Updated, Friday, May 23 at 5:10 p.m.

The stock price of Vail Resorts jumped on Wednesday after favorable rulings from a 3rd District Court judge in a lawsuit centered on Park City Mountain Resort's lease of Talisker Land Holdings, LLC land.

Vail Resorts, listed on the New York Stock Exchange, added 4.7 percent by the closing bell. The stock closed at 69.50 on heavy volume -- 484,410 shares trading -- for Vail Resorts.

The stock moved little on Wednesday until late in the trading session, when the rulings were publicized. The price spiked in the hour between 3 p.m. and 4 p.m. EST.

The stock climbed slightly higher on Thursday on heavy volume, closing at 69.77. It was up a smidgen again midway through the trading day on Friday.

Vail Resorts leases and operates Canyons Resort under an agreement with Talisker Land Holdings, LLC. The deal could be expanded to include the disputed PCMR terrain depending on the outcome of the lawsuit.

Judge Ryan Harris on Wednesday reaffirmed an earlier ruling that PCMR's lease of much of the terrain underlying the resort expired in 2011. He also ruled that PCMR was not denied a right of first refusal when Talisker Land Holdings, LLC reached an agreement with Vail Resorts to operate Canyons Resort.

Analysts who follow Vail Resorts have shown interest in the prospects of the deal being expanded to the terrain at PCMR.

Vail Resorts issued a statement Wednesday saying the company "is very pleased with the ruling today."