The once-bankrupt Searchmont Resort posted a $30,000-profit during the 2001-02 ski season and paid off its creditors, including repaying the city for a $225,000 loan.
The resort is under new ownership. Chicago stockbroker Jack McDermott took over the resort May 4.
Despite not opening until Boxing Day, the resort attracted 53,000 skiers during the winter season. Searchmont received a $300,000 FedNor loan last year to help it remain viable, along with financial support from the city's development agencies and the hospitality community who bought pre-season ski passes to secure operational funds for Searchmont.
The resort generated $2.2 million in revenue with $2.17 million in expenses, leaving a profit of $30,000 after paying off loans and other obligations.
