**Exhibit        10.38**

**SUMMARY        OF VAIL RESORTS, INC. DIRECTOR COMPENSATION**
**1**

**PER        SUMMARY PREPARED BY CHAIRMAN OF THE BOARD, EFFECTIVE        8/1/03;**

**REVISED        BY COMPENSATION COMMITTEE SEPTEMBER 28, 2004; AND**

**BY        BOARD OF DIRECTORS FEBRUARY 27, 2006**

**CASH        AND EQUITY COMPENSATION (Excludes CEO)**

| **Description                  of Compensation** | **To                  Whom**                       | **Amount**                                                                                           |
|--------------------------------------------------|----------------------------------------------------|------------------------------------------------------------------------------------------------------|
| Annual                  Cash Retainer            | Directors                                          | $25,000                                                                                              |
| Additional                  Compensation         | Chairman                  of the Board             | $50,000                                                                                              |
| for                  Other Services              | Audit                  Committee Chair2       | $25,000                                                                                              |
|                                             | Audit                  Committee Members           | $15,000                                                                                              |
|                                             | Compensation                  Committee Chair      | $5,000                                                                                               |
|                                             | Nominating                  Committee Chair        | $5,000                                                                                               |
|                                             | Lead                  Director3               | $25,000                                                                                              |
| Meeting                  Fees (Per Meeting)      | Directors                  (In Person)             | $5,000                                                                                               |
| (Not                  Including Actions          | Directors                  (By Telephone)          | $1,000                                                                                               |
| Taken                  by Consent)               | Compensation/Nominating                  Committee | $1,000                                                                                               |
|                                             | Audit                  Committee Meeting           | $2,000                                                                                               |
| Equity                  Compensation             | All                  Directors                     | As                  determined and approved each year by the Compensation                  Committee |

**PERQUISITES**

| **Description                  of Perquisite** | **To                  Whom**                                        | **Additional                  Details**                                                                                                                                                                                                                                                                                                                     |
|------------------------------------------------|---------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ski                  Pass                      | All                  Directors and their family members             |                                                                                                                                                                                                                                                                                                                                                        |
| Ski                  Instructor                | All                  Directors                                      | 1                  to 2 per day, max 20 per year                                                                                                                                                                                                                                                                                                            |
| Golf                                           | All                  Directors                                      | 6                  Rounds/Year                                                                                                                                                                                                                                                                                                                              |
| Food                  and Miscellaneous        | All                  Directors                                      | $1,000                  Charge Privileges per year                                                                                                                                                                                                                                                                                                          |
| Lodging                                        | All                  Directors and Their Spouses (Not Transferable) | §  Max                  14 nights/year in Company-Owned hotels§  Room                  & Tax Only§  1                  to 2 rooms per day§  No                  Condos§  Suites                  confirmed 7 days out§  Black                  Out Days Apply |

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