|        |
|--------|
|        |  |
| 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 | Page |
|          |   |   |
| Item 1.  | Financial Statements (unaudited). |   |
|          | Consolidated Condensed Balance Sheets as of October 31, 2016, July 31, 2016 and October 31, 2015 | 2 |
|          | Consolidated Condensed Statements of Operations for the Three Months Ended October 31, 2016 and 2015 | 3 |
|          | Consolidated Condensed Statements of Comprehensive Income (Loss) for the Three Months Ended October 31, 2016 and 2015 | 4 |
|          | Consolidated Condensed Statements of Stockholders’ Equity for the Three Months Ended October 31, 2016 and 2015 | 5 |
|          | Consolidated Condensed Statements of Cash Flows for the Three Months Ended October 31, 2016 and 2015 | 6 |
|          | Notes to Consolidated Condensed Financial Statements | 7 |
| Item 2.  | Management's Discussion and Analysis of Financial Condition and Results of Operations | 20 |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk | 33 |
| Item 4.  | Controls and Procedures | 35 |
|          |   |   |
| PART II  | OTHER INFORMATION |   |
|          |   |   |
| Item 1.  | Legal Proceedings | 35 |
| Item 1A. | Risk Factors | 35 |
| Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds | 36 |
| Item 3.  | Defaults Upon Senior Securities | 36 |
| Item 4.  | Mine Safety Disclosures | 37 |
| Item 5.  | Other Information | 37 |
| Item 6.  | Exhibits | 38 |

----

|                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                            |   | October 31, 2016 |   | July 31, 2016 |   | October 31, 2015 |
| Assets                                                                                                                          |   |   |   |   |   |   |
| Current assets:                                                                                                                 |   |   |   |   |   |   |
| Cash and cash equivalents                                                                                                       |   | $ | 106,751 |  |   | $ | 67,897 |  |   | $ | 39,606 |  |
| Restricted cash                                                                                                                 |   | 13,203 |  |   | 6,046 |  |   | 5,562 |  |
| Trade receivables, net                                                                                                          |   | 59,445 |  |   | 147,113 |  |   | 52,389 |  |
| Inventories, net                                                                                                                |   | 112,792 |  |   | 74,589 |  |   | 95,001 |  |
| Other current assets                                                                                                            |   | 40,172 |  |   | 27,220 |  |   | 61,762 |  |
| Total current assets                                                                                                            |   | 332,363 |  |   | 322,865 |  |   | 254,320 |  |
| Property, plant and equipment, net (Note 6)                                                                                     |   | 1,699,087 |  |   | 1,363,814 |  |   | 1,388,565 |  |
| Real estate held for sale and investment                                                                                        |   | 116,852 |  |   | 111,088 |  |   | 120,769 |  |
| Goodwill, net (Note 6)                                                                                                          |   | 1,454,943 |  |   | 509,037 |  |   | 499,607 |  |
| Intangible assets, net                                                                                                          |   | 286,360 |  |   | 140,007 |  |   | 142,687 |  |
| Other assets                                                                                                                    |   | 34,514 |  |   | 35,207 |  |   | 37,129 |  |
| Total assets                                                                                                                    |   | $ | 3,924,119 |  |   | $ | 2,482,018 |  |   | $ | 2,443,077 |  |
| Liabilities and Stockholders’ Equity                                                                                      |   |   |   |   |   |   |
| Current liabilities:                                                                                                            |   |   |   |   |   |   |
| Accounts payable and accrued liabilities (Note 6)                                                                               |   | $ | 542,923 |  |   | $ | 397,488 |  |   | $ | 438,837 |  |
| Income taxes payable                                                                                                            |   | 73,739 |  |   | 95,639 |  |   | 54,312 |  |
| Long-term debt due within one year (Note 4)                                                                                     |   | 38,374 |  |   | 13,354 |  |   | 13,319 |  |
| Total current liabilities                                                                                                       |   | 655,036 |  |   | 506,481 |  |   | 506,468 |  |
| Long-term debt (Note 4)                                                                                                         |   | 1,371,779 |  |   | 686,909 |  |   | 814,797 |  |
| Other long-term liabilities (Note 6)                                                                                            |   | 272,309 |  |   | 270,168 |  |   | 254,251 |  |
| Deferred income taxes                                                                                                           |   | 98,192 |  |   | 129,994 |  |   | 110,912 |  |
| Total liabilities                                                                                                               |   | 2,397,316 |  |   | 1,593,552 |  |   | 1,686,428 |  |
| Commitments and contingencies (Note 8)                                                                                          |   |  |   |  |   |  |
| 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, 45,060,893, 41,614,432 and 41,566,094 shares issued, respectively |   | 451 |  |   | 416 |  |   | 416 |  |
| Exchangeable shares, $0.01 par value, 418,095, zero and zero shares issued and outstanding, respectively (Note 5)               |   | 4 |  |   | — |  |   | — |  |
| Additional paid-in capital                                                                                                      |   | 1,209,935 |  |   | 635,986 |  |   | 624,274 |  |
| Accumulated other comprehensive loss                                                                                            |   | (19,784 | ) |   | (1,550 | ) |   | (7,321 | ) |
| Retained earnings                                                                                                               |   | 394,690 |  |   | 486,667 |  |   | 358,507 |  |
| Treasury stock, at cost, 5,434,977, 5,434,977, and 5,326,941 shares, respectively (Note 10)                                     |   | (246,979 | ) |   | (246,979 | ) |   | (233,192 | ) |
| Total Vail Resorts, Inc. stockholders’ equity                                                                             |   | 1,338,317 |  |   | 874,540 |  |   | 742,684 |  |
| Noncontrolling interests                                                                                                        |   | 188,486 |  |   | 13,926 |  |   | 13,965 |  |
| Total stockholders’ equity                                                                                                |   | 1,526,803 |  |   | 888,466 |  |   | 756,649 |  |
| Total liabilities and stockholders’ equity                                                                                |   | $ | 3,924,119 |  |   | $ | 2,482,018 |  |   | $ | 2,443,077 |  |

