PARK CITY, UTAH — July 28, 2003 — American Skiing Company (OTC: AESK) announced today that it has named Chip Carey, a 31-year-veteran of the skiing and hospitality industries, to the position of senior vice president of sales and marketing. Carey will assume all sales and marketing responsibilities for the Company’s seven resorts and report directly to President and CEO B.J. Fair.

“Chip’s experience and passion for the business is unparalleled,” said Fair. “He understands our business thoroughly from skiing and riding to golfing and hospitality. I am confident that in this new role, Chip will continue to strengthen American Skiing Company’s position in the industry.”

Prior to this appointment, Carey served as vice president of marketing and communications for the Company’s newest resort, The Canyons in Park City, Utah since its inception in July of 1997. Carey spent the previous 26 years at Sugarloaf/USA in Maine, where he was vice president of marketing and sales before transferring to Park City.

Earlier this year, Carey received the Bob Gillen Memorial Award from the North American Snowsports Journalists Association (NASJA). The Bob Gillen Memorial Award honors an individual corporate member of the association who exemplifies the highest standards of professionalism in snowsports communications and understands the working relationship between the information specialist and the journalist. The Maine Public Relations Council has also recognized Carey with the Edward L. Bernays Award, which is given annually to the top PR professional in the state.

About American Skiing Company

Headquartered in Park City, Utah, American Skiing Company (OTC: AESK) 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.