NT 10-Q

                                  United States
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                          NOTIFICATION OF LATE FILING

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                         Commission File Number 1-13507

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                            American Skiing Company
             (Exact name of registrant as specified in its charter)
        Delaware                                        04-3373730
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

                      136 Heber Ave., #303, P.O. Box 4552
                             Park City, Utah 84060
                    (Address of principal executive office)
                                   (Zip Code)

                                 (435) 615-0340
                                 www.peaks.com
              (Registrant's telephone number, including area code)

(Check One):
            [ ] Form 10-K  [ ]  Form 20-F  [ ] Form 11-K
            [X] Form 10-Q and Form 10-Q5B  [ ] N-SAR

[ ] Transition Report on Form 10-K [ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR for the transition period ended:

Read instruction (on back page) before preparing form.  Please print or type.
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS
VERIFIED ANY INFORMATION CONTAINED HEREIN.

If the notification relates to a portion of the filing check above, identify
the item(s) to which the notification relates:

PART I - REGISTRANT INFORMATION

American Skiing Company
- --------------------------------------------------------------------------------
Full Name of Registrant

ASC Holdings, Inc.
- --------------------------------------------------------------------------------
Former Name if Applicable

136 Heber Ave., #303, P.O. Box 4552
- --------------------------------------------------------------------------------
Park City, Utah 84060
City, State and Zip Code

PART II - RULES 12b-25(b) and (c)

If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be complete.  (Check box if appropriate)

[X]a     The reasons described in reasonable detail in Part III of this form
         could not be eliminated without unreasonable effort or expense;

[ ]b     The subject annual report, semi-annual report, transition report or
         Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof, will be
         filed on or before the fifteenth calendar day following the prescribed
         due date; or the subject quarterly report or transition report on Form
         10-Q, or portion thereof will be filed on or before the fifth calendar
         day following the prescribed due date; and

[X]      The accountant's statement or other exhibit required by Rule 12b-25(c)
         has been attached if applicable.

PART III - NARRATIVE

State below in reasonable detail the reasons why Forms 10-K, 20F, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.

See attached press release dated October 15, 2002.  Due to the fact that the
Registrant's financial statements for the 2002 fiscal year have not yet been
completed, the Registrant will be delayed in completing financial statements for
the first quarter of fiscal 2003.

PART IV - OTHER INFORMATION

(1) Name and telephone number of person to contact in regard to this
notification

Foster A. Stewart, Jr.              207                           773-7934
- ----------------------           -----------                 -------------------
(Name)                           (Area Code)                  (Telephone Number)

(2) Have all other periodic reports required under Section 13 or 15(d) of the
    Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
    of 1940 during the preceding 12 months or for such shorter period that the
    registrant was required to file such report(s) been filed?  If answer is no,
    identify report(s)
                                                                  [X] Yes [ ] No

(3) Is it anticipated that any significant change in results of operations from
    the corresponding period for the last fiscal year will be reflected by the
    earnings statement to be included in the subject report or portion thereof?

                                                                  [X] Yes [ ] No

        If so, attach an explanation of the anticipated change, both
        narratively and quantitatively, and, if appropriate, state the reasons
        why reasonable estimate of results cannot be make.

    The Company is unable to give a narrative or quantitative description at
this time due to the ongoing audit of its financial results for the last fiscal
year and the required re-audit of corresponding periods from its two previous
fiscal years.

                            American Skiing Company
                  (Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.

Date: December 11, 2002                           By: /s/ Foster A. Stewart, Jr.
                                                  ------------------------------
                                                  Foster A. Stewart, Jr.
                                                  Secretary and General Counsel

Exhibits

99.1     Press Release dated October 15, 2002
99.2     Letter from KPMG, LLP dated October 15, 2002

EX-99

             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.

EX-99

October 15, 2002




Mr. Mark Miller, Chief Financial Officer
American Skiing Company
136 Heber Avenue, Suite 303
Park City, Utah 84060


Dear Mr. Miller:


The Auditing Standards Board's recently released Interpretation of AU 508,
"Reports on Audited Financial Statements", 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.

It is our understanding that as a result of the sale by American Skiing Company
of its Heavenly ski resort in fiscal 2002, the Company will be reflecting the
operations of Heavenly ski resort as discontinued operations for fiscal years
2002, 2001 and 2000 in accordance with Statement of Financial Accounting
Standards No. 144. Therefore, based on the guidance in the recent
interpretation, the Company will be required to have the prior two years
re-audited before presentation of comparative period results in its fiscal 2002
annual report. Due to the time required for us to complete this re-audit, we
will be unable to issue our report covering our audits of the consolidated
financial statements as of July 28, 2002 and July 29, 2001 and for each of the
years in the three-year period ended July 28, 2002 prior to October 27, 2002.

We have read and agree with the comments in Form 12b-25 of American Skiing
Company dated October 15, 2002.

Very truly yours,

KPMG LLP