The Battle for Park City: Why a Tech Billionaire Is Challenging Vail Resorts
Local billionaire and Cloudflare CEO Matthew Prince publicly renewed his effort to purchase Park City Mountain from Vail Resorts, reigniting a long-standing tension between the company and the Park City community. A longtime Park City resident, Prince believes "activist investors" are "circling around Vail" and could force the company to sell assets if its market valuation continues to underperform. Vail Resorts, which owns more than 40 ski areas worldwide, maintains that the resort "is not for sale". According to Vail spokesperson John Kanaly, CEO Rob Katz stated that Park City Mountain remains a crucial part of the company's network.
The Offer That Still Stands
Prince, with an estimated net worth of over $5 billion, has been an outspoken critic of Vail Resorts' centralized business model. He contrasts Vail's model with Alterra Mountain Company’s structure, which allows for local ownership of some Ikon Pass resorts. Prince believes the Alterra approach leads to a better guest experience and stronger business outcomes.
Having recently purchased the Town Lift Plaza property and acquired the local newspaper, The Park Record, in 2023, Prince leverages his influence to advocate for local stewardship. In May, he stated he had already offered to buy the mountain from Vail, but the company declined. Prince added that "That offer still stands," and he believes local ownership is "inevitable" in the long run.
A History of Tension: Vail vs. The Community
Vail Resorts acquired Park City Mountain for $182.5 million in 2014, following a legal battle with former owner Powdr Corp.. After the purchase, Vail connected the resort with the former Canyons Resort. This created one of the largest ski complexes in the United States. However, friction has grown between Vail and the community. The friction stems from issues like overcrowding, parking, and lift infrastructure. The most recent tension was a two-week ski patrol strike during the 2024 holiday season.
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The Problem with Infrastructure
Prince's criticism has focused on the resort's aging infrastructure. He points to the Silverlode Express chairlift as a prime example of underinvestment. The Park City Planning Commission stalled Vail's 2022 plan to replace the lift when they revoked its approval, leaving the upgrade unresolved. Prince has also floated ambitious ideas for the resort's future. He wants to replace the Town Lift with a gondola that could potentially extend across the Wasatch mountains to connect with Solitude and Alta. While he admits a project like this would face significant logistical, environmental, and political hurdles, Prince has argued that Park City should "think big" about its role in the Utah ski industry.
Vail Resorts insists on maintaining its ownership of Park City Mountain for now. But as activist investors scrutinize the company's financials, speculation about a potential sale continues to mount. Prince has made it clear that he is ready to act on the opportunity the moment it arises.
