Well people, it’s official. As of this morning, Powdr Corp has sold PCMR to the Umbrella Corp… er, I mean, Vail Resorts for a whopping $183 million. While Powdr Corp is still a large company, this whole deal really has that “big-corporation-shutting-down-a-mom-and-pop-shop” kind of vibe. Just read what Powdr’s CEO John Cumming had to say,
“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. A sale was the only way to provide long-term certainty for PCMR employees and the Park City community. My family and I are extremely grateful to have had the opportunity to play a role in making PCMR what it is today, and we deeply appreciate the dedicated employees and all of the people who have supported us over the years.”
All kidding aside though, I’m sure this will prove to be quite good for Utah as a whole. While there has been some local backlash about the likely increase in tourist traffic, Park City is already a very large tourist destination, and the added revenue will definitely boost the local economy. Plus one of the terms of the sale was that Vail had to retain all of PCMR’s employees, so all the locals who live and breath Park City are secure.
I will admit I am still on the fence about the super resort Vail plans to make for the 2015/16 season by combining Canyons and PCMR, but it could be pretty sick to ride at the biggest resort in the U.S. Also, Mega-Resort will most likely end up as part of Vail’s Epic Pass, which is literally the best deal in the industry, so there’s no denying the perks that will come with this sale. Cheers.
