|        |
|--------|
|        |  |
| ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|        |
|--------|
|        |  |
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

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

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |
| Large accelerated filer |   | ý |    | Accelerated filer |   | ¨ |
|                              |   |   |   |
| Non-accelerated filer             |   | ¨  (Do not check if a smaller reporting company) |    | Smaller reporting company |   | ¨ |

----

|               |
|---------------|
|               |  |  |
|          |   |   |
| 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. | 11 |
| Item 4.  | Controls and Procedures. | 12 |
|          |   |   |
| PART II  | OTHER INFORMATION |   |
|          |   |   |
| Item 1.  | Legal Proceedings. | 12 |
| Item 1A. | Risk Factors. | 12 |
| Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds. | 12 |
| Item 3.  | Defaults Upon Senior Securities. | 12 |
| Item 4.  | Mine Safety Disclosures. | 12 |
| Item 5.  | Other Information. | 13 |
| Item 6.  | Exhibits. | 13 |

----

|                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                       |  |  |  |  |  |  |
| Consolidated Condensed Balance Sheets as of October 31, 2012, July  31, 2012 and October 31, 2011 | F-2 |
| Consolidated Condensed Statements of Operations for the Three Months Ended October  31, 2012 and 2011            | F-3 |
| Consolidated Condensed Statements of Comprehensive Income (Loss) for the Three Months Ended October 31, 2012 and 2011 | F-4 |
| Consolidated Condensed Statements of Cash Flows for the Three Months Ended October  31, 2012 and 2011            | F-5 |
| Notes to Consolidated Condensed Financial Statements                                                                  | F-6 |

----

|                                                                                                                                                         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                    |   | October 31, 2012 (Unaudited) |   | July 31, 2012 |   | October 31, 2011 (Unaudited) |
| Assets                                                                                                                                                  |   |   |   |   |   |   |
| Current assets:                                                                                                                                         |   |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                               |   | $ | 43,985 |  |   | $ | 46,053 |  |   | $ | 44,738 |  |
| Restricted cash                                                                                                                                         |   | 14,526 |  |   | 14,284 |  |   | 13,615 |  |
| Trade receivables, net                                                                                                                                  |   | 29,721 |  |   | 65,743 |  |   | 29,627 |  |
| Inventories, net                                                                                                                                        |   | 84,752 |  |   | 65,873 |  |   | 75,789 |  |
| Other current assets                                                                                                                                    |   | 49,115 |  |   | 40,417 |  |   | 57,822 |  |
| Total current assets                                                                                                                                    |   | 222,099 |  |   | 232,370 |  |   | 221,591 |  |
| Property, plant and equipment, net (Note 6)                                                                                                             |   | 1,056,643 |  |   | 1,049,207 |  |   | 1,050,026 |  |
| Real estate held for sale and investment                                                                                                                |   | 227,662 |  |   | 237,668 |  |   | 263,130 |  |
| Goodwill, net                                                                                                                                           |   | 269,859 |  |   | 269,769 |  |   | 268,058 |  |
| Intangible assets, net                                                                                                                                  |   | 91,619 |  |   | 92,070 |  |   | 91,360 |  |
| Other assets                                                                                                                                            |   | 45,553 |  |   | 46,530 |  |   | 46,183 |  |
| Total assets                                                                                                                                            |   | $ | 1,913,435 |  |   | $ | 1,927,614 |  |   | $ | 1,940,348 |  |
| Liabilities and Stockholders’ Equity                                                                                                              |   |   |   |   |   |   |
| Current liabilities:                                                                                                                                    |   |   |   |   |   |   |
| Accounts payable and accrued liabilities (Note 6)                                                                                                       |   | $ | 318,258 |  |   | $ | 227,538 |  |   | $ | 316,592 |  |
| Income taxes payable                                                                                                                                    |   | 17,026 |  |   | 20,721 |  |   | 19,568 |  |
| Long-term debt due within one year (Note 4)                                                                                                             |   | 848 |  |   | 990 |  |   | 1,063 |  |
| Total current liabilities                                                                                                                               |   | 336,132 |  |   | 249,249 |  |   | 337,223 |  |
| Long-term debt (Note 4)                                                                                                                                 |   | 489,525 |  |   | 489,775 |  |   | 490,377 |  |
| Other long-term liabilities (Note 6)                                                                                                                    |   | 231,800 |  |   | 232,869 |  |   | 236,275 |  |
| Deferred income taxes                                                                                                                                   |   | 103,549 |  |   | 139,393 |  |   | 99,118 |  |
| Commitments and contingencies (Note 9)                                                                                                                  |   |  |   |  |   |  |
| 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, 40,826,977 (unaudited), 40,531,204 and 40,468,268 (unaudited) shares issued, respectively |   | 408 |  |   | 405 |  |   | 405 |  |
| Additional paid-in capital                                                                                                                              |   | 589,763 |  |   | 586,691 |  |   | 578,403 |  |
| Accumulated other comprehensive income (loss)                                                                                                           |   | 39 |  |   | (255 | ) |   | — |  |
| Retained earnings                                                                                                                                       |   | 341,353 |  |   | 408,662 |  |   | 355,318 |  |
| Treasury stock, at cost; 4,949,111 (unaudited), 4,949,111 and 4,468,181 (unaudited) shares, respectively (Note 11)                                      |   | (193,192 | ) |   | (193,192 | ) |   | (170,696 | ) |
| Total Vail Resorts, Inc. stockholders’ equity                                                                                                     |   | 738,371 |  |   | 802,311 |  |   | 763,430 |  |
| Noncontrolling interests                                                                                                                                |   | 14,058 |  |   | 14,017 |  |   | 13,925 |  |
| Total stockholders’ equity (Note 2)                                                                                                               |   | 752,429 |  |   | 816,328 |  |   | 777,355 |  |
| Total liabilities and stockholders’ equity                                                                                                        |   | $ | 1,913,435 |  |   | $ | 1,927,614 |  |   | $ | 1,940,348 |  |

