PARK CITY, Utah, June 16

The Company stated that a challenging business environment affecting the entire U.S. travel industry and the overall economy requires the Company to streamline its cost structure and operate as efficiently possible, while continuing to provide world-class service to its guests. The Company continues to evaluate staffing and performance at all levels of the organization through its restructuring initiatives in order to improve its operational flexibility and financial performance.

“Mark’s contributions to this organization have been exceptional,” said CEO B.J. Fair. “We extend our deepest appreciation for his nearly five years of service, including his tenure as Chief Financial Officer. Mark has made a lasting impact on the company and the success of our recent restructuring activities is due in a large part to his hard work and determination. We wish Mark only the best in his future endeavors.”

The Company further reported that it would not seek to fill the vacant COO position.

About American Skiing Company

Headquartered in Park City, Utah, American Skiing Company is one of the largest operators of alpine ski, snowboard and golf resorts in the United States. Its resorts include Killington and Mount Snow in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; Steamboat in Colorado; and The Canyons in Utah. More information is available on the Company’s Web site, www.peaks.com.