| ·   | Mountain segment net revenue increased by 8.3% and total skier visitation improved by 4.6% for the third quarter as compared to the same period in the prior year. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Mountain Reported EBITDA improved by 9.6% and Resort Reported EBITDA (which includes the Company’s Mountain and Lodging segments) improved by 9.0% for the third quarter as compared to the same period in the prior year. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Net income attributable to Vail Resorts, Inc. increased by 18.1% for the third quarter as compared to the same period in the prior year. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Net Debt leverage ratio of 2.5 times trailing twelve months Total Reported EBITDA, $51.1 million of cash and cash equivalents on hand and no revolver borrowings under the Company’s $400 million senior credit facility as of April 30, 2010. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Mountain segment net revenue was $302.2 million for the three months ended April 30, 2010 compared to $279.2 million in the same period in the prior year, an 8.3% increase. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Mountain Reported EBITDA was $146.6 million for the three months ended April 30, 2010 compared to $133.8 million in the same period in the prior year, a 9.6% increase. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Lodging segment net revenue was $44.9 million for the three months ended April 30, 2010 and flat compared to the same period in the prior year. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | For the three months ended April 30, 2010, average daily rate (“ADR”) increased 1.3% and revenue per available room (“RevPAR”) increased 0.2% at the Company’s owned hotels and managed condominiums compared to the same period in the prior year. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Lodging Reported EBITDA was $5.6 million for the three months ended April 30, 2010 compared to $5.9 million in the same period in the prior year, a 5.5% decrease, with the decrease due almost entirely to declines at Keystone lodging properties as well as an increase in general and administrative expense primarily due to higher marketing expenses and employee medical costs. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Resort net revenue was $347.1 million for the three months ended April 30, 2010 compared to $324.1 million in the same period in the prior year, a 7.1% increase. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Resort Reported EBITDA was $152.2 million for the three months ended April 30, 2010 compared to $139.7 million in the same period in the prior year, a 9.0% increase. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Real Estate segment net revenue was $3.2 million for the three months ended April 30, 2010 compared to $9.4 million in the same period in the prior year. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Real Estate Reported EBITDA was a negative $5.2 million for the three months ended April 30, 2010 compared to a negative $4.7 million in the same period in the prior year. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Total net revenue was $350.3 million for the three months ended April 30, 2010 compared to $333.5 million in the same period in the prior year, a 5.0% increase. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Net income attributable to Vail Resorts, Inc. was $72.8 million, or $1.98 per diluted share, for the three months ended April 30, 2010 compared to net income attributable to Vail Resorts, Inc. of $61.6 million, or $1.68 per diluted share, in the same period in the prior year. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The effective tax rate for the three months ended April 30, 2010 was 33.9% compared to the effective tax rate for the three months ended April 30, 2009 of 36.3%.  The current year’s effective tax rate was favorably impacted by the Company’s purchase of the remaining noncontrolling interest in Specialty Sports Venture, the Company’s retail business, on April 30, 2010. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Vail Resorts, Inc.                                  |
|-----------------------------------------------------|
| Consolidated Condensed Statements of Operations     |
| (In thousands, except per share amounts)            |
| (Unaudited)                                         |
|                                                |   |   |   |   |   |   |   |   |   |
|                                                |   |   |   | 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:                          |   |   |   |   |   |   |
|                                                | 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:                                  |   |   |   |   |   |   |
|                                                | 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 |   |
|                                                |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding:                |   |   |   |   |   |   |
| Basic                                               |   | 36,271 |   |   | 36,574 |   |
| Diluted                                             |   | 36,834 |   |   | 36,673 |   |
|                                                |   |   |   |   |   |   |
| Other Data (unaudited):                             |   |   |   |   |   |   |
| Mountain Reported EBITDA                            | $ | 146,597 |   | $ | 133,772 |   |
| Lodging Reported EBITDA                             | $ | 5,585 |   | $ | 5,908 |   |
| Resort Reported EBITDA                              | $ | 152,182 |   | $ | 139,680 |   |
| Real Estate Reported EBITDA                         | $ | (5,227 | ) | $ | (4,722 | ) |
| Total Reported EBITDA                               | $ | 146,955 |   | $ | 134,958 |   |