----

|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |  |  |  |  |  |
|                                                                                           | Three Months Ended October 31, |
|                                                                                           | 2016 |   | 2015 |
| Net revenue:                                                                                   |   |   |   |
| Mountain                                                                                       | $ | 110,767 |  |   | $ | 100,933 |  |
| Lodging                                                                                        | 67,402 |  |   | 64,286 |  |
| Real estate                                                                                    | 96 |  |   | 9,348 |  |
| Total net revenue                                                                              | 178,265 |  |   | 174,567 |  |
| Segment operating expense (exclusive of depreciation and amortization shown separately below): |   |   |   |
| Mountain                                                                                       | 168,253 |  |   | 151,158 |  |
| Lodging                                                                                        | 64,080 |  |   | 61,437 |  |
| Real estate                                                                                    | 1,485 |  |   | 9,341 |  |
| Total segment operating expense                                                                | 233,818 |  |   | 221,936 |  |
| Other operating (expense) income:                                                              |   |   |   |
| Depreciation and amortization                                                                  | (40,581 | ) |   | (38,700 | ) |
| Gain on sale of real property                                                                  | 6,466 |  |   | 1,159 |  |
| Change in estimated fair value of contingent consideration (Note 7)                            | (300 | ) |   | — |  |
| Loss on disposal of fixed assets and other, net                                                | (550 | ) |   | (1,779 | ) |
| Loss from operations                                                                           | (90,518 | ) |   | (86,689 | ) |
| Mountain equity investment income, net                                                         | 832 |  |   | 842 |  |
| Investment income and other, net                                                               | 4,523 |  |   | 198 |  |
| Interest expense                                                                               | (11,964 | ) |   | (10,595 | ) |
| Loss before benefit from income taxes                                                          | (97,127 | ) |   | (96,244 | ) |
| Benefit from income taxes                                                                      | 33,509 |  |   | 36,574 |  |
| Net loss                                                                                       | (63,618 | ) |   | (59,670 | ) |
| Net loss attributable to noncontrolling interests                                              | 1,031 |  |   | 83 |  |
| Net loss attributable to Vail Resorts, Inc.                                                    | $ | (62,587 | ) |   | $ | (59,587 | ) |
| Per share amounts (Note 3):                                                                    |   |   |   |
| Basic net loss per share attributable to Vail Resorts, Inc.                                    | $ | (1.70 | ) |   | $ | (1.63 | ) |
| Diluted net loss per share attributable to Vail Resorts, Inc.                                  | $ | (1.70 | ) |   | $ | (1.63 | ) |
| Cash dividends declared per share                                                              | $ | 0.81 |  |   | $ | 0.6225 |  |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |
|                                                        |   | Three Months Ended October 31, |
|                                                        |   | 2016 |   | 2015 |
| Net loss                                                    |   | $ | (63,618 | ) |   | $ | (59,670 | ) |
| Foreign currency translation adjustments, net of tax        |   | (24,412 | ) |   | (2,408 | ) |
| Comprehensive loss                                          |   | (88,030 | ) |   | (62,078 | ) |
| Comprehensive loss attributable to noncontrolling interests |   | 7,209 |  |   | 83 |  |
| Comprehensive loss attributable to Vail Resorts, Inc.       |   | $ | (80,821 | ) |   | $ | (61,995 | ) |

