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Embattled Park City Mountain Resort to Open for Ski Season

With the clock ticking toward a Friday deadline, the company that owns the bottom of Park City, Utah's most popular ski resort has agreed to pay a $17.5 million bond to maintain access to the top for one more season. "I am very happy that the resort will be open this year," said Jenni Smith, president and general manager of Park City Mountain Resort in a statement. The resort, owned by Powdr and run by the wealthy Cumming family, will pay a $17.5 million bond to Talisker, the landlord at the top, as both continue battling in court and in mediation. PCMR had long rented access to the top of the resort for $155,000 a year, but in 2011 the lease lapsed. Talisker found a far more valuable tenant in Vail Resorts, which signed on to pay $25 million a year for both the top of Park City Mountain Resort and all of the Canyons resort next door. PCMR faced eviction, went to court, and lost. Last week, a judge ruled that in order to keep this season open, PCMR would have to put up a bond to cover at least three times what he thought normal rent should be.

IN-DEPTH

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Park City Mountain Resort Must Pay $17.5 Million to Stay Open

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-Jane Wells, CNBC.com