**Exhibit      21**

**SUBSIDIARIES      **
**1**

**OF**

**VAIL      RESORTS, INC**

| **Name**                                                    |   | **State                of Incorporation**  |   | **Trade                Names**                         |
|------------------------------------------------------------------|--------|-------------------------------------------------|--------|-------------------------------------------------------------|
| Arrabelle                at Vail Square, LLC                |   | Colorado                                   |   |                                                        |
| Avon                Partners II Limited Liability Company   |   | Colorado                                   |   |                                                        |
| Beaver                Creek Associates, Inc.                |   | Colorado                                   |   |                                                        |
| Beaver                Creek Consultants, Inc.               |   | Colorado                                   |   |                                                        |
| Beaver                Creek Food Services, Inc.             |   | Colorado                                   |   | "Beaver                Creek Mountain Dining Company"  |
| Boulder/Beaver,                LLC                          |   | Colorado                                   |   |                                                        |
| Breckenridge                Resort Properties, Inc.         |   | Colorado                                   |   |                                                        |
| Breckenridge                Terrace, LLC                    |   | Colorado                                   |   |                                                        |
| Chalets                at the Lodge at Vail, LLC (The)      |   | Colorado                                   |   |                                                        |
| Colter                Bay Corporation                       |   | Wyoming                                    |   |                                                        |
| Complete                Telecommunications, Inc.            |   | Colorado                                   |   | "VR                Telecommunications, Inc."           |
| Eagle                Park Reservoir Company                 |   | Colorado                                   |   |                                                        |
| FFT                Investment Partners                      |   |  Colorado                                  |   |                                                        |
| Forest                Ridge Holdings, Inc.                  |   | Colorado                                   |   |                                                        |
| Gillett                Broadcasting, Inc.                   |   | Delaware                                   |   |                                                        |
| Gore                Creek Place, LLC                        |   | Colorado                                   |   |                                                        |
| Grand                Teton Lodge Company                    |   | Wyoming                                    |   |                                                        |
| Gros                Ventre Utility Company                  |   | Wyoming                                    |   |                                                        |
| Heavenly                Valley, Limited Partnership         |   | Nevada                                     |   |                                                        |
| Jackson                Hole Golf and Tennis Club, Inc.      |   | Wyoming                                    |   |                                                        |
| Jackson                Lake Lodge Corporation               |   | Wyoming                                    |   |                                                        |
| Jenny                Lake Lodge, Inc.                       |   | Wyoming                                    |   |                                                        |
| JHL&S                LLC                                |   | Wyoming                                    |   | "Snake                River Lodge and Spa"             |
| Keystone                Conference Services, Inc.           |   | Colorado                                   |   |                                                        |
| Keystone                Development Sales, Inc.             |   | Colorado                                   |   |                                                        |
| Keystone                Food and Beverage Company           |   | Colorado                                   |   |                                                        |
| Keystone                Resort Property Management Company  |   | Colorado                                   |   |                                                        |

