Coop's Corner: A $400M Charm Offensive, The Corporate Arms Race, and the Soul of the Independents
The first major shots of the 25/26 season were fired this morning, not from a snow gun, but from a press release out of Alterra Mountain Company's Denver headquarters. The headline number? A cool $400 million in capital investments.
Now, before we break this down, a moment of full transparency. My wife, Carolyn, and I are skiers who vote with our dollars, and our wallets contain a bit of everything: an Ikon Pass, an Epic Pass, and yes, a CaliPass. We see the value in all of them. However, my perspective is also shaped by having spent the last two seasons in the trenches, working with a coalition of independent mountain operators to build that very CaliPass. So, when I see a number like $400 million from a company like Alterra, I don't just see new lifts and luxury lounges; I see another strategic move in the ongoing battle for the future of our sport.
This announcement puts the difference between the three paths for skiing's future in stark relief: The Alterra Way, the Vail Way, and the Independent Way.
The Great Divide: Vail vs. Alterra
For years, we've watched these two titans battle. Their philosophies, while both corporate, are distinctly different.
Vail Resorts (The Empire): Their model is built on acquisition and standardization. They are the masters of scale. Buy a mountain, plug it into the Epic system, and roll out the corporate playbook. The upside is the accessibility the Epic Pass brought to the masses. The downside, as many of us have felt, is a creeping homogenization and a feeling that you're a cog in a very large machine.
And that brings me to my own backyard. My home mountain is Kirkwood—a raw, rugged, magnificent beast of a place that happens to be owned by Vail Resorts. My father-in-law instilled in me years ago, “It's not about the concessionaire, Coop, it is about the mountain.” And he's right. I ski Kirkwood for its terrain and cornices, for the thrill of The Wall, not for the corporate logo on the lift towers. It's a truth many of us Epic Pass holders wrestle with: loving the mountain while being wary of the empire that owns it.
Alterra Mountain Co. (The Federation): Alterra has always positioned itself as the more "soulful" corporation, launching a charm offensive on the legendary mountains they acquire. This $400 million is the playbook in action. The doubling in size of Deer Valley is a breathtaking flex of financial muscle, and the focus on employee wages and housing is a savvy and necessary move. They are betting that a premium guest experience, powered by happy employees, is the key to winning the war.
The Third Way: The Fight for Authenticity
But what if you're not interested in choosing between two billionaires' visions? That's where the independents come in, through passes like the CaliPass. This is a completely different game. We’re not playing the amenities arms race. The "capital investment" is in preserving the authentic, quirky, and genuinely local feel of resorts like Dodge Ridge, China Peak, Bear Valley, and Mountain High. It’s about the freedom to explore places that haven't been squeezed into a corporate mold.
A Ghost of Winters Past
This whole situation—the massive capital injections, the talk of shareholder value, the tension between local soul and corporate strategy—gives me a serious case of déjà vu. It’s time to go back and reread Hal Clifford’s seminal book, “Downhill Slide.” Clifford chronicled the spectacular rise and fall of the American Skiing Company (ASC) in the 90s, a cautionary tale of what happens when Wall Street's ambitions collide with a mountain town's soul. ASC's story is a stark reminder that massive debt-fueled expansion and a focus on real estate over the on-hill experience can lead a company, and the sport, down a dangerous path. The players have changed, but the game feels eerily familiar.
Where Do We Go From Here?
Alterra's $400 million investment will undoubtedly create some spectacular experiences. It's an impressive display that widens the chasm between the mega-resorts and everyone else, forcing every skier and rider to make a conscious choice about what they value. Do you want the seamless, predictable, and increasingly luxurious world of the mega-pass? Or do you want to invest your time and money in the diverse ecosystem of independent mountains that prioritize community and character above all else?
Look, I love to ski. I love the resorts here in the Sierra and anywhere a bullwheel is turning. And you know what? As long as they keep turning, I’ll continue to buy passes.
Stay’nThirsty for POW
Coop
