| FOR IMMEDIATE RELEASE |   |   |
|-----------------------|--------|--------|

| ·   | Net income attributable to Vail Resorts, Inc. of $54.6 million for the second quarter increased by $13.9 million, or 34.1%, from the second quarter of the prior fiscal year. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Mountain Reported EBITDA and Resort Reported EBITDA (which includes the Company’s Mountain and Lodging segments) improved by 18.7% and 18.5%, respectively, for the second quarter of fiscal 2011 compared with the same period in the prior year reflecting solid growth across our resorts as well as the addition of Northstar-at-Tahoe, acquired October 2010, to the current year quarter. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Season-to-date skier metrics through March 6, 2011 across our six mountain resorts remain favorable, with increases in ancillary spending outpacing the growth in visitation. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We closed on six Ritz-Carlton residences and one One Ski Hill Place unit in the quarter; our real estate operations have generated net cash proceeds of $151.1 million since the beginning of fiscal 2011 and through March 6, 2011. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Net cash provided by operating activities for the Company totaled $243.7 million in the first half of fiscal 2011 and the Company’s Net Debt leverage ratio equaled 1.9 times trailing twelve months Total Reported EBITDA. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Calendar 2011 capital plan to include significant investment across the Company’s resorts, including a new on-mountain fine dining restaurant at Vail, a new high speed quad Rose Bowl chairlift at Beaver Creek, a second generation release of EpicMix, new family programming at Keystone, multiple renovations at our Lodging properties and several new retail stores.  Significant capital plan for Northstar-at-Tahoe that will include a new high speed lift serving expanded terrain and additional ski runs, a new 500 seat on mountain dining venue and enhancements to the base village that include an exciting new tenant mix. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Mountain segment net revenue was $318.3 million for the three months ended January 31, 2011 compared to $261.0 million in the same period in the prior year, a 22.0% increase.  Net revenue excluding the acquisition of Northstar-at-Tahoe increased 10.4%. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Mountain Reported EBITDA was $127.2 million for the three months ended January 31, 2011 compared to $107.2 million in the same period in the prior year, an 18.7% improvement. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Lodging segment net revenue was $44.7 million for the three months ended January 31, 2011 compared to $38.7 million for the same period in the prior year, a 15.6% increase. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | For the three months ended January 31, 2011, average daily rate (“ADR”) decreased 1.1% and RevPAR increased 14.7% at the Company’s owned hotels and managed condominiums compared to the same period in the prior year. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Lodging Reported EBITDA was $0.9 million for both the three months ended January 31, 2011 and 2010. |
|--------------------|-----------------------------------------------------------------------------------------------------|

