| Delaware                                                       |   | 51-0291762                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or Other Jurisdiction of Incorporation or Organization) |   | (I.R.S. Employer Identification No.) |
|                                                           |   |                                 |
| 390 Interlocken CrescentBroomfield, Colorado                   |   | 80021                                |
| (Address of Principal Executive Offices)                       |   | (Zip Code)                           |

| (303) 404-1800                                             |
|------------------------------------------------------------|
| (Registrant’s Telephone Number, Including Area Code) |

| Table of Contents |
|-------------------|
|              |   |   |
| PART I            | FINANCIAL INFORMATION |   |
|              |   |   |
| Item 1.           | Financial Statements. | F-1 |
| Item 2.           | Management's Discussion and Analysis of Financial Condition and Results of Operations. | 1 |
| Item 3.           | Quantitative and Qualitative Disclosures About Market Risk. | 17 |
| Item 4.           | Controls and Procedures. | 17 |
|              |   |   |
|              |   |   |
| PART II           | OTHER INFORMATION |   |
|              |   |   |
| Item 1.           | Legal Proceedings. | 17 |
| Item 1A.          | Risk Factors. | 18 |
| Item 2.           | Unregistered Sales of Equity Securities and Use of Proceeds. | 18 |
| Item 3.           | Defaults Upon Senior Securities. | 19 |
| Item 4.           | Reserved. | 19 |
| Item 5.           | Other Information. | 19 |
| Item 6.           | Exhibits. | 19 |

| PART I                                                                                             | FINANCIAL INFORMATION             |   |
|----------------------------------------------------------------------------------------------------|-----------------------------------|--------|
|                                                                                               |                              |   |
| Item 1.                                                                                            | Financial Statements -- Unaudited |   |
|                                                                                               |                              |   |
| Consolidated Condensed Balance Sheets as of April 30, 2010, July 31, 2009 and April 30, 2009       | F-2                               |
| Consolidated Condensed Statements of Operations for the Three Months Ended April 30, 2010 and 2009 | F-3                               |
| Consolidated Condensed Statements of Operations for the Nine Months Ended April 30, 2010 and 2009  | F-4                               |
| Consolidated Condensed Statements of Cash Flows for the Nine Months Ended April 30, 2010 and 2009  | F-5                               |
| Notes to Consolidated Condensed Financial Statements                                               | F-6                               |

|                                                                                                                                                    |   |   | April 30,   |   |   |   | July 31,       |   |   |   | April 30,   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|----------------|--------|--------|--------|-------------|--------|
|                                                                                                                                                    |   |   | 2010        |   |   |   | 2009           |   |   |   | 2009        |   |
|                                                                                                                                                    |   |   | (Unaudited) |   |   |   |           |   |   |   | (Unaudited) |   |
| Assets                                                                                                                                                  |   |   |        |   |   |   |           |   |   |   |        |   |
| Current assets:                                                                                                                                         |   |   |        |   |   |   |           |   |   |   |        |   |
| Cash and cash equivalents                                                                                                                               |   | $      | 51,147      |   |   | $      | 69,298         |   |   | $      | 170,537     |   |
| Restricted cash                                                                                                                                         |   |   | 11,826      |   |   |   | 11,065         |   |   |   | 10,129      |   |
| Trade receivables, net                                                                                                                                  |   |   | 35,039      |   |   |   | 58,063         |   |   |   | 47,729      |   |
| Inventories, net                                                                                                                                        |   |   | 42,669      |   |   |   | 48,947         |   |   |   | 45,667      |   |
| Other current assets                                                                                                                                    |   |   | 46,037      |   |   |   | 41,615         |   |   |   | 34,761      |   |
|             Total current assets                                                            |   |   | 186,718     |   |   |   | 228,988        |   |   |   | 308,823     |   |
| Property, plant and equipment, net (Note 5)                                                                                                             |   |   | 1,024,977   |   |   |   | 1,057,658      |   |   |   | 1,066,165   |   |
| Real estate held for sale and investment                                                                                                                |   |   | 445,885     |   |   |   | 311,485        |   |   |   | 276,952     |   |
| Goodwill, net                                                                                                                                           |   |   | 168,197     |   |   |   | 167,950        |   |   |   | 167,950     |   |
| Intangible assets, net                                                                                                                                  |   |   | 86,581      |   |   |   | 79,429         |   |   |   | 79,607      |   |
| Other assets                                                                                                                                            |   |   | 32,481      |   |   |   | 38,970         |   |   |   | 41,154      |   |
|             Total assets                                                                    |   | $      | 1,944,839   |   |   | $      | 1,884,480      |   |   | $      | 1,940,651   |   |
|                                                                                                                                                    |   |   |        |   |   |   |           |   |   |   |        |   |
| Liabilities and Stockholders’ Equity                                                                                                              |   |   |        |   |   |   |           |   |   |   |        |   |
| Current liabilities:                                                                                                                                    |   |   |        |   |   |   |           |   |   |   |        |   |
| Accounts payable and accrued liabilities (Note 5)                                                                                                       |   | $      | 237,583     |   |   | $      | 245,536        |   |   | $      | 220,927     |   |
| Income taxes payable                                                                                                                                    |   |   | 10,022      |   |   |   | 5,460          |   |   |   | 32,156      |   |
| Long-term debt due within one year (Note 4)                                                                                                             |   |   | 1,851       |   |   |   | 352            |   |   |   | 350         |   |
|           Total current liabilities                                                                   |   |   | 249,456     |   |   |   | 251,348        |   |   |   | 253,433     |   |
| Long-term debt (Note 4)                                                                                                                                 |   |   | 489,822     |   |   |   | 491,608        |   |   |   | 491,668     |   |
| Other long-term liabilities (Note 5)                                                                                                                    |   |   | 196,693     |   |   |   | 233,169        |   |   |   | 221,462     |   |
| Deferred income taxes                                                                                                                                   |   |   | 152,089     |   |   |   | 112,234        |   |   |   | 131,970     |   |
| Commitments and contingencies (Note 9)                                                                                                                  |   |   |        |   |   |   |           |   |   |   |        |   |
| Redeemable noncontrolling interest (Note 8)                                                                                                             |   |   | --          |   |   |   | 15,415         |   |   |   | 15,016      |   |
| Stockholders’ equity:                                                                                                                             |   |   |        |   |   |   |           |   |   |   |        |   |
| Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued and outstanding                                                        |   |   | --          |   |   |   | --             |   |   |   | --          |   |
| Common stock, $0.01 par value, 100,000,000 shares authorized, 40,170,403 (unaudited), 40,049,988 and 40,034,958 (unaudited) shares issued, respectively |   |   | 402         |   |   |   | 400            |   |   |   | 400         |   |
| Additional paid-in capital                                                                                                                              |   |   | 561,089     |   |   |   | 555,728        |   |   |   | 552,748     |   |
| Retained earnings                                                                                                                                       |   |   | 429,301     |   |   |   | 356,995        |   |   |   | 395,725     |   |
| Treasury stock, at cost; 3,878,535 (unaudited), 3,878,535 and 3,600,235 (unaudited) shares, respectively (Note 11)                                      |   |   | (147,828    | )      |   |   |  (147,828 | )      |   |   | (140,333    | )      |
|             Total Vail Resorts, Inc. stockholders’ equity                             |   |   | 842,964     |   |   |   | 765,295        |   |   |   | 808,540     |   |
|             Noncontrolling interests                                                        |   |   | 13,815      |   |   |   | 15,411         |   |   |   | 18,562      |   |
|   Total stockholders’ equity                                                                                                            |   |   | 856,779     |   |   |   | 780,706        |   |   |   | 827,102     |   |
|      Total liabilities and stockholders’ equity                                                                          |   | $      | 1,944,839   |   |   | $      | 1,884,480      |   |   | $      | 1,940,651   |   |

|                                                                                           |   | Three months ended |   |
|------------------------------------------------------------------------------------------------|--------|--------------------|--------|
|                                                                                           |   | April 30,          |   |
|                                                                                           |   | 2010               |   |   | 2009 |   |
| Net revenue:                                                                                   |   |               |   |   |   |   |
| Mountain                                                                                       | $      | 302,213            |   | $ | 279,180 |   |
| Lodging                                                                                        |   | 44,877             |   |   | 44,896 |   |
| Real estate                                                                                    |   | 3,164              |   |   | 9,407 |   |
| Total net revenue                                                                              |   | 350,254            |   |   | 333,483 |   |
| Segment operating expense (exclusive of depreciation and amortization shown separately below): |   |               |   |   |   |   |
| Mountain                                                                                       |   | 156,454            |   |   | 144,998 |   |
| Lodging                                                                                        |   | 39,292             |   |   | 38,988 |   |
| Real estate                                                                                    |   | 8,391              |   |   | 14,129 |   |
| Total segment operating expense                                                                |   | 204,137            |   |   | 198,115 |   |
| Other operating (expense) income:                                                              |   |               |   |   |   |   |
| Depreciation and amortization                                                                  |   | (27,812            | )      |   | (27,582 | ) |
| Gain (loss) on disposal of fixed assets, net                                                   |   | 18                 |   |   | (206 | ) |
| Income from operations                                                                         |   | 118,323            |   |   | 107,580 |   |
| Mountain equity investment income (loss), net                                                  |   | 838                |   |   | (410 | ) |
| Investment income                                                                              |   | 141                |   |   | 449 |   |
| Interest expense, net                                                                          |   | (3,673             | )      |   | (6,490 | ) |
| Income before provision for income taxes                                                       |   | 115,629            |   |   | 101,129 |   |
| Provision for income taxes                                                                     |   | (39,238            | )      |   | (36,737 | ) |
| Net income                                                                                     |   | 76,391             |   |   | 64,392 |   |
| Net income attributable to noncontrolling interests                                            |   | (3,602             | )      |   | (2,753 | ) |
| Net income attributable to Vail Resorts, Inc.                                                  | $      | 72,789             |   | $ | 61,639 |   |
|                                                                                           |   |               |   |   |   |   |
| Per share amounts (Note 3):                                                                    |   |               |   |   |   |   |
| Basic net income per share attributable to Vail Resorts, Inc.                                  | $      | 2.01               |   | $ | 1.69 |   |
| Diluted net income per share attributable to Vail Resorts, Inc.                                | $      | 1.98               |   | $ | 1.68 |   |

|                                                                                           |   | Nine months ended |   |
|------------------------------------------------------------------------------------------------|--------|-------------------|--------|
|                                                                                           |   | April 30,         |   |
|                                                                                           |   | 2010              |   |   | 2009 |   |
| Net revenue:                                                                                   |   |              |   |   |   |   |
| Mountain                                                                                       | $      | 602,395           |   | $ | 578,447 |   |
| Lodging                                                                                        |   | 124,908           |   |   | 131,299 |   |
| Real estate                                                                                    |   | 4,239             |   |   | 165,314 |   |
| Total net revenue                                                                              |   | 731,542           |   |   | 875,060 |   |
| Segment operating expense (exclusive of depreciation and amortization shown separately below): |   |              |   |   |   |   |
| Mountain                                                                                       |   | 386,940           |   |   | 382,409 |   |
| Lodging                                                                                        |   | 119,703           |   |   | 122,583 |   |
| Real estate                                                                                    |   | 20,985            |   |   | 125,014 |   |
| Total segment operating expense                                                                |   | 527,628           |   |   | 630,006 |   |
| Other operating (expense) income:                                                              |   |              |   |   |   |   |
| Depreciation and amortization                                                                  |   | (82,768           | )      |   | (80,098 | ) |
| Gain on sale of real property                                                                  |   | 6,087             |   |   | -- |   |
| Loss on disposal of fixed assets, net                                                          |   | (83               | )      |   | (808 | ) |
| Income from operations                                                                         |   | 127,150           |   |   | 164,148 |   |
| Mountain equity investment income, net                                                         |   | 1,299             |   |   | 1,766 |   |
| Investment income                                                                              |   | 563               |   |   | 1,428 |   |
| Interest expense, net                                                                          |   | (12,656           | )      |   | (21,732 | ) |
| Income before provision for income taxes                                                       |   | 116,356           |   |   | 145,610 |   |
| Provision for income taxes                                                                     |   | (38,397           | )      |   | (53,740 | ) |
| Net income                                                                                     |   | 77,959            |   |   | 91,870 |   |
| Net income attributable to noncontrolling interests                                            |   | (5,653            | )      |   | (4,190 | ) |
| Net income attributable to Vail Resorts, Inc.                                                  | $      | 72,306            |   | $ | 87,680 |   |
|                                                                                           |   |              |   |   |   |   |
| Per share amounts (Note 3):                                                                    |   |              |   |   |   |   |
| Basic net income per share attributable to Vail Resorts, Inc.                                  | $      | 2.00              |   | $ | 2.39 |   |
| Diluted net income per share attributable to Vail Resorts, Inc.                                | $      | 1.97              |   | $ | 2.39 |   |