----

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                         | Common Stock | Additional Paid in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Vail Resorts, Inc. Stockholders’ Equity | Noncontrolling Interests | Total Stockholders’ Equity |
|                                                                         | Vail Resorts | Exchangeable |   |   |   |   |   |   |   |
| Balance, July 31, 2015                                                       | $ | 415 |  | $ | — |  | $ | 623,510 |  | $ | 440,748 |  | $ | (193,192 | ) | $ | (4,913 | ) | $ | 866,568 |  | $ | 14,018 |  | $ | 880,586 |  |
| Comprehensive loss:                                                          |   |   |   |   |   |   |   |   |   |
| Net loss                                                                     | — |  | — |  | — |  | (59,587 | ) | — |  | — |  | (59,587 | ) | (83 | ) | (59,670 | ) |
| Foreign currency translation adjustments, net of tax                         | — |  | — |  | — |  | — |  | — |  | (2,408 | ) | (2,408 | ) | — |  | (2,408 | ) |
| Total comprehensive loss                                                     |   |   |   |   |   |   | (61,995 | ) | (83 | ) | (62,078 | ) |
| Stock-based compensation expense                                             | — |  | — |  | 4,090 |  | — |  | — |  | — |  | 4,090 |  | — |  | 4,090 |  |
| Issuance of shares under share award plans, net of shares withheld for taxes | 1 |  | — |  | (6,001 | ) | — |  | — |  | — |  | (6,000 | ) | — |  | (6,000 | ) |
| Tax benefit from share award plans                                           | — |  | — |  | 2,675 |  | — |  | — |  | — |  | 2,675 |  | — |  | 2,675 |  |
| Repurchase of common stock (Note 10)                                         | — |  | — |  | — |  | — |  | (40,000 | ) | — |  | (40,000 | ) |   | (40,000 | ) |
| Dividends (Note 3)                                                           | — |  | — |  | — |  | (22,654 | ) | — |  | — |  | (22,654 | ) | — |  | (22,654 | ) |
| Contributions from noncontrolling interests, net                             | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 30 |  | 30 |  |
| Balance, October 31, 2015                                                    | $ | 416 |  | $ | — |  | $ | 624,274 |  | $ | 358,507 |  | $ | (233,192 | ) | $ | (7,321 | ) | $ | 742,684 |  | $ | 13,965 |  | $ | 756,649 |  |
|                                                                         |   |   |   |   |   |   |   |   |   |
| Balance, July 31, 2016                                                       | $ | 416 |  | $ | — |  | $ | 635,986 |  | $ | 486,667 |  | $ | (246,979 | ) | $ | (1,550 | ) | $ | 874,540 |  | $ | 13,926 |  | $ | 888,466 |  |
| Comprehensive loss:                                                          |   |   |   |   |   |   |   |   |   |
| Net loss                                                                     | — |  | — |  | — |  | (62,587 | ) | — |  | — |  | (62,587 | ) | (1,031 | ) | (63,618 | ) |
| Foreign currency translation adjustments, net of tax                         | — |  | — |  | — |  | — |  | — |  | (18,234 | ) | (18,234 | ) | (6,178 | ) | (24,412 | ) |
| Total comprehensive loss                                                     |   |   |   |   |   |   | (80,821 | ) | (7,209 | ) | (88,030 | ) |
| Stock-based compensation expense                                             | — |  | — |  | 4,577 |  | — |  | — |  | — |  | 4,577 |  | — |  | 4,577 |  |
| Shares issued for acquisition (Note 5)                                       | 33 |  | 4 |  | 574,608 |  | — |  | — |  | — |  | 574,645 |  | — |  | 574,645 |  |
| Issuance of shares under share award plans, net of shares withheld for taxes | 2 |  | — |  | (11,526 | ) | — |  | — |  | — |  | (11,524 | ) | — |  | (11,524 | ) |
| Tax benefit from share award plans                                           | — |  | — |  | 6,290 |  | — |  | — |  | — |  | 6,290 |  | — |  | 6,290 |  |
| Dividends (Note 3)                                                           | — |  | — |  | — |  | (29,390 | ) | — |  | — |  | (29,390 | ) | — |  | (29,390 | ) |
| Acquisition of noncontrolling interest (Note 5)                              | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 181,818 |  | 181,818 |  |
| Distributions to noncontrolling interests, net                               | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (49 | ) | (49 | ) |
| Balance, October 31, 2016                                                    | $ | 451 |  | $ | 4 |  | $ | 1,209,935 |  | $ | 394,690 |  | $ | (246,979 | ) | $ | (19,784 | ) | $ | 1,338,317 |  | $ | 188,486 |  | $ | 1,526,803 |  |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |
|                                                                            |   | Three Months Ended October 31, |
|                                                                            |   | 2016 |   | 2015 |
| Cash flows from operating activities:                                           |   |   |   |   |
| Net loss                                                                        |   | $ | (63,618 | ) |   | $ | (59,670 | ) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |   |   |   |   |
| Depreciation and amortization                                                   |   | 40,581 |  |   | 38,700 |  |
| Cost of real estate sales                                                       |   | — |  |   | 6,940 |  |
| Stock-based compensation expense                                                |   | 4,577 |  |   | 4,090 |  |
| Deferred income taxes, net                                                      |   | (33,509 | ) |   | (36,574 | ) |
| Gain on sale of real property                                                   |   | (6,466 | ) |   | (1,159 | ) |
| Other non-cash income, net                                                      |   | (5,879 | ) |   | (703 | ) |
| Changes in assets and liabilities:                                              |   |   |   |   |
| Restricted cash                                                                 |   | (1,111 | ) |   | 7,450 |  |
| Trade receivables, net                                                          |   | 90,431 |  |   | 62,174 |  |
| Inventories, net                                                                |   | (22,490 | ) |   | (21,612 | ) |
| Accounts payable and accrued liabilities                                        |   | 74,681 |  |   | 83,805 |  |
| Income taxes payable                                                            |   | (24,405 | ) |   | (2,795 | ) |
| Other assets and liabilities, net                                               |   | (7,289 | ) |   | (6,075 | ) |
| Net cash provided by operating activities                                       |   | 45,503 |  |   | 74,571 |  |
| Cash flows from investing activities:                                           |   |   |   |   |
| Capital expenditures                                                            |   | (46,043 | ) |   | (25,077 | ) |
| Acquisition of business, net of cash acquired                                   |   | (512,348 | ) |   | — |  |
| Cash received from the sale of real property                                    |   | 7,692 |  |   | 2,842 |  |
| Other investing activities, net                                                 |   | 538 |  |   | 181 |  |
| Net cash used in investing activities                                           |   | (550,161 | ) |   | (22,054 | ) |
| Cash flows from financing activities:                                           |   |   |   |   |
| Proceeds from borrowings under Vail Holdings Credit Agreement term loan         |   | 509,375 |  |   | — |  |
| Proceeds from borrowings under Vail Holdings Credit Agreement revolver          |   | 110,000 |  |   | 70,000 |  |
| Repayments of borrowings under Vail Holdings Credit Agreement revolver          |   | (50,000 | ) |   | (57,500 | ) |
| Dividends paid                                                                  |   | (29,390 | ) |   | (22,654 | ) |
| Repurchases of common stock                                                     |   | — |  |   | (40,000 | ) |
| Other financing activities, net                                                 |   | 3,456 |  |   | 2,576 |  |
| Net cash provided by (used in) financing activities                             |   | 543,441 |  |   | (47,578 | ) |
| Effect of exchange rate changes on cash and cash equivalents                    |   | 71 |  |   | (792 | ) |
| Net increase in cash and cash equivalents                                       |   | 38,854 |  |   | 4,147 |  |
| Cash and cash equivalents:                                                      |   |   |   |   |
| Beginning of period                                                             |   | 67,897 |  |   | 35,459 |  |
| End of period                                                                   |   | $ | 106,751 |  |   | $ | 39,606 |  |
|                                                                            |   |   |   |   |
| Non-cash investing and financing activities:                                    |   |   |   |   |
| Accrued capital expenditures                                                    |   | $ | 17,546 |  |   | $ | 24,631 |  |

----

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

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

----

----

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

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             |   | Three Months Ended October 31, |
|                                             |   | 2016 |   | 2015 |
|                                             |   | Basic |   | Diluted |   | Basic |   | Diluted |
| Net loss per share:                              |   |   |   |   |   |   |   |   |
| Net loss attributable to Vail Resorts            |   | $ | (62,587 | ) |   | $ | (62,587 | ) |   | $ | (59,587 | ) |   | $ | (59,587 | ) |
| Weighted-average Vail Resorts shares outstanding |   | 36,766 |  |   | 36,766 |  |   | 36,471 |  |   | 36,471 |  |
| Weighted-average Exchangeco shares outstanding   |   | 68 |  |   | 68 |  |   | — |  |   | — |  |
| Total Weighted-average shares outstanding        |   | 36,834 |  |   | 36,834 |  |   | 36,471 |  |   | 36,471 |  |
| Effect of dilutive securities                    |   | — |  |   | — |  |   | — |  |   | — |  |
| Total shares                                     |   | 36,834 |  |   | 36,834 |  |   | 36,471 |  |  | 36,471 |  |
| Net loss per share attributable to Vail Resorts  |   | $ | (1.70 | ) |   | $ | (1.70 | ) |   | $ | (1.63 | ) |   | $ | (1.63 | ) |

