United States
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-Q/A

              QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934
                     FOR THE QUARTER ENDED JANUARY 25, 1998

                         _____________________________

                        Commission File Number 333-33483
                         _____________________________

                            American Skiing Company
             (Exact name of registrant as specified in its charter)

     Maine                                             04-3373730
     (State or other jurisdiction of             (I.R.S. Employer
     incorporation or organization)           Identification No.)

     P.O. Box 450                                           04217
     Bethel, Maine
     (Address of principal executive office)           (Zip Code)

                                 (207) 824-5196
              (Registrant's telephone number, including area code)

                                 Not Applicable
     (Former name, former address and former fiscal year, if changed since
     last report.)

          Indicated by checkmark whether the registrant (1) has filed all
     reports required to be filed by Section 13 or 15(d) of the Securities
     Exchange Act of 1934 during the preceding 12 months (or for such
     shorter period that the registrant was required to file such reports),
     and (2) has been subject to such filing requirements for the past 90
     days.

                         Yes [X]   No [  ]

          The number of shares outstanding of each of the issuer's classes
     of common stock were 14,760,530 of class A common stock $.01 par value
     and 15,365,072 shares of common stock $.01 par value outstanding as of
     March 9, 1998.

                                     [PAGE]

                    American Skiing Company and Subsidiaries


                      Condensed Consolidated Balance Sheet
                                 (in thousands)

                                               January 25, 1998   July 27, 1997
                                                    (Unaudited)

     LIABILITIES, MANDATORILY REDEEMABLE
       PREFERRED STOCK AND SHAREHOLDERS' EQUITY
     Current liabilities
       Line of credit and current portion
         of long-term debt                              $24,905         $39,748
       Accounts payable and other current
         liabilities                                     56,672          25,738
       Deposits and deferred revenue                     29,647           4,379
       Due to stockholder                                 1,933           1,933
                                                       ------------------------
     Total current liabilities                          113,157          71,798

       Long-term debt                                   215,374          46,833
       Subordinated notes and debentures                127,867         149,749
       Minority interest                                      -             626
       Other long-term liabilities                       23,046           7,898
       Deferred income taxes                             16,370          28,514
                                                        -----------------------
     Total liabilities                                  495,814         305,418

     Mandatorily redeemable preferred stock              37,359          16,821


     Shareholders' equity
       Common stock, Class A                                148              10
       Common stock                                         154               -
       Paid-in capital                                  264,457           2,786
       Retained earnings (accumulated
       deficit)                                         (8,142)          12,305
                                                        -----------------------
     Total equity                                       256,617          15,101
                                                        -----------------------

     Total liabilities, mandatorily
     redeemable preferred stock and equity             $789,790        $337,340
                                                        =======================



     See accompanying Notes to (Unaudited) Condensed Consolidated Financial
     Statements.

                                       6[PAGE]

                                     SIGNATURES

                 Pursuant to the requirements of the Securities Exchange
            act of 1934, the registrant has duly caused this report to be
            signed on its behalf by the undersigned thereunto duly
            authorized.

                                               AMERICAN SKIING COMPANY


            Date: March 12, 1998                /s/ Thomas M. Richardson

                                               Thomas M. Richardson
                                               Senior Vice President
                                               Finance Chief Financial
                                               Officer (Principal
                                               Financial and Accounting
                                               Officer)

            Date: March 12, 1998                /s/ Christopher E. Howard

                                               Christopher E. Howard
                                               Chief Administrative
                                               Officer and General
                                               Counsel (Duly Authorized
                                               Officer)













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