|                                                                              |   | Nine Months Ended |
|-----------------------------------------------------------------------------------|--------|-------------------|
|                                                                              |   | April 30,         |
|                                                                              |   | 2010              |   | 2009 |
| Cash flows from operating activities:                                             |   |              |   |   |   |   |   |   |
| Net income                                                                        |   | $                 | 77,959 |   |   | $ | 91,870 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |              |   |   |   |   |   |   |
| Depreciation and amortization                                                     |   |              | 82,768 |   |   |   | 80,098 |   |
| Cost of real estate sales                                                         |   |              | 2,477 |   |   |   | 94,330 |   |
| Stock-based compensation expense                                                  |   |              | 8,979 |   |   |   | 7,794 |   |
| Deferred income taxes, net                                                        |   |              | 38,397 |   |   |   | 53,549 |   |
| Gain on sale of real property                                                     |   |              | (6,087 | ) |   |   | -- |   |
| Other non-cash income, net                                                        |   |              | (5,707 | ) |   |   | (4,286 | ) |
| Changes in assets and liabilities:                                                |   |              |   |   |   |   |   |   |
| Restricted cash                                                                   |   |              | (761 | ) |   |   | 48,308 |   |
| Trade receivables, net                                                            |   |              | 23,030 |   |   |   | 2,999 |   |
| Inventories, net                                                                  |   |              | 6,278 |   |   |   | 4,041 |   |
| Investments in real estate                                                        |   |              | (145,829 | ) |   |   | (117,895 | ) |
| Accounts payable and accrued liabilities                                          |   |              | (35,932 | ) |   |   | (42,715 | ) |
| Deferred real estate deposits                                                     |   |              | 1,243 |   |   |   | (36,078 | ) |
| Private club deferred initiation fees and deposits                                |   |              | 1,616 |   |   |   | 40,960 |   |
| Other assets and liabilities, net                                                 |   |              | 8,280 |   |   |   | (14,964 | ) |
| Net cash provided by operating activities                                         |   |              | 56,711 |   |   |   | 208,011 |   |
| Cash flows from investing activities:                                             |   |              |   |   |   |   |   |   |
| Capital expenditures                                                              |   |              | (48,801 | ) |   |   | (87,089 | ) |
| Acquisition of business                                                           |   |              | -- |   |   |   | (38,170 | ) |
| Cash received from sale of real property                                          |   |              | 8,920 |   |   |   | -- |   |
| Other investing activities, net                                                   |   |              | (7,915 | ) |   |   | (355 | ) |
| Net cash used in investing activities                                             |   |              | (47,796 | ) |   |   | (125,614 | ) |
| Cash flows from financing activities:                                             |   |              |   |   |   |   |   |   |
| Acquisition of noncontrolling interest                                            |   |              | (31,000 | ) |   |   | -- |   |
| Repurchases of common stock                                                       |   |              | -- |   |   |   | (14,872 | ) |
| Proceeds from borrowings under non-recourse real estate financings                |   |              | -- |   |   |   | 9,013 |   |
| Payments of non-recourse real estate financings                                   |   |              | -- |   |   |   | (58,407 | ) |
| Proceeds from borrowings under other long-term debt                               |   |              | 85,962 |   |   |   | 63,396 |   |
| Payments of other long-term debt                                                  |   |              | (86,246 | ) |   |   | (78,689 | ) |
| Other financing activities, net                                                   |   |              | 4,218 |   |   |   | 5,354 |   |
| Net cash used in financing activities                                             |   |              | (27,066 | ) |   |   | (74,205 | ) |
| Net (decrease) increase in cash and cash equivalents                              |   |              | (18,151 | ) |   |   | 8,192 |   |
| Cash and cash equivalents:                                                        |   |              |   |   |   |   |   |   |
| Beginning of period                                                               |   |              | 69,298 |   |   |   | 162,345 |   |
| End of period                                                                     |   | $                 | 51,147 |   |   | $ | 170,537 |   |
|                                                                              |   |              |   |   |   |   |   |   |

|                                                                                    | For the Nine months ended April 30, |
|-----------------------------------------------------------------------------------------|-------------------------------------|
|                                                                                    | 2010                                |   | 2009 |
|                                                                                    |                                | Vail Resorts Stockholders’ Equity |   |   | Noncontrolling Interests |   |   | Total Equity |   |   |   | Vail Resorts Stockholders’ Equity |   |   | Noncontrolling Interests |   |   | Total Equity |   |
| Balance, beginning of period                                                            | $                                   | 765,295 |   | $ | 15,411 |   | $ | 780,706 |   |   | $ | 716,633 |   | $ | 8,848 |   | $ | 725,481 |   |
|   Net income                                                                  |                                | 72,306 |   |   | 5,653 |   |   | 77,959 |   |   |   | 87,680 |   |   | 4,190 |   |   | 91,870 |   |
| Stock-based compensation expense                                                        |                                | 8,979 |   |   | -- |   |   | 8,979 |   |   |   | 7,794 |   |   | -- |   |   | 7,794 |   |
|     Issuance of shares under share award plans                           |                                | (1,180 | ) |   | -- |   |   | (1,180 | ) |   |   | (590 | ) |   | -- |   |   | (590 | ) |
|     Tax benefit (expense) from share award plans                         |                                | 140 |   |   | -- |   |   | 140 |   |   |   | (225 | ) |   | -- |   |   | (225 | ) |
|     Repurchases of common stock                                          |                                | -- |   |   | -- |   |   | -- |   |   |   | (14,872 | ) |   | -- |   |   | (14,872 | ) |
|     Adjustment to redemption value of redeemable noncontrolling interest |                                | -- |   |   | (10,338 | ) |   | (10,338 | ) |   |   | 12,120 |   |   | 6,051 |   |   | 18,171 |   |
|     Contributions (distributions) from/to noncontrolling interests, net  |                                | -- |   |   | 3,203 |   |   | 3,203 |   |   |   | -- |   |   | (527 | ) |   | (527 | ) |
|     Acquisition of noncontrolling interest, net of deferred taxes        |                                | (2,576 | ) |   | (114) |   |   | (2,690 | ) |   |   | -- |   |   | -- |   |   | -- |   |
| Balance, end of period                                                                  | $                                   | 842,964 |   | $ | 13,815 |   | $ | 856,779 |   |   | $ | 808,540 |   | $ | 18,562 |   | $ | 827,102 |   |

|                         |   | April 30, 2010 |    |
|------------------------------|--------|----------------|---------|
|                         |   | Carrying       |    | Fair |   |
|                         |   | Value          |    | Value |   |
| 6.75% Notes                  |   | $              | 390,000 |   | $ | 394,875 |   |
| Industrial Development Bonds |   | $              | 42,700  |   | $ | 47,420 |   |
| Other long-term debt         |   | $              | 6,398   |   | $ | 6,247 |   |

|                                              |   | Three Months Ended April 30, |
|---------------------------------------------------|--------|------------------------------|
|                                              |   | 2010                         |   | 2009 |
|                                              |   | Basic                        |   | Diluted |   | Basic |   | Diluted |
| Net income per share:                             |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income attributable to Vail Resorts           |   | $                            | 72,789 |   |   | $ | 72,789 |   |   | $ | 61,639 |   |   | $ | 61,639 |   |
|                                              |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average shares outstanding               |   |                         | 36,271 |   |   |   | 36,271 |   |   |   | 36,574 |   |   |   | 36,574 |   |
| Effect of dilutive securities                     |   |                         | -- |   |   |   | 563 |   |   |   | -- |   |   |   | 99 |   |
| Total shares                                      |   |                         | 36,271 |   |   |   | 36,834 |   |   |   | 36,574 |   |   |   | 36,673 |   |
|                                              |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income per share attributable to Vail Resorts |   | $                            | 2.01 |   |   | $ | 1.98 |   |   | $ | 1.69 |   |   | $ | 1.68 |   |

|                                              |   | Nine months ended April 30, |
|---------------------------------------------------|--------|-----------------------------|
|                                              |   | 2010                        |   | 2009 |
|                                              |   | Basic                       |   | Diluted |   | Basic | Diluted |
| Net income per share:                             |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income attributable to Vail Resorts           |   | $                           | 72,306 |   |   | $ | 72,306 |   |   | $ | 87,680 |   | $ | 87,680 |   |
|                                              |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average shares outstanding               |   |                        | 36,239 |   |   |   | 36,239 |   |   |   | 36,624 |   |   | 36,624 |   |
| Effect of dilutive securities                     |   |                        | -- |   |   |   | 499 |   |   |   | -- |   |   | 128 |   |
| Total shares                                      |   |                        | 36,239 |   |   |   | 36,738 |   |   |   | 36,624 |   |   | 36,752 |   |
|                                              |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income per share attributable to Vail Resorts |   | $                           | 2.00 |   |   | $ | 1.97 |   |   | $ | 2.39 |   | $ | 2.39 |   |

|                                    |         | April 30, | July 31, | April 30, |
|-----------------------------------------|--------------|-----------|----------|-----------|
|                                    | Maturity (a) | 2010      | 2009     | 2009      |
| Credit Facility Revolver                | 2012         | $         | --       | $         | -- | $ | -- |
| SSI Venture LLC Facility (b)            | --           |      | --       |      | -- |   | -- |
| Industrial Development Bonds            | 2011-2020    |      | 42,700   |      | 42,700 |   | 42,700 |
| Employee Housing Bonds                  | 2027-2039    |      | 52,575   |      | 52,575 |   | 52,575 |
| 6.75% Senior Subordinated Notes         | 2014         |      | 390,000  |      | 390,000 |   | 390,000 |
| Other                                   | 2010-2029    |      | 6,398    |      | 6,685 |   | 6,743 |
| Total debt                              |         |      | 491,673  |      | 491,960 |   | 492,018 |
| Less:  Current maturities (c) |         |      | 1,851    |      | 352 |   | 350 |
| Long-term debt                          |         | $         | 489,822  | $         | 491,608 | $ | 491,668 |

| (a)   | Maturities are based on the Company's July 31 fiscal year end. |
|-----------------|----------------------------------------------------------------|

| (b)   | As result of the Company’s acquisition of the remaining noncontrolling interest in SSV on April 30, 2010 (see Note 8, Redeemable Noncontrolling Interest) and the ensuing designation of SSV as a restricted subsidiary under its senior credit facility, the Amended and Restated Revolving Credit and Security Agreement dated as of September 23, 2005 (SSV Facility), by and between SSI Venture LLC and U.S. Bank National Association was terminated on April 29, 2010. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Current maturities represent principal payments due in the next 12 months. |
|-----------------|----------------------------------------------------------------------------|

| 2010       | $      | 61      |
|------------|--------|---------|
| 2011       |   | 1,831   |
| 2012       |   | 305     |
| 2013       |   | 319     |
| 2014       |   | 390,219 |
| Thereafter |   | 98,938  |
| Total debt | $      | 491,673 |