| ·   | Resort net revenue was $363.0 million for the three months ended January 31, 2011 compared to $299.7 million in the same period in the prior year. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Resort Reported EBITDA was $128.1 million for the three months ended January 31, 2011 compared to $108.1 million in the same period in the prior year, an 18.5% improvement. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Real Estate segment net revenue was $25.1 million for the three months ended January 31, 2011 compared to $0.9 million in the same period in the prior year. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Real Estate Reported EBITDA was a negative $0.2 million for the three months ended January 31, 2011 compared to a negative $6.5 million in the same period in the prior year. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Total net revenue was $388.1 million for the three months ended January 31, 2011 compared to $300.5 million in the same period in the prior year, a 29.2% increase. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Net income attributable to Vail Resorts, Inc. was $54.6 million, or $1.48 per diluted share, for the three months ended January 31, 2011 compared to net income attributable to Vail Resorts, Inc. of $40.7 million, or $1.11 per diluted share, in the same period in the prior year. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Season-to-date total lift ticket revenue at the Company’s six mountain resort properties, adjusted as if Northstar-at-Tahoe (acquired in October 2010) was owned in both periods and including an allocated portion of season pass revenue for each applicable period, was up approximately 7.5% through March 6, 2011, compared to the prior year season to date period ended March 7, 2010. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Season-to-date total skier visits for the Company’s six mountain resort properties, adjusted as if Northstar-at-Tahoe was owned in both periods, were up approximately 4.4% through March 6, 2011, compared to the prior year season to date period ended March 7, 2010. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Season-to-date ancillary spending at the Company’s six mountain resort properties, adjusted as if Northstar-at-Tahoe was owned in both periods, increased significantly, with revenue from ski school up 10.4%, dining up 8.7%, and retail/rental up 10.8% through March 6, 2011, compared to the prior year season to date period ended March 7, 2010. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                              | Fiscal 2011 Guidance |
|---------------------------------------------------|----------------------|
|                                              | (In thousands)       |
|                                              | For the Year Ending  |
|                                              | July 31, 2011        |
|                                              |                 |
|                                              | Low EndRange         |   | High End Range |
|                                              |                 |   |   |
| Mountain Reported EBITDA (1)                      | $                    | 203,000 |   |   | $ | 213,000 |   |
| Lodging Reported EBITDA (2)                       |                 | 6,000 |   |   |   | 12,000 |   |
|                                              |                 |   |   |   |   |   |   |
| Resort Reported EBITDA (3)                        |                 | 211,000 |   |   |   | 221,000 |   |
| Real Estate Reported EBITDA  (4)        |                 | (10,000 | ) |   |   | -- |   |
|                                              |                 |   |   |   |   |   |   |
| Total Reported EBITDA                             |                 | 201,000 |   |   |   | 221,000 |   |
| Depreciation and amortization                     |                 | (115,750 | ) |   |   | (117,250 | ) |
| Loss on disposal of fixed assets, net             |                 | (500 | ) |   |   | (1,275 | ) |
| Investment income                                 |                 | 1,200 |   |   |   | 1,200 |   |
| Interest expense, net                             |                 | (35,000 | ) |   |   | (36,000 | ) |
|                                              |                 |   |   |   |   |   |   |
| Income before provision for income taxes          |                 | 50,950 |   |   |   | 67,675 |   |
| Provision for income taxes                        |                 | (18,991 | ) |   |   | (25,716 | ) |
|                                              |                 |   |   |   |   |   |   |
| Net income                                        |                 | 31,959 |   |   |   | 41,959 |   |
| Net loss attributable to noncontrolling interests |                 | 41 |   |   |   | 41 |   |
|                                              |                 |   |   |   |   |   |   |
| Net income attributable to Vail Resorts, Inc.     | $                    | 32,000 |   |   | $ | 42,000 |   |
|                                              |                 |   |   |   |   |   |   |

| (1)   | Mountain Reported EBITDA includes approximately $7 million of stock-based compensation. |
|-----------------|-----------------------------------------------------------------------------------------|

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

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

| (4)   | Real Estate Reported EBITDA includes approximately $3 million of stock-based compensation. |
|-----------------|--------------------------------------------------------------------------------------------|

