PCMR was then ordered evicted by a court, but CEO John Cumming hopes to appeal. On Wednesday, a judge heard arguments about what sort of bond PCMR should put up to delay eviction, and at least have the current ski season go forward while it appeals its loss in court.
How much that bond should be is widely disputed by both sides. PCMR thinks it should be anywhere from $1 million to $6 million. Talisker and Vail think it should be at least $14.7 million for this year.
Cumming released a statement to CNBC saying: "Our goal is, and always has been, to keep the resort open for the 2014/15 season and beyond, but unfortunately that might not happen if a reasonable agreement is not reached. This situation is not good for anyone. It's not good for this community, Vail's shareholders, or us."
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Vail Resorts went into this transaction knowing that access to the bottom of Park City Mountain Resort wasn't guaranteed, and it believes the other resort it leased, Canyons, still makes the $25 million a year in rent worthwhile. Ideally, it would like to buy out the Cummings, but the billionaire family has indicated it won't roll over out of desperation.
Cumming told Forbes he might rip out the ski lifts and put in a winter sports park at the bottom of the hill. Vail could try to build a work around, somehow getting skiers at Canyons to Park City Mountain Resort by going across at the tops of that mountain, a solution that appears expensive, unwieldy and unlikely.
Most are hopeful this will be resolved sooner rather than later. "I have had a number of interactions with both CEOs, and they are men of character," said Park City Mayor Jack Thomas. He has noticed no impact on the local economy yet because of the dispute, but if the resort is closed this year, "The impact could be in the range of $180 million."
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