----

|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |  |  |  |  |  |  |
|                                                                                           |   | Three Months Ended October 31, |
|                                                                                           |   | 2012 |   | 2011 |
| Net revenue:                                                                                   |   |   |   |   |
| Mountain                                                                                       |   | $ | 51,912 |  |   | $ | 49,670 |  |
| Lodging                                                                                        |   | 52,508 |  |   | 53,594 |  |
| Real estate                                                                                    |   | 11,930 |  |   | 13,109 |  |
| Total net revenue                                                                              |   | 116,350 |  |   | 116,373 |  |
| Segment operating expense (exclusive of depreciation and amortization shown separately below): |   |   |   |   |
| Mountain                                                                                       |   | 107,548 |  |   | 98,555 |  |
| Lodging                                                                                        |   | 51,806 |  |   | 55,301 |  |
| Real estate                                                                                    |   | 15,614 |  |   | 17,847 |  |
| Total segment operating expense                                                                |   | 174,968 |  |   | 171,703 |  |
| Other operating expense:                                                                       |   |   |   |   |
| Depreciation and amortization                                                                  |   | (31,679 | ) |   | (28,930 | ) |
| Loss on disposal of fixed assets, net                                                          |   | (2 | ) |   | (114 | ) |
| Loss from operations                                                                           |   | (90,299 | ) |   | (84,374 | ) |
| Mountain equity investment income, net                                                         |   | 434 |  |   | 430 |  |
| Investment income, net                                                                         |   | 54 |  |   | 64 |  |
| Interest expense, net                                                                          |   | (8,375 | ) |   | (8,241 | ) |
| Loss before benefit from income taxes                                                          |   | (98,186 | ) |   | (92,121 | ) |
| Benefit from income taxes                                                                      |   | 37,583 |  |   | 36,387 |  |
| Net loss                                                                                       |   | (60,603 | ) |   | (55,734 | ) |
| Net loss attributable to noncontrolling interests                                              |   | 23 |  |   | 25 |  |
| Net loss attributable to Vail Resorts, Inc.                                                    |   | $ | (60,580 | ) |   | $ | (55,709 | ) |
| Per share amounts (Note 3):                                                                    |   |   |   |   |
| Basic net loss per share attributable to Vail Resorts, Inc.                                    |   | $ | (1.70 | ) |   | $ | (1.54 | ) |
| Diluted net loss per share attributable to Vail Resorts, Inc.                                  |   | $ | (1.70 | ) |   | $ | (1.54 | ) |
| Cash dividends declared per share                                                              |   | $ | 0.1875 |  |   | $ | 0.15 |  |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |
|                                                        |   | Three Months Ended October 31, |
|                                                        |   | 2012 |   | 2011 |
| Net loss                                                    |   | $ | (60,603 | ) |   | $ | (55,734 | ) |
| Foreign currency translation adjustments                    |   | 294 |  |   | — |  |
| Comprehensive loss                                          |   | (60,309 | ) |   | (55,734 | ) |
| Comprehensive loss attributable to noncontrolling interests |   | 23 |  |   | 25 |  |
| Comprehensive loss attributable to Vail Resorts, Inc.       |   | $ | (60,286 | ) |   | $ | (55,709 | ) |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |
|                                                                            |   | Three Months Ended October 31, |
|                                                                            |   | 2012 |   | 2011 |
| Cash flows from operating activities:                                           |   |   |   |   |
| Net loss                                                                        |   | $ | (60,603 | ) |   | $ | (55,734 | ) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |   |   |   |   |
| Depreciation and amortization                                                   |   | 31,679 |  |   | 28,930 |  |
| Cost of real estate sales                                                       |   | 9,241 |  |   | 10,288 |  |
| Stock-based compensation expense                                                |   | 3,472 |  |   | 4,032 |  |
| Deferred income taxes, net                                                      |   | (37,583 | ) |   | (36,387 | ) |
| Other non-cash income, net                                                      |   | (2,712 | ) |   | (2,404 | ) |
| Changes in assets and liabilities:                                              |   |   |   |   |
| Restricted cash                                                                 |   | (237 | ) |   | (1,177 | ) |
| Trade receivables, net                                                          |   | 35,223 |  |   | 29,991 |  |
| Inventories, net                                                                |   | (18,879 | ) |   | (21,782 | ) |
| Investments in real estate                                                      |   | (477 | ) |   | (1,094 | ) |
| Accounts payable and accrued liabilities                                        |   | 85,627 |  |   | 87,453 |  |
| Other assets and liabilities, net                                               |   | (10,174 | ) |   | (3,781 | ) |
| Net cash provided by operating activities                                       |   | 34,577 |  |   | 38,335 |  |
| Cash flows from investing activities:                                           |   |   |   |   |
| Capital expenditures                                                            |   | (35,907 | ) |   | (51,003 | ) |
| Other investing activities, net                                                 |   | 255 |  |   | (136 | ) |
| Net cash used in investing activities                                           |   | (35,652 | ) |   | (51,139 | ) |
| Cash flows from financing activities:                                           |   |   |   |   |
| Repurchases of common stock                                                     |   | — |  |   | (7,869 | ) |
| Dividends paid                                                                  |   | (6,729 | ) |   | (5,429 | ) |
| Other financing activities, net                                                 |   | 5,704 |  |   | 697 |  |
| Net cash used in financing activities                                           |   | (1,025 | ) |   | (12,601 | ) |
| Effect of exchange rate changes on cash and cash equivalents                    |   | 32 |  |   | — |  |
| Net decrease in cash and cash equivalents                                       |   | (2,068 | ) |   | (25,405 | ) |
| Cash and cash equivalents:                                                      |   |   |   |   |
| Beginning of period                                                             |   | 46,053 |  |   | 70,143 |  |
| End of period                                                                   |   | $ | 43,985 |  |   | $ | 44,738 |  |

----

|    |                           |
|----|---------------------------|
| 1. | Organization and Business |

|    |                                                 |
|----|-------------------------------------------------|
| 2. |  Summary of Significant Accounting Policies |

----

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                         |   | For the Three Months Ended October 31, |
|                                                                         |   | 2012 |   | 2011 |
|                                                                         |   | Vail ResortsStockholders’Equity |   | NoncontrollingInterests |   | TotalStockholders' Equity |   | Vail ResortsStockholders’Equity |   | NoncontrollingInterests |   | TotalStockholders' Equity |
| Balance, beginning of period                                                 |   | $ | 802,311 |  |   | $ | 14,017 |  |   | $ | 816,328 |  |   | $ | 829,723 |  |   | $ | 13,996 |  |   | $ | 843,719 |  |
| Net loss                                                                     |   | (60,580 | ) |   | (23 | ) |   | (60,603 | ) |   | (55,709 | ) |   | (25 | ) |   | (55,734 | ) |
| Stock-based compensation expense                                             |   | 3,472 |  |   | — |  |   | 3,472 |  |   | 4,032 |  |   | — |  |   | 4,032 |  |
| Issuance of shares under share award plans, net of shares withheld for taxes |   | (3,989 | ) |   | — |  |   | (3,989 | ) |   | (2,245 | ) |   | — |  |   | (2,245 | ) |
| Tax benefit from share award plans                                           |   | 3,592 |  |   | — |  |   | 3,592 |  |   | 927 |  |   | — |  |   | 927 |  |
| Cash dividends paid on common stock                                          |   | (6,729 | ) |   | — |  |   | (6,729 | ) |   | (5,429 | ) |   | — |  |   | (5,429 | ) |
| Repurchases of common stock                                                  |   | — |  |   | — |  |   | — |  |   | (7,869 | ) |   | — |  |   | (7,869 | ) |
| Contributions (distributions) from/to noncontrolling interests, net          |   | — |  |   | 64 |  |   | 64 |  |   | — |  |   | (46 | ) |   | (46 | ) |
| Foreign currency translation adjustments                                     |   | 294 |  |   | — |  |   | 294 |  |   | — |  |   | — |  |   | — |  |
| Balance, end of period                                                       |   | $ | 738,371 |  |   | $ | 14,058 |  |   | $ | 752,429 |  |   | $ | 763,430 |  |   | $ | 13,925 |  |   | $ | 777,355 |  |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |
|                         |   | October 31, 2012 |
|                         |   | CarryingValue |   | FairValue |
| 6.50% Notes                  |   | $ | 390,000 |  |   | $ | 424,125 |  |
| Industrial Development Bonds |   | $ | 41,200 |  |   | $ | 47,434 |  |
| Other long-term debt         |   | $ | 6,598 |  |   | $ | 7,324 |  |

|    |                                |
|----|--------------------------------|
| 3. |  Net Loss Per Common Share |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | Three Months Ended October 31, |
|                                            |   | 2012 |   | 2011 |
|                                            |   | Basic |   | Diluted |   | Basic |   | Diluted |
| Net loss per share:                             |   |   |   |   |   |   |   |   |
| Net loss attributable to Vail Resorts           |   | $ | (60,580 | ) |   | $ | (60,580 | ) |   | $ | (55,709 | ) |   | $ | (55,709 | ) |
| Weighted-average shares outstanding             |   | 35,700 |  |   | 35,700 |  |   | 36,066 |  |   | 36,066 |  |
| Effect of dilutive securities                   |   | — |  |   | — |  |   | — |  |   | — |  |
| Total shares                                    |   | 35,700 |  |   | 35,700 |  |   | 36,066 |  |   | 36,066 |  |
| Net loss per share attributable to Vail Resorts |   | $ | (1.70 | ) |   | $ | (1.70 | ) |   | $ | (1.54 | ) |   | $ | (1.54 | ) |

|    |                |
|----|----------------|
| 4. | Long-Term Debt |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         |   | Maturity (a) |   | October 31, 2012 |   | July 31, 2012 |   | October 31, 2011 |
| Credit Facility Revolver     |   | 2016 |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Industrial Development Bonds |   | 2020 |   | 41,200 |  |   | 41,200 |  |   | 41,200 |  |
| Employee Housing Bonds       |   | 2027-2039 |   | 52,575 |  |   | 52,575 |  |   | 52,575 |  |
| 6.50% Notes                  |   | 2019 |   | 390,000 |  |   | 390,000 |  |   | 390,000 |  |
| Other                        |   | 2013-2029 |   | 6,598 |  |   | 6,990 |  |   | 7,665 |  |
| Total debt                   |   |   |   | 490,373 |  |   | 490,765 |  |   | 491,440 |  |
| Less: Current maturities (b) |   |   |   | 848 |  |   | 990 |  |   | 1,063 |  |
| Long-term debt               |   |   |   | $ | 489,525 |  |   | $ | 489,775 |  |   | $ | 490,377 |  |