| Vail Resorts, Inc.                                  |
|-----------------------------------------------------|
| Consolidated Condensed Statements of Operations     |
| (In thousands, except per share amounts)            |
| (Unaudited)                                         |
|                                                |   |   |   |   |   |   |   |   |   |
|                                                |   |   |   | Three Months Ended |
|                                                |   |   |   |  January 31, |
|                                                |   |   |   | 2011 | 2010 |
|                                                |   |   |   |   |   |
| Net revenue:                                        |   |   |   |   |   |   |
|                                                | Mountain | $ | 318,277 |   | $ | 260,978 |   |
|                                                | Lodging |   | 44,720 |   |   | 38,676 |   |
|                                                | Real estate |   | 25,147 |   |   | 870 |   |
|                                                |   |   |   |   |   |   |   |
|                                                |   | Total net revenue |   | 388,144 |   |   | 300,524 |   |
| Segment operating expense:                          |   |   |   |   |   |   |
|                                                | Mountain |   | 191,224 |   |   | 154,018 |   |
|                                                | Lodging |   | 43,839 |   |   | 37,788 |   |
|                                                | Real estate |   | 25,344 |   |   | 7,417 |   |
|                                                |   |   |   |   |   |   |   |
|                                                |   | Total segment operating expense |   | 260,407 |   |   | 199,223 |   |
| Other operating (expense) income:                   |   |   |   |   |   |   |
|                                                | Depreciation and amortization |   | (30,276 | ) |   | (27,772 | ) |
|                                                | (Loss) gain on disposal of fixed assets, net |   | (400 | ) |   | 12 |   |
|                                                |   |   |   |   |   |   |   |
| Income from operations                              |   | 97,061 |   |   | 73,541 |   |
|                                                | Mountain equity investment income, net |   | 138 |   |   | 207 |   |
|                                                | Investment income |   | 226 |   |   | 192 |   |
|                                                | Interest expense, net |   | (8,659 | ) |   | (4,148 | ) |
| Income before provision for income taxes            |   | 88,766 |   |   | 69,792 |   |
|                                                | Provision for income taxes |   | (34,209 | ) |   | (24,713 | ) |
|                                                |   |   |   |   |   |   |   |
| Net income                                          |   | 54,557 |   |   | 45,079 |   |
| Net income attributable to noncontrolling interests |   | (6 | ) |   | (4,389 | ) |
|                                                |   |   |   |   |   |   |
| Net income attributable to Vail Resorts, Inc.       | $ | 54,551 |   | $ | 40,690 |   |
|                                                |   |   |   |   |   |   |   |   |   |
| Per share amounts:                                  |   |   |   |   |   |   |
|                                                | Basic net income per share attributable to Vail Resorts, Inc. | $ | 1.52 |   | $ | 1.12 |   |
|                                                |   |   |   |   |   |   |   |
|                                                | Diluted net income per share attributable to Vail Resorts, Inc. | $ | 1.48 |   | $ | 1.11 |   |
|                                                |   |   |   |   |   |   |   |
|                                                |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding:                |   |   |   |   |   |   |
| Basic                                               |   | 35,991 |   |   | 36,245 |   |
|                                                |   |   |   |   |   |   |
| Diluted                                             |   | 36,798 |   |   | 36,754 |   |
|                                                |   |   |   |   |   |   |
|                                                |   |   |   |   |   |   |
| Other Data (unaudited):                             |   |   |   |   |   |   |
| Mountain Reported EBITDA                            | $ | 127,191 |   | $ | 107,167 |   |
| Lodging Reported EBITDA                             | $ | 881 |   | $ | 888 |   |
| Resort Reported EBITDA                              | $ | 128,072 |   | $ | 108,055 |   |
| Real Estate Reported EBITDA                         | $ | (197 | ) | $ | (6,547 | ) |
|                                                |   |   |   |   |   |   |
| Total Reported EBITDA                               | $ | 127,875 |   | $ | 101,508 |   |
|                                                |   |   |   |   |   |   |

| Mountain stock-based compensation    | $      | 1,805  |   | $      | 1,277  |   |
|--------------------------------------|--------|--------|--------|--------|--------|--------|
| Lodging stock-based compensation     | $      | 525    |   | $      | 496    |   |
| Resort stock-based compensation      | $      | 2,330  |   | $      | 1,773  |   |
| Real Estate stock-based compensation | $      | 820    |   | $      | 1,131  |   |
|                                 |   |   |   |   |   |   |
| Total stock-based compensation       | $      | 3,150  |   | $      | 2,904  |   |
|                                 |   |   |   |   |   |   |

