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mtn world deadline

Mountain World’s deadline now passed President and CEO says it’s now up to creditors By Paul Andrew A May 15 deadline for Whistler’s Mountain World Entertainment to put together a proposal for at least 68 creditors in order to prevent bankruptcy has now gone to the trustees, says the company’s president, Glenn Fawcett. The deadline gave the 18-month-old games centre 30 days to satisfy at least 50 per cent of the creditors totalling 75 per cent of unsecured debt. Mountain World rents 19,000 square feet of space from the Whistler Resort Association to operate its high-tech games, climbing wall, pool tables and golf simulator, among other activities. During an interview with Pique Newsmagazine, Fawcett was positive about his situation with creditors, but said he will not apply for an extension if the proposal does not please the parties involved. Among the long list of unsecured debt is a $468,000 bill to Accel Capital Corp. and $25,000 to the WRA. "We have a meeting with the creditors on June 3," Fawcett said. "And I believe the proposal we put together will work. But if it doesn’t then I won’t apply for an extension because that will cost another $20,000. If we focus on extensions then we’ll get away from the business of running Mountain World and that’s really what this is all about." Fawcett’s plight has not gone unnoticed by the Vancouver media. Business in Vancouver printed a story in its May 11-17 issue that quoted Fawcett’s comments on the limitations imposed by a Class B liquor license. He said he expected 20 per cent of revenue from alcohol sales because he expected adults to patronize the centre in the evening, with the under 18 years of age crowd to supply most of the day-time business. But with just 7.5 per cent of Mountain World’s revenue coming from alcohol sales, Fawcett said the proof of low adult attendance is obvious. "People say to me; ‘You knew it was a Class B license, why are you surprised," Fawcett said. "But it was a neophyte industry at the time. Games were more my focus so we put the food and beverage in the back of the room. Our liquor licence doesn’t allow people to enjoy the games while they are drinking so that’s very restrictive and a big reason we don’t have more adults. But now, Gameworks, a U.S. company that’s just like Mountain World, has moved all their food and beverage to the front of the room and it has change everything. They made the same mistakes Mountain World made," Fawcett explained. Sega Gameworks, a $70 million joint venture among MCA, Universal Studios and U.S. filmmaker Steve Speilberg’s design team, was recently profiled in Replay magazine because of its ability to turn the business into an adult attraction. By re-positioning the liquor bar and restaurant to the middle or the front of the Gameworks entertainment centres, the company has seen a dramatic increase in adult visitors, going as far as calling the centres a day-park on one hand, and an night club on the other. Fawcett said he will continue on his current course, which is to satisfy the creditors, push for a "complete floor-plan change" that makes the food and beverage experience primary so that adults may feel more comfortable, and to lobby the provincial government for an additional category of liquor licences unique to industries such as Mountain World. "We are so close to having an incredible happening thing here," Fawcett said. "Next thing we’ll do is lobby hard before Jo Surich, (provincial liquor policy consultant), makes his presentation to cabinet. We want our request to be part of that presentation."

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