Park City/Talisker-Vail Lawsuit

[from_the_NEK]

 

[marcski]

He's still at it!: The guy just remains clueless. From Cummings statement today:

"Selling was the last thing we wanted to do, 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.”

And...What law are you talking about here, Mr. Cummings? The law that says a lease is a contract who's terms are binding?

 

[ss20]

Park City is 3,300 acres. Canyons is 4,000. Whistler Blackomb is 8,171 acres.

Anyone got plans for a 471 acre interconnect? Folks, this may be the first step to Park City, UT becoming the skiing capital of North America.

 

[VTKilarney]

Didn't read anything about that in the press release. Also didn't read anything about the profits Powdr made over the past few years since losing the lease. I take all litigation has been settled to mean they get to keep that too.

That's a reasonable assumption.

 

[mbedle]

I would venture to say this is a win/win for both parties. Granted long-term its a loss for Powdr, but given what they messed up, its not a bad deal to walk away with 183M, plus the last three years profits. Wonder how much Cummings paid for Snowbird.

 

[AdironRider]

Park City is 3,300 acres. Canyons is 4,000. Whistler Blackomb is 8,171 acres.

Anyone got plans for a 471 acre interconnect? Folks, this may be the first step to Park City, UT becoming the skiing capital of North America.

To bad they are actually kinda lacking in terms of snow. One or two canyons over though.....

 

[Highway Star]

I was curious to what the going rate is. Although Vail had Cummings by the Balls...

Vail's annual report cites the upper PCMR land as a $57.8M value, plus $77M in "goodwill", which I took as a potential partial value of an intact PCMR business. Meaning the real value of PCMR is $317.3M - pretty much what I had estimated in some occasions (over $300M), and in line with comparable resorts. This puts their EBITDA at $40M to $53M. Combined with the Canyons, they should be making a good $60M-$80M EBITDA off a combined resort worth nearly $500M.

 

[Highway Star]

I would venture to say this is a win/win for both parties. Granted long-term its a loss for Powdr, but given what they messed up, its not a bad deal to walk away with 183M, plus the last three years profits. Wonder how much Cummings paid for Snowbird.

Additionally, I don't really know how PCMR resort would have been valued if they still had control of the upper mountain terrain. I have to assume that it is largely by the value of the business, which is 6-8x EBITDA. So you have to figure Cumming lost in excess of $100M on this deal. But given the situation, he could have been reduced to holding a mini-PCMR on the lower mountain, worth only $30M-40M. So figure he more or less split the difference.

 

[skiNEwhere]

Passed this in idaho springs on the way home from work.

I'll set the over/under for it getting replaced at 4.5 days, and take the under myself

 

[thetrailboss]

I would venture to say this is a win/win for both parties. Granted long-term its a loss for Powdr, but given what they messed up, its not a bad deal to walk away with 183M, plus the last three years profits. Wonder how much Cummings paid for Snowbird.

Actually, it is probably the best outcome for POWDR considering the world of hurt they were in.

And, again, Snowbird is NOT at all related to POWDR. That's Daddy's project. Bass still owns half.

 

[thetrailboss]

Passed this in idaho springs on the way home from work.

I'll set the over/under for it getting replaced at 4.5 days, and take the under myself

View attachment 13643

I would not be surprised if in the next few years they rebrand Canyons again so that it is one large resort.....Park City. That name has more cache than Canyons.

 

[thetrailboss]

And looks like the current management has gone bye-bye....

All resort employees will keep their jobs with the exception of top management, he said.

 

[thetrailboss]

And their site has been somewhat streamlined, but season passes are still for sale at the full-PCMR price.

http://secure.parkcitymountain.com/...ProductGroupCode=150&ProductCategoryCode=4257

I'd sure be pissed if I bought a full-priced PCMR pass upon reassurances that they would indeed open, and then it gets sold to Vail, and folks are going to be skiing on the SAME pass for less than half the price!

 

[ss20]

And looks like the current management has gone bye-bye....

I suppose that included the financial department? :grin:

 

[thetrailboss]

I suppose that included the financial department? :grin:

The lease manager for sure oh wait...there wasn't one in 2011! :lol:


Sent from my iPhone using AlpineZone

 

[snoseek]

I have mixed feeling on how big VR is getting...but as a part time, part year employee I'll be taking some road trips this winter I think. Also, I want a fucking raise!

 

[thetrailboss]

No surprise here. Interconnect apparently coming next summer.....

http://unofficialnetworks.com/2014/...s-by-connecting-park-city-canyons-in-201516-2

I'm going to do some other digging because this article lacks substance....it just shows a merged map.

 

[mbedle]

I don't see the interconnect coming that fast. Doesn't it take years to get permits in place to install new lifts and cut trails?

 

[drjeff]

I don't see the interconnect coming that fast. Doesn't it take years to get permits in place to install new lifts and cut trails?

As I understand it, the land that would comprise the interconnect is privately owned, so that apparently makes the whole process easier. Secondly, the local planning boards, based on past expansion requests tend to be very pro expansion, since they seem to get the idea that expansion tends to equal increased visits which tends to translate into gains in the local economy. And I imagine that Vail Resorts would LOVE to be able to roll out a big marketing campaign next season about "the largest resort in the US"

Also as I understand it, most of the preliminary design work for trail layout and lift routing is already on paper

 

[AdironRider]

It also isnt Vermont and no Act 250.