----

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

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                         |   | Maturity |   | October 31, 2016 |   | July 31, 2016 |   | October 31, 2015 |
| Vail Holdings Credit Agreement term loan (a) |   | 2021 |   | $ | 750,000 |  |   | $ | 240,625 |  |   | $ | 250,000 |  |
| Vail Holdings Credit Agreement revolver (a)  |   | 2021 |   | 135,000 |  |   | 75,000 |  |   | 197,500 |  |
| Whistler Credit Agreement revolver (b)       |   | 2021 |   | 142,103 |  |   | — |  |   | — |  |
| Employee housing bonds                       |   | 2027-2039 |   | 52,575 |  |   | 52,575 |  |   | 52,575 |  |
| Canyons obligation                           |   | 2063 |   | 324,521 |  |   | 323,099 |  |   | 318,866 |  |
| Other                                        |   | 2017-2028 |   | 10,617 |  |   | 11,021 |  |   | 11,436 |  |
| Total debt                                   |   |   |   | 1,414,816 |  |   | 702,320 |  |   | 830,377 |  |
| Less: Unamortized debt issuance costs (c)    |   |   |   | 4,663 |  |   | 2,057 |  |   | 2,261 |  |
| Less: Current maturities (d)                 |   |   |   | 38,374 |  |   | 13,354 |  |   | 13,319 |  |
| Long-term debt                               |   |   |   | $ | 1,371,779 |  |   | $ | 686,909 |  |  | $ | 814,797 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | On October 14, 2016, in order to finance the cash portion of the consideration and payment of associated fees and expenses of the Whistler Blackcomb acquisition (see Note 5, Acquisitions), the Company’s wholly owned subsidiary, Vail Holdings, Inc., entered into the Second Amendment to Seventh Amended and Restated Credit Agreement, dated as of May 1, 2015 (the “Vail Holdings Credit Agreement”), with Bank of America, N.A., as administrative agent, and other lenders names therein, through which such lenders provided an additional $509.4 million in incremental term loans, and agreed on behalf of all lenders to extend the maturity date for the outstanding term loans and revolver facility under the Vail Holdings Credit Agreement to October 14, 2021 (the “Amendment”). The Vail Holdings Credit Agreement, as amended by the Amendment, consists of a $400.0 million revolving credit facility and a term loan facility in the amount of $750.0 million. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest at approximately 1.7% as of October 31, 2016. The other material terms of the Vail Holdings Credit Agreement, including those disclosed in the Company’s Annual Report on Form 10-K filed on September 26, 2016, were not altered by the Amendment. The term loan facility is subject to quarterly amortization of principal, which begins on January 31, 2017, in equal installments, with five percent payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest due October 2021.  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | The WB Partnerships (as defined in Note 5, Acquisitions) are party to a credit agreement, dated as of November 12, 2013 (as amended, the “Whistler Credit Agreement”), by and among Whistler Mountain Resort Limited Partnership (“Whistler LP”), Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP”), certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors (the “Whistler Subsidiary Guarantors”), the financial institutions party thereto |

----

|     |                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | The Company adopted ASU 2015-03 and ASU 2015-15 as of July 31, 2016 which alters the presentation of debt issuance costs. As a result, approximately $2.3 million of debt issuance costs have been reclassified to Long-term debt as of October 31, 2015. |

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

|                                        |
|----------------------------------------|
|                                        |  |  |  |
|                                   | Total |
| 2017 (November 2016 through July 2017) | $ | 28,576 |  |
| 2018                                   | 38,397 |  |
| 2019                                   | 38,455 |  |
| 2020                                   | 38,516 |  |
| 2021                                   | 38,580 |  |
| Thereafter                             | 1,232,292 |  |
| Total debt                             | $ | 1,414,816 |  |

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

----

----

|                                                                                                    |
|----------------------------------------------------------------------------------------------------|
|                                                                                                    |  |  |  |  |
| (in thousands, except exchange ratio and share price amounts)                                      |   | Acquisition Date Estimated Fair Value |
| Total Whistler Blackcomb shares acquired                                                           |   | 38,500 |  |
| Exchange ratio as of October 14, 2016                                                              |   | 0.097294 |  |
| Total Vail Resorts shares issued to Whistler Blackcomb shareholders                                |   | 3,746 |  |
| Vail Resorts closing share price on October 14, 2016                                               |   | $ | 153.41 |  |
| Total value of Vail Resorts shares issued                                                          |   | $ | 574,645 |  |
| Total cash consideration paid at C$17.50 ($13.31 on October 17, 2016) per Whistler Blackcomb share |   | 512,558 |  |
| Total purchase consideration to Whistler Blackcomb shareholders                                    |   | 1,087,203 |  |
| Estimated fair value of previously held investment in Whistler Blackcomb                           |   | 4,308 |  |
| Estimated fair value of Nippon Cable’s 25% interest in Whistler Blackcomb                    |   | 181,818 |  |
| Total estimated purchase consideration                                                             |   | $ | 1,273,329 |  |
|                                                                                               |   |   |
| Allocation of total estimated purchase consideration:                                              |   |   |
| Estimated fair values of assets acquired:                                                          |   |   |
| Current assets                                                                                     |   | $ | 35,969 |  |
| Property, plant and equipment                                                                      |   | 334,384 |  |
| Real estate held for sale and investment                                                           |   | 8,216 |  |
| Goodwill                                                                                           |   | 964,606 |  |
| Identifiable intangibles                                                                           |   | 150,514 |  |
| Other assets                                                                                       |   | 3,113 |  |
| Current liabilities                                                                                |   | (74,466 | ) |
| Assumed long-term debt                                                                             |   | (144,922 | ) |
| Deferred income taxes                                                                              |   | (1,665 | ) |
| Other long-term liabilities                                                                        |   | (2,420 | ) |
|   Net assets acquired                                                                    |   | $ | 1,273,329 |  |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |
|                                          | Estimated Fair Value |   | Weighted Average Amortization Period |
|                                          | ($ in thousands) |   | (in years) (1) |
| Trademarks and trade names                    | $ | 139,977 |  |   | n/a |
| Season pass holder relationships              | 7,417 |  |   | 5 |
| Property management contracts                 | 3,120 |  |   | n/a |
| Total acquired identifiable intangible assets | $ | 150,514 |  |   |   |

----

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |
|                                                                    |   | Three Months Ended October 31, |
|                                                                    |   | 2016 | 2015 |
| Pro forma net revenue                                                   |   | $ | 200,929 |  | $ | 195,449 |  |
| Pro forma net loss attributable to Vail Resorts, Inc.                   |   | $ | (67,678 | ) | $ | (71,000 | ) |
| Pro forma basic net loss per share attributable to Vail Resorts, Inc.   |   | $ | (1.69 | ) | $ | (1.77 | ) |
| Pro forma diluted net loss per share attributable to Vail Resorts, Inc. |   | $ | (1.69 | ) | $ | (1.77 | ) |

