**Exhibit        99.1**

**VAIL        RESORTS, INC.**

**NEWS        RELEASE**

**FOR        IMMEDIATE RELEASE**

**Vail        Resorts Contacts: **

**VAIL        RESORTS ANNOUNCES FISCAL FOURTH QUARTER AND FISCAL 2006 YEAR-END        RESULTS**

| ·   | Record                fiscal year net income of $45.8 million, 97.8% higher than last fiscal                year |
|--------------------|------------------------------------------------------------------------------------------------------------------|
| ·   | Record                fiscal year Resort Reported EBITDA (excluding stock-based compensation)                of                $199.3 million, 18.8% higher than last fiscal year’s record                performance |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Record                fiscal year Resort Revenue of $776.2 million, 5.3% higher than last                fiscal                year |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------|

*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. Such forward-looking        statements are subject to certain risks and uncertainties that could cause        actual results to differ materially from those projected. Readers are cautioned        not to place undue reliance on these forward-looking statements which speak        only        as of the date hereof. Such risks and uncertainties include but are not limited        to: economic downturns; terrorist acts upon the United States; threat of        or        actual war; unfavorable weather conditions; our ability to obtain financing        on        terms acceptable to us to finance our real estate investments, capital        expenditures and growth strategy; our ability to continue to grow our resort        and        real estate operations; competition in our Mountain and Lodging businesses;        termination of existing hotel management contracts; adverse changes in the        real        estate markets; failure to commence or complete the planned real estate        development projects; failure to achieve the anticipated short and long-term        financial benefits from the planned real estate development projects; shortages        or rising costs in construction materials; implications arising from new        Financial Accounting Standards Board (“FASB”)/governmental legislation, rulings        or interpretations; our reliance on government permits or approvals for our        use        of federal land or to make operational improvements; our ability to integrate        and successfully operate future acquisitions; and adverse consequences of        current or future legal claims. All forward-looking statements attributable        to        us or any persons acting on our behalf are expressly qualified in their entirety        by these cautionary statements. Investors are also directed to other risks        discussed in documents filed by the Company with the Securities and Exchange        Commission.*

