Peak Resorts' EB-5 funding approval sends stock up 27 percent

Peak Resorts' EB-5 funding approval sends stock up 27 percent

 EB-5 Visa, EB5 Visa, EB-5 Investment

Ski resort operator Peak Resorts, which owns the Hidden Valley Ski Area in Wildwood, announced it raised $52 million from EB-5 investors for upgrades to its Vermont resort. 

Wednesday's announcement sent Wildwood-based Peak Resorts' stock up 27 percent Thursday, closing at $4.28 a share, compared with Wednesday's closing price of $3.37.

The United States Citizenship and Immigration Services (USCIS) approved Peak Resort's petition, which is the first step in the process for an immigrant who invests in an EB-5 program to become a permanent resident of the United States, Peak Resorts said in a regulatory filing. 

"We are pleased that we received the EB-5 project approval, and look forward to the funds being released from escrow soon so that we can resume our Mount Snow development projects,” president and CEO Timothy Boyd said in a a statement.

Peak Resorts plans to bolster snowmaking capacity at its Mount Snow ski resort in West Dover, Vermont, and add a new three-story ski lodge.


http://www.stltoday.com/business/local/peak-resorts-eb--funding-approval-sends-stock-up-percent/article_c780043e-f6e2-5ffe-8730-4aff75859150.html

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