----

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

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |
|                                |   | October 31, 2016 |   | July 31, 2016 |   | October 31, 2015 |
| Land and land improvements          |   | $ | 530,634 |  |   | $ | 440,300 |  |   | $ | 431,798 |  |
| Buildings and building improvements |   | 1,157,546 |  |   | 1,025,515 |  |   | 1,006,033 |  |
| Machinery and equipment             |   | 954,722 |  |   | 866,008 |  |   | 814,362 |  |
| Furniture and fixtures              |   | 291,141 |  |   | 284,959 |  |   | 289,173 |  |
| Software                            |   | 106,901 |  |   | 103,754 |  |   | 107,063 |  |
| Vehicles                            |   | 64,344 |  |   | 58,159 |  |   | 61,546 |  |
| Construction in progress            |   | 82,895 |  |   | 39,396 |  |   | 86,042 |  |
| Gross property, plant and equipment |   | 3,188,183 |  |   | 2,818,091 |  |   | 2,796,017 |  |
| Accumulated depreciation            |   | (1,489,096 | ) |   | (1,454,277 | ) |   | (1,407,452 | ) |
| Property, plant and equipment, net  |   | $ | 1,699,087 |  |   | $ | 1,363,814 |  |   | $ | 1,388,565 |  |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |
|                                              |   | October 31, 2016 |   | July 31, 2016 |   | October 31, 2015 |
| Trade payables                                    |   | $ | 90,773 |  |   | $ | 72,658 |  |   | $ | 101,016 |  |
| Deferred revenue                                  |   | 328,009 |  |   | 182,506 |  |   | 240,288 |  |
| Accrued salaries, wages and deferred compensation |   | 29,544 |  |   | 43,086 |  |   | 11,878 |  |
| Accrued benefits                                  |   | 28,564 |  |   | 29,175 |  |   | 22,818 |  |
| Deposits                                          |   | 18,418 |  |   | 23,307 |  |   | 15,979 |  |
| Other liabilities                                 |   | 47,615 |  |   | 46,756 |  |   | 46,858 |  |
| Total accounts payable and accrued liabilities    |   | $ | 542,923 |  |   | $ | 397,488 |  |   | $ | 438,837 |  |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |
|                                         |   | October 31, 2016 |   | July 31, 2016 |   | October 31, 2015 |
| Private club deferred initiation fee revenue |   | $ | 120,546 |  |   | $ | 121,750 |  |   | $ | 124,449 |  |
| Unfavorable lease obligation, net            |   | 27,284 |  |   | 27,322 |  |   | 29,279 |  |
| Other long-term liabilities                  |   | 124,479 |  |   | 121,096 |  |   | 100,523 |  |
| Total other long-term liabilities            |   | $ | 272,309 |  |   | $ | 270,168 |  |   | $ | 254,251 |  |

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Mountain | Lodging | Goodwill, net |
| Balance at July 31, 2016                              | $ | 441,138 |  | $ | 67,899 |  | $ | 509,037 |  |
| Whistler Blackcomb acquisition                        | 964,606 |  | — |  | 964,606 |  |
| Effects of changes in foreign currency exchange rates | (18,700 | ) | — |  | (18,700 | ) |
| Balance at October 31, 2016                           | $ | 1,387,044 |  | $ | 67,899 |  | $ | 1,454,943 |  |

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     |   |   |   |   |   |   |   |   |
|                     |   | Estimated Fair Value Measurement as of October 31, 2016 |
| Description              |   | Total |   | Level 1 |   | Level 2 |   | Level 3 |
| Assets:                  |   |   |   |   |   |   |   |   |
| Money Market             |   | $ | 3,001 |  |   | $ | 3,001 |  |   | $ | — |  |   | $ | — |  |
| Commercial Paper         |   | $ | 2,401 |  |   | $ | — |  |   | $ | 2,401 |  |   | $ | — |  |
| Certificates of Deposit  |   | $ | 2,403 |  |   | $ | — |  |   | $ | 2,403 |  |   | $ | — |  |
| Liabilities:             |   |   |   |   |   |   |   |   |
| Contingent Consideration |   | $ | 11,400 |  |   | $ | — |  |   | $ | — |  |   | $ | 11,400 |  |
| Interest Rate Swap       |   | $ | 1,990 |  |   | $ | — |  |   | $ | 1,990 |  |   | $ | — |  |
|                     |   |   |   |   |   |   |   |   |
|                     |   | Estimated Fair Value Measurement as of July 31, 2016 |
| Description              |   | Total |   | Level 1 |   | Level 2 |   | Level 3 |
| Assets:                  |   |   |   |   |   |   |   |   |
| Commercial Paper         |   | $ | 2,401 |  |   | $ | — |  |   | $ | 2,401 |  |   | $ | — |  |
| Certificates of Deposit  |   | $ | 2,403 |  |   | $ | — |  |   | $ | 2,403 |  |   | $ | — |  |
| Liabilities:             |   |   |   |   |   |   |   |   |
| Contingent Consideration |   | $ | 11,100 |  |   | $ | — |  |   | $ | — |  |   | $ | 11,100 |  |
|                     |   |   |
|                     |   | Estimated Fair Value Measurement as of October 31, 2015 |
| Description              |   | Total |   | Level 1 |   | Level 2 |   | Level 3 |
| Assets:                  |   |   |   |   |   |   |   |   |
| Commercial Paper         |   | $ | 2,401 |  |   | $ | — |  |   | $ | 2,401 |  |   | $ | — |  |
| Certificates of Deposit  |   | $ | 2,901 |  |   | $ | — |  |   | $ | 2,901 |  |   | $ | — |  |
| Liabilities:             |   |   |   |   |   |   |   |   |
| Contingent Consideration |   | $ | 6,900 |  |   | $ | — |  |   | $ | — |  |   | $ | 6,900 |  |

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |
|                           | 2016 | 2015 |
| Balance as of July 31,         | $ | 11,100 |  | $ | 6,900 |  |
| Change in estimated fair value | 300 |  | — |  |
| Balance as of October 31,      | $ | 11,400 |  | $ | 6,900 |  |