| **Vail                  Resorts, Inc.**                                         |
|---------------------------------------------------------------------------------|
| **Consolidated                  Condensed Statements of Operations**            |
| **(In                  thousands, except per share amounts)**                   |
| **(Unaudited)**                                                                 |
|                                                                            | **Three                  Months Ended** |
|                                                                            | **July                  31,** |
|                                                                            | **2006** | **2005** |
| Net                  revenue:                                                   |   |   |   |   |   |   |
| Mountain                                                                        | $ | 39,163 |   | $ | 35,371 |   |
| Lodging                                                                         |   | 42,486 |   |   | 51,202 |   |
| Real                  estate                                                    |   | 42,378 |   |   | 33,452 |   |
| Total                  net revenue                                              |   | 124,027 |   |   | 120,025 |   |
| Segment                  operating expense:                                     |   |   |   |   |   |   |
| Mountain                                                                        |   | 70,729 |   |   | 62,679 |   |
| Lodging                                                                         |   | 41,644 |   |   | 50,187 |   |
| Real                  estate                                                    |   | 32,853 |   |   | 25,315 |   |
| Total                  segment operating expense                                |   | 145,226 |   |   | 138,181 |   |
| Other                  operating expense:                                       |   |   |   |   |   |   |
| Depreciation                  and amortization                                  |   | (22,802 | ) |   | (20,580 | ) |
| Relocation                  and separation charges                              |   | (1,317 | ) |   | -- |   |
| Asset                  impairment charges                                       |   | (75 | ) |   | (977 | ) |
| Mold                  remediation credit                                        |   | 559 |   |   | -- |   |
| Loss                  on disposal of fixed assets, net                          |   | (200 | ) |   | (9 | ) |
| Loss                  from operations                                           |   | (45,034 | ) |   | (39,722 | ) |
| Mountain                  equity investment income, net                         |   | 792 |   |   | 300 |   |
| Real                  estate equity investment income, net                      |   | 711 |   |   | 5 |   |
| Investment                  income, net                                         |   | 2,605 |   |   | 623 |   |
| Interest                  expense, net                                          |   | (8,690 | ) |   | (9,565 | ) |
| Loss                  on sale of businesses, net                                |   | -- |   |   | (13,043 | ) |
| Contract                  dispute charges                                       |   | (2,467 | ) |   | -- |   |
| (Loss)                  gain on put options, net                                |   | (1,133 | ) |   | 417 |   |
| Minority                  interest in loss of consolidated subsidiaries, net    |   | 1,966 |   |   | 1,742 |   |
| Loss                  before benefit for income taxes                           |   | (51,250 | ) |   | (59,243 | ) |
| Benefit                  for income taxes                                       |   | 19,987 |   |   | 22,808 |   |
| Net                  loss                                                       | $ | (31,263 | ) | $ | (36,435 | ) |
|                                                                            |   |   |   |   |   |   |
| **Per                  share amounts**:                                         |   |   |   |   |   |   |
| Basic                  net loss per share                                       | $ | (0.80 | ) | $ | (1.00 | ) |
| Diluted                  net loss per share                                     | $ | (0.80 | ) | $ | (1.00 | ) |
|                                                                            |   |   |   |   |   |   |
| **Other                  Data:**                                                |   |   |   |   |   |   |
| Mountain                  Reported EBITDA                                       | $ | (30,774 | ) | $ | (27,008 | ) |
| Mountain                  Reported EBITDA excluding stock-based compensation    | $ | (29,742 | ) | $ | (26,958 | ) |
| Lodging                  Reported EBITDA                                        | $ | 842 |   | $ | 1,015 |   |
| Lodging                  Reported EBITDA excluding stock-based compensation     | $ | 1,193 |   | $ | 1,032 |   |
| Resort                  Reported EBITDA                                         | $ | (29,932 | ) | $ | (25,993 | ) |
| Resort                  Reported EBITDA excluding stock-based compensation      | $ | (28,549 | ) | $ | (25,926 | ) |
| Real                  Estate Reported EBITDA                                    | $ | 10,236 |   | $ | 8,142 |   |
| Real                  Estate Reported EBITDA excluding stock-based compensation | $ | 10,677 |   | $ | 8,160 |   |

