OLYMPIC VALLEY, Calif. (CBS13) – This year’s lack of snow is dealing a big blow to the Lake Tahoe economy. Officials at Squaw Valley Resort have cancelled a major world cup snowboarding event because there’s just not enough snow.

This would have been the first time Squaw Valley would get to host the World Cup skicross and snowboarding event. But there’s just not enough snow to hold the event and keep resort guests happy.

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“We would have loved the publicity from the event,” said spokesperson for Squaw Valley Ski Resort Jessica Weaver.

The top of the mountain at Squaw Valley ski resort looks picturesque, but world cup skiers, snowboarders and spectators from near and far won’t get to see it this year.

“I think it’s a bummer for the resort and everyone involved that it didn’t end up happening,” said Parallel Mountain Sports Ski Shop owner Michael Lewis.

The event would have brought Olympic athletes and visitors from around the world to eat, stay and shop here. But Squaw Valley chose to cancel the event two weeks out.

“We’d really rather focus our snowmaking efforts on continuing to open additional terrain and maintain the terrain we do have open,” said Weaver.

Weaver says while the most recent storms made for good conditions. An event like the world cup would require a lot more snow.

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“It takes a significant amount of snow to build skier and boardercross courses because you have to build up the large banks that the athletes are moving around and the variety of jumps they are going over,” she said.

Down below in Squaw Village, Lewis, says his business would see a boost from a major event like the ski and snowboard cross world cup.

“We do a lot more business when there’s weather,” said Lewis.

But he supports the resort’s decision.

“I think it was the right call. It’s better to be conservative than have everyone show up and not be able to make it happen. I think you are better off making that decision early than too late,” said Lewis.

Future large events like Winter Wonder Grass are still scheduled to go on. Resort officials say that event brings more revenue to the area than a world cup.

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The economic damage is adding up. An event scheduled to happen after the world cup has also been canceled.