| Mountain stock-based compensation    | $ | 1,167 |   | $ | 1,090 |   |
|--------------------------------------|---|-------|--------|---|-------|--------|
| Lodging stock-based compensation     | $ | 493   |   | $ | 471   |   |
| Resort stock-based compensation      | $ | 1,660 |   | $ | 1,561 |   |
| Real Estate stock-based compensation | $ | 950   |   | $ | 996   |   |
| Total stock-based compensation       | $ | 2,610 |   | $ | 2,557 |   |

| Vail Resorts, Inc.                                  |
|-----------------------------------------------------|
| Consolidated Condensed Statements of Operations     |
| (In thousands, except per share amounts)            |
| (Unaudited)                                         |
|                                                |   |   |   |   |   |   |   |   |   |
|                                                |   |   |   | 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:                          |   |   |   |   |   |   |
|                                                | 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:                                  |   |   |   |   |   |   |
|                                                | 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 |   |
|                                                |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding:                |   |   |   |   |   |   |
| Basic                                               |   | 36,239 |   |   | 36,624 |   |
| Diluted                                             |   | 36,738 |   |   | 36,752 |   |
|                                                |   |   |   |   |   |   |
| Other Data (unaudited):                             |   |   |   |   |   |   |
| Mountain Reported EBITDA                            | $ | 216,754 |   | $ | 197,804 |   |
| Lodging Reported EBITDA                             | $ | 5,205 |   | $ | 8,716 |   |
| Resort Reported EBITDA                              | $ | 221,959 |   | $ | 206,520 |   |
| Real Estate Reported EBITDA                         | $ | (10,659 | ) | $ | 40,300 |   |
| Total Reported EBITDA                               | $ | 211,300 |   | $ | 246,820 |   |

| Mountain stock-based compensation    | $ | 4,017 |   | $ | 3,411 |   |
|--------------------------------------|---|-------|--------|---|-------|--------|
| Lodging stock-based compensation     | $ | 1,505 |   | $ | 1,372 |   |
| Resort stock-based compensation      | $ | 5,522 |   | $ | 4,783 |   |
| Real Estate stock-based compensation | $ | 3,457 |   | $ | 3,015 |   |
| Total stock-based compensation       | $ | 8,979 |   | $ | 7,798 |   |