| Vail Resorts, Inc.                                         |
|------------------------------------------------------------|
| Consolidated Condensed Statements of Operations            |
| (In thousands, except per share amounts)                   |
| (Unaudited)                                                |
|                                                       |   |   |   |   |   |   |   |   |   |
|                                                       |   |   |   | Six Months Ended |
|                                                       |   |   |   |  January 31, |
|                                                       |   |   |   | 2011 | 2010 |
|                                                       |   |   |   |   |   |
| Net revenue:                                               |   |   |   |   |   |   |
|                                                       | Mountain | $ | 359,056 |   | $ | 300,182 |   |
|                                                       | Lodging |   | 89,098 |   |   | 80,031 |   |
|                                                       | Real estate |   | 174,408 |   |   | 1,075 |   |
|                                                       |   |   |   |   |   |   |   |
|                                                       |   | Total net revenue |   | 622,562 |   |   | 381,288 |   |
| Segment operating expense:                                 |   |   |   |   |   |   |
|                                                       | Mountain |   | 274,360 |   |   | 230,486 |   |
|                                                       | Lodging |   | 86,674 |   |   | 80,411 |   |
|                                                       | Real estate |   | 170,407 |   |   | 12,594 |   |
|                                                       |   |   |   |   |   |   |   |
|                                                       |   | Total segment operating expense |   | 531,441 |   |   | 323,491 |   |
| Other operating (expense) income:                          |   |   |   |   |   |   |
|                                                       | Depreciation and amortization |   | (58,008 | ) |   | (54,956 | ) |
|                                                       | Gain on sale of real property |   | -- |   |   | 6,087 |   |
|                                                       | Loss on disposal of fixed assets, net |   | (308 | ) |   | (101 | ) |
|                                                       |   |   |   |   |   |   |   |
| Income from operations                                     |   | 32,805 |   |   | 8,827 |   |
|                                                       | Mountain equity investment income, net |   | 918 |   |   | 461 |   |
|                                                       | Investment income |   | 464 |   |   | 422 |   |
|                                                       | Interest expense, net |   | (16,595 | ) |   | (8,983 | ) |
| Income before (provision) benefit for income taxes         |   | 17,592 |   |   | 727 |   |
|                                                       | (Provision) benefit for income taxes |   | (6,095 | ) |   | 841 |   |
|                                                       |   |   |   |   |   |   |   |
| Net income                                                 |   | 11,497 |   |   | 1,568 |   |
| Net loss (income) attributable to noncontrolling interests |   | 31 |   |   | (2,051 | ) |
|                                                       |   |   |   |   |   |   |
| Net income (loss) attributable to Vail Resorts, Inc.       | $ | 11,528 |   | $ | (483 | ) |
|                                                       |   |   |   |   |   |   |   |   |   |
| Per share amounts:                                         |   |   |   |   |   |   |
|                                                       | Basic net income (loss) per share attributable to Vail Resorts, Inc. | $ | 0.32 |   | $ | (0.01 | ) |
|                                                       |   |   |   |   |   |   |   |
|                                                       | Diluted net income (loss) per share attributable to Vail Resorts, Inc. | $ | 0.31 |   | $ | (0.01 | ) |
|                                                       |   |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding:                       |   |   |   |   |   |   |
| Basic                                                      |   | 35,964 |   |   | 36,223 |   |
|                                                       |   |   |   |   |   |   |
| Diluted                                                    |   | 36,637 |   |   | 36,223 |   |
|                                                       |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |
| Other Data (unaudited):                                    |   |   |   |   |   |   |
| Mountain Reported EBITDA                                   | $ | 85,614 |   | $ | 70,157 |   |
| Lodging Reported EBITDA                                    | $ | 2,424 |   | $ | (380 | ) |
| Resort Reported EBITDA                                     | $ | 88,038 |   | $ | 69,777 |   |
| Real Estate Reported EBITDA                                | $ | 4,001 |   | $ | (5,432 | ) |
|                                                       |   |   |   |   |   |   |
| Total Reported EBITDA                                      | $ | 92,039 |   | $ | 64,345 |   |
|                                                       |   |   |   |   |   |   |

| Mountain stock-based compensation    | $      | 3,756  |   | $      | 2,850  |   |
|--------------------------------------|--------|--------|--------|--------|--------|--------|
| Lodging stock-based compensation     | $      | 1,082  |   | $      | 1,013  |   |
| Resort stock-based compensation      | $      | 4,838  |   | $      | 3,863  |   |
| Real Estate stock-based compensation | $      | 1,611  |   | $      | 2,505  |   |
|                                 |   |   |   |   |   |   |
| Total stock-based compensation       | $      | 6,449  |   | $      | 6,368  |   |
|                                 |   |   |   |   |   |   |