| **Vail                  Resorts, Inc.**                                         |
|---------------------------------------------------------------------------------|
| **Consolidated                  Condensed Statements of Operations**            |
| **(In                  thousands, except per share amounts)**                   |
| **(Unaudited)**                                                                 |
|                                                                            | **Twelve                  Months Ended** |
|                                                                            | **July                  31,** |
|                                                                            | **2006** | **2005** |
| Net                  revenue:                                                   |   |   |   |   |   |   |
| Mountain                                                                        | $ | 620,441 |   | $ | 540,855 |   |
| Lodging                                                                         |   | 155,807 |   |   | 196,351 |   |
| Real                  estate                                                    |   | 62,604 |   |   | 72,781 |   |
| Total                  net revenue                                              |   | 838,852 |   |   | 809,987 |   |
| Segment                  operating expense:                                     |   |   |   |   |   |   |
| Mountain                                                                        |   | 443,116 |   |   | 391,889 |   |
| Lodging                                                                         |   | 142,693 |   |   | 177,469 |   |
| Real                  estate                                                    |   | 56,676 |   |   | 58,254 |   |
| Total                  segment operating expense                                |   | 642,485 |   |   | 627,612 |   |
| Other                  operating (expense) income:                              |   |   |   |   |   |   |
| Depreciation                  and amortization                                  |   | (86,098 | ) |   | (89,968 | ) |
| Relocation                  and separation charges                              |   | (5,096 | ) |   | -- |   |
| Asset                  impairment charges                                       |   | (210 | ) |   | (2,550 | ) |
| Mold                  remediation credit                                        |   | 1,411 |   |   | -- |   |
| Loss                  on disposal of fixed assets, net                          |   | (1,035 | ) |   | (1,528 | ) |
| Income                  from operations                                         |   | 105,339 |   |   | 88,329 |   |
| Mountain                  equity investment income, net                         |   | 3,876 |   |   | 2,303 |   |
| Lodging                  equity investment loss, net                            |   | -- |   |   | (2,679 | ) |
| Real                  estate equity investment income (loss), net               |   | 791 |   |   | (102 | ) |
| Investment                  income, net                                         |   | 7,995 |   |   | 2,066 |   |
| Interest                  expense, net                                          |   | (36,478 | ) |   | (40,298 | ) |
| Loss                  on extinguishment of debt                                 |   | -- |   |   | (612 | ) |
| Gain                  (loss) on sale of businesses, net                         |   | 4,625 |   |   | (7,353 | ) |
| Contract                  dispute charges                                       |   | (3,282 | ) |   | -- |   |
| (Loss)                  gain on put options, net                                |   | (1,212 | ) |   | 1,158 |   |
| Other                  income, net                                              |   | 50 |   |   | 50 |   |
| Minority                  interest in income of consolidated subsidiaries, net  |   | (6,694 | ) |   | (5,239 | ) |
| Income                  before provision for income taxes                       |   | 75,010 |   |   | 37,623 |   |
| Provision                  for income taxes                                     |   | (29,254 | ) |   | (14,485 | ) |
| Net                  income                                                     | $ | 45,756 |   | $ | 23,138 |   |
|                                                                            |   |   |   |   |   |   |
| **Per                  share amounts:**                                         |   |   |   |   |   |   |
| Basic                  net income per share                                     | $ | 1.21 |   | $ | 0.65 |   |
| Diluted                  net income per share                                   | $ | 1.19 |   | $ | 0.64 |   |
|                                                                            |   |   |   |   |   |   |
| **Other                  Data:**                                                |   |   |   |   |   |   |
| Mountain                  Reported EBITDA                                       | $ | 181,201 |   | $ | 151,269 |   |
| Mountain                  Reported EBITDA excluding stock-based compensation    | $ | 184,886 |   | $ | 151,523 |   |
| Lodging                  Reported EBITDA                                        | $ | 13,114 |   | $ | 16,203 |   |
| Lodging                  Reported EBITDA excluding stock-based compensation     | $ | 14,448 |   | $ | 16,291 |   |
| Resort                  Reported EBITDA                                         | $ | 194,315 |   | $ | 167,472 |   |
| Resort                  Reported EBITDA excluding stock-based compensation      | $ | 199,334 |   | $ | 167,814 |   |
| Real                  Estate Reported EBITDA                                    | $ | 6,719 |   | $ | 14,425 |   |
| Real                  Estate Reported EBITDA excluding stock-based compensation | $ | 8,223 |   | $ | 14,520 |   |

