How will snowboarders get from Snowbird to Solitude with the Great Wall of Alta in the way?
 
Mark P. Renson


On Thursday, September 11, 2014 2:59 PM, Wesley Alan Wright <[log in to unmask]> wrote:


Paving the way for…

    http://ski.curbed.com/archives/2014/09/new-map-shows-how-7-utah-ski-areas-could-become-one.php
    http://www.parkrecord.com/park_city-news/ci_26500400/ski-utah-puts-its-cards-table

The above story appeared in Burlington Free Press earlier this week

On Sep 11, 2014, at 11:35 AM, Skip King <[log in to unmask]> wrote:

> Vail Resorts Acquires Park City Mountain Resort in Park City, Utah
> 2014-09-11 15:26:36.680 GMT
>
>      Vail Resorts Acquires Park City Mountain Resort in Park City, Utah
>
> -- Acquisition settles all litigation and ensures no disruption to future
> resort operations
>
> -- Park City Mountain Resort will be added to the Epic Pass for the 2014-2015
> ski season
>
> -- Company 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
>
> PR Newswire
>
> BROOMFIELD, Colo., Sept. 11, 2014
>
> BROOMFIELD, Colo., Sept. 11, 2014
> /PRNewswire/
>  -- Vail Resorts, Inc. (NYSE:
> MTN) today announced that the Company has acquired Park City Mountain Resort
> (PCMR) from Powdr Corp. for $182.5 million in cash, subject to certain
> post-closing adjustments. The acquisition includes all of the assets of
> Greater Park City Company (GPCC), the land used for ski terrain at the resort
> held by Ian Cumming, and certain base parking lands owned by Powdr Development
> Corp., which have approved zoning for approximately 687,000 square feet of
> residential and commercial development. The acquisition does not include the
> Gorgoza tubing operation, located approximately 10 miles from the resort,
> which will be retained by Powdr Corp.
>
> With the acquisition, all aspects of the previously 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.
>
> "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.
>
> "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. The acquisition will allow us to immediately bring Park
> City Mountain Resort onto the 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. 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," he added. 
>
> Blaise Carrig, president of Vail Resorts, will act as interim chief operating
> officer for the resort.
>
> "We understand that this acquisition represents a change for all of the
> employees of PCMR and I look forward to working with everyone on the PCMR team
> as we develop a vision for the future of the resort," said Carrig.
>
> 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.
>
> The Company also announced that due to the acquisition of PCMR, it expects $35
> million in incremental EBITDA in Fiscal Year 2015, excluding any transaction
> and transition costs. The Company anticipates additional contributions from
> the acquisition in future years, particularly after it can connect the
> experience of the two resorts together. The Company expects the acquisition to
> provide significant tax benefits over the next 15 years, including an average
> of approximately $12 million in additional annual taxable depreciation and
> amortization expense through Fiscal 2021. The Company will be making
> additional comments on PCMR and the Company's outlook in its 2014 fiscal
> year-end investor conference call on Sept. 24.
>
> Park City Mountain Resort offers terrain for every type of skier and
> snowboarder, from perfectly manicured groomers to powder-filled bowls and some
> of the industry's most progressive terrain parks and half pipes. Located in
> the heart of historic Park City, Utah–one of the country's greatest ski
> towns–PCMR was named the fifth best resort in North America by readers of SKI
> Magazine in 2014. The mountain resort's 16 lifts serve 114 runs, nine
> powder-filled bowls, four terrain parks and two half pipes. The mountain also
> offers many summer adventures including one of the world's longest alpine
> slides, a nearly 4,000-foot long alpine coaster, zip lines and more than 70
> miles of hiking and biking trails. Together with Canyons, the combined resort
> will offer over 7,000 acres of skiing and will be the largest ski resort in
> the United States.
>
> About Vail Resorts, Inc. (NYSE: MTN)
>
> Vail Resorts, Inc., through its subsidiaries, is the leading mountain resort
> operator in the United States. The Company's subsidiaries operate the mountain
> resorts of Vail, Beaver Creek, Breckenridge and Keystone in Colorado;
> Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and
> Nevada; Park City Mountain Resort and Canyons in Park City, Utah; Afton Alps
