Gunstock Mountain Resort recorded top line revenue of $14 million to end their fiscal year, driven primarily by winter activities as summer operations were diminished during COVID. Gunstock reported the most revenue, highest number of season passes purchased and most night skiing visits on record, all while navigating the complications of a pandemic.
Based on this success, Gunstock wrote a check to Belknap County in August, for over $247,000, in accordance with New Hampshire’s law, HB1442 Section 18:2 that states that Gunstock pays a percent of its revenue to the county. Gunstock also paid the Town of Gilford $17,100 for tax assessment and seasonal site assessment.
In addition to paying the county, Gunstock paid bonuses to its managers and senior management staff rewarding dedicated employees who helped attain these amazing numbers, which now more than ever is needed to attract and retain staff.
CFO Cathy White reported to us that cash management was so strong Gunstock never called for drawing on the revenue anticipation note or cash reserves. The business also paid down almost $1 million in long-term debt, which included paying off two bonds, as well as paying over $200,000 to end a third-party food service contract. Gunstock will go into fiscal year 2022 with a very strong balance sheet setting the foundation for another strong year.
From 1998 to 2021, the Belknap County Delegation approved a total of $20,500,000 in revenue anticipation note borrowings, similar to short-term lines of credit. During that time, the Gunstock Area Commission paid back all of it, totaling over $19,000,000. Not all approved funding was borrowed. For the last three years, a revenue anticipation note was approved for $950,000 and Gunstock borrowed $800,000 in fiscal year 2020. In fiscal year 2021 Gunstock was approved for $1,000,000 and borrowed none. In fiscal year 2022 Gunstock withdrew their request for $500,000.
Over the last 15 years, the Gunstock Area Commission made annual payments to Belknap County totally over $3.2 million. The memorandum of agreement was adopted in 1992. This agreement was to reduce the county tax burden on its residents. Over the past 27 years, payments averaged $150,000 annually. In 2018, the delegation did not accept the negotiated memorandum for $175,000 annually put forth by the commission. Instead, the county requested an annual payment under the 1959 Enabling Act provision to be made, which resulted in no payment to the county for 2018, 2019 and 2020. This action was initiated by a sitting representative from Gilford on March 20, 2018, with a motion which passed 9-6. A zero payment was the result of this allowable legislative action. In 2020, then HB 1442 was passed, which contained a section that stated 1.75 percent of yearly gross operating income shall be turned over to the Belknap County treasurer within 45 days of the receipt and approval of the annual audit. This change in the law resulted from the cooperative action of four Belknap representatives and two Gunstock commissioners working together for the best interests of all Belknap County taxpayers. For fiscal year 2021, a payment was made to Belknap County in the amount of $247,404.
Gunstock will open for skiing and riding on Friday, Dec. 10. For the first time in 20 years, Gunstock plans to open the season with top to bottom skiing and riding. Over the summer, Gunstock invested in new snowmaking equipment including 30 new snow guns, updated piping, and new software that will allow for the operations team to monitor snow making and grooming production by tracking snow levels on the mountain.
Additionally, with added snowmaking capacity, the snow tubing hill plans to open the day after Thanksgiving, Friday, Nov. 26, with 10 tubing lanes.
Other capital improvements include a renovated Stockade Lodge, offering ski in, ski out dining with an upscale grille menu including steaks, burgers, sandwiches, and signature cocktails at the bar, as well as a new rental building to make the rental experience more efficient for both staff and guests, and 200 more parking spaces at the base, eliminating the need for offsite parking.
We are excited to welcome everyone back for another successful winter season.
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Gary Kiedaisch is chair of the Gunstock Area Commission, and Brian Gallagher is vice chair.
(1) comment
We are over the moon impressed by the improvements at Gunstock and how well things were handled in spite of the pandemic. Thank you!
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