When the Caldor Fire tore through the Sierra Nevada, it wasn’t just the trees and slopes that suffered. Employees at Sierra-at-Tahoe, particularly the mechanics and operations staff, lost everything—including their tools, which are critical for keeping the resort running. And yet, instead of stepping up, the resort’s private equity-backed ownership left them to fend for themselves, turning to the community to raise funds rather than covering the losses themselves.
Billion-Dollar Backers, Pennies for Employees
Sierra-at-Tahoe is operated by Booth Creek Ski Holdings, but the real financial muscle behind it comes from asset managers like Sculptor Capital Management (formerly Och-Ziff Capital Management), which reported $34 billion in assets under management as of September 2024. These are not small-time investors scraping by—they have the financial power to cover losses like tool replacements without a second thought.
Yet when disaster struck, rather than taking responsibility for their employees’ losses, the resort’s management relied on donations from local residents and skiers to help those affected. The same community that already supports the resort through season passes, lift tickets, and local business patronage was now being asked to shoulder an expense that should have been handled by those profiting the most.
A Community That Deserves Better
The people of Tahoe and the surrounding areas are known for their generosity. When tragedy hits, they show up. It’s part of what makes mountain towns so special—the shared camaraderie, the spirit of helping a neighbor, and the love of the land. The fundraiser for Sierra-at-Tahoe’s employees proved that the heart of the ski community is strong, but it also exposed just how little the resort’s corporate owners care about those who actually keep the mountain running.
If the ownership group can afford to invest in the resort’s infrastructure, market the resort as a premium Ikon Pass destination, and continue profiting from tourism dollars, then they can certainly afford to replace tools for the people who make the resort function. The fact that they didn’t step up speaks volumes.
The Bigger Picture: Private Equity in Ski Resorts
This isn’t just a Sierra-at-Tahoe problem—it’s a private equity problem. Across the ski industry, private equity firms are acquiring resorts, cutting costs, and squeezing maximum profit while employees struggle. The lack of reinvestment into the workforce, the shift toward expensive multi-resort passes, and the focus on shareholder returns instead of skier experience are all symptoms of the same disease: corporate greed overriding community values.
Hold the Owners Accountable
The ski industry thrives because of the people—not just the tourists, but the workers who keep the lifts running, groom the trails, and maintain the equipment. When a billion-dollar-backed company refuses to take care of its own employees in a time of crisis, it’s clear where their priorities lie. Instead of asking the community to foot the bill, the owners of Sierra-at-Tahoe should be the ones stepping up.
Next time a resort asks for donations, take a look at who owns it. If it’s private equity-backed, they have the money—they just don’t want to spend it on the people who actually matter.