Cortland (WSYR-TV) -- It’s been a struggle of late for one of Cortland County’s biggest employers and attractions, but Greek Peak is trying to reassure people that it will be business as usual for them come ski season. The resort, also home to an adventure center and indoor waterpark and hotel, filed for bankruptcy in August.
The resort is now counting on a good ski season to help them rebound.
“We do have to rebuild the confidence of our customers that we’re going to be here, we’re going to be in operation going forward, so if they buy season passes and programs for the season that we are in fact going to be here,” said Peak Resorts President Al Kryger.
It hasn’t been easy. The resort has tried to weather a perfect storm the past few years of a collapsing real estate sector, financial meltdown, loss of their bank – taken over by the feds – and then a bad ski season to top things off last winter. Greek Peak found itself on a slippery financial slope that took them to bankruptcy. The FDIC has stepped in with a loan to get them to ski season and return of strong cash flow. Kryger says finding a way to stay open isn’t just important to the 1,200 people the resort employs in the winter.
“You look at the dollars spent here and the impact of similar dollars being spent throughout the community for restaurants, gas stations, clothes, you name it,” said Kryger.
Kryger says they're not letting the financial problems get in the way of maintenance, like fixing up the snow making machines, and the ski lifts and other parts of the ski center so they're ready to go once the snow starts falling.
“You wouldn't notice any difference in the operation, it's just how our financing has been put in place,” Kryger reassured.
Kryger says while the slopes are all bare right now, the hope is to have enough snow to open every trail this ski season, something they weren’t able to do at all last winter and have plenty of skiers out there to use them.
Kryger was in New York City on Tuesday to meet with the FDIC about options as they reorganize and pull out of bankruptcy. He says the goal is to have a permanent resolution in place by the end of the season.