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| Keystone/Intrawest,                LLC                                       |   | Colorado   |   |                                                                                                       |
|-----------------------------------------------------------------------------------|--------|-----------------|--------|------------------------------------------------------------------------------------------------------------|
| Larkspur                Restaurant & Bar, LLC                            |   | Colorado   |   |                                                                                                       |
| Lodge                Properties, Inc.                                        |   | Colorado   |   | "The                Lodge at Vail"                                                                    |
| Lodge                Realty, Inc.                                            |   | Colorado   |   |                                                                                                       |
| Mountain                Thunder, Inc.                                        |   | Colorado   |   |                                                                                                       |
| Property                Management Acquisition Corp., Inc.                   |   | Tennessee  |   |                                                                                                       |
| RCR                Vail, LLC                                                 |   | Colorado   |   |                                                                                                       |
| RockResorts                Casa Madrona, LLC                                 |   | Delaware   |   |                                                                                                       |
| RockResorts                Cheeca, LLC                                       |   | Delaware   |   |                                                                                                       |
| Rockresorts                Cordillera Lodge Company, LLC                     |   | Colorado   |   |                                                                                                       |
| RockResorts                Equinox, Inc.                                     |   | Vermont    |   |                                                                                                       |
| RockResorts                International, LLC                                |   | Delaware   |   |                                                                                                       |
| RockResorts                LaPosada, LLC                                     |   | Delaware   |   |                                                                                                       |
| RockResorts                Rosario, LLC                                      |   | Delaware   |   |                                                                                                       |
| RockResorts                Wyoming, LLC                                      |   |  Wyoming   |   |                                                                                                       |
| Rockresorts,                LLC                                              |   | Delaware   |   |                                                                                                       |
| RT                Partners, Inc.                                             |   | Delaware   |   |                                                                                                       |
| RTP,                LLC                                                      |   | Colorado   |   |                                                                                                       |
| Slifer                Smith & Frampton/Vail Associates Real Estate, LLC  |   | Colorado   |   |                                                                                                       |
| Soho                Development, LLC                                         |   | Colorado   |   |                                                                                                       |
| SSI                Venture, LLC                                              |   | Colorado   |   | “Specialty                Sports Venture LLC” and “Specialty Sports Network”  |
| Tenderfoot                Seasonal Housing, LLC                              |   | Colorado   |   |                                                                                                       |
| Teton                Hospitality Services, Inc.                              |   | Wyoming    |   |                                                                                                       |
| Timber                Trail, Inc.                                            |   | Colorado   |   |                                                                                                       |
| The                Vail Corporation                                          |   | Colorado   |   | "Vail                Associates, Inc." and "Vail Resorts Management Company"                          |
| The                Village at Breckenridge Acquisition Corp., Inc.           |   | Tennessee  |   |                                                                                                       |
| VA                Rancho Mirage I, Inc.                                      |   | Colorado   |   |                                                                                                       |
| VA                Rancho Mirage II, Inc.                                     |   | Colorado   |   |                                                                                                       |
| VA                Rancho Mirage Resort, L.P.                                 |   | Delaware   |   |                                                                                                       |
| Vail                Associates Holdings, Ltd.                                |   | Colorado   |   |                                                                                                       |
| Vail                Associates Investments, Inc.                             |   | Colorado   |   |                                                                                                       |
| Vail                Associates Real Estate, Inc.                             |   | Colorado   |   |                                                                                                       |
| Vail                Food Services, Inc.                                      |   | Colorado   |   | "Vail                Mountain Dining Company"                                                         |

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| Vail                Holdings, Inc.                        |   | Colorado  |   |                                                                                                                        |
|----------------------------------------------------------------|--------|----------------|--------|-----------------------------------------------------------------------------------------------------------------------------|
| Vail                Hotel Management Company, LLC         |   | Colorado  |   |                                                                                                                        |
| Vail                Resorts Development Company           |   | Colorado  |   |                                                                                                                        |
| Vail                Resorts Lodging Company               |   | Delaware  |   |                                                                                                                        |
| Vail                RR, Inc.                              |   | Colorado  |   |                                                                                                                        |
| Vail                Summit Resorts, Inc.                  |   | Colorado  |   | "Breckenridge                Ski Resort, Inc." and "Keystone Resort, Inc." and "Ralston Resorts,                Inc."  |
| Vail                Trademarks, Inc.                      |   | Colorado  |   |                                                                                                                        |
| Vail/Arrowhead,                Inc.                       |   | Colorado  |   |                                                                                                                        |
| Vail/Beaver                Creek Resort Properties, Inc.  |   | Colorado  |   |                                                                                                                        |
| VAMHC,                Inc.                                |   | Colorado  |   |                                                                                                                        |
| VR                Heavenly I, Inc.                        |   | Delaware  |   |                                                                                                                        |
| VR                Heavenly II, Inc.                       |   | Delaware  |   |                                                                                                                        |
| VR                Holdings, Inc.                          |   | Colorado  |   |                                                                                                                        |

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