----

----

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |
|                                                           | Three Months Ended October 31, |
|                                                           | 2016 |   | 2015 |
| Net revenue:                                                   |   |   |   |
| Lift                                                           | $ | 21,426 |  |   | $ | 20,153 |  |
| Ski school                                                     | 3,851 |  |   | 3,384 |  |
| Dining                                                         | 13,368 |  |   | 12,355 |  |
| Retail/rental                                                  | 36,479 |  |   | 32,389 |  |
| Other                                                          | 35,643 |  |   | 32,652 |  |
| Total Mountain net revenue                                     | 110,767 |  |   | 100,933 |  |
| Lodging                                                        | 67,402 |  |   | 64,286 |  |
| Total Resort net revenue                                       | 178,169 |  |   | 165,219 |  |
| Real estate                                                    | 96 |  |   | 9,348 |  |
| Total net revenue                                              | $ | 178,265 |  |   | $ | 174,567 |  |
| Operating expense:                                             |   |   |   |
| Mountain                                                       | $ | 168,253 |  |   | $ | 151,158 |  |
| Lodging                                                        | 64,080 |  |   | 61,437 |  |
| Total Resort operating expense                                 | 232,333 |  |   | 212,595 |  |
| Real estate                                                    | 1,485 |  |   | 9,341 |  |
| Total segment operating expense                                | $ | 233,818 |  |   | $ | 221,936 |  |
|                                                           |   |   |   |
| Gain on sale of real property                                  | $ | 6,466 |  |   | $ | 1,159 |  |
| Mountain equity investment income, net                         | $ | 832 |  |   | $ | 842 |  |
| Reported EBITDA:                                               |   |   |   |
| Mountain                                                       | $ | (56,654 | ) |   | $ | (49,383 | ) |
| Lodging                                                        | 3,322 |  |   | 2,849 |  |
| Resort                                                         | (53,332 | ) |   | (46,534 | ) |
| Real estate                                                    | 5,077 |  |   | 1,166 |  |
| Total Reported EBITDA                                          | $ | (48,255 | ) |   | $ | (45,368 | ) |
|                                                           |   |   |   |
| Real estate held for sale and investment                       | $ | 116,852 |  |   | $ | 120,769 |  |
|                                                           |   |   |   |
| Reconciliation to net loss attributable to Vail Resorts, Inc.: |   |   |   |
| Total Reported EBITDA                                          | $ | (48,255 | ) |   | $ | (45,368 | ) |
| Depreciation and amortization                                  | (40,581 | ) |   | (38,700 | ) |
| Change in estimated fair value of Contingent Consideration     | (300 | ) |   | — |  |
| Loss on disposal of fixed assets and other, net                | (550 | ) |   | (1,779 | ) |
| Investment income and other, net                               | 4,523 |  |   | 198 |  |
| Interest expense                                               | (11,964 | ) |   | (10,595 | ) |
| Loss before benefit from income taxes                          | (97,127 | ) |   | (96,244 | ) |
| Benefit from income taxes                                      | 33,509 |  |   | 36,574 |  |
| Net loss                                                       | $ | (63,618 | ) |   | $ | (59,670 | ) |
| Net loss attributable to noncontrolling interests              | 1,031 |  |   | 83 |  |
| Net loss attributable to Vail Resorts, Inc.                    | $ | (62,587 | ) |   | $ | (59,587 | ) |

----

----

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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. To help mitigate this impact, 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. Additionally, our season pass products provide a compelling value proposition to our guests, which in turn create a guest commitment predominately prior to the start of the ski season. For the 2015/2016 ski season, pass revenue represented approximately 40% of total lift revenue for the entire fiscal year. Through December 4, 2016, our season pass sales for the 2016/2017 ski season have increased approximately 16% in units and increased approximately 20% in sales dollars, compared to the prior year period through December 6, 2015, each excluding Whistler Blackcomb season pass sales and Epic Australia pass sales in both periods. We cannot predict the ultimate impact that season pass sales will have on total lift revenue or effective ticket price for the 2016/2017 North American ski season. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | On October 17, 2016, the Company, through its wholly owned Canadian subsidiary (“Exchangeco”), acquired all of the outstanding common shares of Whistler Blackcomb, for an aggregate purchase consideration paid to Whistler Blackcomb shareholders of approximately $1.09 billion, consisting of (i) approximately C$673.8 million in cash (or C$17.50 per Whistler Blackcomb share), (ii) 3,327,719 shares of the Company’s common stock, par value $0.01 per share (the “Vail Shares”), and (iii) 418,095 shares of Exchangeco (the “Exchangeco Shares”). The cash purchase consideration portion was funded through borrowing from an incremental term loan under our Seventh Amended and Restated Credit Agreement (the “Vail Holdings Credit Agreement”). Whistler Blackcomb, through a 75% ownership interest in Whistler Mountain Resort Limited Partnership and a 75% ownership interest in Blackcomb Skiing Enterprises Limited Partnership, collectively (the “WB Partnerships”), operates a four season mountain resort that features two adjacent and integrated mountains, Whistler Mountain and Blackcomb Mountain. The remaining 25% ownership interest in each of the WB Partnerships is held by Nippon Cable, an unrelated party to Vail Resorts. We expect that Whistler Blackcomb will significantly contribute to our results of operations; however; we cannot predict whether we will realize all of the expected synergies from the combination of the operations of Whistler Blackcomb nor can we predict all the resources required to integrate Whistler Blackcomb operations and the ultimate impact Whistler Blackcomb will have on our future results of operations. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Key U.S. economic indicators have remained steady in 2016, including strong consumer confidence and declines in the unemployment rate. However, the growth in the U.S. economy may be impacted by economic challenges in the U.S. or declining or slowing growth in economies outside of the U.S., accompanied by devaluation of currencies and lower commodity prices. Given these economic uncertainties, we cannot predict what the impact will be on overall travel and leisure spending or more specifically, on our guest visitation, guest spending or other related trends for the upcoming 2016/2017 North American ski season. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | As of October 31, 2016, we had $191.2 million available under the revolver component of our Vail Holdings Credit Agreement (which represents the total commitment of $400.0 million less outstanding borrowings of $135.0 million and certain letters of credit outstanding of $73.8 million). Additionally, we amended our prior credit agreement to provide for an incremental term loan of $509.4 million, for a total Vail Holdings Credit Agreement term loan amount outstanding of $750.0 million, to fund the cash portion of the Whistler Blackcomb acquisition. Also, we assumed in the Whistler Blackcomb acquisition a credit facility which supports the liquidity needs of Whistler Blackcomb (the “Whistler Credit Agreement”). As of October 31, 2016, we had C$108.9 million ($81.2 million) available under the revolver component of the Whistler Credit Agreement (which represents the total commitment of C$300.0 million ($223.8 million) less outstanding borrowings of C$190.5 million ($142.1 million) and a letter of  credit outstanding of C$0.6 million ($0.5 million)). |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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. As of October 31, 2016, we had four units at The Ritz-Carlton Residences, Vail and two units (of which one unit sold subsequent to October 31, 2016) at One Ski Hill Place in Breckenridge available for sale with a remaining book value of approximately $13.5 million for both projects. 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 anticipate the selling process will take less than two years to complete assuming continued stability in resort real estate markets. |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |
|                                        |   | Three Months Ended October 31, |
|                                        |   | 2016 |   | 2015 |
| Mountain Reported EBITDA                    |   | $ | (56,654 | ) |   | $ | (49,383 | ) |
| Lodging Reported EBITDA                     |   | 3,322 |  |   | 2,849 |  |
| Resort Reported EBITDA                      |   | $ | (53,332 | ) |   | $ | (46,534 | ) |
| Real Estate Reported EBITDA                 |   | $ | 5,077 |  |   | $ | 1,166 |  |
| Loss before benefit from income taxes       |   | $ | (97,127 | ) |   | $ | (96,244 | ) |
| Net loss attributable to Vail Resorts, Inc. |   | $ | (62,587 | ) |   | $ | (59,587 | ) |

