Current News

Vermont Business Magazine Bloomfield, CO-based Vail Resorts, Inc (NYSE: MTN) today reported results for the third quarter of fiscal 2019 ended April 30, 2019, as well as the company's results of its early season pass sales for the 2019/2020 North American ski season. Vail owns the Stowe Mountain and Okemo (Ludlow) ski resorts in Vermont, among its global properties. The release of Vail's quarterly results comes on the same day that Ski Vermont reported significant gains in last winter's local ski season.

Senator Patrick Leahy Since the House first passed a disaster package back in January, Senate Republicans needlessly delayed its progress at the direction of President Trump. It was in response to the President’s direction to not provide a dollar of additional aid to Puerto Rico that Republicans delayed the disaster relief for over four months. Democrats have said from the beginning, the President cannot pick and choose which American citizens to help in the aftermath of a disaster.

Vermont Business Magazine Skiing in Vermont was good early and good late, which resulted in the industry's best season in four years. Members, supporters and friends of the Vermont ski and snowboard industry gathered at Jay Peak Resort on June 5-6 for the Vermont Ski Areas Association’s 50th Annual Meeting. Alpine and Cross-Country members, associate members and marketing partners were among those who celebrated what will be remembered as a historic season for Vermont skiing and riding, in which abundant early-season snowfall helped the industry post an increase in business over the 2017-18 season.

Vermont Business Magazine The Vermont Technology Alliance, the business association representing Vermont’s tech sector, has announced the recent addition of new board members.

by Don Turner Every year, when budget writers in Montpelier begin their work--and legislators begin to determine what to spend--the backdrop of these conversations is marked by a unavoidable reality: Vermont has a serious problem with its unfunded liabilities. All together, we have a total liability of just over $8 billion--that’s billion, with a “b.” For comparative purposes, that’s larger than our entire state budget. These liabilities are composed of our teachers’ pension ($3.4 billion), teachers other post-employment benefits, or OPEB ($0.9 billion), state employees’ pension ($2.7 billion), and state employees OPEB ($1.2 billion). We have a little over $3.5 billion of assets, leaving us with an “unfunded” liability of about $4.5 billion dollars.

Vermont Business Magazine Vermont Secretary of State Jim Condos delivered a keynote address on cybersecurity at Route Fifty’s “Building a New Cyber Security Paradigm” summit in Boston, MA, today. “Defending our elections and other government systems from cyber attackers takes constant diligence, and requires continual investment in the robust defense network that keeps the bad actors out,” said Secretary Condos. “With respect to elections, voters deserve to know that when they cast their ballot, their vote is secure, and that when they give information to state and local governments, we’re doing everything in our power to ensure that information is protected.”

Vermont Business Magazine Trace, a Vermont company utilizing blockchain technology to track and verify cannabis products, announced today the launch of Trace Exchange. Trace Exchange is the nation’s first blockchain-based platform where hemp cultivators and buyers can connect and track their plants through the supply chain and integrate their inventory directly with the market.

“Until now, there has been no industry standard for hemp cultivators or buyers to verify their plants and products as they change hands,” said Josh Decatur, founder and CEO of Trace. “By using Trace hemp growers can easily track their harvest from soil to shelf and be connected with potential buyers, putting control back in the hands of farmers in an exciting but uncertain market.”

Vermont Business Magazine MVP Health Care today announced that its CEO, Denise Gonick, will leave the company at the end of the summer. MVP is a health insurer serving Upstate New York and Vermont. Gonick’s signature accomplishments as CEO include leading MVP through the difficult political environment surrounding the adoption and subsequent scaling back of the Affordable Care Act. She also spearheaded the acquisition of Hudson Health Plan in 2013, securing MVP’s position as a market leader in upstate New York. Under Gonick’s leadership, MVP's robust expansion was recently noted as it is now ranked as the second largest company based in the Capital Region according to the Albany Business Review.

Vermont Business Magazine Casella Waste Systems, Inc (NASDAQ: CWST), a regional vertically integrated solid waste, recycling and resource management services company based in Rutland, announced today that it has acquired three solid waste businesses with hauling, transfer and recycling operations in Maine, Massachusetts, and Vermont. All transactions closed in May 2019. Terms of the deals were not disclosed. Casella shares are down about 25 cents (0.81%) early Thursday. They're trading near the top of their 52-week range at $39.36 ($23.50 - $40.01). The broad markets are also down slightly in early trading today.

The company acquired the assets of D & E Rubbish Removal, Inc., the assets of Bin Dump’n Trash, and the stock of Shaftsbury-based TAM, Inc and its wholly owned and related subsidiaries. In total, Casella expects to generate approximately $11.5 million of annualized revenues from these acquisitions. 

Vermont Business Magazine The US Environmental Protection Agency (EPA) announced Wednesday that six grantees in the state of Vermont have been selected to receive $2.2 million in EPA Brownfields assessment funding and technical assistance. These funds will aid under-served and economically disadvantaged communities around the state in assessing and cleaning up abandoned industrial and commercial properties. Five of the grantees are in southern Vermont.

Vermont Business Magazine Ledyard Financial Group, Inc, (ticker symbol LFGP) the holding company for Ledyard National Bank, with a branch in Norwich, was ranked among the Top 200 publicly traded banks and thrifts under $2 billion in assets in the United States by American Banker Magazine for the fifth consecutive year. The rankings are based on three-year return on average equity (ROAE) for 2016 to 2018. Ledyard Financial Group finished in the 161st position for 2019 with a three-year average ROAE of 9.59%.

Senator Patrick Leahy Mr President, I have seen some dumb policies by Administrations over the years, when both Republicans and Democrats have occupied the White House. I want to speak briefly about one of them. Because it is not just dumb. It is an embarrassment. And it is going to hurt a lot of Americans, and it is going to hurt a lot of good people in Cuba. There is absolutely no denying that.