On October 11, 2024, just when people are making their winter season ski and snowboarding pass purchases, Homewood Mountain Resort, a popular locals hill on Lake Tahoe's west shore, announced it will not open for the season.
The announcement was made on the resort's website. "For many years, Homewood Mountain Resort (HMR) has been subsidizing the community’s ski experience while operating at a deficit during the approved Master Plan’s planning and permitting phases," according to the statement.
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Unlike other small ski resorts in the Lake Tahoe Basin, such as Diamond Peak, Homewood is a privately owned business and is not supported by any public tax or other community assessment. "For the last several years we have relied on our financial partner for the annual subsidy," the statement adds.
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One ski resort in Lake Tahoe is facing financial difficulties
"Without a clear path forward, our financial partner has withdrawn their support for this ski season. As a result, we are now in the regrettable position of being unable to operate or sell season passes for the 2024-25 season. We understand the deep disappointment this announcement will cause. It goes without saying that this decision was not made lightly."
Homewood is owned by real estate investment firm JMA Ventures, which acquired the resort in 2006. JMA also owns Red Lodge Mountain, Mont., as well as a variety of other commercial properties.
There have been rumors over the years that JMA planned to make Homewood a "members only" resort, to much public outcry.
In May 2024, Homewood Mountain Resort submitted an application for minor revisions to the 2011 approved Master Plan to the Tahoe Regional Planning Agency (TRPA), the bi-state environmental planning agency charged with establishing a regional plan for the Lake Tahoe Basin in both California and Nevada.
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The TRPA said in its own statement that they have been working with Homewood management, partner agencies, and community representatives to review amendments to the master plan proposed by the property owners and continue to work through critical issues, including their public access, employee housing, and fire response.
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The proposed site plan changes are to move the resort's gondola terminal to a more skier-friendly position, to reduce the massing of the buildings, reduce residential density, and to open the view corridors of the mountain and lake.
Homewood Mountain Resort is known for its unobstructed lake views — on many runs, skiers and riders feel like they could ski down the frontside of the mountain and right into Lake Tahoe.
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The ski resort closure is intended to make snow sports more affordable
The revisions make no changes whatsoever to the Master Plan’s central goal of restoring Homewood as a key gathering center for Lake Tahoe’s West Shore. Anyone who wants to buy a pass and ski at Homewood will continue to be able to do so on equal footing with anyone else, the statement continued.
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The mountain hopes to open next year, writing, "We are committed to the vision we share with the community for an enhanced, sustainable skier experience at Homewood Mountain Resort that will be available for locals and visitors alike for years to come."
Ski areas across the country have been consolidating
Some residents in small mountain towns have complained that the trend of private equity companies adding ski resorts to their portfolios has "ruined" ski towns.
While 78% of ski resorts are independently owned, there has been a lot of consolidation in recent years, with just 11 companies owning hundreds of resorts between then. This trend is especially evident in Colorado, Nevada and California, where Homewood Mountain Resort is located.
During the 2023-2024 season, 487 resorts operated in the United States, according to the National Ski Areas Association, a trade group.
Skiing and snowboarding is still big business. According to International Ropeway Review, a trade journal that covers ski area operations, capital investment at resorts across the country for the 2023-24 season totaled $754.3 million. Lift infrastructure continues to be a focal point for the U.S. industry, with 99 new and upgraded lifts being installed at ski areas this past season.
The same report shows the average ski area reinvested $29.20 per skier visit back into its property. The $4+ increase over the 2022-2034 average signals that ski areas remain laser-focused on improving the guest experience despite reduced visitation.
The capital investment for (2024-25) next season is projected to reach nearly $500 million, including plans for 71 new and upgraded lifts at resorts across the U.S.
The full statement from Homewood Mountain Resort is here.
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