduce the total debt.​

This price will be very interesting to see - Sale Price for Eldora (close enough)

“Not-to-exceed” price tag. In the coming weeks, the Board of Trustees will consider for approval a “Bond Resolution” that will establish a not-to-exceed ceiling amount, allowing residents to know the maximum debt the Town can assume, even if the final purchase price is lower.​

 

[ChrisC]

EagleCrest, Alaska, is NOT a cash generator to the City of Juneau, Alaska.

The old pulse gondola they purchased from an Austrian resort is not going to work. It does not have the capacity to transport busloads of cruise passengers.

Eaglecrest doesn’t pay money to the City and Borough of Juneau (CBJ); it is a city-owned “enterprise fund” that draws a subsidy each year to cover the gap between its operating revenue and expenses. In recent budgets that subsidy has run about $1 million – $1.4 million a year, roughly one-quarter to one-third of total operating costs. JuneauMCC Meetings Public​

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How the money actually flows​

Fiscal year​	Eaglecrest operating revenue (tickets, passes, rentals, etc.)​	Operating expenses​	General-Fund support from CBJ​	Cost-recovery ratio*​
FY 2024 actual​	$ 1.84 m​	$ 3.88 m​	$ 1.01 m​	53 % Juneau​
FY 2025 adopted budget​	$ 1.96 m​	$ 4.31 m​	$ 1.40 m (+ a one-time $0.52 m grant)​	46 % JuneauMCC Meetings Public​
FY 2026 approved budget​	$ 2.05 m​	$ 4.43 m​	$ 0.88 m (still under Assembly review; Eaglecrest has requested more)​

*Cost-recovery ratio = user-fee revenue ÷ expenses. Eaglecrest has averaged ≈70 % cost recovery since 1997, so CBJ typically covers the remaining ~30 %. MCC Meetings PublicSki Eagle Crest​

Other budget provisions​

• Restricted-reserve back-stop: Because Eaglecrest projects multi-year deficits until its planned summer gondola operation comes online, the Assembly set aside $3 million in the city’s Restricted Budget Reserve in case the ski area cannot meet its bills. KTOO
• Capital & debt: CBJ purchased a used gondola for ~$2 m in 2022 and partnered with Goldbelt Corp. (a local Alaska-Native corporation) for a $10 m installation investment. None of that money flows into the General Fund; it is dedicated to the gondola project. KTOOJuneau

​

 

[ChrisC]

And here is how the City of Denver manages Winter Park, CO (below):

1. Simple yearly rent payment
2. Bonus/supplemental payment above a certain level: 3 % of gross resort revenue above $33 million beginning in lease year 11 (FY 2013) and every year thereafter

Will Nederland manage the Eldora Ski Area actively?

Effectively, they will be paying for Powdr or a layer of consultants to manage Eldora forever. The Town Manager is a 30-something who has been employed by the Town of Idaho Springs, CO, for a few years.

Look how Denver does it vs. Nederland.

How Denver is involved with Winter Park Resort​

​

Role​	What the City & County of Denver actually does​
Ultimate public owner​	Denver still holds the U.S. Forest Service special-use permit for ~7,500 acres that make up Winter Park/Mary Jane, and it keeps a legal reversionary interest in base-area land that returns to the City in 2078 if it is not sold.Westword​
Asset manager (via WPRA)​	Since 1950, the Winter Park Recreational Association (WPRA) has acted as Denver’s agent. WPRA holds the permit, protects the City’s interests, and signs the operating lease.Westword​
Private-operator lease​	Under the 2002 “Supplement 7” Agency Agreement the resort’s day-to-day business is run by Alterra Mountain Company (formerly Intrawest). The lease runs to 2052 with options and requires fixed and percentage payments to Denver.Westword​
Steward of revenues​	All money the City receives goes into the Winter Park Trust Fund, a dedicated Parks & Recreation capital-projects fund—it cannot be spent on general government operations. Typical uses include the Ruby Hill Rail Yard terrain park, South Platte River Trail upgrades, citywide sidewalk repairs and park-facility rehabs.Westword​

