American Skiing Company Announces Program to Boost Skiing in Maine; Unifies Management of Sunday River and Sugarloaf/USA.

Business/Travel Editors

PARK CITY, Utah--(BUSINESS WIRE)--July 30, 2002

American Skiing Company (OTC: AESK) announced today the beginning of a business initiative to leverage the success of Maine's two most popular ski resorts, Sunday River and Sugarloaf/USA.

The first action will unite the senior management teams of Sunday River and Sugarloaf/USA under the leadership of John Diller. Mr. Diller was previously the managing director of Sugarloaf/USA.

"We foresee significant opportunity to increase Maine's share of the New England ski market and this integration will help achieve that goal," said B.J. Fair, CEO of American Skiing Company. "These mountains will maintain their separate, powerful brand identities, but under single leadership will enjoy the benefits of a more cohesive, integrated management structure. We have tremendous confidence in John's ability to lead these resorts and drive their future growth."

Diller is a native of Skowhegan, Maine, and a 30-year veteran of the ski industry, having held senior positions in Skier Services and Operations before assuming the leadership position at Sugarloaf. Under Diller's leadership, Sugarloaf/USA has established itself as a profitable year-round resort with extremely loyal customers. Sunday River is widely recognized as the industry pioneer in snowmaking and trail grooming, and provides convenient geographic access to skiers in Massachusetts and southern New England.

"We have a unique opportunity," says Mr. Diller. "We have two great businesses--two well-known brands--that can pool resources to make Maine a bigger piece of the skiing pie in New England. This is truly a case of the rising tide lifting all boats."

Sunday River and Sugarloaf/USA attract nearly one million skier visits each year, which represents approximately fifteen percent of the ski volume in New England. According to Fair, the changes announced today will improve the performance of both resorts and enhance the overall customer experience of each property. Previously, each mountain maintained wholly separate business plans, marketing strategies and leadership teams.

"We believe that the combined resources of Sunday River and Sugarloaf will be a win for everyone, especially the consumer," says Diller. "Not because of some marketing magic, but because these resorts have so much to offer outdoor enthusiasts and families all year long."

In addition to Diller, Fair said the integrated management team would include senior staff from both Sunday River and Sugarloaf. He added that each resort would retain its own dedicated operating team.

In the coming months, the new team expects to unveil new marketing and skier development programs in time for the 2002/2003 ski season.

About American Skiing Company

American Skiing Company is one of the largest operators of alpine ski, snowboard and golf resorts in the United States. Its resorts include Killington and Mount Snow in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; Steamboat in Colorado; and The Canyons in Utah. More information is available on the Company's Web site, www.peaks.com.

This document contains both historical and forward-looking statements. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements are not based on historical facts, but rather reflect American Skiing Company's current expectations concerning future results and events. Similarly, statements that describe the Company's objectives, plans or goals are or may be forward looking statements. Such forward-looking statements involve a number of risks and uncertainties. These risk factors are outlined in further detail in American Skiing Company's documents filed with the Securities and Exchange Commission from time to time. The forward looking statements included in this document are made only as of the date of this document and under section 27A of the Securities Act and section 21E of the Exchange Act, American Skiing Company does not have or undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.