|                                |                                |   | April 30, |      | July 31, |   | April 30, |
|-------------------------------------|-------------------------------------|--------|-----------|-----------|----------|--------|-----------|
|                                |                                |   | 2010      |      | 2009     |   | 2009      |
| Land and land improvements          |                                | $      | 269,176   |      |     | $      | 262,255   |   |   | $ | 263,966 |   |
| Buildings and building improvements |                                |   | 738,228   |      |     |   | 734,576   |   |   |   | 732,288 |   |
| Machinery and equipment             |                                |   | 514,009   |      |     |   | 498,912   |   |   |   | 500,720 |   |
| Furniture and fixtures              |                                |   | 191,054   |      |     |   | 187,316   |   |   |   | 182,011 |   |
| Software                            |                                |   | 53,687    |      |     |   | 44,584    |   |   |   | 44,114 |   |
| Vehicles                            |                                |   | 35,296    |      |     |   | 33,991    |   |   |   | 34,300 |   |
| Construction in progress            |                                |   | 46,947    |      |     |   | 40,724    |   |   |   | 32,063 |   |
|                                | Gross property, plant and equipment |   |      | 1,848,397 |     |   |      | 1,802,358 |   |   |   | 1,789,462 |   |
| Accumulated depreciation            |                                |   | (823,420  | )         |     |   | (744,700  | ) |   |   | (723,297 | ) |
|                                | Property, plant and equipment, net  |   | $         | 1,024,977 |     |   | $         | 1,057,658 |   |   | $ | 1,066,165 |   |

|                                                     |                                           |   | April 30, |    | July 31, |   | April 30, |
|----------------------------------------------------------|------------------------------------------------|--------|-----------|---------|----------|--------|-----------|
|                                                     |                                           |   | 2010      |    | 2009     |   | 2009      |
| Trade payables                                           |                                           | $      | 37,717    |    |     | $      | 42,530    |   |   | $ | 49,657 |   |
| Real estate development payables                         |                                           |   | 35,920    |    |     |   | 45,681    |   |   |   | 34,925 |   |
| Deferred revenue                                         |                                           |   | 31,363    |    |     |   | 57,171    |   |   |   | 42,420 |   |
| Deferred real estate and other deposits                  |                                           |   | 56,940    |    |     |   | 21,637    |   |   |   | 18,833 |   |
| Accrued salaries, wages and deferred compensation        |                                           |   | 24,000    |    |     |   | 15,202    |   |   |   | 17,167 |   |
| Accrued benefits                                         |                                           |   | 28,716    |    |     |   | 23,496    |   |   |   | 27,251 |   |
| Accrued interest                                         |                                           |   | 6,506     |    |     |   | 14,002    |   |   |   | 6,591 |   |
| Liabilities to complete real estate projects, short term |                                           |   | 1,937     |    |     |   | 3,972     |   |   |   | 5,639 |   |
| Other accruals                                           |                                           |   | 14,484    |    |     |   | 21,845    |   |   |   | 18,444 |   |
|                                                     | Total accounts payable and accrued liabilities |   | $         | 237,583 |     |   | $         | 245,536 |   |   | $ | 220,927 |   |

|                                                      |                              |   | April 30, |    | July 31, |   | April 30, |
|-----------------------------------------------------------|-----------------------------------|--------|-----------|---------|----------|--------|-----------|
|                                                      |                              |   | 2010      |    | 2009     |   | 2009      |
| Private club deferred initiation fee revenue and deposits |                              | $      | 149,889   |    |     | $      | 153,265   |   |   | $ | 154,950 |   |
| Deferred real estate deposits                             |                              |   | --        |    |     |   | 32,792    |   |   |   | 46,151 |   |
| Other long-term liabilities                               |                              |   | 46,804    |    |     |   | 47,112    |   |   |   | 20,361 |   |
|                                                      | Total other long-term liabilities |   | $         | 196,693 |     |   | $         | 233,169 |   |   | $ | 221,462 |   |

| Fair Value Measurements at | April 30, |   | July 31, |   | April 30, |
|----------------------------|-----------|--------|----------|--------|-----------|
| Reporting Date Using       | 2010      |   | 2009     |   | 2009      |
| Level 1                    | $         | 8,695  |     |   | $         | 47,915 |   |   | $ | 121,742 |   |
| Level 2                    |      | 300    |     |   |      | 13,300 |   |   |   | 35,000 |   |
| Level 3                    |      | --     |     |   |      | -- |   |   |   | -- |   |
| Total                      | $         | 8,995  |     |   | $         | 61,215 |   |   | $ | 156,742 |   |

|                                                            |   |    |   | Three Months Ended |   | Nine Months Ended |
|-----------------------------------------------------------------|--------|---------|--------|--------------------|--------|-------------------|
|                                                            |   |    |   | April 30,          |   | April 30,         |
|                                                            |   |    |   | 2010               |   | 2009              |   | 2010 |   | 2009 |
| Net revenue:                                                    |   |    |   |               |   |              |   |   |   |   |   |   |   |   |   |
| Lift tickets                                                    | $      | 159,772 |   |               | $      | 149,384           |   |   | $ | 289,289 |   |   | $ | 276,542 |   |
| Ski school                                                      |   | 40,625  |   |               |   | 36,374            |   |   |   | 70,694 |   |   |   | 65,336 |   |
| Dining                                                          |   | 25,837  |   |               |   | 24,246            |   |   |   | 49,094 |   |   |   | 48,456 |   |
| Retail/rental                                                   |   | 55,107  |   |               |   | 48,214            |   |   |   | 137,671 |   |   |   | 129,878 |   |
| Other                                                           |   | 20,872  |   |               |   | 20,962            |   |   |   | 55,647 |   |   |   | 58,235 |   |
| Total Mountain net revenue                                      |   | 302,213 |   |               |   | 279,180           |   |   |   | 602,395 |   |   |   | 578,447 |   |
| Lodging                                                         |   | 44,877  |   |               |   | 44,896            |   |   |   | 124,908 |   |   |   | 131,299 |   |
| Total Resort net revenue                                        |   | 347,090 |   |               |   | 324,076           |   |   |   | 727,303 |   |   |   | 709,746 |   |
| Real Estate                                                     |   | 3,164   |   |               |   | 9,407             |   |   |   | 4,239 |   |   |   | 165,314 |   |
| Total net revenue                                               | $      | 350,254 |   |               | $      | 333,483           |   |   | $ | 731,542 |   |   | $ | 875,060 |   |
| Operating expense:                                              |   |    |   |               |   |              |   |   |   |   |   |   |   |   |   |
| Mountain                                                        | $      | 156,454 |   |               | $      | 144,998           |   |   | $ | 386,940 |   |   | $ | 382,409 |   |
| Lodging                                                         |   | 39,292  |   |               |   | 38,988            |   |   |   | 119,703 |   |   |   | 122,583 |   |
| Total Resort operating expense                                  |   | 195,746 |   |               |   | 183,986           |   |   |   | 506,643 |   |   |   | 504,992 |   |
| Real estate                                                     |   | 8,391   |   |               |   | 14,129            |   |   |   | 20,985 |   |   |   | 125,014 |   |
| Total segment operating expense                                 | $      | 204,137 |   |               | $      | 198,115           |   |   | $ | 527,628 |   |   | $ | 630,006 |   |
| Gain on sale of real property                                   | $      | --      |   |               | $      | --                |   |   | $ | 6,087 |   |   | $ | -- |   |
| Mountain equity investment income (loss), net                   | $      | 838     |   |               | $      | (410              | ) |   | $ | 1,299 |   |   | $ | 1,766 |   |
|                                                            |   |    |   |               |   |              |   |   |   |   |   |   |   |   |   |
| Reported EBITDA:                                                |   |    |   |               |   |              |   |   |   |   |   |   |   |   |   |
| Mountain                                                        | $      | 146,597 |   |               | $      | 133,772           |   |   | $ | 216,754 |   |   | $ | 197,804 |   |
| Lodging                                                         |   | 5,585   |   |               |   | 5,908             |   |   |   | 5,205 |   |   |   | 8,716 |   |
| Resort                                                          |   | 152,182 |   |               |   | 139,680           |   |   |   | 221,959 |   |   |   | 206,520 |   |
| Real Estate                                                     |   | (5,227  | )      |               |   | (4,722            | ) |   |   | (10,659 | ) |   |   | 40,300 |   |
| Total Reported EBITDA                                           | $      | 146,955 |   |               | $      | 134,958           |   |   | $ | 211,300 |   |   | $ | 246,820 |   |
|                                                            |   |    |   |               |   |              |   |   |   |   |   |   |   |   |   |
| Real estate held for sale and investment                        | $      | 445,885 |   |               | $      | 276,952           |   |   | $ | 445,885 |   |   | $ | 276,952 |   |
|                                                            |   |    |   |               |   |              |   |   |   |   |   |   |   |   |   |
| Reconciliation to net income attributable to Vail Resorts, Inc: |   |    |   |               |   |              |   |   |   |   |   |   |   |   |   |
| Total Reported EBITDA                                           | $      | 146,955 |   |               | $      | 134,958           |   |   | $ | 211,300 |   |   | $ | 246,820 |   |
| Depreciation and amortization                                   |   | (27,812 | )      |               |   | (27,582           | ) |   |   | (82,768 | ) |   |   | (80,098 | ) |
| Gain (loss) on disposal of fixed assets, net                    |   | 18      |   |               |   | (206              | ) |   |   | (83 | ) |   |   | (808 | ) |
| Investment income                                               |   | 141     |   |               |   | 449               |   |   |   | 563 |   |   |   | 1,428 |   |
| Interest expense, net                                           |   | (3,673  | )      |               |   | (6,490            | ) |   |   | (12,656 | ) |   |   | (21,732 | ) |
| Income before provision for income taxes                        |   | 115,629 |   |               |   | 101,129           |   |   |   | 116,356 |   |   |   | 145,610 |   |
|     Provision for income taxes              |   | (39,238 | )      |               |   | (36,737           | ) |   |   | (38,397 | ) |   |   | (53,740 | ) |
| Net income                                                      | $      | 76,391  |   |               | $      | 64,392            |   |   | $ | 77,959 |   |   | $ | 91,870 |   |
| Net income attributable to noncontrolling interests             |   | (3,602  | )      |               |   | (2,753            | ) |   |   | (5,653 | ) |   |   | (4,190 | ) |
| Net income attributable to Vail Resorts, Inc.                   | $      | 72,789  |   |               | $      | 61,639            |   |   | $ | 72,306 |   |   | $ | 87,680 |   |