| Vail Resorts, Inc.                                             |
|----------------------------------------------------------------|
| Mountain Segment Operating Results and Skier Visits            |
| (In thousands, except Effective Ticket Price)                  |
| (Unaudited)                                                    |
|                                                           |   |   |   |   |
|                                                           | Three Months Ended | Percentage | Six Months Ended | Percentage |
|                                                           | January 31, | Increase | January 31, | Increase |
|                                                           | 2011 | 2010 | (Decrease) | 2011 | 2010 | (Decrease) |
|                                                           |   |   |   |   |   |   |
| Net Mountain revenue:                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Lift tickets                     | $ | 155,173 |   | $ | 129,517 |   | 19.8 |   % | $ | 155,173 | $ | 129,517 | 19.8 |   % |
|      Ski school                       |   | 37,296 |   |   | 30,069 |   | 24.0 |   % |   | 37,296 |   | 30,069 | 24.0 |   % |
|      Dining                           |   | 26,405 |   |   | 19,789 |   | 33.4 |   % |   | 30,512 |   | 23,257 | 31.2 |   % |
|      Retail/rental                    |   | 74,320 |   |   | 61,026 |   | 21.8 |   % |   | 96,373 |   | 82,564 | 16.7 |   % |
|      Other                            |   | 25,083 |   |   | 20,577 |   | 21.9 |   % |   | 39,702 |   | 34,775 | 14.2 |   % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Mountain net revenue                                     | $ | 318,277 |   | $ | 260,978 |   | 22.0 |   % | $ | 359,056 | $ | 300,182 | 19.6 |   % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mountain operating expense:                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Labor and labor-related benefits | $ | 72,438 |   | $ | 57,859 |   | 25.2 |   % | $ | 97,120 | $ | 81,243 | 19.5 |  % |
|      Retail cost of sales             |   | 28,983 |   |   | 23,731 |   | 22.1 |   % |   | 41,641 |   | 36,294 | 14.7 |  % |
|      Resort related fees              |   | 16,812 |   |   | 14,381 |   | 16.9 |   % |   | 17,636 |   | 15,106 | 16.7 |  % |
|      General and administrative       |   | 31,657 |   |   | 26,043 |   | 21.6 |   % |   | 55,846 |   | 46,570 | 19.9 |  % |
|      Other                            |   | 41,334 |   |   | 32,004 |   | 29.2 |   % |   | 62,117 |   | 51,273 | 21.1 |  % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Mountain operating expense                               | $ | 191,224 |   | $ | 154,018 |   | 24.2 |   % | $ | 274,360 | $ | 230,486 | 19.0 |  % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mountain equity investment income, net                         |   | 138 |   |   | 207 |   | (33.3 | ) % |   | 918 |   | 461 | 99.1 |  % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Mountain Reported EBITDA                                 | $ | 127,191 |   | $ | 107,167 |   | 18.7 |   % | $ | 85,614 | $ | 70,157 | 22.0 |   % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           | Three Months Ended | Percentage | Six Months Ended | Percentage |
|                                                           | January 31, | Increase | January 31, | Increase |
|                                                           | 2011 | 2010 | (Decrease) | 2011 | 2010 | (Decrease) |
|                                                           |   |   |   |   |   |   |
| Skier Visits                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Visits (excluding Northstar-at-Tahoe)                          |   | 3,025 |   |   | 2,782 |   | 8.7 |   % |   | 3,025 |   | 2,782 | 8.7 |   % |
| Northstar-at-Tahoe                                             |   | 370 |   |   | -- |   | -- |   |   | 370 |   | -- | -- |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Skier Visits                                             |   | 3,395 |   |   | 2,782 |   | 22.0 |   % |   | 3,395 |   | 2,782 | 22.0 |  % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effective Ticket Price                                         | $ | 45.71 |   | $ | 46.56 |   | (1.8 | ) % | $ | 45.71 | $ | 46.56 | (1.8 | ) % |