| Vail Resorts, Inc.                                             |
|----------------------------------------------------------------|
| Mountain Segment Operating Results and Skier Visits            |
| (In thousands, except Effective Ticket Price)                  |
| (Unaudited)                                                    |
|                                                           |   |   |   |   |
|                                                           | Three Months Ended | Percentage | Nine Months Ended | Percentage |
|                                                           | April 30, | Increase | April 30, | Increase |
|                                                           | 2010 | 2009 | (Decrease) | 2010 | 2009 | (Decrease) |
| Net Mountain revenue:                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Lift tickets                     | $ | 159,772 |   | $ | 149,384 |   | 7.0 |  % | $ | 289,289 | $ | 276,542 | 4.6 |   % |
|      Ski school                       |   | 40,625 |   |   | 36,374 |   | 11.7 |  % |   | 70,694 |   | 65,336 | 8.2 |   % |
|      Dining                           |   | 25,837 |   |   | 24,246 |   | 6.6 |  % |   | 49,094 |   | 48,456 | 1.3 |   % |
|      Retail/rental                    |   | 55,107 |   |   | 48,214 |   | 14.3 |  % |   | 137,671 |   | 129,878 | 6.0 |   % |
|      Other                            |   | 20,872 |   |   | 20,962 |   | (0.4 | )% |   | 55,647 |   | 58,235 | (4.4 | ) % |
| Total Mountain net revenue                                     | $ | 302,213 |   | $ | 279,180 |   | 8.3 |  % | $ | 602,395 | $ | 578,447 | 4.1 |   % |
| Mountain operating expense:                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Labor and labor-related benefits | $ | 63,443 |   | $ | 59,625 |   | 6.4 |  % | $ | 144,686 | $ | 143,490 | 0.8 |   % |
|      Retail cost of sales             |   | 19,369 |   |   | 17,856 |   | 8.5 |  % |   | 55,663 |   | 55,769 | (0.2 | ) % |
|      Resort related fees              |   | 19,460 |   |   | 17,376 |   | 12.0 |  % |   | 34,565 |   | 32,338 | 6.9 |   % |
|      General and administrative       |   | 24,032 |   |   | 20,801 |   | 15.5 |  % |   | 70,603 |   | 68,138 | 3.6 |   % |
|      Other                            |   | 30,150 |   |   | 29,340 |   | 2.8 |  % |   | 81,423 |   | 82,674 | (1.5 | ) % |
| Total Mountain operating expense                               | $ | 156,454 |   | $ | 144,998 |   | 7.9 |  % | $ | 386,940 | $ | 382,409 | 1.2 |   % |
| Mountain equity investment income, net                         |   | 838 |   |   | (410 | ) | 304.4 |  % |   | 1,299 |   | 1,766 | (26.4 | ) % |
| Total Mountain Reported EBITDA                                 | $ | 146,597 |   | $ | 133,772 |   | 9.6 |  % | $ | 216,754 | $ | 197,804 | 9.6 |   % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           | Three Months Ended | Percentage | Nine Months Ended | Percentage |
|                                                           | April 30, | Increase | April 30, | Increase |
|                                                           | 2010 | 2009 | (Decrease) | 2010 | 2009 | (Decrease) |
| Skier Visits                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Vail                                                           |   | 915 |   |   | 881 |   | 3.9 |  % |   | 1,599 |   | 1,622 | (1.4 | ) % |
| Breckenridge                                                   |   | 850 |   |   | 798 |   | 6.5 |  % |   | 1,614 |   | 1,528 | 5.6 |   % |
| Keystone                                                       |   | 469 |   |   | 466 |   | 0.6 |  % |   | 982 |   | 981 | 0.1 |   % |
| Heavenly                                                       |   | 484 |   |   | 441 |   | 9.8 |  % |   | 888 |   | 802 | 10.7 |   % |
| Beaver Creek                                                   |   | 510 |   |   | 500 |   | 2.0 |  % |   | 927 |   | 931 | (0.4 | ) % |
| Total Skier Visits                                             |   | 3,228 |   |   | 3,086 |   | 4.6 |  % |   | 6,010 |   | 5,864 | 2.5 |   % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effective Ticket Price                                         | $ | 49.50 |   | $ | 48.41 |   | 2.3 |  % | $ | 48.13 | $ | 47.16 | 2.1 |   % |

