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Vail Resorts Buys Park City Mountain Resort for $182.5 Million

Park City ski dilemma resolved 1:07

After months of litigation and a feared possible shutdown this season of one of Utah's most popular ski resorts, Vail Resorts on Thursday agreed to buy out Park City Mountain Resort for $182.5 million in cash, paving the way for what could be the country's largest 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," Vail Resorts Chairman and CEO Rob Katz in a statement. Cumming said part of the agreement guarantees that PCMR’s 2,000 employees keep their current jobs. "Selling was the last thing we wanted to do," he said, "and while we believe the law around this issue should be changed, a protracted legal battle is not in line with our core value to be good stewards of the resort communities in which we operate." Vail Resorts plans to connect PCMR and the adjacent Canyons resort by the 2015-16 ski season "to create the largest single ski resort in the United States with 7,000 skiable acres."

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-Jane Wells, CNBC.com, and The Associated Press