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How the revenue stream works​

Component​	Amount & escalation​
Base rent​	$2 million every year (paid since 2002).Denver.gov​
Incentive rent​	3 % of gross resort revenue above $33 million beginning in lease year 11 (FY 2013) and every year thereafter.Denver.gov​

What that means in dollars​

Fiscal year​	Payment to Denver​
2020 (pandemic-impacted)​	$2.11 million (base only)Denver.gov​
2021​	$3.70 million (base + incentive)Westword​
2022​	$5.56 million (base + larger incentive as skiing rebounded)Westword​
2023 Budget plan​	$3.22 million was programmed for parks projects (forecast made before final skier-days were known).Westword​
Six-year CIP forecast (City document)​	Annual Winter Park revenue is projected to grow from $3.77 M in 2023 to $3.93 M in 2025.Denver.gov​
Cumulative to 2022​	>$78 million has flowed to the City since the lease began.Westword​

(Numbers above are the City’s share only; they do not include Grand County taxes or the resort’s own capital spending.)​

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In plain English​

1. 
   Denver owns it, but doesn’t run it. The City keeps the Forest Service permit and ultimate title, while Alterra operates the lifts, sells tickets, and funds on-mountain capital projects.
2. 
   Money flows one-way—from the mountain to Denver parks. A fixed $2 M plus a slice of gross revenue is deposited in the Winter Park Trust Fund each year.
3. 
   Parks get real upgrades. Recent trust-fund allocations paid for Ruby Hill’s urban terrain park, trail improvements along the South Platte, the City Park electric fountain restoration, and citywide sidewalk and playground rehabs.Westword
4. 
   The arrangement is financially better than the old model. Before 2002 Denver only received the $2 M flat payment; the incentive clause now lifts the City’s take in strong seasons—2022’s $5.56 M is a good example—and projections show steady growth as visitation increases.
5. 
   Protection for taxpayers. If Alterra ever walked away, WPRA can step in and the City still controls the asset; unsold real estate eventually reverts to Denver.

​

So, Denver’s primary “job” with Winter Park today is landlord and trust-fund steward, and it currently clears about $3 M-$5.5 M a year, all of which is recycled into Denver’s urban parks and recreation system.​

 

[EMSC]

Is Eldora at its effective build-out with no more lifts, snowmaking, etc needed?

No it is not. They already have a lift and small terrain pod referred to as the Jolly Jug Expansion approved for example and have multiple lifts that need either replacement or upgrade, including one of the oldest lifts remaining in the state. Plus they run out of snowmaking water with a couple trails left to go each year and could use another ~$1M or so of water rights (and will be absolutely required to consider installing the proposed expansion).

The GM just retired in May so the "Powd'r team" under agreement for the next two years has no leader at the top anyway. I can only imagine a huge exodus in 2 years time or even one years time from many of them IMO. Etc... I expect things to be OK for 2-3 years before falling apart, but I also expect exactly no improvements in anything going forward. Basic Maint only is my expectation. Then it will slowly devolve into the next EagleCrest. And once annexed into the town there really isn't gong to be anyone private that will take it on either.

The WP/Denver model is better by a long shot with arms length+ from the City. Same with Bridger, Bowl, etc...

 

[ChrisC]

The most similar arrangement to Eldora is likely Gunstock, NH (a similarly sized regional resort with 200,000 skier days and $20 million in Revenue), which Belknap County, NH, owns. Gunstock ski area is finally in a good spot after many years of uncertainty.

Supposedly, Eldora's skier days are more similar to A-Basin's levels: ~400,000, or almost twice that of Gunstock. And revenues of $90-100M are estimated. However, the Eldora purchase price will be $120-160M, which needs to be paid back.

But look how little the NH County receives from Gunstock ski area <2% (1.75%) of gross revenue. Again, an arrangement more similar to Denver-Winter Park. Belknap County is at arm's length as well.

