American Skiing Co Me (1043432) SEC Filing 10-K Annual report for the fiscal year ending Sunday, July 30, 2006

Exhibit 99.1

Date: October 30, 2006		Contact:
Release: IMMEDIATE		David Hirasawa
		American Skiing Company
		Investor and Media Communications
		435-615-0396

American Skiing Company Announces Fiscal 2006 Year End
and 4th Quarter Results

	•		Fiscal 2006 resort revenues set a new record on a same-resort portfolio basis
	•		Western resorts performed extremely well, though eastern resorts were challenged by marginal weather
	•		Real Estate debt principal balances paid off in fiscal 2006
	•		$13.6 million, 39% increase in net cash provided by operating activities
	•		Significant increases in capital expenditures across the ASC resort network for the upcoming winter season

PARK CITY, UTAH — October 30, 2006 — American Skiing Company (OTCBB: AESK) today announced its financial results for its fiscal 2006 year end and fourth quarter. The company cited strong season pass sales, continued growth at The Canyons resort and excellent performance of Steamboat resort as factors behind its record-setting revenue year. Other highlights of the fiscal year include payment in full of the principal balances of all real estate related debt as a result of the sale of remaining fractional share inventory at the Steamboat Grand Hotel and Condominiums.

The Canyons resort in Park City, Utah experienced another year of explosive growth in fiscal 2006, with an increase in skier visits of 17%, compared to nationwide and Utah growth in skier visits of approximately 4%. The increase resulted in the 8th record year for skier visits in the nine year history of Utah’s largest winter resort. The company’s Steamboat resort in Colorado experienced growth in skier visits of nearly 8% in fiscal 2006, putting the resort over one million skier visits. Both resorts reported excellent levels of natural snowfall throughout the season.

Performance of the company’s functional revenue centers remained strong in the face of weather related difficulties in the East. Areas such as lift tickets, food and beverage and lodging posted modest revenue increases. Skier development posted an increase in revenues of 8.0% — an impressive accomplishment in a year of considerable weather related challenges in the East.

“The structural changes we have implemented at our resorts were reflected in our results this year,” stated President and CEO B.J. Fair. “I believe we protected our financial performance considerably through the successful introduction of the All For One pass program in the East. Coupling this with