SUMMIT COUNTY, Colo. Colorados high country is seeing its first significant snowfall of the season, with up to a foot of snow possible this week in the highest elevations.Mountain communities are hopeful this winter will bring an economic turnaround, after one of Colorados warmest and driest on record. The lack of snow was dismal for local businesses, and the high country is still feeling the effects of the strange season.WATCH: Season's first significant snow brings hope for struggling mountain businesses Season's first significant snow brings hope for struggling mountain businessesOn Wednesday, organizers announced the Ice Castles attraction would not return to Silverthorne this year. Those behind the family favorite previously announced they would also not return to Cripple Creek this season, citing operational and business considerations. The Castles had to close early due to unseasonably warm temperatures.Meanwhile, Colorado Ski Country USA projected skier visits dropped 24% statewide last winter compared to the prior season. That has been a steep challenge for local ski shops.After 54 years, A Racers Edge in Breckenridge is facing bankruptcy.I would have a hard time thinking I would make it if we had another season like last year, owner Chuck Ginsburg told Denver7 Wednesday. We're close to the community, and a lot of people are stepping up and you know coming in and buying stuff earlier than maybe they needed to, just because they want to help us out and get us through this difficult spot.Scot Harris, a skier from Carbondale, says he frequently sees customers in the shop from other parts of the state and beyond.Chuck's the best boot fitter that I know of in the country, he said. It'll be a shame if these businesses, you know, that have been so important to the communities, go away Snow is a resource, and it's these communities' economies are dependent upon it.Blue Valley Ski and Board Rentals in Silverthorne managed to make it through last season with business only down about five percent, though owner Mo Esch said it was still a slog.We fought to keep it like 5% below last year, he explained. My advertising spend had to go up. My Google spend had to go up. I had to spend money to keep people coming in here.We kind of flatlined in April when everything shut down, he added. We started renting e-bikes in March. That's weird, but you know, it actually, it helped.Small businesses are not the only ones who have had to adjust.The Town of Vail told Denver7 that sales tax revenue was down 6.5% last winter (November through April) compared to the prior season. In response, a spokesperson said the Town tightened its budget, reducing operating expenditures by 5% and capital expenditures by 10%.Laura MacInnes, Director of Finance for the Town of Breckenridge, says net taxable sales are down in each sector as of this August. She adds that although the town is slightly below budget in sales tax, each month weve been closing this gap and hope to hit budget by year end.The Breckenridge Tourism Office says overnight bookings were down 12 percent last season, and early booking for this year are slow as people wait to see how much early-season snow ends up falling.Thats what Ginsburg feels is happening, too.We're hoping that the next couple of weeks, snow starts to happen, ski areas get open in October, and people get stoked again because I think there's a lot of pent up energy, people that are ready to explode, he said. But a lot of people are kind of waiting to see what happens. ...read more read less