PARK CITY, Utah – Nov. 11 – American Skiing Company (OTC: AESK - News) has filed its Annual Report on Form 10-K for the fiscal year ended July 25, 2004 with the Securities and Exchange Commission, after its independent registered public accounting firm, KPMG LLP, completed its audit of the Company's consolidated financial statements.

The Annual Report on Form 10-K includes the auditors' report of KPMG on the Company's consolidated financial statements for fiscal year 2004, which is unqualified and does not contain any modification with respect to the matter of going concern.

"I am pleased that KPMG's audit is complete and that they have issued an unqualified opinion," said BJ Fair, the Company's President and Chief Executive Officer. "We are pleased with the results and substantial progress we have made over this past fiscal year, and I encourage interested readers to consult our earnings announcement for fiscal 2004 contained in our October 26, 2004 press release for further information regarding those results. We are looking forward to the upcoming ski season, which opened today at Killington and will open tomorrow at Sunday River."

For more information and detailed financial results for fiscal 2004, please refer to the Company's Annual Report on Form 10-K filed November 9, 2004, on file with the Securities and Exchange Commission.

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, http://www.peaks.com.

Contact:
David Hirasawa
Investor & Media Communications
435-615-0396