Snake River Lodge & Spa Litigation
|AVON, Colo., Dec. 16, 2003 - Vail Resorts, Inc. (NYSE: MTN) announced
today that the jury in the previously disclosed litigation in Wyoming rendered
a total verdict of $17.5 million in compensatory damages in both cases.
The Snake River Lodge & Spa (formally known as JHL&S LLC) was found
by the jury to only be 47.5 percent responsible for the damages. No punitive
damages were awarded in either case. Vail Resorts owns approximately 51
percent of the Snake River Lodge & Spa. The damage award against the
Snake River Lodge & Spa is entirely covered by insurance.
Two local Jackson Hole contractors were found to be collectively 52.5 percent responsible. All other Vail Resorts subsidiaries who were defendants in the case were found by the jury to be blameless, and were released from the case without owing any damages.
"We were confident that the nine-person jury would reach a fair decision in these cases after hearing all of the evidence," stated Martha Rehm, senior vice president and general counsel of Vail Resorts. "The jury's unanimous finding of a compensatory damage award far less than what was sought by the plaintiffs, combined with its finding that no punitive damages were warranted, is enormously gratifying for us. No one associated with the Snake River Lodge intended to do harm, and everyone associated with Snake River Lodge and Vail Resorts deeply regrets that this tragic accident ever happened," Rehm added.
Adam Aron, chairman and chief executive officer of Vail Resorts said, "All of us at Vail Resorts and our various subsidiaries have the deepest sympathy for Mrs. Williams and the family of Dr. Williams and are profoundly sorry for the tragic accident that took place at the Snake River Lodge & Spa in August of 2001. We have long wanted to settle this matter, and now that the trial is over, we hope that the family can bring closure to their loss."
"From a financial perspective, as previously disclosed, our insurance policies will completely cover the compensatory verdicts rendered in these cases, and accordingly, the resolution of the cases will not adversely affect Vail Resorts' fiscal 2004 results," Aron continued.
Vail Resorts, Inc. is the leading mountain resort operator in the United States. The Company's subsidiaries operate the mountain resorts of Vail, Beaver Creek, Breckenridge and Keystone in Colorado, Heavenly in California and Nevada, and the Grand Teton Lodge Company in Jackson Hole, Wyo. The Company also operates its subsidiary, RockResorts, a luxury resort hotel company with 10 distinctive properties across the United States. Vail Resorts Development Company is the real estate planning, development, construction, retail leasing and management subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange.
Statements in this press release, other than statements of historical information, are forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
|Also See:||Following Guest Incidents, Vail Resorts and La Quinta Corp. Equipping Properties with Carbon Monoxide Detectors / December 2003|
|Family Seeks millions for Death and Injuries Caused by Carbon Monoxide Poisoning at Vail Resort's Snake River Lodge & Spa in Teton Village / December 2003|