Gunstock $470k Loss
Gunstock ends season with $470,000 loss
By ROGER AMSDEN, LACONIA DAILY SUN
Apr 28, 2018
Top of Form
— Gunstock Mountain Resort is faced with a $470,931 loss for the 2017-18 fiscal
year, a drop of $1.3 million from the $831,583 profit it realized the
March gave a much-needed boost to Gunstock’s ski season, enabling the county-owned
recreation area to recoup some of its losses from earlier in the year, but the
net income realized in March — $534,265 — wasn’t enough to make up for the $1.4
million decline in previous months, according to Gunstock General Manager Greg
the Gunstock Area Commission Wednesday night that skier visits were down to
150,320 this year from last year’s 165,575, an 11.2 percent drop.
the second time in the last three years that Gunstock has recorded a loss for
its fiscal year, which runs from May 1 through April 30.
2016, it recorded a $648,617 loss.
commission approved a strategic operating plan and budget at Wednesday night’s
meeting that projects Gunstock will realize a net profit of $890,000 in
the 2018-2019 fiscal year. The projected revenue is $12.2 million with expenses
of $11.3 million.
commission also approved a proposal from Goddard to modify $2.6 million in
loans for the Mountain Coaster project, which was completed in 2016 and is the
most recent capital expenditure project designed to increase the number of
that both the Bank of New Hampshire, which holds a $1.6 million note, and
Meredith Village Savings Bank, which holds a $1 million note, have verbally
agreed to a modification that would improve Gunstock’s summer cash flow.
said currently Gunstock makes principal payments totaling $260,000 to the banks
in September and interest-only payments in March. He said it makes more sense
to have the interest-only payments made in September and the principal payments
commission agreed to increase principal payments by about $37,000 a year and to
accelerate the loan maturity date by six months, resulting in no increase in
total interest costs.