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

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

|            |
|------------|
|            |  |  |  |
|       |   |
| 2013       | $ | 624 |  |
| 2014       | 509 |  |
| 2015       | 533 |  |
| 2016       | 244 |  |
| 2017       | 257 |  |
| Thereafter | 488,206 |  |
|       |   |
| Total debt | $ | 490,373 |  |
|       |   |

----

|    |                   |
|----|-------------------|
| 5. |  Acquisitions |

----

|    |                                              |
|----|----------------------------------------------|
| 6. |  Supplementary Balance Sheet Information |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |
|                                |   | October 31, 2012 |   | July 31, 2012 |   | October 31, 2011 |
|                                |   |   |   |   |   |   |
| Land and land improvements          |   | $ | 282,161 |  |   | $ | 281,729 |  |   | $ | 271,777 |  |
| Buildings and building improvements |   | 838,745 |  |   | 838,780 |  |   | 802,431 |  |
| Machinery and equipment             |   | 566,368 |  |   | 563,309 |  |   | 540,492 |  |
| Furniture and fixtures              |   | 245,295 |  |   | 243,587 |  |   | 216,608 |  |
| Software                            |   | 85,122 |  |   | 81,659 |  |   | 66,577 |  |
| Vehicles                            |   | 46,972 |  |   | 44,798 |  |   | 41,111 |  |
| Construction in progress            |   | 62,907 |  |   | 36,979 |  |   | 83,808 |  |
| Gross property, plant and equipment |   | 2,127,570 |  |   | 2,090,841 |  |   | 2,022,804 |  |
| Accumulated depreciation            |   | (1,070,927 | ) |   | (1,041,634 | ) |   | (972,778 | ) |
| Property, plant and equipment, net  |   | $ | 1,056,643 |  |   | $ | 1,049,207 |  |   | $ | 1,050,026 |  |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |
|                                              |   | October 31, 2012 |   | July 31, 2012 |   | October 31, 2011 |
|                                              |   |   |   |   |   |   |
| Trade payables                                    |   | $ | 87,422 |  |   | $ | 56,508 |  |   | $ | 96,807 |  |
| Deferred revenue                                  |   | 134,963 |  |   | 78,793 |  |   | 123,364 |  |
| Accrued salaries, wages and deferred compensation |   | 19,882 |  |   | 21,242 |  |   | 18,365 |  |
| Accrued benefits                                  |   | 19,397 |  |   | 20,216 |  |   | 21,525 |  |
| Deposits                                          |   | 9,633 |  |   | 12,031 |  |   | 9,163 |  |
| Accrued interest                                  |   | 13,433 |  |   | 8,015 |  |   | 13,933 |  |
| Other accruals                                    |   | 33,528 |  |   | 30,733 |  |   | 33,435 |  |
|                                              |   |   |   |   |   |   |
| Total accounts payable and accrued liabilities    |   | $ | 318,258 |  |   | $ | 227,538 |  |   | $ | 316,592 |  |
|                                              |   |   |   |   |   |   |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |
|                                         |   | October 31, 2012 |   | July 31, 2012 |   | October 31, 2011 |
|                                         |   |   |   |   |   |   |
| Private club deferred initiation fee revenue |   | $ | 134,134 |  |   | $ | 135,660 |  |   | $ | 138,430 |  |
| Unfavorable lease obligation, net            |   | 35,390 |  |   | 36,058 |  |   | 38,061 |  |
| Other long-term liabilities                  |   | 62,276 |  |   | 61,151 |  |   | 59,784 |  |
|                                         |   |   |   |   |   |   |
| Total other long-term liabilities            |   | $ | 231,800 |  |   | $ | 232,869 |  |   | $ | 236,275 |  |
|                                         |   |   |   |   |   |   |

----

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   |   |   |   |   |   |   |   |   |   |
|   |   |   | Fair Value Measurement as of October 31, 2012 |
|   | Description |   | Balance at October 31, 2012 |   | Level 1 |   | Level 2 |   | Level 3 |
|   |
|   | Money Market |   | $ | 9,025 |  |   | $ | 9,025 |  |   | $ | — |  |   | $ | — |  |
|   | Commercial Paper |   | $ | 630 |  |   | $ | — |  |   | $ | 630 |  |   | $ | — |  |
|   | Certificates of Deposit |   | $ | 630 |  |   | $ | — |  |   | $ | 630 |  |   | $ | — |  |
|   |   |   |   |
|   |   |   | Fair Value Measurement as of July 31, 2012 |
|   | Description |   | Balance at July 31, 2012 |   | Level 1 |   | Level 2 |   | Level 3 |
|   | Money Market |   | $ | 6,581 |  |   | $ | 6,581 |  |   | $ | — |  |   | $ | — |  |
|   | Commercial Paper |   | $ | 2,441 |  |   | $ | — |  |   | $ | 2,441 |  |   | $ | — |  |
|   | Certificates of Deposit |   | $ | 1,260 |  |   | $ | — |  |   | $ | 1,260 |  |   | $ | — |  |
|   |   |   |   |
|   |   |   | Fair Value Measurement as of October 31, 2011 |
|   | Description |   | Balance at October 31, 2011 |   | Level 1 |   | Level 2 |   | Level 3 |
|   | US Treasury |   | $ | 8,385 |  |   | $ | 8,385 |  |   | $ | — |  |   | $ | — |  |
|   | Certificates of Deposit |   | $ | 2,807 |  |   | $ | — |  |   | $ | 2,807 |  |   | $ | — |  |