| **Vail                  Resorts, Inc.**                               |
|-----------------------------------------------------------------------|
| **Resort                  Revenue by Business Line and Skier Visits** |
| **(In                  thousands)**                                   |
| **(Unaudited)**                                                       |
|                                                                  |   | **Three                  Months Ended** |   |   | **Twelve                  Months Ended** |   |
|                                                                  |   | **July                  31,** |   |   | **July                  31,** |   |
|                                                                  |   | **2006** | **2005** | **%                  Change** |   | **2006** | **2005** | **%                  Change** |
| **Business                  Line**                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Lift                  tickets                                         |   | $ | -- |   | $ | 145 |   | (100.0 | ) | % |   | $ | 263,036 |   | $ | 233,458 |   | 12.7 |   | % |
| Ski                  school                                           |   |   | -- |   |   | 73 |   | (100.0 | ) | % |   |   | 72,628 |   |   | 63,915 |   | 13.6 |   | % |
| Dining                                                                |   |   | 3,912 |   |   | 4,335 |   | (9.8 | ) | % |   |   | 56,657 |   |   | 53,688 |   | 5.5 |   | % |
| Retail/rental                                                         |   |   | 17,641 |   |   | 14,402 |   | 22.5 |   | % |   |   | 149,350 |   |   | 120,149 |   | 24.3 |   | % |
| Other                                                                 |   |   | 17,610 |   |   | 16,416 |   | 7.3 |   | % |   |   | 78,770 |   |   | 69,645 |   | 13.1 |   | % |
| **Total                  Mountain Revenue**                           |   | $ | 39,163 |   | $ | 35,371 |   | 10.7 |   | % |   | $ | 620,441 |   | $ | 540,855 |   | 14.7 |   | % |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total                  Lodging Revenue**                            |   | $ | 42,486 |   | $ | 51,202 |   | (17.0 | ) | % |   |   | 155,807 |   | $ | 196,351 |   | (20.6 | ) | % |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total                  Resort Revenue**                             |   | $ | 81,649 |   | $ | 86,573 |   | (5.7 | ) | % |   | $ | 776,248 |   | $ | 737,206 |   | 5.3 |   | % |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   | **Three                  Months Ended** |   |   | **Twelve                  Months Ended** |   |
|                                                                  |   | **July                  31,** |   |   | **July                  31,** |   |
|                                                                  |   | **2006** | **2005** | **%                  Change** |   | **2006** | **2005** | **%                  Change** |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Skier                  Visits**                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Vail                                                                  |   |   | -- |   |   | -- |   | 0.0 |   | % |   |   | 1,676 |   |   | 1,568 |   | 6.9 |   | % |
| Breckenridge                                                          |   |   | -- |   |   | -- |   | 0.0 |   | % |   |   | 1,620 |   |   | 1,471 |   | 10.1 |   | % |
| Heavenly                                                              |   |   | -- |   |   | 7 |   | (100.0 | ) | % |   |   | 1,023 |   |   | 1,065 |   | (3.9 | ) | % |
| Keystone                                                              |   |   | -- |   |   | -- |   | 0.0 |   | % |   |   | 1,094 |   |   | 1,021 |   | 7.1 |   | % |
| Beaver                  Creek                                         |   |   | -- |   |   | -- |   | 0.0 |   | % |   |   | 875 |   |   | 815 |   | 7.4 |   | % |
| **Total                  Skier Visits**                               |   |   | -- |   |   | 7 |   | (100.0 | ) | % |   |   | 6,288 |   |   | 5,940 |   | 5.9 |   | % |
|                                                                  |
| Note:                                                                 | Certain                  reclassifications have been made within Mountain revenue for the                  three and                  twelve months ended July 31, 2005 to conform to the current period                  presentation. |

|                                                      |   | **July                  31,** |
|-----------------------------------------------------------|--------|-------------------------------|
| **(In                  thousands)**                       |   | **2006**                      |   | **2005** |
| **Key                  Balance Sheet Data:**              |   |                          |   |   |   |   |
| Real                  estate held for sale and investment |   | $                             | 259,384 |   | $ | 154,874 |
| Total                  stockholders' equity               |   |                          | 642,777 |   |   | 540,529 |
|                                                      |   |                          |   |   |   |   |
| Total                  debt                               |   |                          | 531,228 |   |   | 521,710 |
| Less:                  cash and cash equivalents          |   |                          | 191,794 |   |   | 136,580 |
| Net                  debt                                 |   | $                             | 339,434 |   | $ | 385,130 |

