Vail Resorts, Inc. announced today that it has acquired Park City Mountain Resort from Powdr Corp. for $182.5 million in cash. With the acquisition, all aspects of the previously 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.
"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, said Rob Katz, chairman and chief executive officer of Vail Resorts.
Now that Vail has acquired PCMR it intends to connect PCMR and Canyons for the 2015-2016 ski season to create the largest single ski resort in the United States with 7,000 skiable acres, subject to regulatory approvals.
"Park City Mountain Resort is one of the most spectacular mountain resorts and iconic brands in the ski industry and I am proud to have the resort become a part of Vail Resorts. We look forward to working collaboratively with the entire Park City community, as well as city and county officials, as we chart the future for the resort, including how we can best bring the Canyons and Park City ski experiences together to create the largest mountain resort in the United States," Katz added.
Mountain operations of PCMR and Canyons will remain separate for the 2014-2015 ski season. 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.
The acquisition will also immediately bring Park City Mountain Resort onto Vail's Epic Pass, which will now offer skiers from across the country and around the world access to 22 resorts, including Canyons in Park City, Utah; Vail, Beaver Creek, Breckenridge and Keystone in Colorado; and Heavenly, Northstar and Kirkwood in Tahoe.