----

----

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |
|                                                          |   | Three Months Ended October 31, |
|                                                          |   | 2012 |   | 2011 |
| Net revenue:                                                  |   |   |   |   |
| Lift tickets                                                  |   | $ | — |  |   | $ | — |  |
| Ski school                                                    |   | — |  |   | — |  |
| Dining                                                        |   | 6,373 |  |   | 5,647 |  |
| Retail/rental                                                 |   | 26,725 |  |   | 26,964 |  |
| Other                                                         |   | 18,814 |  |   | 17,059 |  |
| Total Mountain net revenue                                    |   | 51,912 |  |   | 49,670 |  |
| Lodging                                                       |   | 52,508 |  |   | 53,594 |  |
| Total Resort net revenue                                      |   | 104,420 |  |   | 103,264 |  |
| Real estate                                                   |   | 11,930 |  |   | 13,109 |  |
| Total net revenue                                             |   | $ | 116,350 |  |   | $ | 116,373 |  |
| Operating expense:                                            |   |   |   |   |
| Mountain                                                      |   | $ | 107,548 |  |   | $ | 98,555 |  |
| Lodging                                                       |   | 51,806 |  |   | 55,301 |  |
| Total Resort operating expense                                |   | 159,354 |  |   | 153,856 |  |
| Real estate                                                   |   | 15,614 |  |   | 17,847 |  |
| Total segment operating expense                               |   | $ | 174,968 |  |   | $ | 171,703 |  |
| Mountain equity investment income, net                        |   | $ | 434 |  |   | $ | 430 |  |
| Reported EBITDA:                                              |   |   |   |   |
| Mountain                                                      |   | $ | (55,202 | ) |   | $ | (48,455 | ) |
| Lodging                                                       |   | 702 |  |   | (1,707 | ) |
| Resort                                                        |   | (54,500 | ) |   | (50,162 | ) |
| Real estate                                                   |   | (3,684 | ) |   | (4,738 | ) |
| Total Reported EBITDA                                         |   | $ | (58,184 | ) |   | $ | (54,900 | ) |
|                                                          |   |   |   |   |
| Real estate held for sale and investment                      |   | $ | 227,662 |  |   | $ | 263,130 |  |
|                                                          |   |   |   |   |
| Reconciliation to net loss attributable to Vail Resorts, Inc: |   |   |   |   |
| Total Reported EBITDA                                         |   | $ | (58,184 | ) |   | $ | (54,900 | ) |
| Depreciation and amortization                                 |   | (31,679 | ) |   | (28,930 | ) |
| Loss on disposal of fixed assets, net                         |   | (2 | ) |   | (114 | ) |
| Investment income, net                                        |   | 54 |  |   | 64 |  |
| Interest expense, net                                         |   | (8,375 | ) |   | (8,241 | ) |
| Loss before benefit from income taxes                         |   | (98,186 | ) |   | (92,121 | ) |
| Benefit from income taxes                                     |   | 37,583 |  |   | 36,387 |  |
| Net loss                                                      |   | $ | (60,603 | ) |   | $ | (55,734 | ) |
| Net loss attributable to noncontrolling interests             |   | 23 |  |   | 25 |  |
| Net loss attributable to Vail Resorts, Inc.                   |   | $ | (60,580 | ) |   | $ | (55,709 | ) |

----

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          |   | ParentCompany |   | 100%OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Current assets:                                               |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                     |   | $ | — |  |   | $ | 36,779 |  |   | $ | 7,206 |  |   | $ | — |  |   | $ | 43,985 |  |
| Restricted cash                                               |   | — |  |   | 13,578 |  |   | 948 |  |   | — |  |   | 14,526 |  |
| Trade receivables, net                                        |   | — |  |   | 26,639 |  |   | 3,082 |  |   | — |  |   | 29,721 |  |
| Inventories, net                                              |   | — |  |   | 84,548 |  |   | 204 |  |   | — |  |   | 84,752 |  |
| Other current assets                                          |   | 25,782 |  |   | 22,827 |  |   | 506 |  |   | — |  |   | 49,115 |  |
| Total current assets                                          |   | 25,782 |  |   | 184,371 |  |   | 11,946 |  |   | — |  |   | 222,099 |  |
| Property, plant and equipment, net                            |   | — |  |   | 1,008,799 |  |   | 47,844 |  |   | — |  |   | 1,056,643 |  |
| Real estate held for sale and investment                      |   | — |  |   | 227,662 |  |   | — |  |   | — |  |   | 227,662 |  |
| Goodwill, net                                                 |   | — |  |   | 268,058 |  |   | 1,801 |  |   | — |  |   | 269,859 |  |
| Intangible assets, net                                        |   | — |  |   | 72,262 |  |   | 19,357 |  |   | — |  |   | 91,619 |  |
| Other assets                                                  |   | 6,836 |  |   | 42,299 |  |   | 5,877 |  |   | (9,459 | ) |   | 45,553 |  |
| Investments in subsidiaries                                   |   | 1,684,088 |  |   | (1,996 | ) |   | — |  |   | (1,682,092 | ) |   | — |  |
| Advances                                                      |   | (428,299 | ) |   | 425,366 |  |   | 2,933 |  |   | — |  |   | — |  |
| Total assets                                                  |   | $ | 1,288,407 |  |   | $ | 2,226,821 |  |   | $ | 89,758 |  |   | $ | (1,691,551 | ) |   | $ | 1,913,435 |  |
| Current liabilities:                                          |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                      |   | $ | 12,906 |  |   | $ | 297,715 |  |   | $ | 7,637 |  |   | $ | — |  |   | $ | 318,258 |  |
| Income taxes payable                                          |   | 17,026 |  |   | — |  |   | — |  |   | — |  |   | 17,026 |  |
| Long-term debt due within one year                            |   | — |  |   | 629 |  |   | 219 |  |   | — |  |   | 848 |  |
| Total current liabilities                                     |   | 29,932 |  |   | 298,344 |  |   | 7,856 |  |   | — |  |   | 336,132 |  |
| Long-term debt                                                |   | 390,000 |  |   | 41,787 |  |   | 57,738 |  |   | — |  |   | 489,525 |  |
| Other long-term liabilities                                   |   | 28,050 |  |   | 202,602 |  |   | 10,607 |  |   | (9,459 | ) |   | 231,800 |  |
| Deferred income taxes                                         |   | 102,054 |  |   | — |  |   | 1,495 |  |   | — |  |   | 103,549 |  |
| Total Vail Resorts, Inc. stockholders’ equity (deficit) |   | 738,371 |  |   | 1,684,088 |  |   | (1,996 | ) |   | (1,682,092 | ) |   | 738,371 |  |
| Noncontrolling interests                                      |   | — |  |   | — |  |   | 14,058 |  |   | — |  |   | 14,058 |  |
| Total stockholders’ equity                              |   | 738,371 |  |   | 1,684,088 |  |   | 12,062 |  |   | (1,682,092 | ) |   | 752,429 |  |
| Total liabilities and stockholders’ equity              |   | $ | 1,288,407 |  |   | $ | 2,226,821 |  |   | $ | 89,758 |  |   | $ | (1,691,551 | ) |   | $ | 1,913,435 |  |