| Vail Resorts, Inc.                                             |
|----------------------------------------------------------------|
| Lodging Operating Results                                      |
| (In thousands, except ADR and RevPAR)                          |
| (Unaudited)                                                    |
|                                                           |   |   |   |   |
|                                                           | Three Months Ended | Percentage | Nine Months Ended | Percentage |
|                                                           | April 30, | Increase | April 30, | Increase |
|                                                           | 2010 | 2009 | (Decrease) | 2010 | 2009 | (Decrease) |
| Lodging net revenue:                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Owned hotel rooms                | $ | 9,899 |   | $ | 10,493 | (5.7 | ) % | $ | 29,182 | $ | 31,467 | (7.3 | ) % |
|      Managed condominium rooms        |   | 12,239 |   |   | 12,188 | 0.4 |   % |   | 27,468 |   | 29,407 | (6.6 | ) % |
|      Dining                           |   | 5,157 |   |   | 5,797 | (11.0 | ) % |   | 18,625 |   | 21,275 | (12.5 | ) % |
|      Transportation                   |   | 8,374 |   |   | 7,911 | 5.9 |   % |   | 17,410 |   | 15,486 | 12.4 |   % |
|      Golf                             |   | -- |   |   | -- | -- |   |   | 6,888 |   | 8,127 | (15.2 | ) % |
|      Other                            |   | 9,208 |   |   | 8,507 | 8.2 |   % |   | 25,335 |   | 25,537 | (0.8 | ) % |
| Total Lodging net revenue                                      | $ | 44,877 |   | $ | 44,896 | (0.1 | ) % | $ | 124,908 | $ | 131,299 | (4.9 | ) % |
| Lodging operating expense:                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Labor and labor-related benefits | $ | 18,815 |   | $ | 19,783 | (4.9 | ) % | $ | 57,639 | $ | 61,035 | (5.6 | ) % |
|      General and administrative       |   | 8,511 |   |   | 6,573 | 29.5 |   % |   | 23,142 |   | 20,602 | 12.3 |   % |
|      Other                            |   | 11,966 |   |   | 12,632 | (5.3 | ) % |   | 38,922 |   | 40,946 | (4.9 | ) % |
| Total Lodging operating expense                                | $ | 39,292 |   | $ | 38,988 | 0.8 |   % | $ | 119,703 | $ | 122,583 | (2.3 | ) % |
| Total Lodging Reported EBITDA                                  | $ | 5,585 |   | $ | 5,908 | (5.5 | ) % | $ | 5,205 |    $ | 8,716 | (40.3 | ) % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Owned hotel statistics:                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      ADR                              | $ | 205.61 |   | $ | 215.52 | (4.6 | )% | $ | 193.69 | $ | 191.24 | 1.3 |   % |
|      RevPAR                           | $ | 132.37 |   | $ | 136.57 | (3.1 | )% | $ | 105.30 | $ | 116.10 | (9.3 | ) % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Managed condominium statistics:                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      ADR                              | $ | 334.73 |   | $ | 318.19 | 5.2 |  % | $ | 308.28 | $ | 298.15 | 3.4 |   % |
|      RevPAR                           | $ | 140.07 |   | $ | 137.59 | 1.8 |  % | $ | 92.37 | $ | 100.42 | (8.0 | ) % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Owned hotel and managed condominium statistics (combined):     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      ADR                              | $ | 278.74 |   | $ | 275.25 | 1.3 |  % | $ | 249.66 | $ | 244.26 | 2.2 |   % |
|      RevPAR                           | $ | 137.51 |   | $ | 137.25 | 0.2 |  % | $ | 97.10 | $ | 106.07 | (8.5 | ) % |

| Key Balance Sheet Data                        |
|-----------------------------------------------|
| (In thousands)                                |
| (Unaudited)                                   |
|                                          |   |   |   |
|                                          |   |   | As of April 30, |
|                                          |   |   | 2010 |   | 2009 |
| Real estate held for sale and investment      |   | $ | 445,885 |   | $ | 276,952 |
| Total Vail Resorts, Inc. stockholders' equity |   | $ | 842,964 |   | $ | 808,540 |
|                                          |   |   |   |   |   |   |
| 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 |

|                                                |                       |    |    | (In thousands)     |
|-----------------------------------------------------|----------------------------|---------|---------|--------------------|
|                                                |                       |    |    | (Unaudited)        |
|                                                |                       |    |    | 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 |   |
| * Resort represents the sum of Mountain and Lodging |