**Reconciliation        of Non-GAAP Financial Measures**

|                                                                                               | **(In                  thousands)**     |
|----------------------------------------------------------------------------------------------------|-----------------------------------------|
|                                                                                               | **Three                  Months Ended** |
|                                                                                               | **July                  31,**           |
|                                                                                               | **(Unaudited)**                         |
|                                                                                               | **2006**                                |   | **2005** |
| Mountain                  revenue, net                                                             | $                                       | 39,163 |   |   | $ | 35,371 |   |
| Mountain                  operating expense excluding stock-based compensation                     |                                    | (69,697 | ) |   |   | (62,629 | ) |
| Mountain                  equity investment income, net                                            |                                    | 792 |   |   |   | 300 |   |
| Mountain                  Reported EBITDA excluding stock-based compensation                       |                                    | (29,742 | ) |   |   | (26,958 | ) |
| Mountain                  stock-based compensation                                                 |                                    | (1,032 | ) |   |   | (50 | ) |
| Mountain                  Reported EBITDA                                                          |                                    | (30,774 | ) |   |   | (27,008 | ) |
|                                                                                               |                                    |   |   |   |   |   |   |
| Lodging                  revenue, net                                                              |                                    | 42,486 |   |   |   | 51,202 |   |
| Lodging                  operating expense excluding stock-based compensation                      |                                    | (41,293 | ) |   |   | (50,170 | ) |
| Lodging                  Reported EBITDA excluding stock-based compensation                        |                                    | 1,193 |   |   |   | 1,032 |   |
| Lodging                  stock-based compensation                                                  |                                    | (351 | ) |   |   | (17 | ) |
| Lodging                  Reported EBITDA                                                           |                                    | 842 |   |   |   | 1,015 |   |
|                                                                                               |                                    |   |   |   |   |   |   |
| Resort                  Reported EBITDA*                                                           |                                    | (29,932 | ) |   |   | (25,993 | ) |
| Resort                  Reported EBITDA excluding stock-based compensation*                        |                                    | (28,549 | ) |   |   | (25,926 | ) |
|                                                                                               |                                    |   |   |   |   |   |   |
| Real                  Estate revenue, net                                                          |                                    | 42,378 |   |   |   | 33,452 |   |
| Real                  Estate operating expense excluding stock-based                  compensation |                                    | (32,412 | ) |   |   | (25,297 | ) |
| Real                  Estate equity investment income, net                                         |                                    | 711 |   |   |   | 5 |   |
| Real                  Estate Reported EBITDA excluding stock-based compensation                    |                                    | 10,677 |   |   |   | 8,160 |   |
| Real                  Estate stock-based compensation                                              |                                    | (441 | ) |   |   | (18 | ) |
| Real                  Estate Reported EBITDA                                                       |                                    | 10,236 |   |   |   | 8,142 |   |
| Total                  Reported EBITDA                                                             |                                    | (19,696 | ) |   |   | (17,851 | ) |
| Depreciation                  and amortization                                                     |                                    | (22,802 | ) |   |   | (20,580 | ) |
| Relocation                  and separation charges                                                 |                                    | (1,317 | ) |   |   | -- |   |
| Asset                  impairment charges                                                          |                                    | (75 | ) |   |   | (977 | ) |
| Mold                  remediation credit                                                           |                                    | 559 |   |   |   | -- |   |
| Loss                  on disposal of fixed assets, net                                             |                                    | (200 | ) |   |   | (9 | ) |
| Investment                  income, net                                                            |                                    | 2,605 |   |   |   | 623 |   |
| Interest                  expense, net                                                             |                                    | (8,690 | ) |   |   | (9,565 | ) |
| Loss                  on sale of businesses, net                                                   |                                    | -- |   |   |   | (13,043 | ) |
| Contract                  dispute charges                                                          |                                    | (2,467 | ) |   |   | -- |   |
| (Loss)                  gain on put options, net                                                   |                                    | (1,133 | ) |   |   | 417 |   |
| Minority                  interest in loss of consolidated subsidiaries, net                       |                                    | 1,966 |   |   |   | 1,742 |   |
| Loss                  before benefit for income taxes                                              |                                    | (51,250 | ) |   |   | (59,243 | ) |
| Benefit                  for income taxes                                                          |                                    | 19,987 |   |   |   | 22,808 |   |
| Net                  loss                                                                          | $                                       | (31,263 | ) |   | $ | (36,435 | ) |

