Park City needs to pay a $17.5 million bond to settle a dispute with Vail Resorts and to open this winter.
[UPDATE: We’ve just heard that Park City has agreed to hand over the 17.5 mil, and will be opening up this winter]
Park City Resort, Utah, home to the amazing ‘I Ride Park City‘ edits, some super sick terrain, and a solid group of local snowboarders including heaps of pro riders, got itself in a proper pickle this season.
Park City allegedly failed to renew its $155,000-a-year lease with landlord Talisker Land Holdings Inc, back in 2011 and Talisker responded by offering nearby Vail resorts the option to take control of the Park City land. This understandably pissed off Park City.
In response, Park City threatened to remove key lifts and resort infrastructure which would mean that Vail would be unable to open the resort in time for the start of the season – essentially had a bitch fight on a resort level. Juicy.
On September 5th 2014, a judge decided that Park City would need to pay a $17.5 Million bond to open the resort for the season – a solid chunk less than what they had originally wanted (124 million).
Extrapolated out, this means the resort will be paying approximately $180,200 dollars a day in rent over the 148 day winter season – the equivalent of $1100 day passes (per day).
Of course, resorts of Park City’s size and scale make a heck of a lot of money over a full winter season so we’re pretty confident they can afford it.
Either way, we’re keeping our fingers crossed that Park City will be opening up for business as usual this winter.