After a race at Loveland Pass, Max filed mining claims for land around an alpine cirque that he hoped to develop into a ski area.

After discussing the plan for the New Year's party (1968–1969), Bill Bergman, a corporate lawyer from Cedar Rapids, Iowa, agreed.

Speculation about conflicts in the Snake River Valley with the lynx reintroduction program stifled further study and land allocation.

Santiago serviced the North Peak pod, while Teller, now known as Ruby Express, provided egress back to Dercum Mountain.

In 1990, Keystone entered the detachable industry as Doppelmayr constructed two high speed quads to replace aging lifts on Dercum Mountain.

It was supplemented by the Montezuma Express lift, which replaced a Yan triple chairlift and provided access to all trails on the upper and central part of Dercum Mountain.

The new gondola also features a mid-station, allowing guests to upload or download from midway up Dercum Mountain, as well as a new learning area.

For the 2017 season, Keystone built their second high speed six pack, bringing in Leitner-Poma to replace the Montezuma Express lift.

In 2022, Keystone expanded its lift-serviced terrain into the Bergman Bowl, including a new chairlift, new trails, new snowmaking and a ~6000 sq ft expansion of the Outpost Restaurant.

On December 14, 1985, the upper bullwheel disconnected from the main gearbox shaft, resulting in dozens of lift riders being thrown from their chairs onto the slope below.

In the winter, Keystone offers night skiing, a five-acre resurfaced ice skating lake, sleigh rides, and several fine-dining restaurants.

For the privilege of using federal lands, the ski area pays an annual fee of about one dollar per skier visitor to the U.S. Treasury.

The 1984 Land and Resource Management Plan and 2002 Revision, authored by Erik Martin, program manager for ski area administration (1972–2003), WRNF, established the final expanded boundary perimeter for Keystone Resort, including the eventual expansion of developed skiing onto Independence Mountain.

The 2002 Forest Plan Revision suggested an aerial transportation corridor and south portal be constructed in the Swan Valley to provide direct access between Keystone ski area and the Town of Breckenridge.