|                                                                                               | **(In                  thousands)**      |
|----------------------------------------------------------------------------------------------------|------------------------------------------|
|                                                                                               | **Twelve                  Months Ended** |
|                                                                                               | **July                  31,**            |
|                                                                                               | **(Unaudited)**                          |
|                                                                                               | **2006**                                 |   | **2005** |
| Mountain                  revenue, net                                                             | $                                        | 620,441 |   |   | $ | 540,855 |   |
| Mountain                  operating expense excluding stock-based compensation                     |                                     | (439,431 | ) |   |   | (391,635 | ) |
| Mountain                  equity investment income, net                                            |                                     | 3,876 |   |   |   | 2,303 |   |
| Mountain                  Reported EBITDA excluding stock-based compensation                       |                                     | 184,886 |   |   |   | 151,523 |   |
| Mountain                  stock-based compensation                                                 |                                     | (3,685 | ) |   |   | (254 | ) |
| Mountain                  Reported EBITDA                                                          |                                     | 181,201 |   |   |   | 151,269 |   |
|                                                                                               |                                     |   |   |   |   |   |   |
| Lodging                  revenue, net                                                              |                                     | 155,807 |   |   |   | 196,351 |   |
| Lodging                  operating expense excluding stock-based compensation                      |                                     | (141,359 | ) |   |   | (177,381 | ) |
| Lodging                  equity investment loss, net                                               |                                     | -- |   |   |   | (2,679 | ) |
| Lodging                  Reported EBITDA excluding stock-based compensation                        |                                     | 14,448 |   |   |   | 16,291 |   |
| Lodging                  stock-based compensation                                                  |                                     | (1,334 | ) |   |   | (88 | ) |
| Lodging                  Reported EBITDA                                                           |                                     | 13,114 |   |   |   | 16,203 |   |
|                                                                                               |                                     |   |   |   |   |   |   |
| Resort                  Reported EBITDA*                                                           |                                     | 194,315 |   |   |   | 167,472 |   |
| Resort                  Reported EBITDA excluding stock-based compensation*                        |                                     | 199,334 |   |   |   | 167,814 |   |
|                                                                                               |                                     |   |   |   |   |   |   |
| Real                  Estate revenue, net                                                          |                                     | 62,604 |   |   |   | 72,781 |   |
| Real                  Estate operating expense excluding stock-based                  compensation |                                     | (55,172 | ) |   |   | (58,159 | ) |
| Real                  Estate equity investment income (loss), net                                  |                                     | 791 |   |   |   | (102 | ) |
| Real                  Estate Reported EBITDA excluding stock-based compensation                    |                                     | 8,223 |   |   |   | 14,520 |   |
| Real                  Estate stock-based compensation                                              |                                     | (1,504 | ) |   |   | (95 | ) |
| Real                  Estate Reported EBITDA                                                       |                                     | 6,719 |   |   |   | 14,425 |   |
| Total                  Reported EBITDA                                                             |                                     | 201,034 |   |   |   | 181,897 |   |
| Depreciation                  and amortization                                                     |                                     | (86,098 | ) |   |   | (89,968 | ) |
| Relocation                  and separation charges                                                 |                                     | (5,096 | ) |   |   | -- |   |
| Asset                  impairment charges                                                          |                                     | (210 | ) |   |   | (2,550 | ) |
| Mold                  remediation credit                                                           |                                     | 1,411 |   |   |   | -- |   |
| Loss                  on disposal of fixed assets, net                                             |                                     | (1,035 | ) |   |   | (1,528 | ) |
| Investment                  income, net                                                            |                                     | 7,995 |   |   |   | 2,066 |   |
| Interest                  expense, net                                                             |                                     | (36,478 | ) |   |   | (40,298 | ) |
| Loss                  on extinguishment of debt                                                    |                                     | -- |   |   |   | (612 | ) |
| Gain                  (loss) on sale of businesses, net                                            |                                     | 4,625 |   |   |   | (7,353 | ) |
| Contract                  dispute charges                                                          |                                     | (3,282 | ) |   |   | -- |   |
| (Loss)                  gain on put options, net                                                   |                                     | (1,212 | ) |   |   | 1,158 |   |
| Other                  income, net                                                                 |                                     | 50 |   |   |   | 50 |   |
| Minority                  interest in income of consolidated subsidiaries, net                     |                                     | (6,694 | ) |   |   | (5,239 | ) |
| Income                  before provision for income taxes                                          |                                     | 75,010 |   |   |   | 37,623 |   |
| Provision                  for income taxes                                                        |                                     | (29,254 | ) |   |   | (14,485 | ) |
| Net                  income                                                                        | $                                        | 45,756 |   |   | $ | 23,138 |   |

