Netflix Co-Founder Reed Hastings’ Utah Ski Resort Is Going Half-Private - The New York Times

The Nugget

Reed Hastings, co-founder of Netflix, transforms Powder Mountain ski resort into a hybrid model, blending private access with public ski space to compete in the saturated ski industry. This bold move aims to create luxury experiences while preserving community charm.

Make it stick

🎢 Hastings aims for a private experience with exclusive access to 2,000 acres for wealthy homeowners.
💡 The annual membership fees for private access range from $30,000 to $100,000.
🏔️ Powder Mountain boasts 8,464 acres, making it one of the largest ski areas in the U.S.
🎿 The resort adopts a public/private model to enhance profitability, inspired by trends in other ski areas.

Reed Hastings moved from being a frequent snowboarder to becoming the owner of Powder Mountain, emphasizing that regular skiing is now part of his job.
Despite starting with over $100 million in debt, Hastings invested $100 million of his own funds to revitalize the resort, indicating his long-term commitment to its success.

Hybrid Model: Half of the ski area will now be private, accessible only to homeowners within the resort, while the other half remains open to the public.
High Annual Fees: Membership fees for private access are significant, reflecting the luxurious lifestyle sought by potential homeowners.
Changing Market Dynamics: Hastings sees this strategy as essential for independent ski resorts' survival against larger competitors like Ikon and Epic.

Local skiers express concerns about increased exclusivity and rising costs, fearing that the charm of Powder Mountain's community may diminish.
Hastings promises to keep beloved traditions and spots unchanged while enhancing the experience through new infrastructure and expanded public terrain.

“I felt I had to do it to preserve the experience here.”
“My passion is the charities that I work with, but I never saw this as a charitable endeavor.”
“Going boutique, higher end, private, is probably where they need to go.”
“We decided that we needed to lure people here by offering a private experience that they can’t get anyplace else.”
“You can’t just tear down a building, put up a new one, call it the same thing, and expect people to feel the same way about it.”

This summary contains AI-generated information and may be misleading or incorrect.