First settled in 1848 by Parley P. Pratt, the area became knows as Parley's Park City. It was later shortened to "Park City" in the early 1900s. The finding of silver, gold and lead sparked the first silver mines in Park City in the 1860s. However, the city nearly became a ghost town by the end of the 1950s because of a drop in the price of silver. The silver industry was suffering severely, and the town was hanging by a thread when 'Parkite' miners presented a proposal for a ski resort which ended up saving the town. This ski resort opened in 1963 on 10,000 acres of land the miners owned with mineral rights. This is said to be when tourists first largely began to visit Park City. Since the rise of the skiing and tourist economy, Park City houses more tourists than residents. It has become a place of fame through the 2002 Winter Olympic games and provides more attractions than ever before.