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Reed Hastings, co-founder of Netflix and now the visionary behind Utah’s Powder Mountain, is at the center of a multimillion-dollar legal battle involving immigrant investors and the troubled legacy of one of North America’s most ambitious ski resort ventures.
According to a lawsuit filed in Manhattan Supreme Court this spring, Hastings has become entangled in $75.9 million of EB-5 debt tied to Powder Summit, the original development group behind Powder Mountain’s failed luxury expansion. EB-5 investors, mostly from China, claim Hastings inherited the unpaid debt when he purchased a controlling stake in Summit Mountain Holding Group in 2023 for $100 million following his retirement from Netflix.
The lawsuit, which remains under seal, argues that the streaming mogul should be held responsible for the $42 million raised through the EB-5 Immigrant Investor Program—plus interest. That money was meant to fund a sweeping transformation of the 8,464-acre resort north of Salt Lake City, first envisioned by tech entrepreneur Greg Mauro and Summit Series co-founder Elliott Bisnow as a utopian mountaintop retreat.
Instead, Powder Summit defaulted on its EB-5 obligations in 2019 after delivering only partial infrastructure and minimal development—far short of the promised 80 residences and 214 hotel units. A default notice followed in 2021, sparking protracted litigation that continues today.
The Hastings Era: Powder Haven and “Escape the Masses”
Hastings, who publicly announced his goal to bring “a little St. Moritz to Utah,” has rebranded the venture as Powder Haven—an ultra-private ski enclave catering to the world’s elite. Since taking over, he’s overseen the addition of new chairlifts and sharply raised season pass prices from $750 in 2023 to $1,599 in 2025. In contrast, nearby Park City Mountain Resort, operated by Vail Resorts, offers passes for $1,051 and boasts twice the terrain.
The Powder Haven model includes closing off parts of the mountain to the public and reserving access for high-net-worth individuals purchasing luxury homes within the private ski village. The new slogan: “Escape the Masses.”
Despite the looming debt dispute, a spokesperson for Summit Mountain Holding Group insists that Hastings is not personally liable and that the Powder Haven development will move forward regardless of the litigation’s outcome. Lawyers for Hastings have filed a motion to dismiss the lawsuit, arguing the claims predate his ownership.
A Troubled Legacy for EB-5 in Ski Country
The Powder Mountain case echoes past EB-5 failures, most notably Vermont’s Jay Peak and Burke Mountain, where developers misused funds from foreign investors in a high-profile fraud case. The EB-5 program, which trades U.S. green cards for job-creating investments, underwent federal reform in 2022 to increase transparency and oversight.
Powder Mountain’s original development deal—structured through Utah’s first EB-5 regional center and managed by KT Capital—had promised concessionary loan terms, outside capital, and a completion guarantee. Instead, it became another cautionary tale of overambitious ski dreams tangled in finance and litigation.
Whether Hastings can carve a new path for Powder Mountain—or simply ski through a legal minefield—remains to be seen. But with elite branding, private lifts, and a billionaire at the helm, Powder Haven appears determined to leave its mark on the future of luxury skiing in North America.
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