|                                                |                       |     |    | (In thousands) |
|-----------------------------------------------------|----------------------------|----------|---------|----------------|
|                                                |                       |     |    | (Unaudited)    |
|                                                |                       |     |    | Twelve         |
|                                                |                       |     |    | Months Ended   |
|                                                |                       |     |    | April 30,      |
|                                                |                       |     |    | 2010           |
| Mountain Reported EBITDA                            | $                          | 183,339  |    |
| Lodging Reported EBITDA                             |                       | 3,248    |    |
|                                                | Resort Reported EBITDA*    |     | 186,587 |           |
| Real Estate Reported EBITDA                         |                       | (6,879   | )       |
|                                                | Total Reported EBITDA      |     | 179,708 |           |
| Depreciation and amortization                       |                       | (109,883 | )       |
| Loss on disposal of fixed assets, net               |                       | (339     | )       |
| Investment income                                   |                       | 928      |    |
| Interest expense, net                               |                       | (18,472  | )       |
| Income before provision for income taxes            |                       | 51,942   |    |
|                                                | Provision for income taxes |     | (15,301 | )              |
| Net income                                          | $                          | 36,641   |    |
| Net income attributable to noncontrolling interests |                       | (3,065   | )       |
| Net income attributable to Vail Resorts, Inc        | $                          | 33,576   |    |

|                               |                              |    |    | (In thousands)       |
|------------------------------------|-----------------------------------|---------|---------|----------------------|
|                               |                              |    |    | (Unaudited)          |
|                               |                              |    |    | As of April 30, 2010 |
| Long-term debt                     | $                                 | 489,822 |    |
| Long-term debt due within one year |                              | 1,851   |    |
| Total debt                         |                              | 491,673 |    |
| Less: cash and cash equivalents    |                              | 51,147  |    |
|                               | Net debt                          | $       | 440,526 |                 |
|                               |                              |    |    |
|                               | Net debt to Total Reported EBITDA |    | 2.5     | x                    |

|                                                    | Fiscal 2010 Guidance |
|---------------------------------------------------------|----------------------|
|                                                    | (In thousands)       |
|                                                    | For the Year Ending  |
|                                                    | July 31, 2010        |
|                                                    | Low EndRange         |   | High End Range |
| Mountain Reported EBITDA (1)                            | $                    | 170,000 |   |   | $ | 180,000 |   |
| Lodging Reported EBITDA (2)                             |                 | 5,000 |   |   |   | 11,000 |   |
| Resort Reported EBITDA (3)                              |                 | 178,000 |   |   |   | 188,000 |   |
| Real Estate Reported EBITDA  (4)              |                 | (8,000 | ) |   |   | -- |   |
| Total Reported EBITDA                                   |                 | 170,000 |   |   |   | 188,000 |   |
| Depreciation and amortization                           |                 | (111,000 | ) |   |   | (111,000 | ) |
| Loss on disposal of fixed assets, net                   |                 | (1,100 | ) |   |   | (1,100 | ) |
| Investment income                                       |                 | 800 |   |   |   | 850 |   |
| Interest expense, net                                   |                 | (17,000 | ) |   |   | (17,000 | ) |
| Income before provision for income taxes                |                 | 41,700 |   |   |   | 59,750 |   |
| Provision for income taxes                              |                 | (16,050 | ) |   |   | (23,000 | ) |
| Net income                                              |                 | 25,650 |   |   |   | 36,750 |   |
| Net income attributable to the noncontrolling interests |                 | (650 | ) |   |   | (1,750 | ) |
| Net income attributable to Vail Resorts, Inc.           | $                    | 25,000 |   |   | $ | 35,000 |   |

| (1)   | Mountain Reported EBITDA includes approximately $5 million of stock-based compensation. |
|-----------------|-----------------------------------------------------------------------------------------|

| (2)   | Lodging Reported EBITDA includes approximately $2 million of stock-based compensation. |
|-----------------|----------------------------------------------------------------------------------------|

| (3)   | Resort represents the sum of Mountain and Lodging. The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined.  Readers are cautioned to recognize that the low end of the expected ranges provided for the Lodging and Mountain segments, while possible, do not sum to the low end of the Resort Reported EBITDA range provided because we do not necessarily expect or assume that we will actually hit the low end of both ranges, as the actual Resort Reported EBITDA will depend on the actual mix of the Lodging and Mountain components.  Similarly, the high end of the ranges for the Lodging and Mountain segments do not sum to the high end of the Resort Reported EBITDA range. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Real Estate Reported EBITDA includes approximately $4 million of stock-based compensation. |
|-----------------|--------------------------------------------------------------------------------------------|