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          |   | ParentCompany |   | 100%OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Current assets:                                               |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                     |   | $ | — |  |   | $ | 38,380 |  |   | $ | 7,673 |  |   | $ | — |  |   | $ | 46,053 |  |
| Restricted cash                                               |   | — |  |   | 13,300 |  |   | 984 |  |   | — |  |   | 14,284 |  |
| Trade receivables, net                                        |   | — |  |   | 64,185 |  |   | 1,558 |  |   | — |  |   | 65,743 |  |
| Inventories, net                                              |   | — |  |   | 65,673 |  |   | 200 |  |   | — |  |   | 65,873 |  |
| Other current assets                                          |   | 24,458 |  |   | 15,522 |  |   | 437 |  |   | — |  |   | 40,417 |  |
| Total current assets                                          |   | 24,458 |  |   | 197,060 |  |   | 10,852 |  |   | — |  |   | 232,370 |  |
| Property, plant and equipment, net                            |   | — |  |   | 1,000,767 |  |   | 48,440 |  |   | — |  |   | 1,049,207 |  |
| Real estate held for sale and investment                      |   | — |  |   | 237,668 |  |   | — |  |   | — |  |   | 237,668 |  |
| Goodwill, net                                                 |   | — |  |   | 268,058 |  |   | 1,711 |  |   | — |  |   | 269,769 |  |
| Intangible assets, net                                        |   | — |  |   | 72,751 |  |   | 19,319 |  |   | — |  |   | 92,070 |  |
| Other assets                                                  |   | 7,113 |  |   | 42,939 |  |   | 5,937 |  |   | (9,459 | ) |   | 46,530 |  |
| Investments in subsidiaries                                   |   | 1,775,195 |  |   | (553 | ) |   | — |  |   | (1,774,642 | ) |   | — |  |
| Advances                                                      |   | (421,115 | ) |   | 418,001 |  |   | 3,114 |  |   | — |  |   | — |  |
| Total assets                                                  |   | $ | 1,385,651 |  |   | $ | 2,236,691 |  |   | $ | 89,373 |  |   | $ | (1,784,101 | ) |   | $ | 1,927,614 |  |
| Current liabilities:                                          |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                      |   | $ | 6,542 |  |   | $ | 215,308 |  |   | $ | 5,688 |  |   | $ | — |  |   | $ | 227,538 |  |
| Income taxes payable                                          |   | 20,721 |  |   | — |  |   | — |  |   | — |  |   | 20,721 |  |
| Long-term debt due within one year                            |   | — |  |   | 782 |  |   | 208 |  |   | — |  |   | 990 |  |
| Total current liabilities                                     |   | 27,263 |  |   | 216,090 |  |   | 5,896 |  |   | — |  |   | 249,249 |  |
| Long-term debt                                                |   | 390,000 |  |   | 41,817 |  |   | 57,958 |  |   | — |  |   | 489,775 |  |
| Other long-term liabilities                                   |   | 28,104 |  |   | 203,589 |  |   | 10,635 |  |   | (9,459 | ) |   | 232,869 |  |
| Deferred income taxes                                         |   | 137,973 |  |   | — |  |   | 1,420 |  |   | — |  |   | 139,393 |  |
| Total Vail Resorts, Inc. stockholders’ equity (deficit) |   | 802,311 |  |   | 1,775,195 |  |   | (553 | ) |   | (1,774,642 | ) |   | 802,311 |  |
| Noncontrolling interests                                      |   | — |  |   | — |  |   | 14,017 |  |   | — |  |   | 14,017 |  |
| Total stockholders’ equity                              |   | 802,311 |  |   | 1,775,195 |  |   | 13,464 |  |   | (1,774,642 | ) |   | 816,328 |  |
| Total liabilities and stockholders’ equity              |   | $ | 1,385,651 |  |   | $ | 2,236,691 |  |   | $ | 89,373 |  |   | $ | (1,784,101 | ) |   | $ | 1,927,614 |  |

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          |   | ParentCompany |   | 100%OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Current assets:                                               |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                     |   | $ | — |  |   | $ | 38,060 |  |   | $ | 6,678 |  |   | $ | — |  |   | $ | 44,738 |  |
| Restricted cash                                               |   | — |  |   | 12,881 |  |   | 734 |  |   | — |  |   | 13,615 |  |
| Trade receivables, net                                        |   | — |  |   | 28,664 |  |   | 963 |  |   | — |  |   | 29,627 |  |
| Inventories, net                                              |   | — |  |   | 75,569 |  |   | 220 |  |   | — |  |   | 75,789 |  |
| Other current assets                                          |   | 30,700 |  |   | 26,744 |  |   | 378 |  |   | — |  |   | 57,822 |  |
| Total current assets                                          |   | 30,700 |  |   | 181,918 |  |   | 8,973 |  |   | — |  |   | 221,591 |  |
| Property, plant and equipment, net                            |   | — |  |   | 1,001,793 |  |   | 48,233 |  |   | — |  |   | 1,050,026 |  |
| Real estate held for sale and investment                      |   | — |  |   | 263,130 |  |   | — |  |   | — |  |   | 263,130 |  |
| Goodwill, net                                                 |   | — |  |   | 268,058 |  |   | — |  |   | — |  |   | 268,058 |  |
| Intangible assets, net                                        |   | — |  |   | 73,205 |  |   | 18,155 |  |   | — |  |   | 91,360 |  |
| Other assets                                                  |   | 7,876 |  |   | 33,739 |  |   | 4,568 |  |   | — |  |   | 46,183 |  |
| Investments in subsidiaries                                   |   | 1,633,628 |  |   | (4,696 | ) |   | — |  |   | (1,628,932 | ) |   | — |  |
| Advances                                                      |   | (358,390 | ) |   | 365,244 |  |   | (6,854 | ) |   | — |  |   | — |  |
| Total assets                                                  |   | $ | 1,313,814 |  |   | $ | 2,182,391 |  |   | $ | 73,075 |  |   | $ | (1,628,932 | ) |   | $ | 1,940,348 |  |
| Current liabilities:                                          |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                      |   | $ | 13,594 |  |   | $ | 298,661 |  |   | $ | 4,337 |  |   | $ | — |  |   | $ | 316,592 |  |
| Income taxes payable                                          |   | 19,568 |  |   | — |  |   | — |  |   | — |  |   | 19,568 |  |
| Long-term debt due within one year                            |   | — |  |   | 855 |  |   | 208 |  |   | — |  |   | 1,063 |  |
| Total current liabilities                                     |   | 33,162 |  |   | 299,516 |  |   | 4,545 |  |   | — |  |   | 337,223 |  |
| Long-term debt                                                |   | 390,000 |  |   | 42,419 |  |   | 57,958 |  |   | — |  |   | 490,377 |  |
| Other long-term liabilities                                   |   | 28,104 |  |   | 206,828 |  |   | 1,343 |  |   | — |  |   | 236,275 |  |
| Deferred income taxes                                         |   | 99,118 |  |   | — |  |   | — |  |   | — |  |   | 99,118 |  |
| Total Vail Resorts, Inc. stockholders’ equity (deficit) |   | 763,430 |  |   | 1,633,628 |  |   | (4,696 | ) |   | (1,628,932 | ) |   | 763,430 |  |
| Noncontrolling interests                                      |   | — |  |   | — |  |   | 13,925 |  |   | — |  |   | 13,925 |  |
| Total stockholders’ equity                              |   | 763,430 |  |   | 1,633,628 |  |   | 9,229 |  |   | (1,628,932 | ) |   | 777,355 |  |
| Total liabilities and stockholders’ equity              |   | $ | 1,313,814 |  |   | $ | 2,182,391 |  |   | $ | 73,075 |  |   | $ | (1,628,932 | ) |   | $ | 1,940,348 |  |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Total net revenue                                           |   | $ | — |  |   | $ | 116,004 |  |   | $ | 3,011 |  |   | $ | (2,665 | ) |   | $ | 116,350 |  |
| Total operating expense                                     |   | 113 |  |   | 204,358 |  |   | 4,805 |  |   | (2,627 | ) |   | 206,649 |  |
| Loss from operations                                        |   | (113 | ) |   | (88,354 | ) |   | (1,794 | ) |   | (38 | ) |   | (90,299 | ) |
| Other expense, net                                          |   | (6,610 | ) |   | (1,414 | ) |   | (335 | ) |   | 38 |  |   | (8,321 | ) |
| Equity investment income, net                               |   | — |  |   | 434 |  |   | — |  |   | — |  |   | 434 |  |
| Loss before benefit from income taxes                       |   | (6,723 | ) |   | (89,334 | ) |   | (2,129 | ) |   | — |  |   | (98,186 | ) |
| Benefit from income taxes                                   |   | 2,610 |  |   | 34,791 |  |   | 182 |  |   | — |  |   | 37,583 |  |
| Net loss before equity in loss of consolidated subsidiaries |   | (4,113 | ) |   | (54,543 | ) |   | (1,947 | ) |   | — |  |   | (60,603 | ) |
| Equity in loss of consolidated subsidiaries                 |   | (56,467 | ) |   | (1,924 | ) |   | — |  |   | 58,391 |  |   | — |  |
| Net loss                                                    |   | (60,580 | ) |   | (56,467 | ) |   | (1,947 | ) |   | 58,391 |  |   | (60,603 | ) |
| Net loss attributable to noncontrolling interests           |   | — |  |   | — |  |   | 23 |  |   | — |  |   | 23 |  |
| Net loss attributable to Vail Resorts, Inc.                 |   | $ | (60,580 | ) |   | $ | (56,467 | ) |   | $ | (1,924 | ) |   | $ | 58,391 |  |   | $ | (60,580 | ) |

