Recent Interpretation by the Accounting Standards Board
               Delays Filing of American Skiing Company Form 10-K


PARK CITY, UTAH - October 15, 2002 -- American Skiing Company (OTC: AESK)
announced today that as a result of the Auditing Standards Board's recent
Interpretation of AU 508, "Reports on Audited Financial Statements," it has been
notified by its independent public accountants, KPMG, LLP, that a re-audit of
the Company's financial statements for fiscal 2001 and 2000 is required. This
recent Interpretation requires that when a company's previous independent
auditor has ceased operations and is unable to issue a report on previous years
results that reflect discontinued operations, a re-audit of those previous years
must be performed.

"This interpretation of auditing standards is a national issue which we expect
will affect many companies," said Mark Miller, Chief Financial Officer of
American Skiing Company. "While we are disappointed with the timing of this
decision, and the additional work and resulting delay, we are moving ahead with
KPMG, LLP to have the re-audit done as quickly as possible."

The Company reported that the re-audit is necessary due to the sale of the
Heavenly ski resort in fiscal 2002. In accordance with Statement of Financial
Accounting Standards No. 144, the Company is required to reflect Heavenly's
current year results from operations as discontinued operations, and all
comparative prior periods must have a comparable presentation. The Company's
previous independent auditor, Arthur Andersen LLP, has ceased operations and is
unable to issue a report on the financial statements reflecting the discontinued
operations for the Company's fiscal years 2001 and 2000.

Unfortunately due to this recent interpretation by the Auditing Standards Board
and the significant time required to have this re-audit completed, the Company
will be unable to file its Annual Report on Form 10-K with the Securities and
Exchange Commission by the October 27, 2002 deadline.

This re-audit of prior years is not the result of any known issues with
previously reported results or the financial condition of the Company, but is
the result of a recent interpretation of auditing requirements under these
particular circumstances. The Company is in the process of engaging its
independent public accountants, KPMG, LLP, to complete the required re-audit.
Work has begun on the re-audit and the Company expects that the Form 10-K will
be filed with the Securities and Exchange Commission promptly upon completion of
the re-audits.


About American Skiing Company

Headquartered in Park City, Utah, American Skiing Company is one of the largest
operators of alpine ski, snowboard and golf resorts in the United States. Its
resorts include Killington and Mount Snow in Vermont; Sunday River and
Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; Steamboat in
Colorado; and The Canyons in Utah. More information is available on the
Company's Web site, www.peaks.com.

This document contains both historical and forward-looking statements. All
statements other than statements of historical facts are, or may be deemed to
be, forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). These
forward-looking statements are not based on historical facts, but rather reflect
American Skiing Company's current expectations concerning future results and
events. Similarly, statements that describe the Company's objectives, plans or
goals are or may be forward looking statements. Such forward-looking statements
involve a number of risks and uncertainties. The forward looking statements
included in this document are made only as of the date of this document and
under section 27A of the Securities Act and section 21E of the Exchange Act,
American Skiing Company does not have or undertake any obligation to publicly
update any forward-looking statements to reflect subsequent events or
circumstances.