| Supplemental Condensed Consolidating Balance Sheet        |
|-----------------------------------------------------------|
| As of April 30, 2010                                      |
| (in thousands)                                            |
| (Unaudited)                                               |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   | 100% Owned |   |   |   |   |   |   |   |   |   |
|                                                      |   |   |   | Parent |   |   | Guarantor |   |   | Other |   |   | Eliminating |   |   |
|                                                      |   |   |   | Company |   |   | Subsidiaries |   |   | Subsidiaries |   | Entries |   |   | Consolidated |
| Current assets:                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                      | Cash and cash equivalents | $ | -- |   | $ | 26,315 |   | $ | 24,832 |   | $ | -- |   | $ | 51,147 |
|                                                      | Restricted cash |   | -- |   |   | 11,448 |   |   | 378 |   |   | -- |   |   | 11,826 |
|                                                      | Trade receivables, net |   | -- |   |   | 33,455 |   |   | 1,584 |   |   | -- |   |   | 35,039 |
|                                                      | Inventories, net |   | -- |   |   | 10,383 |   |   | 32,286 |   |   | -- |   |   | 42,669 |
|                                                      | Other current assets |   | 24,819 |   |   | 19,364 |   |   | 1,854 |   |   | -- |   |   | 46,037 |
|                                                      |   | Total current assets |   | 24,819 |   |   | 100,965 |   |   | 60,934 |   |   | -- |   |   | 186,718 |
| Property, plant and equipment, net                        |   | -- |   |   | 966,348 |   |   | 58,629 |   |   | -- |   |   | 1,024,977 |
| Real estate held for sale and investment                  |   | -- |   |   | 445,885 |   |   | -- |   |   | -- |   |   | 445,885 |
| Goodwill, net                                             |   | -- |   |   | 148,949 |   |   | 19,248 |   |   | -- |   |   | 168,197 |
| Intangible assets, net                                    |   | -- |   |   | 63,136 |   |   | 23,445 |   |   | -- |   |   | 86,581 |
| Other assets                                              |   | 2,693 |   |   | 24,711 |   |   | 5,077 |   |   | -- |   |   | 32,481 |
| Investments in subsidiaries and advances to (from) parent |   | 1,403,150 |   |   | 358,365 |   |   | (4,485 | ) |   | (1,757,030 | ) |   | -- |
|                                                      | Total assets | $ | 1,430,662 |   | $ | 2,108,359 |   | $ | 162,848 |   | $ | (1,757,030 | ) | $ | 1,944,839 |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities:                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                      | Accounts payable and accrued liabilities | $ | 5,897 |   | $ | 215,565 |   | $ | 16,121 |   | $ | -- |   | $ | 237,583 |
|                                                      | Income taxes payable |   | 10,022 |   |   | -- |   |   | -- |   |   | -- |   |   | 10,022 |
|                                                      | Long-term debt due within one year |   | -- |   |   | 1,509 |   |   | 342 |   |   | -- |   |   | 1,851 |
|                                                      |   | Total current liabilities |   | 15,919 |   |   | 217,074 |   |   | 16,463 |   |   | -- |   |   | 249,456 |
| Long-term debt                                            |   | 390,000 |   |   | 41,213 |   |   | 58,609 |   |   | -- |   |   | 489,822 |
| Other long-term liabilities                               |   | 29,690 |   |   | 165,058 |   |   | 1,945 |   |   | -- |   |   | 196,693 |
| Deferred income taxes                                     |   | 152,089 |   |   | -- |   |   | -- |   |   | -- |   |   | 152,089 |
| Redeemable noncontrolling interest                        |   | -- |   |   | -- |   |   | -- |   |   | -- |   |   | -- |
|                                                      | Total Vail Resorts, Inc. stockholders’ equity |   | 842,964 |   |   | 1,685,014 |   |   | 72,016 |   |   | (1,757,030 | ) |   | 842,964 |
|                                                      | Noncontrolling interests |   | -- |   |   | -- |   |   | 13,815 |   |   | -- |   |   | 13,815 |
|                                                      | Total stockholders’ equity |   | 842,964 |   |   | 1,685,014 |   |   | 85,831 |   |   | (1,757,030 | ) |   | 856,779 |
|                                                      | Total liabilities and stockholders' equity | $ | 1,430,662 |   | $ | 2,108,359 |   | $ | 162,848 |   | $ | (1,757,030 | ) | $ | 1,944,839 |

|                                                                                          |   |    |      |         |   | 100% Owned   |      |        |   |         |    |   |   |   |       |   |   |   |
|-----------------------------------------------------------------------------------------------|--------|---------|-----------|--------------|--------|--------------|-----------|-------------|--------|--------------|---------|--------|--------|--------|------------|--------|--------|--------|
|                                                                                          |   | Parent  |      | Guarantor    |   | Other        |      | Eliminating |   |         |    |   |
|                                                                                          |   | Company |      | Subsidiaries |   | Subsidiaries |      | Entries     |   | Consolidated |
| Current assets:                                                                               |   |    |      |         |   |         |      |        |   |         |    |   |   |   |       |   |   |   |   |   |
| Cash and cash equivalents                                                                     |   | $       | --        |         |   | $            | 66,364    |        |   | $            | 2,934   |   |   | $      | --         |   |   | $      | 69,298 |   |
| Restricted cash                                                                               |   |    | --        |         |   |         | 11,065    |        |   |         | --      |   |   |   | --         |   |   |   | 11,065 |   |
| Trade receivables, net                                                                        |   |    | --        |         |   |         | 56,834    |        |   |         | 1,229   |   |   |   | --         |   |   |   | 58,063 |   |
| Inventories, net                                                                              |   |    | --        |         |   |         | 11,895    |        |   |         | 37,052  |   |   |   | --         |   |   |   | 48,947 |   |
| Other current assets                                                                          |   |    | 21,333    |         |   |         | 18,407    |        |   |         | 1,875   |   |   |   | --         |   |   |   | 41,615 |   |
| Total current assets                                                                          |   |    | 21,333    |         |   |         | 164,565   |        |   |         | 43,090  |   |   |   | --         |   |   |   | 228,988 |   |
| Property, plant and equipment, net                                                            |   |    | --        |         |   |         | 991,027   |        |   |         | 66,631  |   |   |   | --         |   |   |   | 1,057,658 |   |
| Real estate held for sale and investment                                                      |   |    | --        |         |   |         | 311,485   |        |   |         | --      |   |   |   | --         |   |   |   | 311,485 |   |
| Goodwill, net                                                                                 |   |    | --        |         |   |         | 148,702   |        |   |         | 19,248  |   |   |   | --         |   |   |   | 167,950 |   |
| Intangible assets, net                                                                        |   |    | --        |         |   |         | 63,580    |        |   |         | 15,849  |   |   |   | --         |   |   |   | 79,429 |   |
| Other assets                                                                                  |   |    | 3,226     |         |   |         | 30,710    |        |   |         | 5,034   |   |   |   | --         |   |   |   | 38,970 |   |
| Investments in subsidiaries and advances to (from) parent                                     |   |    | 1,290,532 |         |   |         | 307,124   |        |   |         | (15,179 | )      |   |   | (1,582,477 | )      |   |   | -- |   |
| Total assets                                                                                  |   | $       | 1,315,091 |         |   | $            | 2,017,193 |        |   | $            | 134,673 |   |   | $      | (1,582,477 | )      |   | $      | 1,884,480 |   |
|                                                                                          |   |    |      |         |   |         |      |        |   |         |    |   |   |   |       |   |   |   |   |   |
| Current liabilities:                                                                          |   |    |      |         |   |         |      |        |   |         |    |   |   |   |       |   |   |   |   |   |
| Accounts payable and accrued liabilities                                                      |   | $       | 12,412    |         |   | $            | 214,021   |        |   | $            | 19,103  |   |   | $      | --         |   |   | $      | 245,536 |   |
| Income taxes payable                                                                          |   |    | 5,460     |         |   |         | --        |        |   |         | --      |   |   |   | --         |   |   |   | 5,460 |   |
| Long-term debt due within one year                                                            |   |    | --        |         |   |         | 9         |        |   |         | 343     |   |   |   | --         |   |   |   | 352 |   |
| Total current liabilities                                                                     |   |    | 17,872    |         |   |         | 214,030   |        |   |         | 19,446  |   |   |   | --         |   |   |   | 251,348 |   |
| Long-term debt                                                                                |   |    | 390,000   |         |   |         | 42,716    |        |   |         | 58,892  |   |   |   | --         |   |   |   | 491,608 |   |
| Other long-term liabilities                                                                   |   |    | 29,690    |         |   |         | 200,974   |        |   |         | 2,505   |   |   |   | --         |   |   |   | 233,169 |   |
| Deferred income taxes                                                                         |   |    | 112,234   |         |   |         | --        |        |   |         | --      |   |   |   | --         |   |   |   | 112,234 |   |
| Redeemable noncontrolling interest                                                            |   |    | --        |         |   |         | --        |        |   |         | 15,415  |   |   |   | --         |   |   |   | 15,415 |   |
|        Total Vail Resorts, Inc. stockholders’ equity |   |    | 765,295   |         |   |         | 1,559,473 |        |   |         | 23,004  |   |   |   | (1,582,477 | )      |   |   | 765,295 |   |
|        Noncontrolling interests                            |   |    | --        |         |   |         | --        |        |   |         | 15,411  |   |   |   | --         |   |   |   | 15,411 |   |
|        Total stockholders’ equity                    |   |    | 765,295   |         |   |         | 1,559,473 |        |   |         | 38,415  |   |   |   | (1,582,477 | )      |   |   | 780,706 |   |
|        Total liabilities and stockholders’ equity    |   | $       | 1,315,091 |         |   | $            | 2,017,193 |        |   | $            | 134,673 |   |   | $      | (1,582,477 | )      |   | $      | 1,884,480 |   |

|                                                                                          |   |    |      | 100% Owned   |   |         |      |        |   |         |    |   |
|-----------------------------------------------------------------------------------------------|--------|---------|-----------|--------------|--------|--------------|-----------|-------------|--------|--------------|---------|--------|
|                                                                                          |   | Parent  |      | Guarantor    |   | Other        |      | Eliminating |   |         |    |   |
|                                                                                          |   | Company |      | Subsidiaries |   | Subsidiaries |      | Entries     |   | Consolidated |
| Current assets:                                                                               |   |    |      |         |   |         |      |        |   |         |    |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                                     |   | $       | --        |         |   | $            | 161,853   |        |   | $            | 8,684   |   |   | $ | -- |   |   | $ | 170,537 |   |
| Restricted cash                                                                               |   |    | --        |         |   |         | 9,881     |        |   |         | 248     |   |   |   | -- |   |   |   | 10,129 |   |
| Trade receivables, net                                                                        |   |    | --        |         |   |         | 45,990    |        |   |         | 1,739   |   |   |   | -- |   |   |   | 47,729 |   |
| Inventories, net                                                                              |   |    | --        |         |   |         | 10,321    |        |   |         | 35,346  |   |   |   | -- |   |   |   | 45,667 |   |
| Other current assets                                                                          |   |    | 18,102    |         |   |         | 14,770    |        |   |         | 1,889   |   |   |   | -- |   |   |   | 34,761 |   |
| Total current assets                                                                          |   |    | 18,102    |         |   |         | 242,815   |        |   |         | 47,906  |   |   |   | -- |   |   |   | 308,823 |   |
| Property, plant and equipment, net                                                            |   |    | --        |         |   |         | 999,086   |        |   |         | 67,079  |   |   |   | -- |   |   |   | 1,066,165 |   |
| Real estate held for sale and investment                                                      |   |    | --        |         |   |         | 276,952   |        |   |         | --      |   |   |   | -- |   |   |   | 276,952 |   |
| Goodwill, net                                                                                 |   |    | --        |         |   |         | 148,702   |        |   |         | 19,248  |   |   |   | -- |   |   |   | 167,950 |   |
| Intangible assets, net                                                                        |   |    | --        |         |   |         | 63,757    |        |   |         | 15,850  |   |   |   | -- |   |   |   | 79,607 |   |
| Other assets                                                                                  |   |    | 3,403     |         |   |         | 32,700    |        |   |         | 5,051   |   |   |   | -- |   |   |   | 41,154 |   |
| Investments in subsidiaries and advances to (from) parent                                     |   |    | 1,350,254 |         |   |         | 307,604   |        |   |         | (13,220 | )      |   |   | (1,644,638 | ) |   |   | -- |   |
| Total assets                                                                                  |   | $       | 1,371,759 |         |   | $            | 2,071,616 |        |   | $            | 141,914 |   |   | $ | (1,644,638 | ) |   | $ | 1,940,651 |   |
|                                                                                          |   |    |      |         |   |         |      |        |   |         |    |   |   |   |   |   |   |   |   |   |
| Current liabilities:                                                                          |   |    |      |         |   |         |      |        |   |         |    |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                                                      |   | $       | 5,951     |         |   | $            | 198,486   |        |   | $            | 16,490  |   |   | $ | -- |   |   | $ | 220,927 |   |
| Income taxes payable                                                                          |   |    | 32,156    |         |   |         | --        |        |   |         | --      |   |   |   | -- |   |   |   | 32,156 |   |
| Long-term debt due within one year                                                            |   |    | --        |         |   |         | 9         |        |   |         | 341     |   |   |   | -- |   |   |   | 350 |   |
| Total current liabilities                                                                     |   |    | 38,107    |         |   |         | 198,495   |        |   |         | 16,831  |   |   |   | -- |   |   |   | 253,433 |   |
| Long-term debt                                                                                |   |    | 390,000   |         |   |         | 42,717    |        |   |         | 58,951  |   |   |   | -- |   |   |   | 491,668 |   |
| Other long-term liabilities                                                                   |   |    | 3,142     |         |   |         | 216,118   |        |   |         | 2,202   |   |   |   | -- |   |   |   | 221,462 |   |
| Deferred income taxes                                                                         |   |    | 131,970   |         |   |         | --        |        |   |         | --      |   |   |   | -- |   |   |   | 131,970 |   |
| Redeemable noncontrolling interest                                                            |   |    | --        |         |   |         | --        |        |   |         | 15,016  |   |   |   | -- |   |   |   | 15,016 |   |
|        Total Vail Resorts, Inc. stockholders’ equity |   |    | 808,540   |         |   |         | 1,614,286 |        |   |         | 30,352  |   |   |   | (1,644,638 | ) |   |   | 808,540 |   |
|        Noncontrolling interests                            |   |    | --        |         |   |         | --        |        |   |         | 18,562  |   |   |   | -- |   |   |   | 18,562 |   |
|        Total stockholders’ equity                    |   |    | 808,540   |         |   |         | 1,614,286 |        |   |         | 48,914  |   |   |   | (1,644,638 | ) |   |   | 827,102 |   |
|        Total liabilities and stockholders’ equity    |   | $       | 1,371,759 |         |   | $            | 2,071,616 |        |   | $            | 141,914 |   |   | $ | (1,644,638 | ) |   | $ | 1,940,651 |   |