----

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                   |   | Three Months Ended October 31, |   | PercentageIncrease(Decrease) |
|                                   |   | 2016 |   | 2015 |   |
| Net Mountain revenue:                  |   |   |   |   |   |   |
| Lift                                   |   | $ | 21,426 |  |   | $ | 20,153 |  |   | 6.3 |  % |
| Ski school                             |   | 3,851 |  |   | 3,384 |  |   | 13.8 |  % |
| Dining                                 |   | 13,368 |  |   | 12,355 |  |   | 8.2 |  % |
| Retail/rental                          |   | 36,479 |  |   | 32,389 |  |   | 12.6 |  % |
| Other                                  |   | 35,643 |  |   | 32,652 |  |   | 9.2 |  % |
| Total Mountain net revenue             |   | 110,767 |  |   | 100,933 |  |   | 9.7 |  % |
| Mountain operating expense:            |   |   |   |   |   |   |
| Labor and labor-related benefits       |   | 57,682 |  |   | 51,799 |  |   | 11.4 |  % |
| Retail cost of sales                   |   | 18,404 |  |   | 16,479 |  |   | 11.7 |  % |
| General and administrative             |   | 41,984 |  |   | 38,599 |  |   | 8.8 |  % |
| Other                                  |   | 50,183 |  |   | 44,281 |  |   | 13.3 |  % |
| Total Mountain operating expense       |   | 168,253 |  |   | 151,158 |  |   | 11.3 |  % |
| Mountain equity investment income, net |   | 832 |  |   | 842 |  |   | (1.2 | )% |
| Mountain Reported EBITDA               |   | $ | (56,654 | ) |   | $ | (49,383 | ) |   | (14.7 | )% |
|                                   |   |   |   |   |   |   |
| Total skier visits                     |   | 429 |  |   | 435 |  |   | (1.4 | )% |
| ETP                                    |   | $ | 49.94 |  |   | $ | 46.33 |  |   | 7.8 |  % |

----

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | Three Months Ended October 31, |   | PercentageIncrease(Decrease) |
|                                                       |   | 2016 |   | 2015 |   |
| Lodging net revenue:                                       |   |   |   |   |   |   |
| Owned hotel rooms                                          |   | $ | 18,063 |  |   | $ | 17,306 |  |   | 4.4 | % |
| Managed condominium rooms                                  |   | 8,521 |  |   | 8,247 |  |   | 3.3 | % |
| Dining                                                     |   | 15,337 |  |   | 15,041 |  |   | 2.0 | % |
| Transportation                                             |   | 2,473 |  |   | 2,320 |  |   | 6.6 | % |
| Golf                                                       |   | 8,513 |  |   | 8,247 |  |   | 3.2 | % |
| Other                                                      |   | 11,418 |  |   | 10,425 |  |   | 9.5 | % |
|                                                       |   | 64,325 |  |   | 61,586 |  |   | 4.4 | % |
| Payroll cost reimbursements                                |   | 3,077 |  |   | 2,700 |  |   | 14.0 | % |
| Total Lodging net revenue                                  |   | 67,402 |  |   | 64,286 |  |   | 4.8 | % |
| Lodging operating expense:                                 |   |   |   |   |   |   |
| Labor and labor-related benefits                           |   | 29,877 |  |   | 28,695 |  |   | 4.1 | % |
| General and administrative                                 |   | 8,764 |  |   | 7,969 |  |   | 10.0 | % |
| Other                                                      |   | 22,362 |  |   | 22,073 |  |   | 1.3 | % |
|                                                       |   | 61,003 |  |   | 58,737 |  |   | 3.9 | % |
| Reimbursed payroll costs                                   |   | 3,077 |  |   | 2,700 |  |   | 14.0 | % |
| Total Lodging operating expense                            |   | 64,080 |  |   | 61,437 |  |   | 4.3 | % |
| Lodging Reported EBITDA                                    |   | $ | 3,322 |  |   | $ | 2,849 |  |   | 16.6 | % |
|                                                       |   |   |   |   |   |   |
| Owned hotel statistics:                                    |   |   |   |   |   |   |
| ADR                                                        |   | $ | 214.83 |  |   | $ | 199.41 |  |   | 7.7 | % |
| RevPAR                                                     |   | $ | 144.12 |  |   | $ | 133.14 |  |   | 8.2 | % |
| Managed condominium statistics:                            |   |   |   |   |   |   |
| ADR                                                        |   | $ | 196.78 |  |   | $ | 177.76 |  |   | 10.7 | % |
| RevPAR                                                     |   | $ | 47.95 |  |   | $ | 43.92 |  |   | 9.2 | % |
| Owned hotel and managed condominium statistics (combined): |   |   |   |   |   |   |
| ADR                                                        |   | $ | 207.34 |  |   | $ | 190.35 |  |   | 8.9 | % |
| RevPAR                                                     |   | $ | 80.53 |  |   | $ | 74.20 |  |   | 8.5 | % |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                       |   | Three Months Ended October 31, |   | PercentageIncrease(Decrease) |
|                                       |   | 2016 |   | 2015 |   |
| Total Real Estate net revenue              |   | $ | 96 |  |   | $ | 9,348 |  |   | (99.0 | )% |
| Real Estate operating expense:             |   |   |   |   |   |   |
| Cost of sales (including sales commission) |   | — |  |   | 7,767 |  |   | (100.0 | )% |
| Other                                      |   | 1,485 |  |   | 1,574 |  |   | (5.7 | )% |
| Total Real Estate operating expense        |   | 1,485 |  |   | 9,341 |  |   | (84.1 | )% |
| Gain on sale of real property              |   | 6,466 |  |   | 1,159 |  |   | 457.9 |  % |
| Real Estate Reported EBITDA                |   | $ | 5,077 |  |   | $ | 1,166 |  |   | 335.4 |  % |

