Tamarack Resort posted revenues of $92.6 million for the 12 months ending April 30, the resort reported this week.
The figures were part of Tamarack's second annual report to the community intended to give the public a feel for the financial health of the four-season resort west of Donnelly.
Of the $92.6 million in revenues, $76.3 million was from real estate sales; the resort reported.
Tamarack posted revenue of $13.5 million in operations and $2.8 million from the non-profit
Municipal Association of resort property owners who pay for services.
The seasonal split for operations was $5.3 million for summer and $8.2 million for winter.
Photo taken on Tuesday shows workers building Village Plaza at Tamarack Resort. Photo by Sherri Harkin |
Winter revenues increased by 49 percent over the previous year, and summer revenue increased by 84 percent over the previous year. Operations includes recreation, lodging, restaurants, resort retail, and leases.
The annual report did not say whether Tamarack made a profit on its operations during the previous year.
"We are extremely proud of the growth we are seeing in all aspects of the company as we
enter our third full year of operations - from resort seasonal operations to real estate to our ongoing commitment to the community," Tamarack CEO Jean-Pierre Boespflug said.
"In just three years, Tamarack has transitioned from a start-up venture to a fully operational year-round destination resort," Boespflug said. "Rapid growth and development brought us here; now we are focusing on completing existing projects, and prioritizing to manage growth and expenses so we operate as efficiently and responsibly as possible as we bring the full vision
of Tamarack to life."
Here are other highlights from the resort's annual report:
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Construction & Development: Tamarack Resort remains one of the largest construction projects in the state.
The number of contractors continuously employed on various projects at the resort has ranged from 400 to 700 over the past year.
The projects include the nearly $100 million six-building Village Plaza, and the more than $30 million Lodge at Osprey Meadows Lake Wing.
Tamarack is also a partner with Fairmont Tamarack - a joint venture development between Andre Agassi and Stefanie Graf's Agassi Graf Development and Bayview Financial, L.P's Real Estate Investment Group.
Fairmont Tamarack's first real estate release was a sell-out, with 125 condo-hotel units being sold for $140 million in March.
The developers are preparing for a second public release beginning in August, the report said.
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Employment: Employment by Tamarack in Valley County during the past year ranged from 349 workers during the shoulder season to 365 and 550 at the peaks of summer and winter, respectively.
This makes Tamarack the number one private employer in the county, according to the resort. Tamarack also employs 38 people in Boise.
"Strategic adjustments" recently forced Tamarack to make changes that resulted in 11 positions eliminated, the resort said without providing details.
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Lodging: Valley County issued 84 certificates of occupancy to homeowners at the resort during the past year. -
Through Tamarack's Property Management Program, 119 lodging units are available for rent.
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Philanthropy: Tamarack is also, a strong contributor to area non-profits organizations, contributing more than $260,000 last year to recreational, educational and cultural groups.
The resort also donated a mobile kitchen worth $27,000 to Hurricane Katrina Relief.
Resort reviews contributions
In its annual report, Tamarack Resort listed the funds it had paid under a development agreement negotiated between the resort and Valley County commissioners in 2001.
Since the agreement was signed, Tamarack has contributed more than $13 million, a news release said.
During the last year, the resort paid:
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$1.98 million for the second phase of West Mountain Road reconstruction
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$65,000 to the McCall Donnelly School District for additional students
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$162,500 to the Cascade School
District for additional students
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In excess of $100,000 to Tamarack Sport and Education Foundation in cash, equipment and services.
The Tamarack Academy had 22 students enrolled this past school year, up from 10 the previous year.
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$20,422 fire truck lease payment by Tamarack Municipal Association to the Donnelly Fire Protection District.
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$7.27 million for the development and furnishing of 48 employee housing units
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$179,000 for building permits for resort-built residential and commercial properties.
