Resort Draws Investors With Immigrant Visa Program

January 20, 2011 § Leave a comment

Snow is plentiful, but working capital is always hard to come by in Jay — a hardscrabble corner of Vermont. But Jay Peak, a popular resort just two miles from Canada, is cashing in using mountains of money from overseas. “We’ve raised almost $200 million of equity capital to transform Jay Peak from a winter-only ski resort to a true 52-week-a-year resort facility,” says Bill Stenger, the owner of the resort. As American banks are keeping a tighter grip on their wallets, more and more equity capital is coming through another door — from wealthy immigrants. In return for investing in an American enterprise that creates jobs, thousands of foreigners are getting green cards. In addition to about 80 well-groomed trails at Jay Peak, there’s a snazzy hotel, an ice arena and a golf course. Construction has also begun on a huge water park with a retractable glass dome that will keep it toasty in the winter. Stenger proudly points to about 50 local workers, employed by the resort, operating American-made Caterpillar tractors. “They were all born and raised in this area — went to North Country High School, the career center, some to Vermont Tech, and now they are working at Jay Peak building this facility,” he says. (NPR)


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