----

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |
|                                                       | Three Months Ended October 31, |
|                                                       | 2016 |   | 2015 |
| Mountain Reported EBITDA                                   | $ | (56,654 | ) |   | $ | (49,383 | ) |
| Lodging Reported EBITDA                                    | 3,322 |  |   | 2,849 |  |
| Resort Reported EBITDA                                     | (53,332 | ) |   | (46,534 | ) |
| Real Estate Reported EBITDA                                | 5,077 |  |   | 1,166 |  |
| Total Reported EBITDA                                      | (48,255 | ) |   | (45,368 | ) |
| Depreciation and amortization                              | (40,581 | ) |   | (38,700 | ) |
| Loss on disposal of fixed assets and other, net            | (550 | ) |   | (1,779 | ) |
| Change in estimated fair value of Contingent Consideration | (300 | ) |   | — |  |
| Investment income and other, net                           | 4,523 |  |   | 198 |  |
| Interest expense                                           | (11,964 | ) |   | (10,595 | ) |
| Loss before benefit from income taxes                      | (97,127 | ) |   | (96,244 | ) |
| Benefit from income taxes                                  | 33,509 |  |   | 36,574 |  |
| Net loss                                                   | (63,618 | ) |   | (59,670 | ) |
| Net loss attributable to noncontrolling interests          | 1,031 |  |   | 83 |  |
| Net loss attributable to Vail Resorts, Inc.                | $ | (62,587 | ) |   | $ | (59,587 | ) |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |
|                               |   | October 31, |
|                               |   | 2016 |   | 2015 |
| Long-term debt                     |   | $ | 1,371,779 |  |   | $ | 814,797 |  |
| Long-term debt due within one year |   | 38,374 |  |   | 13,319 |  |
| Total debt                         |   | 1,410,153 |  |   | 828,116 |  |
| Less: cash and cash equivalents    |   | 106,751 |  |   | 39,606 |  |
| Net Debt                           |   | $ | 1,303,402 |  |   | $ | 788,510 |  |

----

----

----

----

|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries; |

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

|         |                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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 and changing consumer preferences; |

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

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

|         |                                            |
|---------|--------------------------------------------|
| • | high fixed cost structure of our business; |

|         |                                                  |
|---------|--------------------------------------------------|
| • | our ability to fund resort capital expenditures; |

|         |                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------|
| • | our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; |

|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | risks related to a disruption in our water supply that would impact our snowmaking capabilities; |

|         |                                                                                            |
|---------|--------------------------------------------------------------------------------------------|
| • | risks related to federal, state, local and foreign government laws, rules and regulations; |

|         |                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------|
| • | risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data; |

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

|         |                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; |

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

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | risks related to our workforce, including increased labor costs; |

|         |                        |
|---------|------------------------|
| • | loss of key personnel; |

|         |                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our ability to successfully integrate acquired businesses, or that acquired businesses may fail to perform in accordance with expectations, including Whistler Blackcomb or future acquisitions; |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | our ability to realize anticipated financial benefits from Park City; |

|         |                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------|
| • | our ability to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, with respect to acquired businesses; |

|         |                                                 |
|---------|-------------------------------------------------|
| • | risks associated with international operations; |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | fluctuations in foreign currency exchange rates, particularly the Canadian dollar and Australian dollar; |

|         |                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------|
| • | changes in accounting estimates and judgments, accounting principles, policies or guidelines; and |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | a materially adverse change in our financial condition. |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |
|                                                 | Three Months Ended October 31, |
|                                                 | 2016 | 2015 |
| Foreign currency translation adjustments, net of tax | $ | (24,412 | ) | $ | (2,408 | ) |

----

----

----

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|               |
|---------------|
|               |  |
| ExhibitNumber | Description |
|          |   |
| 2.1           | Arrangement Agreement, between Vail Resorts, Inc., 1068877 B.C. Ltd. and Whistler Blackcomb, dated as of August 5, 2016 (Incorporated by reference to Exhibit 2.1 on Form 8-K of Vail Resorts, Inc. filed on August 8, 2016) (File No. 001-09614) |
|          |   |
| 3.1           | Certificate of Designations of Special Voting Preferred Stock (Incorporated by reference to Exhibit 3.1 on Form 8-K of Vail Resorts, Inc. filed on October 17, 2016) (File No. 001-09614) |
|          |   |
| 10.1*         | Vail Resorts, Inc. Management Incentive Plan. |
|          |   |
| 10.2          | Amendment to Seventh Amended and Restated Credit Agreement, dated October 14, 2016 (Incorporated by reference to Exhibit 10.1 on Form 8-K of Vail Resorts, Inc. filed on October 17, 2016) (File No. 001-09614) |
|          |   |
| 10.3          | Amended and Restated Credit Agreement and the amendments thereto, dated as of November 12, 2013, among Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership, as borrowers, the Guarantors Party thereto, the Financial Institutions named therein, The Toronto-Dominion Bank, as administrative agent, TD Securities, as lead arranger and sole bookrunner, and Royal Bank of Canada, Bank of Montreal, Wells Fargo Bank, N.A., Canadian Branch, and Bank of America, N.A., Canadian Branch, as co-documentation agents. |
|          |   |
| 10.4          | Ski Area Agreement and the amendments thereto, dated as of September 30, 1982, between Her Majesty the Queen in Right of the Province of British Columbia, represented by the Minister of Lands, Parks and Housing, and Whistler Mountain Resort Limited Partnership. |
|          |   |
| 10.5          | Development Agreement for Blackcomb Mountain and the amendments thereto, dated as of May 1, 1979, between Her Majesty the Queen in Right of the Province of British Columbia, represented by the Minister of Lands, Parks and Housing, and Blackcomb Skiing Enterprises Limited Partnership, |
|          |   |
| 31.1          | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|          |   |
| 31.2          | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|          |   |
| 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. |
|          |   |
| 101           | The following information from the Company’s Quarterly Report on Form 10-Q for the three months ended October 31, 2016 formatted in eXtensible Business Reporting Language: (i) Unaudited Consolidated Condensed Balance Sheets as of October 31, 2016, July 31, 2016, and October 31, 2015; (ii) Unaudited Consolidated Condensed Statements of Operations for the three months ended October 31, 2016 and 2015; (iii) Unaudited Consolidated Condensed Statements of Comprehensive Income for the three months ended October 31, 2016 and 2015; (iv) Unaudited Consolidated Condensed Statements of Stockholders’ Equity for the three months ended October 31, 2016 and 2015; (v) Unaudited Consolidated Condensed Statements of Cash Flows for the three months ended October 31, 2016 and 2015; and (vi) Notes to the Consolidated Condensed Financial Statements. |

----

|                        |
|------------------------|
|                        |  |  |
|                   |   | Vail Resorts, Inc. |
|                   |   |   |
| Date: December 9, 2016 | By: | /s/ Michael Z. Barkin |
|                   |   | Michael Z. Barkin |
|                   |   | Executive Vice President and Chief Financial Officer |
|                   |   | (Principal Financial Officer) |
|                   |   |   |
| Date: December 9, 2016 | By: | /s/ Ryan H. Siurek |
|                   |   | Ryan H. Siurek |
|                   |   | Vice President, Controller and Chief Accounting Officer |
|                   |   | (Principal Accounting Officer) |