| Vail Resorts, Inc.                                             |
|----------------------------------------------------------------|
| Lodging Operating Results                                      |
| (In thousands, except ADR and RevPAR)                          |
| (Unaudited)                                                    |
|                                                           |   |   |   |   |
|                                                           | Three Months Ended | Percentage | Six Months Ended | Percentage |
|                                                           | January 31, | Increase | January 31, | Increase |
|                                                           | 2011 | 2010 | (Decrease) | 2011 | 2010 | (Decrease) |
|                                                           |   |   |   |   |   |   |
| Lodging net revenue:                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Owned hotel rooms                | $ | 9,188 |   | $ | 8,286 | 10.9 |   % | $ | 20,940 | $ | 19,282 | 8.6 |   % |
|      Managed condominium rooms        |   | 13,421 |   |   | 10,819 | 24.1 |   % |   | 18,177 |   | 15,229 | 19.4 |   % |
|      Dining                           |   | 5,560 |   |   | 4,522 | 23.0 |   % |   | 15,516 |   | 13,468 | 15.2 |   % |
|      Transportation                   |   | 7,570 |   |   | 7,341 | 3.1 |   % |   | 9,213 |   | 8,974 | 2.7 |   % |
|      Golf                             |   | -- |   |   | -- | -- |   |   | 7,090 |   | 6,823 | 3.9 |   % |
|      Other                            |   | 8,981 |   |   | 7,708 | 16.5 |   % |   | 18,162 |   | 16,255 | 11.7 |   % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Lodging net revenue                                      | $ | 44,720 |   | $ | 38,676 | 15.6 |   % | $ | 89,098 | $ | 80,031 | 11.3 |   % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Lodging operating expense                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Labor and labor-related benefits | $ | 21,745 |   | $ | 18,449 | 17.9 |   % | $ | 43,611 | $ | 38,824 | 12.3 |   % |
|      General and administrative       |   | 8,158 |   |   | 7,653 | 6.6 |   % |   | 15,230 |   | 14,631 | 4.1 |   % |
|      Other                            |   | 13,936 |   |   | 11,686 | 19.3 |   % |   | 27,833 |   | 26,956 | 3.2 |   % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Lodging operating expense                                | $ | 43,839 |   | $ | 37,788 | 16.0 |   % | $ | 86,674 | $ | 80,411 | 7.8 |   % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Lodging Reported EBITDA                                  | $ | 881 |   | $ | 888 | (0.8 | ) % | $ | 2,424 |    $ | (380) | 737.9 |   % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Owned hotel statistics:                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      ADR                              | $ | 201.96 |   | $ | 205.85 | (1.9 | ) % | $ | 188.85 | $ | 187.90 | 0.5 |   % |
|      RevPAR                           | $ | 119.75 |   | $ | 103.50 | 15.7 |   % | $ | 112.62 | $ | 94.98 | 18.6 |   % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Managed condominium statistics:                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      ADR                              | $ | 333.07 |   | $ | 336.13 | (0.9 | ) % | $ | 284.49 | $ | 286.90 | (0.8 | ) % |
|      RevPAR                           | $ | 129.22 |   | $ | 113.13 | 14.2 |   % | $ | 83.08 | $ | 69.91 | 18.8 |   % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Owned hotel and managed condominium statistics (combined):     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      ADR                              | $ | 277.75 |   | $ | 280.84 | (1.1 | ) % | $ | 232.10 | $ | 231.42 | 0.3 |   % |
|      RevPAR                           | $ | 126.16 |   | $ | 109.95 | 14.7 |   % | $ | 94.08 | $ | 79.45 | 18.4 |   % |

| Key Balance Sheet Data                        |
|-----------------------------------------------|
| (In thousands)                                |
| (Unaudited)                                   |
|                                          |   |   |   |
|                                          |   |   | As of January 31, |
|                                          |   |   | 2011 |   | 2010 |
|                                          |   |   |   |   |   |
| Real estate held for sale and investment      |   | $ | 281,699 |   | $ | 414,501 |
| Total Vail Resorts, Inc. stockholders' equity |   | $ | 806,439 |   | $ | 770,188 |
|                                          |   |   |   |   |   |   |
| Long-term debt                                |   | $ | 495,049 |   | $ | 489,865 |
| Long-term debt due within one year            |   |   | 2,708 |   |   | 1,870 |
|                                          |   |   |   |   |   |   |
| Total debt                                    |   |   | 497,757 |   |   | 491,735 |
| Less: cash and cash equivalents               |   |   | 97,251 |   |   | 58,008 |
|                                          |   |   |   |   |   |   |
|                                          | Net debt |   | $ | 400,506 |   | $ | 433,727 |
|                                          |   |   |   |   |   |   |   |