|                                                 | Supplemental Condensed Consolidating Statement of Operations |
|------------------------------------------------------|--------------------------------------------------------------|
|                                                 | For the three months ended April 30, 2010                    |
|                                                 | (in thousands)                                               |
|                                                 | (Unaudited)                                                  |
|                                                 |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |                                                         |   |   |   |   |   | 100% Owned |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |                                                         |   |   | Parent |   |   | Guarantor |   |   | Other |   |   | Eliminating |   |   |   |   |   |
|                                                 |                                                         |   |   | Company |   |   | Subsidiaries |   |   | Subsidiaries |   |   | Entries |   |   | Consolidated |   |   |
| Total net revenue                                    | $                                                            | -- |   | $ | 294,644 |   | $ | 58,567 |   | $ | (2,957 | ) | $ | 350,254 |   |   |
| Total operating expense                              |                                                         | 172 |   |   | 187,398 |   |   | 47,280 |   |   | (2,919 | ) |   | 231,931 |   |   |
|                                                 | (Loss) income from operations                                |   | (172 | ) |   | 107,246 |   |   | 11,287 |   |   | (38 | ) |   | 118,323 |   |   |
| Other (expense) income, net                          |                                                         | (6,758 | ) |   | 3,490 |   |   | (302 | ) |   | 38 |   |   | (3,532 | ) |   |
| Equity investment income, net                        |                                                         | -- |   |   | 838 |   |   | -- |   |   | -- |   |   | 838 |   |   |
|                                                 | (Loss) income before benefit (provision) for income taxes    |   | (6,930 | ) |   | 111,574 |   |   | 10,985 |   |   | -- |   |   | 115,629 |   |   |
|                                                 | Benefit (provision) for income taxes                         |   | 1,699 |   |   | (40,937 | ) |   | -- |   |   |   -- |   |   | (39,238 | ) |   |
|                                                 | Net (loss) income before equity in income (loss)             |   | (5,231 | ) |   | 70,637 |   |   | 10,985 |   |   | -- |   |   | 76,391 |   |   |
|                                                 | of consolidated subsidiaries                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity in income (loss) of consolidated subsidiaries |                                                         | 78,020 |   |   | 7,383 |   |   | -- |   |   | (85,403 | ) |   | -- |   |   |
|                                                 | Net income (loss)                                            |   | 72,789 |   |   | 78,020 |   |   | 10,985 |   |   | (85,403 | ) |   | 76,391 |   |   |
| Net income attributable to noncontrolling interests  |                                                         | -- |   |   | -- |   |   | (3,602 | ) |   | -- |   |   | (3,602 | ) |   |
| Net income (loss) attributable to Vail Resorts, Inc. | $                                                            | 72,789 |   | $ | 78,020 |   | $ | 7,383 |   | $ | (85,403 | ) | $ | 72,789 |   |   |

|                                                      | Supplemental Condensed Consolidating Statement of Operations |
|-----------------------------------------------------------|--------------------------------------------------------------|
|                                                      | For the three months ended April 30, 2009                    |
|                                                      | (in thousands)                                               |
|                                                      | (Unaudited)                                                  |
|                                                      |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |                                                         |   |   |   |   |   | 100% Owned |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |                                                         |   |   | Parent |   |   | Guarantor |   |   | Other |   |   | Eliminating |   |   |   |   |   |
|                                                      |                                                         |   |   | Company |   |   | Subsidiaries |   |   | Subsidiaries |   |   | Entries |   |   | Consolidated |   |   |
| Total net revenue                                         | $                                                            | -- |   | $ | 284,871 |   | $ | 51,677 |   | $ | (3,065 | ) | $ | 333,483 |   |   |
| Total operating expense                                   |                                                         | 111 |   |   | 186,169 |   |   | 42,650 |   |   | (3,027 | ) |   | 225,903 |   |   |
|                                                      | (Loss) income from operations                                |   | (111 | ) |   | 98,702 |   |   | 9,027 |   |   | (38 | ) |   | 107,580 |   |   |
| Other (expense) income, net                               |                                                         | (6,758 | ) |   | 1,207 |   |   | (528 | ) |   | 38 |   |   | (6,041 | ) |   |
| Equity investment loss, net                               |                                                         | -- |   |   | (410 | ) |   | -- |   |   | -- |   |   | (410 | ) |   |
|                                                      | (Loss) income before benefit (provision) for income taxes    |   | (6,869 | ) |   | 99,499 |   |   | 8,499 |   |   | -- |   |   | 101,129 |   |   |
|                                                      | Benefit (provision) for income taxes                         |   | 2,403 |   |   | (39,137 | ) |   | (3 | ) |   | -- |   |   | (36,737 | ) |   |
|                                                      | Net (loss) income before equity in income (loss)        |   |  (4,466 | ) |   | 60,362 |   |   |   8,496 |   |   | -- |   |   |   64,392 |   |   |
|                                                      |  of consolidated subsidiaries                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity in income (loss) of consolidated subsidiaries, net |                                                         | 66,105 |   |   | 5,743 |   |   | -- |   |   | (71,848 | ) |   | -- |   |   |
|                                                      | Net income (loss)                                            |   | 61,639 |   |   | 66,105 |   |   | 8,496 |   |   | (71,848 | ) |   | 64,392 |   |   |
| Net income attributable to noncontrolling interests       |                                                         | -- |   |   | -- |   |   | (2,753 | ) |   | -- |   |   | (2,753 | ) |   |
| Net income (loss) attributable to Vail Resorts, Inc.      | $                                                            | 61,639 |   | $ | 66,105 |   | $ | 5,743 |   | $ | (71,848 | ) | $ | 61,639 |   |   |

|                                                      | Supplemental Condensed Consolidating Statement of Operations |
|-----------------------------------------------------------|--------------------------------------------------------------|
|                                                      | For the nine months ended April 30, 2010                     |
|                                                      | (in thousands)                                               |
|                                                      | (Unaudited)                                                  |
|                                                      |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |                                                         |   |   |   |   |   | 100% Owned |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |                                                         |   |   | Parent |   |   | Guarantor |   |   | Other |   |   | Eliminating |   |   |   |   |   |
|                                                      |                                                         |   |   | Company |   |   | Subsidiaries |   |   | Subsidiaries |   |   | Entries |   |   | Consolidated |   |   |
| Total net revenue                                         | $                                                            | -- |   | $ | 593,221 |   | $ | 145,869 |   | $ | (7,548 | ) | $ | 731,542 |   |   |
| Total operating expense                                   |                                                         | 492 |   |   | 482,548 |   |   | 128,786 |   |   | (7,434 | ) |   | 604,392 |   |   |
|                                                      | (Loss) income from operations                                |   | (492 | ) |   | 110,673 |   |   | 17,083 |   |   | (114 | ) |   | 127,150 |   |   |
| Other (expense) income, net                               |                                                         | (20,276 | ) |   | 8,871 |   |   | (802 | ) |   | 114 |   |   | (12,093 | ) |   |
| Equity investment income, net                             |                                                         | -- |   |   | 1,299 |   |   | -- |   |   | -- |   |   | 1,299 |   |   |
|                                                      | (Loss) income before benefit (provision) for income taxes    |   | (20,768 | ) |   | 120,843 |   |   | 16,281 |   |   | -- |   |   | 116,356 |   |   |
|                                                      | Benefit (provision) for income taxes                         |   | 7,293 |   |   | (45,690 | ) |   | -- |   |   | -- |   |   | (38,397 | ) |   |
|                                                      | Net (loss) income before equity in income (loss)             |   | (13,475 | ) |   | 75,153 |   |   | 16,281 |   |   | -- |   |   | 77,959 |   |   |
|                                                      |  of consolidated subsidiaries                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity in income (loss) of consolidated subsidiaries, net |                                                         | 85,781 |   |   | 10,628 |   |   | -- |   |   | (96,409 | ) |   | -- |   |   |
|                                                      | Net income (loss)                                            |   | 72,306 |   |   | 85,781 |   |   | 16,281 |   |   | (96,409 | ) |   | 77,959 |   |   |
| Net income attributable to noncontrolling interests       |                                                         | -- |   |   | -- |   |   | (5,653 | ) |   | -- |   |   | (5,653 | ) |   |
| Net income (loss) attributable to Vail Resorts, Inc.      | $                                                            | 72,306 |   | $ | 85,781 |   | $ | 10,628 |   | $ | (96,409 | ) | $ | 72,306 |   |   |

|                                                      | Supplemental Condensed Consolidating Statement of Operations |
|-----------------------------------------------------------|--------------------------------------------------------------|
|                                                      | For the nine months ended April 30, 2009                     |
|                                                      | (in thousands)                                               |
|                                                      | (Unaudited)                                                  |
|                                                      |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |                                                         |   |   |   |   |   | 100% Owned |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |                                                         |   |   | Parent |   |   | Guarantor |   |   | Other |   |   | Eliminating |   |   |   |   |   |
|                                                      |                                                         |   |   | Company |   |   | Subsidiaries |   |   | Subsidiaries |   |   | Entries |   |   | Consolidated |   |   |
| Total net revenue                                         | $                                                            | -- |   | $ | 745,316 |   | $ | 138,901 |   | $ | (9,157 | ) | $ | 875,060 |   |   |
| Total operating expense                                   |                                                         | 378 |   |   | 593,682 |   |   | 125,895 |   |   | (9,043 | ) |   | 710,912 |   |   |
|                                                      | (Loss) income from operations                                |   | (378 | ) |   | 151,634 |   |   | 13,006 |   |   | (114 | ) |   | 164,148 |   |   |
| Other (expense) income, net                               |                                                         | (20,276 | ) |   | 2,001 |   |   | (2,143 | ) |   | 114 |   |   | (20,304 | ) |   |
| Equity investment income, net                             |                                                         | -- |   |   | 1,766 |   |   | -- |   |   | -- |   |   | 1,766 |   |   |
|                                                      | (Loss) income before benefit (provision) for income taxes    |   | (20,654 | ) |   | 155,401 |   |   | 10,863 |   |   | -- |   |   | 145,610 |   |   |
|                                                      | Benefit (provision) for income taxes                         |   | 7,848 |   |   | (61,579 | ) |   | (9 | ) |   | -- |   |   | (53,740 | ) |   |
|                                                      | Net (loss) income before equity in income (loss)             |   | (12,806 | ) |   |   93,822 |   |   |  10,854 |   |   |   -- |   |   |   91,870 |   |   |
|                                                      |  of consolidated subsidiaries                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity in income (loss) of consolidated subsidiaries, net |                                                         | 100,486 |   |   | 6,664 |   |   | -- |   |   | (107,150 | ) |   | -- |   |   |
|                                                      | Net income (loss)                                            |   | 87,680 |   |   | 100,486 |   |   | 10,854 |   |   | (107,150 | ) |   | 91,870 |   |   |
| Net income attributable to noncontrolling interests       |                                                         | -- |   |   | -- |   |   | (4,190 | ) |   | -- |   |   | (4,190 | ) |   |
| Net income (loss) attributable to Vail Resorts, Inc.      | $                                                            | 87,680 |   | $ | 100,486 |   | $ | 6,664 |   | $ | (107,150 | ) | $ | 87,680 |   |   |