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Total net revenue                                           |   | $ | — |  |   | $ | 117,034 |  |   | $ | 2,066 |  |   | $ | (2,727 | ) |   | $ | 116,373 |  |
| Total operating expense                                     |   | 128 |  |   | 200,266 |  |   | 3,042 |  |   | (2,689 | ) |   | 200,747 |  |
| Loss from operations                                        |   | (128 | ) |   | (83,232 | ) |   | (976 | ) |   | (38 | ) |   | (84,374 | ) |
| Other expense, net                                          |   | (6,599 | ) |   | (1,283 | ) |   | (333 | ) |   | 38 |  |   | (8,177 | ) |
| Equity investment income, net                               |   | — |  |   | 430 |  |   | — |  |   | — |  |   | 430 |  |
| Loss before benefit from income taxes                       |   | (6,727 | ) |   | (84,085 | ) |   | (1,309 | ) |   | — |  |   | (92,121 | ) |
| Benefit from income taxes                                   |   | 3,044 |  |   | 33,343 |  |   | — |  |   | — |  |   | 36,387 |  |
| Net loss before equity in loss of consolidated subsidiaries |   | (3,683 | ) |   | (50,742 | ) |   | (1,309 | ) |   | — |  |   | (55,734 | ) |
| Equity in loss of consolidated subsidiaries                 |   | (52,026 | ) |   | (1,284 | ) |   | — |  |   | 53,310 |  |   | — |  |
| Net loss                                                    |   | (55,709 | ) |   | (52,026 | ) |   | (1,309 | ) |   | 53,310 |  |   | (55,734 | ) |
| Net loss attributable to noncontrolling interests           |   | — |  |   | — |  |   | 25 |  |   | — |  |   | 25 |  |
| Net loss attributable to Vail Resorts, Inc.                 |   | $ | (55,709 | ) |   | $ | (52,026 | ) |   | $ | (1,284 | ) |   | $ | 53,310 |  |   | $ | (55,709 | ) |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Net loss                                                    |   | $ | (60,580 | ) |   | $ | (56,467 | ) |   | $ | (1,947 | ) |   | $ | 58,391 |  |   | $ | (60,603 | ) |
| Foreign currency translation adjustments                    |   | 294 |  |   | 294 |  |   | 294 |  |   | (588 | ) |   | 294 |  |
| Comprehensive loss                                          |   | (60,286 | ) |   | (56,173 | ) |   | (1,653 | ) |   | 57,803 |  |   | (60,309 | ) |
| Comprehensive loss attributable to noncontrolling interests |   | — |  |   | — |  |   | 23 |  |   | — |  |   | 23 |  |
| Comprehensive loss attributable to Vail Resorts, Inc.       |   | $ | (60,286 | ) |   | $ | (56,173 | ) |   | $ | (1,630 | ) |   | $ | 57,803 |  |   | $ | (60,286 | ) |

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | EliminatingEntries |   | Consolidated |
| Net loss                                                    |   | $ | (55,709 | ) |   | $ | (52,026 | ) |   | $ | (1,309 | ) |   | $ | 53,310 |  |   | $ | (55,734 | ) |
| Foreign currency translation adjustments                    |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Comprehensive loss                                          |   | (55,709 | ) |   | (52,026 | ) |   | (1,309 | ) |   | 53,310 |  |   | (55,734 | ) |
| Comprehensive loss attributable to noncontrolling interests |   | — |  |   | — |  |   | 25 |  |   | — |  |   | 25 |  |
| Comprehensive loss attributable to Vail Resorts, Inc.       |   | $ | (55,709 | ) |   | $ | (52,026 | ) |   | $ | (1,284 | ) |   | $ | 53,310 |  |   | $ | (55,709 | ) |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         |   | ParentCompany |   | 100%  OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | Consolidated |
| Net cash (used in) provided by operating activities          |   | $ | (38,785 | ) |   | $ | 73,658 |  |   | $ | (296 | ) |   | $ | 34,577 |  |
| Cash flows from investing activities:                        |   |   |   |   |   |   |   |   |
| Capital expenditures                                         |   | — |  |   | (35,654 | ) |   | (253 | ) |   | (35,907 | ) |
| Other investing activities, net                              |   | — |  |   | 255 |  |   | — |  |   | 255 |  |
| Net cash used in investing activities                        |   | — |  |   | (35,399 | ) |   | (253 | ) |   | (35,652 | ) |
| Cash flows from financing activities:                        |   |   |   |   |   |   |   |   |
| Dividends paid                                               |   | (6,729 | ) |   | — |  |   | — |  |   | (6,729 | ) |
| Other financing activities, net                              |   | 3,628 |  |   | 2,170 |  |   | (94 | ) |   | 5,704 |  |
| Advances                                                     |   | 41,886 |  |   | (42,030 | ) |   | 144 |  |   | — |  |
| Net cash provided by (used in) financing activities          |   | 38,785 |  |   | (39,860 | ) |   | 50 |  |   | (1,025 | ) |
| Effect of exchange rate changes on cash and cash equivalents |   | — |  |   | — |  |   | 32 |  |   | 32 |  |
| Net decrease in cash and cash equivalents                    |   | — |  |   | (1,601 | ) |   | (467 | ) |   | (2,068 | ) |
| Cash and cash equivalents:                                   |   |   |   |   |   |   |   |   |
| Beginning of period                                          |   | — |  |   | 38,380 |  |   | 7,673 |  |   | 46,053 |  |
| End of period                                                |   | $ | — |  |   | $ | 36,779 |  |   | $ | 7,206 |  |   | $ | 43,985 |  |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                |   | ParentCompany |   | 100% OwnedGuarantorSubsidiaries |   | OtherSubsidiaries |   | Consolidated |
| Net cash (used in) provided by operating activities |   | $ | (34,685 | ) |   | $ | 73,005 |  |   | $ | 15 |  |   | $ | 38,335 |  |
| Cash flows from investing activities:               |   |   |   |   |   |   |   |  |
| Capital expenditures                                |   | — |  |   | (50,893 | ) |   | (110 | ) |   | (51,003 | ) |
| Other investing activities, net                     |   | — |  |   | (136 | ) |   | — |  |   | (136 | ) |
| Net cash used in investing activities               |   | — |  |   | (51,029 | ) |   | (110 | ) |   | (51,139 | ) |
| Cash flows from financing activities:               |   |   |   |   |   |   |   |   |
| Repurchase of common stock                          |   | (7,869 | ) |   | — |  |   | — |  |   | (7,869 | ) |
| Dividends paid                                      |   | (5,429 | ) |   | — |  |   | — |  |   | (5,429 | ) |
| Other financing activities, net                     |   | 994 |  |   | (292 | ) |   | (5 | ) |   | 697 |  |
| Advances                                            |   | 46,989 |  |   | (46,989 | ) |   | — |  |   | — |  |
| Net cash provided by (used in) financing activities |   | 34,685 |  |   | (47,281 | ) |   | (5 | ) |   | (12,601 | ) |
| Net decrease in cash and cash equivalents           |   | — |  |   | (25,305 | ) |   | (100 | ) |   | (25,405 | ) |
| Cash and cash equivalents:                          |   |   |   |   |   |   |   |   |
| Beginning of period                                 |   | — |  |   | 63,365 |  |   | 6,778 |  |   | 70,143 |  |
| End of period                                       |   | $ | — |  |   | $ | 38,060 |  |   | $ | 6,678 |  |   | $ | 44,738 |  |