So, municipalities that own mid-size (Gunstock/200,000 visits) to mega-resorts (Winter Park/1 million+ visits) seem satisfied with contributions of $300,000 to $3.5 million, with outside management operating the entity.

Gunstock Mountain Resort (Gunstock Area Commission) — Key Financial Picture​

Fiscal year* (ended late-April)​	Gross operating revenue​	Net income/change in net position​	EBITDA (mgmt. figures)​	Cash on hand	Long-term debt​	“County fee” paid to Belknap Co. (1.75 % of gross)​
2020​	≈ $13 m (pandemic) Laconia Daily Sun​	not disclosed​	n/a​	n/a	n/a​	$220 k NH Business Review​
2021​	$18.2 m bloximages.newyork1.vip.townnews.com​	$3.5 m † newenglandskiindustry.com​	n/a​	n/a	n/a​	$320 k newenglandskiindustry.com​
2022​	$14.1 m bloximages.newyork1.vip.townnews.com​	$2.26 m bloximages.newyork1.vip.townnews.com​	n/a​	$6.6 m	$2.2 m​	$320 k (paid summer ’22) newenglandskiindustry.com​
2023​	≈ $18.3 m‡​	n/a​	proj. FY-24 EBITDA $5.2 m (-10 % YoY) gunstock.com​	n/a	n/a​	$351,901 NH Business Review​
2024 (p)​	≈ $20 m (“up from $12 m in 2020”) Laconia Daily Sun​	n/a​	YTD EBITDA $4.9 m (-$0.7 m vs. budget) gunstock.com​	n/a	n/a​	not yet audited​
2025 YTD​	n/a​	n/a​	Oct-24 month EBITDA (-$0.34 m, shoulder-season loss) gunstock.com​	n/a	n/a​	n/a​

*Gunstock’s fiscal year closes on the last Thursday of April.
†The NewEnglandSkiIndustry report cites FY-22 net income of $3.5 m; the audited statement (FY-22 column) shows a smaller $2.26 m change in net-position after depreciation and non-cash items — the difference appears to be treatment of capital contributions and timing.
‡Back-calculated from the county fee: $320,285 ÷ 0.0175 ≈ $18.3 m.​

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What drives the numbers​

1. Diversified revenue mix
   
   • 
     75-80 % winter operations (lift tickets, passes, rentals, lessons).
     
   • 
     ~10 % summer Adventure Park & events (e.g., SoulFest contributes ~$160 k in camping/lift income). bloximages.newyork1.vip.townnews.com
     
   • 
     Telecom and land leases add ~$77 k/yr. bloximages.newyork1.vip.townnews.com
     
2. 
   Capital structure & liquidity
   
   
   • 
     County-backed bond balance fell from $4.2 m in 2019 to $1.94 m by April 2022; capital-lease debt stands at $0.36 m. bloximages.newyork1.vip.townnews.com
     
   • 
     Cash climbed to $6.6 m at end-FY-22 and the resort no longer taps seasonal “revenue-anticipation” lines. newenglandskiindustry.com
     
3. 
   EBITDA volatility
   
   
   • 
     Budgeted FY-24 EBITDA was $5.2 m but weather/repair overruns pulled the final YTD figure to $4.9 m (-12 %). gunstock.comgunstock.com
     
   • 
     Shoulder-season losses are expected (Oct-24 EBITDA –$343 k) yet the winter quarter generally offsets them. gunstock.com
     
4. 
   Return to the county
   
   
   • 
     By statute Gunstock remits 1.75 % of gross revenue to Belknap County each year; record payment hit $351,901 for FY-23. A 2024 bill (HB 1414) sought to raise the rate to 3 %, which would skim roughly an extra $300 k/yr at current sales. NH Business ReviewBillTrack50
     
5. 
   Investment program
   
   
   • 
     Management says $18 m has been reinvested since 2020 (snowmaking, lifts, lodge HVAC, new groomer). Laconia Daily Sun
     
   • 
     A three-phase master-plan (hotel, east-side terrain, detachable quad) carries an estimated $18.7 m price tag; structure TBD (mix of lease proceeds and bonds). Laconia Daily Sun

 

[EMSC]

Supposedly, Eldora's skier days are more similar to A-Basin's levels: ~400,000, or almost twice that of Gunstock. And revenues of $90-100M are estimated. However, the Eldora purchase price will be $120-160M, which needs to be paid back.