|                                      |                                                |                                                |                                                 | Supplemental Condensed Consolidating Statement of Cash Flows |
|-------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|------------------------------------------------------|--------------------------------------------------------------|
|                                      |                                                |                                                |                                                 | For the nine months ended April 30, 2010                     |
|                                      |                                                |                                                |                                                 | (in thousands)                                               |
|                                      |                                                |                                                |                                                 | (Unaudited)                                                  |
|                                      |                                                |                                                |                                                 |                                                         |
|                                      |                                                |                                                |                                                 |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                |                                                |                                                 |                                                         |   |   |   | 100% Owned |   |   |   |   |   |   |   |   |
|                                      |                                                |                                                |                                                 |                                                         | Parent |   |   | Guarantor |   |   | Other |   |   |   |   |   |
|                                      |                                                |                                                |                                                 |                                                         | Company |   |   | Subsidiaries |   |   | Subsidiaries |   |   | Consolidated |   |   |
| Net cash provided by operating activities | $                                                   | 23,053                                              |                                                 | $                                                            | 9,217 |   | $ | 24,441 |   | $ | 56,711 |   |   |
| Cash flows from investing activities:     |                                                |                                                |                                                 |                                                         |   |   |   |   |   |   |   |   |   |
|                                      | Capital expenditures                                |                                                | --                                                   |                                                         |   | (45,987 | ) |   | (2,814 | ) |   | (48,801 | ) |   |
|                                      | Cash received from sale of real property            |                                                | --                                                   |                                                         |   | 8,920 |   |   | -- |   |   | 8,920 |   |   |
|                                      | Other investing activities, net                     |                                                | --                                                   |                                                         |   | (605 | ) |   | (7,310 | ) |   | (7,915 | ) |   |
|                                      |                                                | Net cash used in investing activities               |                                                 | --                                                           |   |   | (37,672 | ) |   | (10,124 | ) |   | (47,796 | ) |   |
| Cash flows from financing activities:     |                                                |                                                |                                                 |                                                         |   |   |   |   |   |   |   |   |   |
|                                      | Acquisition of noncontrolling interest              |                                                | --                                                   |                                                         |   | (31,000 | ) |   | -- |   |   | (31,000 | ) |   |
|                                      | Proceeds from borrowings under other long-term debt |                                                | --                                                   |                                                         |   | 60,000 |   |   | 25,962 |   |   | 85,962 |   |   |
|                                      | Payments of other long-term debt                    |                                                | --                                                   |                                                         |   | (60,000 | ) |   | (26,246 | ) |   | (86,246 | ) |   |
|                                      | Other financing activities, net                     |                                                | 1,020                                                |                                                         |   | (4,667 | ) |   | 7,865 |   |   | 4,218 |   |   |
|                                      | Advances (to) from affiliates                       |                                                | (24,073                                              | )                                                            |   | 24,073 |   |   | -- |   |   | -- |   |   |
|                                      |                                                | Net cash (used in) provided by financing activities |                                                 | (23,053                                                      | ) |   | (11,594 | ) |   | 7,581 |   |   | (27,066 | ) |   |
|                                      |                                                |                                                | Net (decrease) increase in cash and cash equivalents |                                                         | -- |   |   | (40,049 | ) |   | 21,898 |   |   | (18,151 | ) |   |
| Cash and cash equivalents:                |                                                |                                                |                                                 |                                                         |   |   |   |   |   |   |   |   |   |
|                                      | Beginning of period                                 |                                                | --                                                   |                                                         |   | 66,364 |   |   | 2,934 |   |   | 69,298 |   |   |
|                                      | End of period                                       | $                                                   | --                                                   |                                                         | $ | 26,315 |   | $ | 24,832 |   | $ | 51,147 |   |   |

|                                      |                                                               |                                  |                                      | Supplemental Condensed Consolidating Statement of Cash Flows |
|-------------------------------------------|--------------------------------------------------------------------|---------------------------------------|-------------------------------------------|--------------------------------------------------------------|
|                                      |                                                               |                                  |                                      | For the nine months ended April 30, 2009                     |
|                                      |                                                               |                                  |                                      | (in thousands)                                               |
|                                      |                                                               |                                  |                                      | (Unaudited)                                                  |
|                                      |                                                               |                                  |                                      |                                                         |
|                                      |                                                               |                                  |                                      |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                               |                                  |                                      |                                                         |   |   |   | 100% Owned |   |   |   |   |   |   |   |   |
|                                      |                                                               |                                  |                                      |                                                         | Parent |   |   | Guarantor |   |   | Other |   |   |   |   |   |
|                                      |                                                               |                                  |                                      |                                                         | Company |   |   | Subsidiaries |   |   | Subsidiaries |   |   | Consolidated |   |   |
| Net cash provided by operating activities | $                                                                  | 8,154                                 |                                      | $                                                            | 188,502 |   | $ | 11,355 |   | $ | 208,011 |   |   |
| Cash flows from investing activities:     |                                                               |                                  |                                      |                                                         |   |   |   |   |   |   |   |   |   |
|                                      | Capital expenditures                                               |                                  | --                                        |                                                         |   | (80,174 | ) |   | (6,915 | ) |   | (87,089 | ) |   |
|                                      | Acquisition of business                                            |                                  | --                                        |                                                         |   | (38,170 | ) |   | -- |   |   | (38,170 | ) |   |
|                                      | Other investing activities, net                                    |                                  | --                                        |                                                         |   | (538 | ) |   | 183 |   |   | (355 | ) |   |
|                                      |                                                               | Net cash used in investing activities |                                      | --                                                           |   |   | (118,882 | ) |   | (6,732 | ) |   | (125,614 | ) |   |
| Cash flows from financing activities:     |                                                               |                                  |                                      |                                                         |   |   |   |   |   |   |   |   |   |
|                                      | Repurchases of common stock                                        |                                  | (14,872                                   | )                                                            |   | -- |   |   | -- |   |   | (14,872 | ) |   |
|                                      | Proceeds from borrowings under non-recourse real estate financings |                                  | --                                        |                                                         |   | 9,013 |   |   | -- |   |   | 9,013 |   |   |
|                                      | Payments of non-recourse real estate financings                    |                                  | --                                        |                                                         |   | (58,407 | ) |   | -- |   |   | (58,407 | ) |   |
|                                      | Proceeds from borrowings under other long-term debt                |                                  | --                                        |                                                         |   | -- |   |   | 63,396 |   |   | 63,396 |   |   |
|                                      | Payments of other long-term debt                                   |                                  | --                                        |                                                         |   | (15,017 | ) |   | (63,672 | ) |   | (78,689 | ) |   |
|                                      | Other financing activities, net                                    |                                  | 671                                       |                                                         |   | 4,351 |   |   | 332 |   |   | 5,354 |   |   |
|                                      | Advances from (to) affiliates                                      |                                  | 6,047                                     |                                                         |   | (4,489 | ) |   | (1,558 | ) |   | -- |   |   |
|                                      |                                                               | Net cash used in financing activities |                                      | (8,154                                                       | ) |   | (64,549 | ) |   | (1,502 | ) |   | (74,205 | ) |   |
|                                      |                                                               |                                  | Net increase in cash and cash equivalents |                                                         | -- |   |   | 5,071 |   |   | 3,121 |   |   | 8,192 |   |   |
| Cash and cash equivalents:                |                                                               |                                  |                                      |                                                         |   |   |   |   |   |   |   |   |   |
|                                      | Beginning of period                                                |                                  | --                                        |                                                         |   | 156,782 |   |   | 5,563 |   |   | 162,345 |   |   |
|                                      | End of period                                                      | $                                     | --                                        |                                                         | $ | 161,853 |   | $ | 8,684 |   | $ | 170,537 |   |   |

| ·   | Despite that the Company experienced improved operating results for the three months and nine months ended April 30, 2010 compared to the same periods in the prior year in its Mountain segment in part due to a strong spring break and Easter holiday period as visitation to the Company’s mountain resorts improved, as well as overall guest spend on ancillary services to levels that approached the spring break and Easter holiday periods of 2007 and 2008, uncertainties still exist surrounding the strength and duration of the general economic recovery.  Conditions currently present or recently present in the economic environment including high unemployment, erosion of consumer confidence, financial instability in Europe and weakness in the financial and real estate markets may potentially have negative effects on the travel and leisure industry and the Company’s results of operations.  Because of these uncertainties the Company cannot predict whether recent favorable trends in visitation and guest spend will continue and the impact it may have on its future results of operations, in particular for the 2010/2011 ski season. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | In the spring of 2008, the Company introduced the Epic Season pass, which contributed to season pass revenue as a percent of total lift revenue increasing from 26% for the 2007/2008 ski season to 34% and 35% for the 2008/2009 and 2009/2010 ski seasons, respectively.  In March 2010, the Company began its pre-season pass sales program for the 2010/2011 ski season, including the Epic Season pass.  As of April 30, 2010, the Company has experienced a decline in spring advance sales of season pass products for the 2010/2011 ski season primarily due to a decline in Epic Season pass sales compared to sales through April 30, 2009 for the 2009/2010 ski season.  The Company believes that the decline in early spring pre-season sales of the Epic Season pass is due to the maturation of the product combined with an acceleration of the Epic Season pass sales in the prior year’s spring period.  Additionally, early pre-season sales of the Epic Season pass in the current year appear to be more consistent with the pattern of early pre-season pass sales of its other pass products, and of Epic Season pass sales in the spring of 2008 (Epic Season pass introductory year).  Historically, the Company realizes the majority of its pass sales in the fall selling period.  However, there can be no assurance that the Epic Season pass sales in the fall selling period will result in an overall selling pattern of the Epic Season pass similar to the Company’s other pass products or the overall impact that season pass sales will have on lift revenue for the 2010/2011 ski season. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | In response to the economic downturn in 2008 and 2009, the Company implemented cost reduction initiatives in fiscal year 2009 including a company-wide wage reduction and suspension of the Company’s matching contribution to its 401(k) plan.  The Company reinstated some of the prior year’s wage and benefit reductions with a 2% interim wage increase for year round employees effective April 1, 2010 and seasonal employees for the 2010/2011 ski season along with partial reinstatement of the Company’s matching component of its 401(k) plan.  The Company plans to fully reinstate the previous level of matching ratably over a three year period.  The Company has not committed to further reinstatement of the wage reductions at this time, but could agree to do so over time in the future. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Real Estate Reported EBITDA is highly dependent on, among other things, the timing of closings on real estate under contract, which determines when revenue and associated cost of sales is recognized.  Changes to the anticipated timing or mix of closing on one or more real estate projects, or unit closings within a real estate project, or delays in new project launches, could materially impact Real Estate Reported EBITDA for a particular fiscal quarter or fiscal year. Recently, the Company received its certificate of occupancy for a real estate project (One Ski Hill Place in Breckenridge) and has begun closing on units under contract in the fourth quarter of fiscal year 2010.  Additionally, the Company has one real estate project currently under development (the Ritz-Carlton Residences, Vail) which is scheduled to be completed in the fall of calendar year 2010 of which it anticipates units under contract will begin closing upon completion.  The Company has increased risk associated with selling and closing real estate as a result of the continued instability in the capital and credit markets and slowdown in the overall real estate market, including the risk that certain buyers may be unable to close on their units due to a reduction in funds available to buyers and/or decreases in mortgage availability, as well as the potential of certain buyers being successful in seeking rescission of their contracts (see Part II Item 1. Legal Proceedings).  As such, the Company cannot predict the ultimate number of units that it will sell and/or close, the ultimate price it will receive, or when the units will sell and/or close.  Additionally, if a more severe prolonged economic downturn were to occur the Company may have to adjust its selling prices in an effort to sell and close on units currently under development, although it currently has no plans to do so. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Over the past three years the Company’s Real Estate segment results through July 31, 2009 have reflected the successful completion of several real estate projects including the Arrabelle at Vail Square, Vail’s Front Door, Crystal Peak Lodge at Breckenridge, Gore Creek Place in Vail’s Lionshead Village and Mountain Thunder in Breckenridge.  Additionally, as mentioned above, the Company has received its certificate of occupancy for One Ski Hill Place and expects to complete The Ritz-Carlton Residences, Vail in the near future, of which revenue and profit from these projects are expected to be recognized beginning in the fourth quarter of fiscal year 2010 as units close.  Although the Company continues to do planning and design work on future projects, it currently does not plan to undertake significant development activities on new projects until the current economic environment for real estate improves.  The Company believes that due to its low carrying costs of real estate held for sale and investment combined with no third party debt being held associated with its real estate investments, that it is well situated to time the launch of future projects with a more favorable economic environment. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Company had $51.1 million in cash and cash equivalents as of April 30, 2010 as well as $319.0 million available under the revolver component of its senior credit facility (the “Credit Facility”). The Company plans to continue to self-fund its current real estate projects under construction (the Company estimates to incur between $45 and $65 million in cash expenditures subsequent to April 30, 2010 on the projects currently under construction) which has and may require the Company to borrow under the revolver component of its Credit Facility from time to time during fiscal 2010; especially during its seasonal low points outside of the ski season, however, the Company currently believes it has reached an inflection point, where as future proceeds from anticipated real estate closings on One Ski Hill Place and the Ritz-Carlton Residences, Vail should now exceed anticipated future construction costs on these projects. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Under GAAP, the Company is required to test goodwill for impairment annually, which the Company does so during the fourth quarter of each fiscal year.  The Company evaluates the recoverability of its goodwill by estimating the future discounted cash flows of its reporting units and terminal values of the businesses using projected future levels of income as well as business trends, prospects and market and economic conditions.  The Company evaluates the recoverability of indefinite-lived intangible assets using the income approach based upon estimated future revenue streams.  The Company’s fiscal 2009 annual impairment test did not result in a goodwill or indefinite-lived intangible asset impairment, however, if a more severe prolonged economic downturn were to occur it could cause less than expected growth and/or reduction in terminal values of the Company’s reporting units which may result in a goodwill and/or indefinite-lived intangible asset impairment charge. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                          |   |    |   | Three Months Ended |   | Nine Months Ended |
|-----------------------------------------------|--------|---------|--------|--------------------|--------|-------------------|
|                                          |   |    |   | April 30,          |   | April 30,         |
|                                          |   |    |   | 2010               |   | 2009              |   | 2010 |   | 2009 |
| Mountain Reported EBITDA                      | $      | 146,597 |   |               | $      | 133,772           |   |   | $ | 216,754 |   |   | $ | 197,804 |   |
| Lodging Reported EBITDA                       |   | 5,585   |   |               |   | 5,908             |   |   |   | 5,205 |   |   |   | 8,716 |   |
| Resort Reported EBITDA                        |   | 152,182 |   |               |   | 139,680           |   |   |   | 221,959 |   |   |   | 206,520 |   |
| Real Estate Reported EBITDA                   |   | (5,227  | )      |               |   | (4,722            | ) |   |   | (10,659 | ) |   |   | 40,300 |   |
|                                          |   |    |   |               |   |              |   |   |   |   |   |   |   |   |   |
| Income before provision for income taxes      |   | 115,629 |   |               |   | 101,129           |   |   |   | 116,356 |   |   |   | 145,610 |   |
| Net income attributable to Vail Resorts, Inc. | $      | 72,789  |   |               | $      | 61,639            |   |   | $ | 72,306 |   |   | $ | 87,680 |   |

