The downturn in the economy caused some bankers to decline corporate retreats to high-end resorts, a result of budget concerns and public opinion. But that's not the case with Allen & Co., the New York City-based investment firm that will once again hold its annual conference in Sun Valley next week.
For the 27th year running, Wall Street mogul Herb Allen Jr. will bring together major players from the media, technology, computer and entertainment industries for the four-day event.
As always, the conference is shrouded in mystery, with few details made public, including the exact dates and the extensive guest list of some of the world's wealthiest and most well-known.
"The bookings are coming in as good, if not better, than last year," said Jack Sibbach, spokesman for the Sun Valley resort.
And that was about all he had to say, or rather was allowed to say, on the matter.
Nonetheless, the minimal admission of the conference's existence this year is good news for the resort and local businesses, all of which see significant increases in revenue during the week.
Sibbach said a large number of bookings were lost when bankers' associations from Utah and Washington cancelled conferences this spring.
But with around 1,000 guests, including invitees and their families, the Allen & Co. conference's economic impact on the Wood River Valley is estimated to be in the millions, according to the Sun Valley-Ketchum Chamber & Visitors Bureau.
If tradition holds, those in the business world able to garner the highly coveted invitations will arrive during the course of the July 4 holiday weekend, with the meetings, power breakfasts, lunches and dinners beginning at the start of the week.
And while verbal confirmation is difficult to come by, visual confirmation is not. It only takes one look at the tarmac of Hailey's Friedman Memorial Airport to know the confab has begun. A conspicuous influx of private jets cover the available open space like a shopping mall parking lot on Black Friday.
Another telltale sign is the arrival of members of the international press corps, who can be found lurking around the entrance to the Sun Valley Inn, hoping for pictures, or, even better, a scoop on the next big deal. With conference regulars like Warren Buffet, Rupert Murdoch and Bill Gates, along with numerous other CEOs, such a deal is always within the realm of possibility in Sun Valley.
Jon Duval: jduval@mtexpress.com
