Vail Resorts, Inc. announced today that it has acquired Park City Mountain Resort from Powdr Corp. for $182.5 million in cash, settling all litigation and guaranteeing that Park City’s lifts will spin this winter. Park City will be added to Vail’s Epic Pass and the company says it intends to connect PCMR to Canyons, which would create a mammoth ski area that sprawls over 7,000 acres of terrain.
This morning’s news wraps up a complicated summer of drama for the town of Park City. Earlier this week, PCMR said it would pay the $17.5 million judge-ordered bond to operate this winter. “With the acquisition, all aspects of the previous disclosed litigation with respect to PCMR have been settled and this dispute will no longer pose any future threat to disrupt the operation of the resort,” a press release issued by Vail states.
“First and foremost, we are very pleased to bring a permanent end to this dispute and provide assurance to the guests and employees of PCMR, and to everyone in the Park City community, that they no longer have to worry about any disruption to the operation of the Resort. This has been a difficult period for everyone involved and I commend John Cumming and Powdr Corp. for helping to find a solution to this situation,” said Rob Katz, chairman and chief executive officer of Vail Resorts, in the press release.
A press release from Powdr Corp stated that PCMR employees will keep their jobs. CEO John Cumming of Powdr Corp said in the release, “Selling was the last thing we wanted to do, and while we believe the law around this issue should be changed, a protracted legal battle is not in line with our core value to be good stewards of the resort communities in which we operate. A sale was the only way to provide long-term certainty for PCMR employees and the Park City community.”
Blaise Carrig, president of Vail Resorts, will act as interim chief operating officer for the resort.
Mountain operations of PCMR and Canyons will remain separate for the 2014-2015 ski season. However, the Epic Pass and Epic Local Pass will be valid at PCMR. All PCMR passes for the 2014-2015 ski season will continue to be honored and can be exchanged or upgraded for a season pass that will also be valid at Canyons. The majority of all lift tickets sold at either resort will be valid at both PCMR and Canyons.