|                                                                 |   | Three Months Ended |    | Percentage |
|----------------------------------------------------------------------|--------|--------------------|---------|------------|
|                                                                 |   | April 30,          |    | Increase   |
|                                                                 |   | 2010               |    | 2009       |   | (Decrease) |
| Net Mountain revenue:                                                |   |               |    |       |   |   |   |   |   |
|       Lift tickets                     |   | $                  | 159,772 |       | $ | 149,384 |   | 7.0 |    % |
|       Ski school                       |   |               | 40,625  |       |   | 36,374 |   | 11.7 |    % |
|       Dining                           |   |               | 25,837  |       |   | 24,246 |   | 6.6 |    % |
|       Retail/rental                    |   |               | 55,107  |       |   | 48,214 |   | 14.3 |    % |
|       Other                            |   |               | 20,872  |       |   | 20,962 |   | (0.4 |  ) % |
| Total Mountain net revenue                                           |   | $                  | 302,213 |       | $ | 279,180 |   | 8.3 |    % |
| Mountain operating expense:                                          |   |               |    |       |   |   |   |   |   |
|       Labor and labor-related benefits |   | $                  | 63,443  |       | $ | 59,625 |   | 6.4 |    % |
|       Retail cost  of sales  |   |               | 19,369  |       |   | 17,856 |   | 8.5 |    % |
|       Resort related fees              |   |               | 19,460  |       |   | 17,376 |   | 12.0 |    % |
|       General and administrative       |   |               | 24,032  |       |   | 20,801 |   | 15.5 |    % |
|       Other                            |   |               | 30,150  |       |   | 29,340 |   | 2.8 |    % |
| Total Mountain operating expense                                     |   | $                  | 156,454 |       | $ | 144,998 |   | 7.9 |    % |
| Mountain equity investment income (loss), net                        |   |               | 838     |       |   | (410 | ) | 304.4 |    % |
| Total Mountain Reported EBITDA                                       |   | $                  | 146,597 |       | $ | 133,772 |   | 9.6 |    % |
|                                                                 |   |               |    |       |   |   |   |   |   |
| Total skier visits                                                   |   |               | 3,228   |       |   | 3,086 |   | 4.6 |    % |
| ETP                                                                  |   | $                  | 49.50   |       | $ | 48.41 |   | 2.3 |    % |

|                                                                 |   | Nine Months Ended |    | Percentage |
|----------------------------------------------------------------------|--------|-------------------|---------|------------|
|                                                                 |   | April 30,         |    | Increase   |
|                                                                 |   | 2010              |    | 2009       |   | (Decrease) |
| Net Mountain revenue:                                                |   |              |    |       |   |   |   |   |   |
|       Lift tickets                     |   | $                 | 289,289 |       | $ | 276,542 |   | 4.6 |    % |
|       Ski school                       |   |              | 70,694  |       |   | 65,336 |   | 8.2 |    % |
|       Dining                           |   |              | 49,094  |       |   | 48,456 |   | 1.3 |    % |
|       Retail/rental                    |   |              | 137,671 |       |   | 129,878 |   | 6.0 |    % |
|       Other                            |   |              | 55,647  |       |   | 58,235 |   | (4.4 | )  % |
| Total Mountain net revenue                                           |   | $                 | 602,395 |       | $ | 578,447 |   | 4.1 |    % |
| Mountain operating expense:                                          |   |              |    |       |   |   |   |   |   |
|       Labor and labor-related benefits |   | $                 | 144,686 |       | $ | 143,490 |   | 0.8 |   % |
|       Retail cost  of sales  |   |              | 55,663  |       |   | 55,769 |   | (0.2 | ) % |
|       Resort related fees              |   |              | 34,565  |       |   | 32,338 |   | 6.9 |   % |
|       General and administrative       |   |              | 70,603  |       |   | 68,138 |   | 3.6 |   % |
|       Other                            |   |              | 81,423  |       |   | 82,674 |   | (1.5 | ) % |
| Total Mountain operating expense                                     |   | $                 | 386,940 |       | $ | 382,409 |   | 1.2 |   % |
| Mountain equity investment income, net                               |   |              | 1,299   |       |   | 1,766 |   | (26.4 | ) % |
| Total Mountain Reported EBITDA                                       |   | $                 | 216,754 |       | $ | 197,804 |   | 9.6 |   % |
|                                                                 |   |              |    |       |   |   |   |   |   |
| Total skier visits                                                   |   |              | 6,010   |       |   | 5,864 |   | 2.5 |   % |
| ETP                                                                  |   | $                 | 48.13   |       | $ | 47.16 |   | 2.1 |   % |

|                                                           |   | Three months ended |   | Percentage |
|----------------------------------------------------------------|--------|--------------------|--------|------------|
|                                                           |   | April 30,          |   | Increase   |
|                                                           |   | 2010               |   | 2009       |   | (Decrease) |
| Lodging net revenue:                                           |   |               |   |       |   |   |   |   |
|      Owned hotel rooms                | $      | 9,899              | $      | 10,493     |   | (5.7 | ) | % |
|      Managed condominium rooms        |   | 12,239             |   | 12,188     |   | 0.4 |   | % |
|      Dining                           |   | 5,157              |   | 5,797      |   | (11.0 | ) | % |
|      Transportation                   |   | 8,374              |   | 7,911      |   | 5.9 |   | % |
|      Other                            |   | 9,208              |   | 8,507      |   | 8.2 |   | % |
| Total Lodging net revenue                                      | $      | 44,877             | $      | 44,896     |   | (0.1 | ) | % |
| Lodging operating expense:                                     |   |               |   |       |   |   |   |   |
|      Labor and labor-related benefits | $      | 18,815             | $      | 19,783     |   | (4.9 | ) | % |
|      General and administrative       |   | 8,511              |   | 6,573      |   | 29.5 |   | % |
|      Other                            |   | 11,966             |   | 12,632     |   | (5.3 | ) | % |
| Total Lodging operating expense                                | $      | 39,292             | $      | 38,988     |   | 0.8 |   | % |
| Total Lodging Reported EBITDA                                  | $      | 5,585              | $      | 5,908      |   | (5.5 | ) | % |
|                                                           |   |               |   |       |   |   |   |   |
| Owned hotel statistics:                                        |   |               |   |       |   |   |   |   |
|      ADR                              | $      | 205.61             | $      | 215.52     |   | (4.6 | ) | % |
|      RevPar                           | $      | 132.37             | $      | 136.57     |   | (3.1 | ) | % |
|                                                           |   |               |   |       |   |   |   |   |
| Managed condominium statistics:                                |   |               |   |       |   |   |   |   |
|      ADR                              | $      | 334.73             | $      | 318.19     |   | 5.2 |   | % |
|      RevPar                           | $      | 140.07             | $      | 137.59     |   | 1.8 |   | % |
|                                                           |   |               |   |       |   |   |   |   |
| Owned hotel and managed condominium statistics (combined):     |   |               |   |       |   |   |   |   |
|      ADR                              | $      | 278.74             | $      | 275.25     |   | 1.3 |   | % |
|      RevPar                           | $      | 137.51             | $      | 137.25     |   | 0.2 |   | % |
|                                                           |   |               |   |       |   |   |   |   |

