SAM Magazine—Park City, Utah, Sept. 9, 2014—Park City Mountain Resort (PCMR) will pay the $17.5 million bond amount ordered by the Court last Friday, thus ensuring the resort will open as planned this season, scheduled for November 22, 2014. Negotiations between PCMR and landlord Vail regarding the long-term resolution of ownership and operation of the terrain at Park City continue.

SAM Magazine—Park City, Utah, Sept. 9, 2014—Park City Mountain Resort (PCMR) will pay the $17.5 million bond amount ordered by the Court last Friday, thus ensuring the resort will open as planned this season, scheduled for November 22, 2014. Negotiations between PCMR and landlord Vail regarding the long-term resolution of ownership and operation of the terrain at Park City continue.

"Our goal has always been to keep PCMR open for the upcoming 2014-15 season and beyond," said Jenni Smith, president and general manager of PCMR. "Paying the bond ordered by the judge will provide our employees, the Park City community and our many guests the certainty they've been waiting for about our upcoming ski season."

"I am very happy that the resort will be open this year," Smith continued. "While the most important outcome today is that PCMR will be open for business, the bond payment is only a short term solution for the 2014-15 season. As such, we will continue working with Vail toward a reasonable and fair long-term solution."

Judge Ryan Harris cleared the way for today's development last Friday, when he set the bond figure for the 2014-15 season at $17.5 million. He pointed out that this bond amount does not include the three prior seasons, for which PCMR has not paid rent, or for the 2015-16 season (if applicable), for which he set a $19 million bond. He acknowledged that setting the amount was both difficult and far from the final word on what rent PCMR will ultimately owe for the period since its lease expired at the end of April 2011.

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