**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      8-K**

**CURRENT      REPORT**

**Pursuant      to Section 13 OR 15(d) of the Securities Exchange Act of      1934**

**Vail      Resorts, Inc.**

| Delaware                                                                                |   | 1-9614                                  |   | 51-0291762                                       |
|-----------------------------------------------------------------------------------------|--------|-----------------------------------------|--------|--------------------------------------------------|
| (State                or Other Jurisdiction of Incorporation)                           |   | (Commission                File Number) |   | (IRS                Employer Identification No.) |
|                                                                                    |   |                                    |   |                                             |
| 390                Interlocken Crescent, Suite 1000,Broomfield,                Colorado |   | 80021                                   |   |                                             |
| (Address                of Principal Executive Offices)                                 |   | (Zip                Code)               |   |                                             |
|                                                                                    |   |                                    |   |                                             |
| Registrant's                telephone number, including area code:                      |   | (303)                404-1800           |   |                                             |

|                                                                                        |
|---------------------------------------------------------------------------------------------|
| (Former                Name or Former Address, if Changed Since Last                Report) |

**Item      1.01. Entry into a Material Definitive Agreement.**

*Executive      Officer Compensation*

|  Name                                   |   Title                                                     |   RSUs  |  SARs   |
|----------------------------------------------|-------------------------------------------------------------------------------------------|------------------------|--------------|
|  Jeffrey W. Jones                  | Senior Executive Vice                President                and Chief Financial Officer |  2,996            |  24,021 |
|  William A. Jensen                      | Co-President - Mountain                Division                                           |  2,247            |  20,018 |
|  Roger D.                McCarthy  | Co-President - Mountain                Division                                           |  2,247            |  20,018 |
|  Martha Dugan                Rehm  | Executive Vice President                and                General Counsel           |  1,498            |  14,012 |

*Board      Member Compensation*

**Item      9.01. Financial Statements and Exhibits.**

**SIGNATURES**

|                                        |   | Vail                Resorts, Inc.                                          |
|---------------------------------------------|--------|----------------------------------------------------------------------------|
|  Date:                October 10, 2006 | By:    | */s/                Martha D. Rehm*                                        |
|                                        |   | Martha                D. Rehm                                              |
|                                        |   | Executive                Vice President and General                Counsel |

**EXHIBIT      INDEX**

| Exhibit                No. | Description                                                                                                                                                                                                                                                             |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.1                       | Form                of Restricted Share [Unit] Agreement (previously filed as Exhibit                10.20 on                Form 10-K for the year ended July 31, 2006 filed on October 5, 2006                and                incorporated herein by reference.)   |
| 10.2                       | Form                of Share Appreciation Rights Agreement (previously filed as Exhibit                10.22                on Form 10-K for the year ended July 31, 2006 filed on October 5,                2006 and                incorporated herein by reference.) |