|                                                           |   | Nine months ended |   | Percentage |
|----------------------------------------------------------------|--------|-------------------|--------|------------|
|                                                           |   | April 30,         |   | Increase   |
|                                                           |   | 2010              |   |       | 2009 |   | (Decrease) |
| Lodging net revenue:                                           |   |              |   |       |   |   |   |   |   |
|      Owned hotel rooms                | $      | 29,182            |   | $          | 31,467 |   | (7.3 | ) | % |
|      Managed condominium rooms        |   | 27,468            |   |       | 29,407 |   | (6.6 | ) | % |
|      Dining                           |   | 18,625            |   |       | 21,275 |   | (12.5 | ) | % |
|      Transportation                   |   | 17,410            |   |       | 15,486 |   | 12.4 |   | % |
|      Golf                             |   | 6,888             |   |       | 8,127 |   | (15.2 | ) | % |
|      Other                            |   | 25,335            |   |       | 25,537 |   | (0.8 | ) | % |
| Total Lodging net revenue                                      | $      | 124,908           |   | $          | 131,299 |   | (4.9 | ) | % |
| Lodging operating expense:                                     |   |              |   |       |   |   |   |   |   |
|      Labor and labor-related benefits | $      | 57,639            |   | $          | 61,035 |   | (5.6 | ) | % |
|      General and administrative       |   | 23,142            |   |       | 20,602 |   | 12.3 |   | % |
|      Other                            |   | 38,922            |   |       | 40,946 |   | (4.9 | ) | % |
| Total Lodging operating expense                                | $      | 119,703           |   | $          | 122,583 |   | (2.3 | ) | % |
| Total Lodging Reported EBITDA                                  | $      | 5,205             |   | $          | 8,716 |   | (40.3 | ) | % |
|                                                           |   |              |   |       |   |   |   |   |   |
| Owned hotel statistics:                                        |   |              |   |       |   |   |   |   |   |
|      ADR                              | $      | 193.69            |   | $          | 191.24 |   | 1.3 |   | % |
|      RevPar                           | $      | 105.30            |   | $          | 116.10 |   | (9.3 | ) | % |
|                                                           |   |              |   |       |   |   |   |   |   |
| Managed condominium statistics:                                |   |              |   |       |   |   |   |   |   |
|      ADR                              | $      | 308.28            |   | $          | 298.15 |   | 3.4 |   | % |
|      RevPar                           | $      | 92.37             |   | $          | 100.42 |   | (8.0 | ) | % |
|                                                           |   |              |   |       |   |   |   |   |   |
| Owned hotel and managed condominium statistics (combined):     |   |              |   |       |   |   |   |   |   |
|      ADR                              | $      | 249.66            |   | $          | 244.26 |   | 2.2 |   | % |
|      RevPar                           | $      | 97.10             |   | $          | 106.07 |   | (8.5 | ) | % |
|                                                           |   |              |   |       |   |   |   |   |   |

|                                |   | Three Months Ended |   | Percentage |
|-------------------------------------|--------|--------------------|--------|------------|
|                                |   | April 30,          |   | Increase   |
|                                |   | 2010               | 2009   | (Decrease) |
| Total Real Estate net revenue       |   | $                  | 3,164  |       | $ | 9,407 |   | (66.4 | ) | % |
| Total Real Estate operating expense |   |               | 8,391  |       |   | 14,129 |   | (40.6 | ) | % |
| Total Real Estate Reported EBITDA   |   | $                  | (5,227 | )          | $ | (4,722 | ) | (10.7 | ) | % |

|                                |   | Nine Months Ended |    | Percentage |
|-------------------------------------|--------|-------------------|---------|------------|
|                                |   | April 30,         |    | Increase   |
|                                |   | 2010              | 2009    | (Decrease) |
| Total Real Estate net revenue       |   | $                 | 4,239   |       | $ | 165,314 |   | (97.4 | ) | % |
| Total Real Estate operating expense |   |              | 20,985  |       |   | 125,014 |   | (83.2 | ) | % |
| Gain on sale of real property       |   |              | 6,087   |       |   | -- |   | -- |   | % |
| Total Real Estate Reported EBITDA   |   | $                 | (10,659 | )          | $ | 40,300 |   | (126.4 | ) | % |

|                                                |                       |    |    | Three Months Ended |   | Nine Months Ended |
|-----------------------------------------------------|----------------------------|---------|---------|--------------------|--------|-------------------|
|                                                |                       |    |    | April 30,          |   | April 30,         |
|                                                |                       |    |    | 2010               |   | 2009              |   | 2010 |   | 2009 |
| Mountain Reported EBITDA                            | $                          | 146,597 |    |               | $      | 133,772           |   |   | $ | 216,754 |   |   | $ | 197,804 |   |
| Lodging Reported EBITDA                             |                       | 5,585   |    |               |   | 5,908             |   |   |   | 5,205 |   |   |   | 8,716 |   |
|                                                | Resort Reported EBITDA     |    | 152,182 |               |   |              | 139,680 |   |   |   | 221,959 |   |   |   | 206,520 |   |
| Real Estate Reported EBITDA                         |                       | (5,227  | )       |               |   | (4,722            | ) |   |   | (10,659 | ) |   |   | 40,300 |   |
|                                                | Total Reported EBITDA      |    | 146,955 |               |   |              | 134,958 |   |   |   | 211,300 |   |   |   | 246,820 |   |
| Depreciation and amortization                       |                       | (27,812 | )       |               |   | (27,582           | ) |   |   | (82,768 | ) |   |   | (80,098 | ) |
| Gain (loss) on disposal of fixed assets, net        |                       | 18      |    |               |   | (206              | ) |   |   | (83 | ) |   |   | (808 | ) |
| Investment income                                   |                       | 141     |    |               |   | 449               |   |   |   | 563 |   |   |   | 1,428 |   |
| Interest expense, net                               |                       | (3,673  | )       |               |   | (6,490            | ) |   |   | (12,656 | ) |   |   | (21,732 | ) |
| Income before provision for income taxes            |                       | 115,629 |    |               |   | 101,129           |   |   |   | 116,356 |   |   |   | 145,610 |   |
|                                                | Provision for income taxes |    | (39,238 | )                  |   |              | (36,737 | ) |   |   | (38,397 | ) |   |   | (53,740 | ) |
| Net income                                          |                       | 76,391  |    |               |   | 64,392            |   |   |   | 77,959 |   |   |   | 91,870 |   |
| Net income attributable to noncontrolling interests |                       | (3,602  | )       |               |   | (2,753            | ) |   |   | (5,653 | ) |   |   | (4,190 | ) |
| Net income attributable to Vail Resorts, Inc.       | $                          | 72,789  |    |               | $      | 61,639            |   |   | $ | 72,306 |   |   | $ | 87,680 |   |

|                               |   | April 30, |
|------------------------------------|--------|-----------|
|                               |   | 2010      |   | 2009 |
| Long-term debt                     |   | $         | 489,822 |   | $ | 491,668 |
| Long-term debt due within one year |   |      | 1,851 |   |   | 350 |
| Total debt                         |   |      | 491,673 |   |   | 492,018 |
| Less: cash and cash equivalents    |   |      | 51,147 |   |   | 170,537 |
| Net debt                           |   | $         | 440,526 |   | $ | 321,481 |

| ·   | prolonged downturn in general economic conditions, including adverse affects on the overall travel and leisure related industries; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------|

| ·   | unfavorable weather conditions or natural disasters; |
|--------------------|------------------------------------------------------|

| ·   | adverse events that occur during our peak operating periods combined with the seasonality of our business; |
|--------------------|------------------------------------------------------------------------------------------------------------|

| ·   | competition in our mountain and lodging businesses; |
|--------------------|-----------------------------------------------------|

| ·   | our ability to grow our resort and real estate operations; |
|--------------------|------------------------------------------------------------|

| ·   | our ability to successfully complete real estate development projects and achieve the anticipated financial benefits from such projects; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | further adverse changes in real estate markets; |
|--------------------|-------------------------------------------------|

| ·   | continued volatility in credit markets; |
|--------------------|-----------------------------------------|

| ·   | our ability to obtain financing on terms acceptable to us to finance our real estate development, capital expenditures and growth strategy; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | our reliance on government permits or approvals for our use of Federal land or to make operational improvements; |
|--------------------|------------------------------------------------------------------------------------------------------------------|

| ·   | adverse consequences of current or future legal claims; |
|--------------------|---------------------------------------------------------|

| ·   | our ability to hire and retain a sufficient seasonal workforce; |
|--------------------|-----------------------------------------------------------------|

| ·   | willingness of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases, and the cost and availability of travel options; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | negative publicity or unauthorized use of our trademarks which diminishes the value of our brands; |
|--------------------|----------------------------------------------------------------------------------------------------|

| ·   | our ability to integrate and successfully operate future acquisitions; and |
|--------------------|----------------------------------------------------------------------------|

| ·   | implications arising from new Financial Accounting Standards Board (“FASB”)/governmental legislation, rulings or interpretations. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| Exhibit Number | Description                                                                                                                                                                                                                                                                                                                                                                                 | Sequentially Numbered Page |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|
| 3.1            | Amended and Restated Certificate of Incorporation of Vail Resorts, Inc., dated January 5, 2005. (Incorporated by reference to Exhibit 3.1 on Form 10-Q of Vail Resorts, Inc. for the quarter ended January 31, 2005.)                                                                                                                                                                       |                       |
| 3.2            | Amended and Restated By-Laws. (Incorporated by reference to Exhibit 3.1 on Form 8-K of Vail Resorts, Inc. filed February 6, 2009.)                                                                                                                                                                                                                                                          |                       |
| 4.1(a)         | Indenture, dated as of January 29, 2004, among Vail Resorts, Inc., the guarantors therein and the Bank of New York as Trustee (Including Exhibit A, Form of Global Note).  (Incorporated by reference to Exhibit 4.1 on Form 8-K of Vail Resorts, Inc. filed on February 2, 2004.)                                                                                                |                       |
| 4.1(b)         | Supplemental Indenture, dated as of March 10, 2006 to Indenture dated as of January 29, 2004 among Vail Resorts, Inc., as Issuer, the Guarantors named therein, as Guarantors, and The Bank of New York, as Trustee.  (Incorporated by reference to Exhibit 10.34 on Form 10-Q of Vail Resorts, Inc. for the quarter ended January 31, 2006.)                                     |                       |
| 4.1(c)         | Form of Global Note.  (Incorporated by reference to Exhibit 4.1 on Form 8-K of Vail Resorts, Inc. filed February 2, 2004.)                                                                                                                                                                                                                                                        |                       |
| 4.1(d)         | Supplemental Indenture, dated as of April 26, 2007 to Indenture dated as of January 29, 2004 among Vail Resorts, Inc., as Issuer, the Guarantors named therein, as Guarantors, and The Bank of New York, as Trustee. (Incorporated by reference to Exhibit 4.1(d) on Form 10-K of Vail Resorts, Inc. for the year ended July 31, 2008.)                                                     |                       |
| 4.1(e)         | Supplemental Indenture, dated as of July 11, 2008 to Indenture dated as of January 29, 2004 among Vail Resorts, Inc., as Issuer, the Guarantors named therein, as Guarantors, and The Bank of New York Mellon Trust Company, N.A., as Trustee. (Incorporated by reference to Exhibit 4.1(e) on Form 10-K of Vail Resorts, Inc. for the year ended July 31, 2008.)                           |                       |
| 4.1(f)         | Supplemental Indenture, dated as of January 29, 2009 to Indenture dated as of January 29, 2004 among Vail Resorts, Inc., as Issuer, the Guarantors named therein, as Guarantors, and The Bank of New York Mellon Trust Company, N.A., as Trustee.   (Incorporated by reference to Exhibit 4.1(f) on Form 10-Q of Vail Resorts, Inc. for the quarter ended January 31, 2009.) |                       |
| 4.1(g)         | Supplemental Indenture, dated as of August 24, 2009 to Indenture dated as of January 29, 2004 among Vail Resorts, Inc., as Issuer, the Guarantors named therein, as Guarantors, and The Bank of New York Mellon Trust Company, N.A., as Trustee.  (Incorporated by reference to Exhibit 4.1(g) on Form 10-K of Vail Resorts, Inc. for the year ended July 31, 2009.)              |                       |
| 4.1(h)         | Supplemental Indenture, dated as of May 26, 2010 to Indenture dated as of January 29, 2004 among Vail Resorts, Inc., as Issuer, the Guarantors named therein, as Guarantors, and The Bank of New York Mellon Trust Company, N.A., as Trustee.                                                                                                                                               | 24                         |
| 31.1           | Certifications of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                        | 21                         |
| 31.2           | Certifications of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                        | 22                         |
| 32             | Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                              | 23                         |

| Date:  June 9, 2010 | Vail Resorts, Inc.                  |
|-------------------------------|-------------------------------------|
|                          |                                |
|                          | By:                                 | /s/ Jeffrey W. Jones |
|                          | Jeffrey W. Jones                    |
|                          | Senior Executive Vice President and |
|                          | Chief Financial Officer             |
|                          | (Duly Authorized Officer)           |

| Date:  June 9, 2010 | Vail Resorts, Inc.                    |
|-------------------------------|---------------------------------------|
|                          |                                  |
|                          | By:                                   | /s/ Mark L. Schoppet |
|                          | Mark L. Schoppet                      |
|                          | Senior Vice President, Controller and |
|                          | Chief Accounting Officer              |