|                                                       |                                 |    |    | (In thousands)     |
|------------------------------------------------------------|--------------------------------------|---------|---------|--------------------|
|                                                       |                                 |    |    | (Unaudited)        |
|                                                       |                                 |    |    | Three Months Ended |   | Six Months Ended |
|                                                       |                                 |    |    |  January 31,  |   |  January 31, |
|                                                       |                                 |    |    | 2011               |   | 2010 |   | 2011 |   | 2010 |
|                                                       |                                 |    |    |               |   |   |   |   |   |   |
| Mountain Reported EBITDA                                   | $                                    | 127,191 |    |               | $ | 107,167 |   |   | $ | 85,614 |   |   | $ | 70,157 |   |
| Lodging Reported EBITDA                                    |                                 | 881     |    |               |   | 888 |   |   |   | 2,424 |   |   |   | (380 | ) |
|                                                       |                                 |    |    |               |   |   |   |   |   |   |   |   |   |   |   |
|                                                       | Resort Reported EBITDA*              |    | 128,072 |               |   |   | 108,055 |   |   |   | 88,038 |   |   |   | 69,777 |   |
| Real Estate Reported EBITDA                                |                                 | (197    | )       |               |   | (6,547 | ) |   |   | 4,001 |   |   |   | (5,432 | ) |
|                                                       |                                 |    |    |               |   |   |   |   |   |   |   |   |   |   |   |
|                                                       | Total Reported EBITDA                |    | 127,875 |               |   |   | 101,508 |   |   |   | 92,039 |   |   |   | 64,345 |   |
| Depreciation and amortization                              |                                 | (30,276 | )       |               |   | (27,772 | ) |   |   | (58,008 | ) |   |   | (54,956 | ) |
| (Loss) gain on disposal of fixed assets, net               |                                 | (400    | )       |               |   | 12 |   |   |   | (308 | ) |   |   | (101 | ) |
| Investment income                                          |                                 | 226     |    |               |   | 192 |   |   |   | 464 |   |   |   | 422 |   |
| Interest expense, net                                      |                                 | (8,659  | )       |               |   | (4,148 | ) |   |   | (16,595 | ) |   |   | (8,983 | ) |
| Income before (provision) benefit for income taxes         |                                 | 88,766  |    |               |   | 69,792 |   |   |   | 17,592 |   |   |   | 727 |   |
|                                                       | (Provision) benefit for income taxes |    | (34,209 | )                  |   |   | (24,713 | ) |   |   | (6,095 | ) |   |   | 841 |   |
|                                                       |                                 |    |    |               |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                 |                                 | 54,557  |    |               |   | 45,079 |   |   |   | 11,497 |   |   |   | 1,568 |   |
| Net (income) loss attributable to noncontrolling interests |                                 | (6      | )       |               |   | (4,389 | ) |   |   | 31 |   |   |   | (2,051 | ) |
|                                                       |                                 |    |    |               |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) attributable to Vail Resorts, Inc.       | $                                    | 54,551  |    |               | $ | 40,690 |   |   | $ | 11,528 |   |   | $ | (483 | ) |
|                                                       |                                 |    |    |               |   |   |   |   |   |   |   |   |   |   |   |
| * Resort represents the sum of Mountain and Lodging        |

|                                                |                       |     |    | (In thousands) |
|-----------------------------------------------------|----------------------------|----------|---------|----------------|
|                                                |                       |     |    | (Unaudited)    |
|                                                |                       |     |    | Twelve         |
|                                                |                       |     |    | Months Ended   |
|                                                |                       |     |    | January 31,    |
|                                                |                       |     |    | 2011           |
|                                                |                       |     |    |           |
| Mountain Reported EBITDA                            | $                          | 199,493  |    |
| Lodging Reported EBITDA                             |                       | 5,196    |    |
|                                                |                       |     |    |
|                                                | Resort Reported EBITDA*    |     | 204,689 |           |
| Real Estate Reported EBITDA                         |                       | 5,125    |    |
|                                                |                       |     |    |
|                                                | Total Reported EBITDA      |     | 209,814 |           |
| Depreciation and amortization                       |                       | (113,690 | )       |
| Loss on disposal of fixed assets, net               |                       | (822     | )       |
| Investment income                                   |                       | 487      |    |
| Interest expense, net                               |                       | (25,127  | )       |
|                                                |                       |     |    |
| Income before provision for income taxes            |                       | 70,662   |    |
|                                                | Provision for income taxes |     | (24,958 | )              |
|                                                |                       |     |    |           |
| Net income                                          | $                          | 45,704   |    |
| Net income attributable to noncontrolling interests |                       | (3,308   | )       |
|                                                |                       |     |    |
| Net income attributable to Vail Resorts, Inc        | $                          | 42,396   |    |
|                                                |                       |     |    |

|                               |                              |    |    | (In thousands)         |
|------------------------------------|-----------------------------------|---------|---------|------------------------|
|                               |                              |    |    | (Unaudited)            |
|                               |                              |    |    | As of January 31, 2011 |
|                               |                              |    |    |                   |
| Long-term debt                     | $                                 | 495,049 |    |
| Long-term debt due within one year |                              | 2,708   |    |
|                               |                              |    |    |
| Total debt                         |                              | 497,757 |    |
| Less: cash and cash equivalents    |                              | 97,251  |    |
|                               |                              |    |    |
|                               | Net debt                          | $       | 400,506 |                   |
|                               |                              |    |    |                   |
|                               |                              |    |    |
|                               |                              |    |    |
|                               | Net debt to Total Reported EBITDA |    | 1.9     | x                      |
|                               |                              |    |    |                   |