> in Minnesota and Mt. Brighton in Michigan; and the Grand Teton Lodge Company
> in Jackson Hole, Wyoming. The Company's subsidiary, RockResorts, a luxury
> resort hotel company, manages casually elegant properties. Vail Resorts
> Development Company is the real estate planning, development and construction
> subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company
> traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company
> website is
> www.vailresorts.com and consumer website is www.snow.com
> .
>
> Forward-Looking Statements
>
> Statements in this news release, other than statements of historical
> information, are forward looking statements that are made pursuant to the safe
> harbor provisions of the Private Securities Litigation Reform Act of 1995.
> Readers are cautioned not to place undue reliance on these forward-looking
> statements, which speak only as of the date hereof. All forward-looking
> statements are subject to certain risks and uncertainties that could cause
> actual results to differ materially from those projected. Such risks and
> uncertainties include but are not limited to prolonged weakness in general
> economic conditions, including adverse effects on the overall travel and
> leisure related industries; unfavorable weather conditions or natural
> disasters; adverse events that occur during our peak operating periods
> combined with the seasonality of our business; competition in our mountain and
> lodging businesses; our ability to grow our resort and real estate operations;
> our ability to successfully initiate, complete, and sell, new real estate
> development projects and achieve the anticipated financial benefits from such
> projects; further adverse changes in real estate markets; continued volatility
> in credit markets; our ability to obtain financing on terms acceptable to us
> to finance our real estate development, capital expenditures and growth
> strategy; our reliance on government permits or approvals for our use of
> Federal land or to make operational and capital improvements; demand for
> planned summer activities and our ability to successfully obtain necessary
> approvals and construct the planned improvements; adverse consequences of
> current or future legal claims; our ability to hire and retain a sufficient
> seasonal workforce; willingness of our guests to travel due to terrorism, the
> uncertainty of military conflicts or outbreaks of contagious diseases, and the
> cost and availability of travel options; negative publicity which diminishes
> the value of our brands; our ability to integrate and successfully realize
> anticipated benefits from Park City Mountain Resort and the lease of Canyons
> Resort operations or future acquisitions; the outcome of our plans to connect
> with the ski terrain of Park City Mountain Resort and Canyons Resort;
> implications arising from new Financial Accounting Standards Board
> ("FASB")/governmental legislation, rulings or interpretations; and other risks
> detailed in the Company's filings with the Securities and Exchange Commission,
> including the "Risk Factors" section of the Company's Annual Report on Form
> 10-K for the fiscal year ended July 31, 2013.
>
> All forward-looking statements attributable to us or any persons acting on our
> behalf are expressly qualified in their entirety by these cautionary
> statements. All forward-looking statements in this news release are made as of
> the date hereof and we do not undertake any obligation to update any
> forward-looking statements whether as a result of new information, future
> events or otherwise, except as may be required by law.
>
> Statement Concerning Non-GAAP Financial Measures
>
> This news release includes the estimated incremental Resort Reported EBITDA
> impact from the Park City Mountain Resort. Resort Reported EBITDA, which
> represents the sum of Mountain and Lodging Reported EBITDA, is a non-GAAP
> financial measure used by the Company, which we define as segment net revenue
> less segment operating expense plus or minus segment equity investment income
> or loss. Resort Reported EBITDA may not be comparable to similarly titled
> measures of other companies and should not be considered in isolation or an
> alternative to, or substitute for, measures of financial performance or
> liquidity prepared in accordance with GAAP. We refer you to the Company's
> periodic reports filed with the SEC for further information regarding the
> Company's use of this Non-GAAP financial measure and a reconciliation of the
> Company's historical Resort Reported EBITDA to its GAAP results.
>
> SOURCE Vail Resorts, Inc.
>
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