|                                                                                                                   |   | **Three                  Months Ended**  |
|------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|
|                                                                                                                   |   | **July                  31,**            |
|                                                                                                                   |   | **(Unaudited)**                          |
| (In                  thousands, except per share amounts)                                                              |   | **2006**                                 |   | **2005** |
| Net                  loss excluding stock-based compensation                                                           |   | $                                        | (30,124 | ) |   | $ | (36,382 | ) |
| Stock-based                  compensation expense, before benefit from income taxes                                    |   |                                     | (1,824 | ) |   |   | (85 | ) |
| Adjustment                  to benefit from income taxes                                                               |   |                                     | 685 |   |   |   | 32 |   |
| Net                  loss                                                                                              |   | $                                        | (31,263 | ) |   | $ | (36,435 | ) |
|                                                                                                                   |   |                                     |   |   |   |   |   |   |
| Diluted                  loss per share excluding stock-based compensation                                             |   | $                                        | (0.78 | ) |   | $ | (1.00 | ) |
| Stock-based                  compensation expense per diluted share, before benefit from income                  taxes |   |                                     | (0.04 | ) |   |   | (0.00 | ) |
| Adjustment                  to benefit from income taxes, per diluted share                                            |   |                                     | 0.02 |   |   |   | 0.00 |   |
| Diluted                  net loss per share                                                                            |   | $                                        | (0.80 | ) |   | $ | (1.00 | ) |
|                                                                                                                   |
|                                                                                                                   |   | **Twelve                  Months Ended** |
|                                                                                                                   |   | **July                  31,**            |
|                                                                                                                   |   | **(Unaudited)**                          |
| (In                  thousands, except per share amounts)                                                              |   | **2006**                                 |   | **2005** |
| Net                  income excluding stock-based compensation                                                         |   | $                                        | 49,829 |   |   | $ | 23,411 |   |
| Stock-based                  compensation expense, before benefit from income taxes                                    |   |                                     | (6,523 | ) |   |   | (437 | ) |
| Adjustment                  to benefit from income taxes                                                               |   |                                     | 2,450 |   |   |   | 164 |   |
| Net                  income                                                                                            |   | $                                        | 45,756 |   |   | $ | 23,138 |   |
|                                                                                                                   |   |                                     |   |   |   |   |   |   |
| Diluted                  net income per share excluding stock-based compensation                                       |   | $                                        | 1.29 |   |   | $ | 0.64 |   |
| Stock-based                  compensation expense per diluted share, before benefit from income                  taxes |   |                                     | (0.17 | ) |   |   | (0.01 | ) |
| Adjustment                  to benefit from income taxes, per diluted share                                            |   |                                     | 0.07 |   |   |   | 0.01 |   |
| Diluted                  net income per share                                                                          |   | $                                        | 1.19 |   |   | $ | 0.64 |   |