I'm not buying those numbers for Eldora. Maybe around ~300K visits and ~$60-$70M in Gross. That's why I think Ned was the only one they could sucker into the extreme valuation. All the other players were like "You want how much?". I think (don't actually know definitively) that it's ~$6-10M EBITDA per year range. I do know from an offhand comment that Coppers EBITDA is higher than the gross revenue number for all of Eldora.

Also, Eldora currently is basically 100% winter; though they do have a couple of weddings per summer in their nice lodge (IP lodge). So 99% winter?

 

[ChrisC]

Some interesting details from the Colorado Sun:

Nederland to buy Eldora Mountain Resort with support of ski industry heavy hitters

The purchase of Eldora will be funded by bonds to be paid off using lift-ticket and other on-mountain revenue rather than Nederland taxes

coloradosun.com

After months of delays and stalls, the town of Nederland announced Tuesday that it has signed a letter of intent to buy Eldora Mountain Resort from its current owner, Powdr.

The price for the 680-acre ski area, located about 20 miles west of Boulder, was not disclosed, but town officials estimated last year that they would need $100 million to $200 million to complete the deal.

Arapahoe Basin, which is twice as large as Eldora, sold in November to Alterra Mountain Co. for $105 million.

Alterra finalizes acquisition of Arapahoe Basin after antitrust review

Alterra Mountain Co. will purchase Arapahoe Basin in an $105 million deal closed after an investigation from the Department of Justice

coloradosun.com

$105 million deal
The seller — Toronto-based real estate investment firm Dream Unlimited Corp. — said the sale was worth 150 million Canadian dollars, or about $105 million in U.S. dollars. Alterra did not disclose a sale price.

Dream Unlimited told investors it expected a CA$110 million after-tax profit from selling the ski area the company has owned since 1997.

The company reported that Arapahoe Basin generated CA$41.8 million — $29.9 million in U.S. dollars — in net revenue in the first nine months of 2024, earning CA$16.2 million in income.

Dream Unlimited said Arapahoe Basin earned CA$7.3 million off the CA$44.5 million in revenue in 2023, down from CA$13.5 million earned from CA$46.7 million in 2022, a decline in income the company blamed on higher payroll costs and the increased cost of operations “associated with lower than historical snowfall levels” and reduced skier visits in the early season.

The CA$150 million price tag for Arapahoe Basin represents a multiple of 10 to 13 times the ski area’s earnings, which is on the high end of the industry’s formula for establishing a value for ski areas. Traditionally ski areas have sold for a multiple of eight to 12 times earnings, but there are exceptions to that formula.

The privately-owned Alterra, for example, nearly doubled the formula when the emerging operator acquired the iconic Deer Valley ski area in Utah in 2017.

 

[ChrisC]

It will be interesting to see what the final Eldora sale price is.

AI agents repeating the Internet rumors:

What we can say with confidence today​

Metric	Eldora (best-available estimates)	Notes / sources
FY-24/25 top-line revenue	≈ $90-100 million	Private company, but Growjo’s data-scrape puts Eldora at $96.5 m; cross-check against ∼400 k skier visits × $225 average on-mountain spend gets you the same ballpark Growjo
Normal-snow EBITDA margin	20-25 %	Mid-teens is common for pure day-areas; Eldora’s Ikon-pass payments and Woodward park push it higher.
Implied steady-state EBITDA	$18-24 million	Revenue × margin (rounded).
Skier visits	≈ 380-420 k/yr	Front-Range day-skier counts reported anecdotally by CSCUSA insiders; comparable to Arapahoe Basin pre-sale.