----

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The timing and amount of snowfall can have an impact on Mountain and Lodging revenue particularly in regards to skier visits and the duration and frequency of guest visitation. For the 2011/2012 ski season there were unprecedented low snowfall conditions across the United States that resulted in a reduction of approximately 9.6 million, or 15.8%, skier visits industry wide and a 12.1% decline in our total visitation as compared to the 2010/2011 ski season which had record snowfall. To help mitigate the impact to our operating results from the timing and amount of snowfall, we sell a variety of season pass products prior to the beginning of the ski season resulting in a more stabilized stream of lift revenue within the second and third fiscal quarters, when the season pass sales are recorded as revenue.  Additionally, our season pass products provide a value option to our guests, which in turn creates a guest commitment predominately prior to the start of the ski season. For the 2011/2012 ski season pass revenue represented approximately 40% of total lift revenue for the entire ski season. Through December 2, 2012 our season pass sales for the 2012/2013 ski season were up approximately 8% in sales dollars and 5% in units as compared to season pass sales through the similar period of the 2011/2012 ski season (including Kirkwood for both the current and prior year which prior year includes pass sales that occurred prior to our acquisition of Kirkwood). We cannot predict the ultimate impact that season pass sales will have on total lift revenue or effective ticket price for the 2012/2013 ski season. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Weak economic conditions currently present or recently present in the United States, Europe and parts of the rest of the world, including uncertainties surrounding the United States pending "fiscal cliff", high unemployment, erosion of consumer confidence, European debt crisis, and financial instability in the global markets, may potentially have negative effects on the travel and leisure industry and on our results of operations.  Given the current uncertainties around global economic trends, we cannot predict what impact this will have on overall travel and leisure or more specifically, on our guest visitation, guest spending or other related trends for the upcoming 2012/2013 ski season. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Real Estate Reported EBITDA is highly dependent on, among other things, the timing of closings on condominium units available for sale, 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, could materially impact Real Estate Reported EBITDA for a particular quarter or fiscal year. We currently have 28 units at The Ritz-Carlton Residences, Vail and 41 units at One Ski Hill Place in Breckenridge available for sale. We cannot predict the ultimate number of units that we will sell, the ultimate price we will receive, or when the units will sell, although we currently believe the selling process will take multiple years. Additionally, if a prolonged weakness in the real estate market or general economic conditions were to occur we may have to adjust our selling prices more than currently anticipated in an effort to sell and close on units available for sale. However, our risk associated with adjusting selling prices to levels that may not be acceptable to us is partially mitigated by the fact that we do generate cash flow from placing unsold units into our rental program until such time selling prices are at acceptable levels to us. |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We had $44.0 million in cash and cash equivalents as of October 31, 2012 as well as $332.7 million available under the revolver component of our senior credit facility (“Credit Agreement”) (which represents the total commitment of $400.0 million less certain letters of credit outstanding of $67.3 million). Additionally, we believe that the terms of our 6.50% Senior Subordinated Notes due 2019 (“6.50% Notes”) and our Credit Agreement allow for sufficient flexibility in our ability to make future acquisitions, investments, distributions to stockholders and incur additional debt. This, combined with the completion of our real estate projects where the proceeds from future real estate closings on The Ritz-Carlton Residences, Vail, and One Ski Hill Place in Breckenridge are expected to significantly exceed future carrying costs, and the continued positive cash flow from operating activities less capital expenditures has and is anticipated to continue to provide us with significant liquidity which we believe will allow us to consider strategic investments and other forms of providing return to our stockholders including the continued payment of a quarterly cash dividend. We cannot predict that any strategic initiatives undertaken will achieve the anticipated results. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Under GAAP we test goodwill and indefinite lived intangible assets for impairment annually as well as on an interim basis to the extent factors or indicators become apparent that could reduce the fair value of our goodwill or indefinite-lived intangible assets below book value and we evaluate long-lived assets for potential impairment whenever events or change in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate the recoverability of our goodwill by estimating the future discounted cash flows of our 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. We evaluate the recoverability of indefinite-lived intangible assets using the income approach based upon estimated future revenue streams, and we evaluate long-lived assets based upon estimated undiscounted future cash flows. Our fiscal 2012 annual impairment test did not result in a goodwill or indefinite-lived intangible asset impairment. However, if lower than projected levels of cash flows were to occur due to prolonged abnormal weather conditions or a prolonged weakness in general economic conditions, among other risks, it could cause less than expected growth and/or a reduction in terminal values and cash flows and could result in an impairment charge attributable to certain goodwill, indefinite-lived intangible assets and/or long-lived assets (particularly related to our Lodging operations), negatively impacting our results of operations and stockholders’ equity. |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |
|                                        |   | Three Months EndedOctober 31, |
|                                        |   | 2012 |   | 2011 |
| Mountain Reported EBITDA                    |   | $ | (55,202 | ) |   | $ | (48,455 | ) |
| Lodging Reported EBITDA                     |   | 702 |  |   | (1,707 | ) |
| Resort Reported EBITDA                      |   | (54,500 | ) |   | (50,162 | ) |
| Real Estate Reported EBITDA                 |   | (3,684 | ) |   | (4,738 | ) |
| Loss before benefit from income taxes       |   | (98,186 | ) |   | (92,121 | ) |
| Net loss attributable to Vail Resorts, Inc. |   | $ | (60,580 | ) |   | $ | (55,709 | ) |

----

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                   |   | Three Months EndedOctober 31, |   | PercentageIncrease(Decrease) |
|                                   |   | 2012 |   | 2011 |   |
| Net Mountain revenue:                  |   |   |   |   |   |   |
| Lift tickets                           |   | $ | — |  |   | $ | — |  |   | — |  % |
| Ski school                             |   | — |  |   | — |  |   | — |  % |
| Dining                                 |   | 6,373 |  |   | 5,647 |  |   | 12.9 |  % |
| Retail/rental                          |   | 26,725 |  |   | 26,964 |  |   | (0.9 | )% |
| Other                                  |   | 18,814 |  |   | 17,059 |  |   | 10.3 |  % |
| Total Mountain net revenue             |   | $ | 51,912 |  |   | $ | 49,670 |  |   | 4.5 |  % |
| Mountain operating expense:            |   |   |   |   |   |   |
| Labor and labor-related benefits       |   | $ | 34,294 |  |   | $ | 30,093 |  |   | 14.0 |  % |
| Retail cost of sales                   |   | 16,191 |  |   | 15,530 |  |   | 4.3 |  % |
| General and administrative             |   | 27,304 |  |   | 25,706 |  |   | 6.2 |  % |
| Other                                  |   | 29,759 |  |   | 27,226 |  |   | 9.3 |  % |
| Total Mountain operating expense       |   | $ | 107,548 |  |   | $ | 98,555 |  |   | 9.1 |  % |
| Mountain equity investment income, net |   | 434 |  |   | 430 |  |   | 0.9 |  % |
| Mountain Reported EBITDA               |   | $ | (55,202 | ) |   | $ | (48,455 | ) |   | (13.9 | )% |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | Three Months EndedOctober 31, |   | PercentageIncrease(Decrease) |
|                                                       |   | 2012 |   | 2011 |   |
| Lodging net revenue:                                       |   |   |   |   |   |   |
| Owned hotel rooms                                          |   | $ | 13,694 |  |   | $ | 12,032 |  |   | 13.8 |  % |
| Managed condominium rooms                                  |   | 5,814 |  |   | 5,546 |  |   | 4.8 |  % |
| Dining                                                     |   | 10,610 |  |   | 9,557 |  |   | 11.0 |  % |
| Transportation                                             |   | 1,691 |  |   | 1,702 |  |   | (0.6 | )% |
| Golf                                                       |   | 7,536 |  |   | 7,445 |  |   | 1.2 |  % |
| Other                                                      |   | 9,983 |  |   | 9,577 |  |   | 4.2 |  % |
|                                                       |   | 49,328 |  |   | 45,859 |  |   | 7.6 |  % |
| Payroll cost reimbursements                                |   | 3,180 |  |   | 7,735 |  |   | (58.9 | )% |
| Total Lodging net revenue                                  |   | $ | 52,508 |  |   | $ | 53,594 |  |   | (2.0 | )% |
| Lodging operating expense:                                 |   |   |   |   |   |   |
| Labor and labor-related benefits                           |   | $ | 23,450 |  |   | $ | 22,569 |  |   | 3.9 |  % |
| General and administrative                                 |   | 7,024 |  |   | 7,528 |  |   | (6.7 | )% |
| Other                                                      |   | 18,152 |  |   | 17,469 |  |   | 3.9 |  % |
|                                                       |   | 48,626 |  |   | 47,566 |  |   | 2.2 |  % |
| Reimbursed payroll costs                                   |   | 3,180 |  |   | 7,735 |  |   | (58.9 | )% |
| Total Lodging operating expense                            |   | $ | 51,806 |  |   | $ | 55,301 |  |   | (6.3 | )% |
| Lodging Reported EBITDA                                    |   | $ | 702 |  |   | $ | (1,707 | ) |   | 141.1 |  % |
|                                                       |   |   |   |   |   |   |
| Owned hotel statistics:                                    |   |   |   |   |   |   |
| ADR                                                        |   | $ | 180.70 |  |   | $ | 188.98 |  |   | (4.4 | )% |
| RevPar                                                     |   | $ | 113.32 |  |   | $ | 102.50 |  |   | 10.6 |  % |
| Managed condominium statistics:                            |   |   |   |   |   |   |
| ADR                                                        |   | $ | 194.26 |  |   | $ | 191.48 |  |   | 1.5 |  % |
| RevPar                                                     |   | $ | 30.75 |  |   | $ | 29.11 |  |   | 5.6 |  % |
| Owned hotel and managed condominium statistics (combined): |   |   |   |   |   |   |
| ADR                                                        |   | $ | 184.89 |  |   | $ | 189.79 |  |   | (2.6 | )% |
| RevPar                                                     |   | $ | 60.54 |  |   | $ | 56.15 |  |   | 7.8 |  % |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                       |   | Three Months EndedOctober 31, |   | PercentageIncrease(Decrease) |
|                                       |   | 2012 |   | 2011 |   |
| Total Real Estate net revenue              |   | $ | 11,930 |  |   | $ | 13,109 |  |   | (9.0 | )% |
| Real Estate operating expense:             |   |   |   |   |   |   |
| Cost of sales (including sales commission) |   | 10,435 |  |   | 11,686 |  |   | (10.7 | )% |
| Other                                      |   | 5,179 |  |   | 6,161 |  |   | (15.9 | )% |
| Total Real Estate operating expense        |   | 15,614 |  |   | 17,847 |  |   | (12.5 | )% |
| Real Estate Reported EBITDA                |   | $ | (3,684 | ) |   | $ | (4,738 | ) |   | 22.2 |  % |