|                                                                            | **(In                  thousands)**       |
|---------------------------------------------------------------------------------|-------------------------------------------|
|                                                                            | **For                  the Year Ending**  |
|                                                                            | **July                  31, 2007**        |
|                                                                            | **Low                  End Range****(1)** |   | **High                  End Range****(1)** |
| Resort                  Reported EBITDA excluding stock-based compensation(2)   | $                                         | 207,000 |   |   | $ | 217,000 |   |
| Resort                  segment stock-based compensation                        |                                      | (7,000 | ) |   |   | (7,000 | ) |
| Resort                  Reported EBITDA(2)                                      |                                      | 200,000 |   |   |   | 210,000 |   |
| Real                  Estate Reported EBITDA excluding stock-based compensation |                                      | 3,000 |   |   |   | 7,000 |   |
| Real                  Estate segment stock-based compensation                   |                                      | (2,000 | ) |   |   | (2,000 | ) |
| Real                  Estate Reported EBITDA                                    |                                      | 1,000 |   |   |   | 5,000 |   |
| Total                  Reported EBITDA                                          |                                      | 201,000 |   |   |   | 215,000 |   |
| Depreciation                  and amortization                                  |                                      | (83,000 | ) |   |   | (83,000 | ) |
| Relocation                  and separation charges                              |                                      | (1,700 | ) |   |   | (1,300 | ) |
| Loss                  on disposal of fixed assets, net                          |                                      | (600 | ) |   |   | (600 | ) |
| Investment                  income                                              |                                      | 8,000 |   |   |   | 8,000 |   |
| Interest                  expense                                               |                                      | (36,700 | ) |   |   | (36,700 | ) |
| Minority                  interest in income of consolidated subsidiaries, net  |                                      | (7,900 | ) |   |   | (8,300 | ) |
| Income                  before provision for income taxes                       |                                      | 79,100 |   |   |   | 93,100 |   |
| Provision                  for income taxes                                     |                                      | (31,245 | ) |   |   | (35,844 | ) |
| Net                  income                                                     | $                                         | 47,855 |   |   | $ | 57,256 |   |

| (1)   | Does                not include any estimate for the Cheeca Lodge & Spa contract                dispute. |
|-----------------|--------------------------------------------------------------------------------------------------------------|
| (2)   | Resort                represents the sum of Mountain and Lodging. The Company provides                Reported                EBITDA ranges for the Mountain and Lodging segments, as well as for                the                two combined. Readers are cautioned to recognize that the low end                of the                expected ranges provided for the Lodging and Mountain segments, while                possible, do not sum to the low end of the Resort Reported EBITDA                range                provided because we do not necessarily expect or assume that we will                actually hit the low end of both ranges, as the actual Resort Reported                EBITDA will depend on the actual mix of the Lodging and Mountain                components. Similarly, the high end of the ranges for the Lodging                and                Mountain segments do not sum to the high end of the Resort                range. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                      | **(In                  thousands)**      |
|-------------------------------------------------------------------------------------------|------------------------------------------|
|                                                                                      | **For                  the Year Ending** |
|                                                                                      | **July                  31, 2007**       |
|                                                                                      | **Low                  End Range**       |   | **High                  End Range** |
| Net                  income excluding stock-based compensation                            | $                                        | 53,300 |   |   | $ | 62,791 |   |
| Stock-based                  compensation expense, before benefit from income taxes  |                                     | (9,000 | ) |   |   | (9,000 | ) |
| Adjustment                  to provision for income taxes                                 |                                     | 3,555 |   |   |   | 3,465 |   |
| Net                  income                                                               | $                                        | 47,855 |   |   | $ | 57,256 |   |
|                                                                                      |                                     |   |   |   |   |   |   |