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Valuation benchmarks​

EBITDA multiple (6–8×)
6 × $18 m → $110 m
8 × $24 m → $190 m
Most independent U.S. hills transact inside that band; Arapahoe Basin sold for $105 m at roughly 7× 2023 EBITDA. The Colorado Sun

Revenue multiple cross-check (1.6–2.0×)
Jay Peak (VT) cleared at 1.9× sales; using 1.7–1.9× on Eldora’s $95 m yields $160 – 180 m.

Price per skier-visit sanity test
A-Basin: $105 m ÷ ≈450 k visits = $230/visit.
Eldora at $200–$225/visit ⇒ $76 – 95 m. (Lower because Eldora lacks destination lodging.)


Blending those methods puts a fair enterprise-value envelope around $120 – 160 million, with outliers as low as $100 m or as high as $190 m depending on snow business assumptions and capital plans.

 

[EMSC]

It will be interesting to see what the final Eldora sale price is.

That it will.

Talk about lots of assumptions on top of assumptions in that AI analysis. Not even a chance that Eldora makes anywhere near the same $ per visit as A-Basin for example. Lots of visits are locals for a couple hours with no purchase of anything. The analysis needs to be a whole different animal.

 

[Tony Crocker]

(Lower because Eldora lacks destination lodging.)

How does A-Basin get any $$$ from destination lodging, even though it certainly gets destination skiers?

Eldora does have a semi captive audience from Boulder locals (a still growing and avid outdoors oriented population) who don't want to battle I-70 on the weekends. Critical as he is, EMSC has been one of them for quite few years now.

That said, I have to believe A-Basin pre-sale was collecting more $ per visit from Alterra than Eldora was.

 

[jamesdeluxe]

Eldora does have a semi captive audience from Boulder locals (a still growing and avid outdoors oriented population) who don't want to battle I-70 on the weekends. Critical as he is, EMSC has been one of them for quite few years now.

False equivalency. As I understand it, the main reason he skis at Eldora is because his son is part of the race team. Avoiding the I-70 zoo on weekends is a side benefit, not enough to make him go there without the racer-parent angle.

 

[Tony Crocker]

None of the I-70 areas have junior race programs? Obviously Eldora was chosen for its convenience.

 

[EMSC]

As I understand it, the main reason he skis at Eldora is because his son is part of the race team. Avoiding the I-70 zoo on weekends is a side benefit, not enough to make him go there without the racer-parent angle.

None of the I-70 areas have junior race programs? Obviously Eldora was chosen for its convenience.

At the current time it's a mix. Especially very early season there is no reason to drive extra distance for an equivalent handful of trails that I can get less than an hour away. Mid-season I would spend more time hitting other places but my son is on the ski team. Late season, outside of the fact I know everyone there, I can't imagine why I'd ski Eldora at all - good terrain is either sticky goop or closed.

As to other ski teams, yep there are plenty, but also a surprising number without. Loveland, Winter Park, Team Summit (keystone and breck), Vail all have teams. But no ski teams at Granby, Abasin, Copper, Beaver Creek. The last two being very ironic considering all the world cup races and other high level races/training run at those resorts in the early parts of the season.

 

[EMSC]

Couple of summer pics of the place from about a weekago:

 

[jamesdeluxe]

You've mentioned the glades on the Corona side a few times -- how do they rate compared to other mountains with good tree skiing?

 

[EMSC]

Definitely tighter tree spacing than the best glade areas. But some of them have real 45 degree pitch (for example Salto) for 400-500 vert.

I would say in general smaller acreage chunks of woods than lots of other places but each one has some interesting terrain features about them: so in that way can be a bit more interesting than large but nondescript glades elsewhere.

There are actually a couple glades not even on the map (mostly frontside). If they wanted they could make a couple more by thinning, but I don't see that as being likely.