----

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |
|                                              |   | Three Months EndedOctober 31, |
|                                              |   | 2012 |   | 2011 |
| Mountain Reported EBITDA                          |   | $ | (55,202 | ) |   | $ | (48,455 | ) |
| Lodging Reported EBITDA                           |   | 702 |  |   | (1,707 | ) |
| Resort Reported EBITDA                            |   | (54,500 | ) |   | (50,162 | ) |
| Real Estate Reported EBITDA                       |   | (3,684 | ) |   | (4,738 | ) |
| Total Reported EBITDA                             |   | (58,184 | ) |   | (54,900 | ) |
| Depreciation and amortization                     |   | (31,679 | ) |   | (28,930 | ) |
| Loss on disposal of fixed assets, net             |   | (2 | ) |   | (114 | ) |
| Investment income, net                            |   | 54 |  |   | 64 |  |
| Interest expense, net                             |   | (8,375 | ) |   | (8,241 | ) |
| Loss before benefit from income taxes             |   | (98,186 | ) |   | (92,121 | ) |
| Benefit from income taxes                         |   | 37,583 |  |   | 36,387 |  |
| Net loss                                          |   | (60,603 | ) |   | (55,734 | ) |
| Net loss attributable to noncontrolling interests |   | 23 |  |   | 25 |  |
| Net loss attributable to Vail Resorts, Inc.       |   | $ | (60,580 | ) |   | $ | (55,709 | ) |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |
|                               |   | October 31, |
|                               |   | 2012 |   | 2011 |
| Long-term debt                     |   | $ | 489,525 |  |   | $ | 490,377 |  |
| Long-term debt due within one year |   | 848 |  |   | 1,063 |  |
| Total debt                         |   | 490,373 |  |   | 491,440 |  |
| Less: cash and cash equivalents    |   | 43,985 |  |   | 44,738 |  |
| Net Debt                           |   | $ | 446,388 |  |   | $ | 446,702 |  |

----

----

----

|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | prolonged weakness in general economic conditions, including adverse effects 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 initiate, complete and sell our 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 future 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 and capital improvements; |

|         |                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
| • | demand for planned summer activities and our ability to successfully obtain necessary approvals and construct the planned 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 which diminishes the value of our brands; |

|         |                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------|
| • | our ability to integrate and successfully realize anticipated benefits of acquisitions and future acquisitions; and |

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

----

----

|               |
|---------------|
|               |  |  |  |  |
|          |   |   |
| ExhibitNumber | Description | SequentiallyNumbered 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)(File No. 001-09614). |   |
|          |   |   |
| 3.2           |  | Certificate of Amendment of Amended and Restated Certificate of Incorporation of Vail Resorts, Inc., dated December 7, 2011. (Incorporated by reference to Exhibit 3.1 on Form 8-K of Vail Resorts, Inc. filed on December 8, 2011)(File No. 001-09614). |   |
|          |   |   |
| 3.3           |  | Amended and Restated Bylaws of Vail Resorts, Inc., dated December 7, 2011. (Incorporated by reference to Exhibit 3.2 on Form 8-K of Vail Resorts, Inc. filed on December 8, 2011)(File No. 001-09614). |   |
|          |   |   |
| 31.1          |  | Certifications of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | 15 |  |
|          |   |   |
| 31.2          |  | Certifications of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | 16 |  |
|          |   |   |
| 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. | 17 |  |
|          |   |   |
| 101           |  | The following information from the Company’s Quarterly Report on Form 10-Q for the three months ended October 31, 2012 formatted in eXtensible Business Reporting Language: (i) Consolidated Condensed Balance Sheets as of October 31, 2012 (unaudited), July 31, 2012, and October 31, 2011 (unaudited); (ii) Unaudited Consolidated Condensed Statements of Operations for the three months ended October 31, 2012 and October 31, 2011; (iii) Unaudited Consolidated Condensed Statements of Comprehensive Income (Loss) for the three months ended October 31, 2012 and October 31, 2011; (iv) Unaudited Consolidated Condensed Statements of Cash Flows for the three months ended October 31, 2012 and October 31, 2011; and (v) Notes to the Consolidated Condensed Financial Statements. |   |

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |
|                        |   |   |   |   |   |   |
| Date: December 4, 2012 |   |   |   |   |   | Vail Resorts, Inc. |
|                        |   |   |   |
|                        |   |   |   | By: |   | /s/ Jeffrey W. Jones |
|                        |   |   |   |   |   | Jeffrey W. Jones |
|                        |   |   |   |   |   | Chief Financial Officer and |
|                        |   |   |   |   |   |  President - Lodging, Retail, Real Estate |
|                        |   |   |   |   |   | (Duly Authorized Officer) |
|                        |   |   |   |
| Date: December 4, 2012 |   |   |   |   |   | Vail Resorts, Inc. |
|                        |   |   |   |
|                        |   |   |   | By: |   | /s/ Mark L. Schoppet |
|                        |   |   |   |   |   | Mark L. Schoppet |
|                        |   |   |   |   |   | Senior Vice President, Controller and |
|                        |   |   |   |   |   | Chief Accounting Officer |