This week, business moguls have been making a lot of noise from a remote town in Idaho. For skiers and riders, that location may ring a bell.
Nearly every July (excluding 2020), Allen & Company hosts a conference in Sun Valley, Idaho. This year’s event is happening from July 8-13. Referred to as the “Summer Camp for Billionaires,” rich tech and business leaders flock to the Sun Valley Village to mingle with other like-minded people and engage in various events and discussions held by Allen & Company. During the retreat, these individuals can privately discuss business deals and engage in recreational activities such as hiking and golf. The ski town’s remoteness helps keep most onlookers away.
Most attendees congregate at the Sun Valley Lodge, a historic hotel that’s situated in the Sun Valley Village. The Village is next to Dollar Mountain, the smaller peak that’s home to the ski resort’s beginner slopes and most of Sun Valley’s extensive terrain park network.
Some of this year’s guests included Jeff Bezos (founder of Amazon), Tim Cook (CEO of Apple), Bob Iger (CEO of the Walt Disney Company), and David Zaslav (CEO of Warner Bros. Discovery, who just renamed his streaming platform for the hundredth time).
Whether this is an economic boom for the local region is debatable. During the outings, most individuals stay in the Sun Valley Village, which is outside of the town of Ketchum. Jacob Frehling, who’s the co-owner of Maude’s Coffee and Clothes, told Business Insider that his business actually sees a decrease in Revenue compared to the rest of the summer:
“This is usually the busiest time of year for my business. But when the conference comes, guests rent out tons of rooms and book all the fishing guides, outdoor adventures, and restaurants. Other tourists can’t really visit the area that week. The Sun Valley Lodge is big; that’s hundreds of people who aren’t there and aren’t circulating their dollars in local stores.
It’s not a zero-sum game, but my number of sales drops at least a bit every year. The billionaires at the conference throw a weird wrench in the cog of the summer economy, stepping on the brakes for regular people during what should be a very, very, very busy time.
That’s not to say it’s all bad. I’m sure the conference is great if you’re directly involved, but many locals I know aren’t. I’ve gotten to know some members of the billionaire entourage, like dancers and bodyguards, who come each year. They’re great, and I actually always look forward to seeing them.”
While the clientele may be wealthier than usual for this popular ski town, it still plays out the same: the locals get squeezed, while the rich have most of the fun.
Image/Video Credits: Sun Valley Resort, CNBC
