Park City Mountain Resort (PCMR) announced today that it will pay the$17.5 millionbond amount ordered by the Court to ensure the resort will open as planned this season, scheduled forNovember 22, 2014. Park City is the sister resort to Killington, Vermont. They are both owned by Powdr Corp. Through an admitted mistake by Park City, the Utah resort failed to renew a 50-year lease in 2011, which turns control of the top of the mountain over to rival Vail. The legal squabble, if it continues to play out, could be a financial disaster for both Park City and Vail.
"Our goal has always been to keep PCMR open for the upcoming 2014/15 season and beyond," saidJenni Smith, President and General Manager of PCMR. "Paying the bond ordered by the judge will provide our employees, thePark Citycommunity and our many guests the certainty they've been waiting for about our upcoming ski season."
Under Powdr's 20+ years of ownership, PCMR has grown into a world class resort that continuously ranks among the top five resorts inNorth America. Powdr has built strong community ties and been a part ofPark City'scontinued rise as one of the best towns in the country.
"I am very happy that the resort will be open this year," Smith continued. "While the most important outcome today is that PCMR will be open for business, the bond payment is only a short term solution for the 2014/15 season. As such, we will continue working with Vail toward a reasonable and fair long-term solution."
Powdr is one of the largest, privately owned and operated, lifestyle and mountain sports companies inNorth Americawith a portfolio of nine mountain resorts, fourWoodwardfacilities and Outside Television.
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About Powdr
Powdr is a leading lifestyle and mountain sports company. Headquartered inPark City, Utah, Powdr currently owns and operates nine mountain resorts including Park City Mountain Resort inPark City, Utah; Copper Mountain Resort inSummit County, Colorado; Killington Resort andPico MountaininKillington, Vermont; Mt. Bachelor inBend, Oregon; Boreal Resort and Soda Springs Resort in Donner Summit,California; Las Vegas Ski & Snowboard Resort nearLas Vegas, Nevadaand Gorgoza tubing Park inPark City, Utah.Powdr also owns and operates Woodward Camps, with four locations inthe United Statesincluding Camp Woodward inWoodward, Pennsylvania; Woodward West inTehachapi, California; Woodward Tahoe at Boreal Resort inCalifornia; andWoodwardat Copper inSummit County, Colorado. For additional information, please visitwww.powdr.com.
SOURCE PARK CITY, Utah,Sept. 9, 2014/PRNewswire-USNewswire/ --Powdr