----

**Exhibit      99.1**

**VAIL      RESORTS**

**NEWS      RELEASE**

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

**Vail      Resorts Contacts: **

**VAIL      RESORTS ANNOUNCES STRONG FISCAL 2007 THIRD QUARTER      RESULTS**

| l | Third                quarter net income of $78.5 million, or $1.99 per diluted share,                a 14.9%                increase in net income and a 13.7% increase in earnings per diluted                share                over the prior year third quarter.  |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| l | Third                quarter Resort revenue of $352.4 million, a 5.4% increase over the                prior                year third quarter.                                                                                                                         |
| l | Third                quarter Resort Reported EBITDA of $169.9 million, a 9.5% increase                over the                prior year third quarter.                                                                                                                      |

**THIRD      QUARTER PERFORMANCE**

**Mountain      Segment**

**Lodging      Segment**

**Resort      - Combination of Mountain and Lodging Segments**

**Real      Estate Segment**

**Total      Performance**

**NINE      MONTH PERFORMANCE**

**Mountain      Segment**

**Lodging      Segment**

**Resort      - Combination of Mountain and Lodging Segments**

**Real      Estate Segment**

**Total      Performance**

**Business      Commentary and Outlook**

**CONFERENCE      CALL**

*Statements      in this press release, other than statements of historical information, are      forward looking statements that are made pursuant to the safe harbor provisions      of the Private Securities Litigation Reform Act of 1995. Such forward-looking      statements are subject to certain risks and uncertainties that could cause      actual results to differ materially from those projected. Readers are cautioned      not to place undue reliance on these forward-looking statements which speak      only      as of the date hereof. Such risks and uncertainties include but are not limited      to: economic downturns; terrorist acts upon the United States; threat of or      actual war; unfavorable weather conditions; our ability to obtain financing      on      terms acceptable to us to finance our real estate investments, capital      expenditures and growth strategy; our ability to continue to grow our resort      and      real estate operations; competition in our Mountain and Lodging businesses;      termination of existing hotel management contracts; adverse changes in the      real      estate markets; failure to commence or complete the planned real estate      development projects; failure to achieve the anticipated short and long-term      financial benefits from the planned real estate development projects; shortages      or rising costs in construction materials; implications arising from new      Financial Accounting Standards Board (“FASB”)/governmental legislation, rulings      or interpretations; our reliance on government permits or approvals for our      use      of federal land or to make operational improvements; our ability to integrate      and successfully operate future acquisitions; and adverse consequences of      current or future legal claims. All forward-looking statements attributable      to      us or any persons acting on our behalf are expressly qualified in their entirety      by these cautionary statements. Investors are also directed to other risks      discussed in documents filed by the Company with the Securities and Exchange      Commission.*

| **Vail                Resorts, Inc.**                                         |
|-------------------------------------------------------------------------------|
| **Consolidated                Condensed Statements of Operations**            |
| **(In                thousands, except per share amounts)**                   |
| **(Unaudited)**                                                               |
|                                                                          |   |   |   |   |   |   |   |   |   |
|                                                                          |   |   |   | **Three                Months Ended** |
|                                                                          |   |   |   | **April                30,** |
|                                                                          |   |   |   | **2007** | **2006** |
| Net                revenue:                                                   |   |   |   |   |   |   |
|                                                                          | Mountain | $ | 308,712 |   | $ | 294,773 |   |
|                                                                          | Lodging |   | 43,643 |   |   | 39,492 |   |
|                                                                          | Real                estate |   | 17,134 |   |   | 7,124 |   |
|                                                                          |   | Total                net revenue |   | 369,489 |   |   | 341,389 |   |
| Segment                operating expense:                                     |   |   |   |   |   |   |
|                                                                          | Mountain |   | 152,997 |   |   | 149,431 |   |
|                                                                          | Lodging |   | 31,126 |   |   | 30,515 |   |
|                                                                          | Real                estate |   | 25,261 |   |   | 11,370 |   |
|                                                                          |   | Total                segment operating expense |   | 209,384 |   |   | 191,316 |   |
| Other                operating expense:                                       |   |   |   |   |   |   |
|                                                                          | Depreciation                and amortization |   | (23,513 | ) |   | (22,942 | ) |
|                                                                          | Relocation                and separation charges |   | (166 | ) |   | (3,778 | ) |
|                                                                          | Loss                on disposal of fixed assets, net |   | (242 | ) |   | (108 | ) |
| Income                from operations                                         |   | 136,184 |   |   | 123,245 |   |
|                                                                          | Mountain                equity investment income, net |   | 1,660 |   |   | 780 |   |
|                                                                          | Real                estate equity investment loss |   | -- |   |   | (20 | ) |
|                                                                          | Investment                income |   | 4,334 |   |   | 3,156 |   |
|                                                                          | Interest                expense, net |   | (8,039 | ) |   | (8,849 | ) |
|                                                                          | Loss                on sale of business |   | (601 | ) |   | -- |   |
|                                                                          | Contract                dispute charges |   | (184 | ) |   | (816 | ) |
|                                                                          | Gain                (loss) on put options, net |   | 690 |   |   | (113 | ) |
|                                                                          | Minority                interest in income of consolidated subsidiaries, net |   | (5,343 | ) |   | (5,355 | ) |
| Income                before provision for income taxes                       |   | 128,701 |   |   | 112,028 |   |
|                                                                          | Provision                for income taxes |   | (50,193 | ) |   | (43,691 | ) |
| Net                income                                                     | $ | 78,508 |   | $ | 68,337 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |
| Per                share amounts:                                             |   |   |   |   |   |   |
|                                                                          | Basic                net income per share | $ | 2.02 |   | $ | 1.78 |   |
|                                                                          | Diluted                net income per share | $ | 1.99 |   | $ | 1.75 |   |
|                                                                          |   |   |   |   |   |   |   |   |   |
| **Other                Data:**                                                |   |   |   |   |   |   |
| Mountain                Reported EBITDA                                       | $ | 157,375 |   | $ | 146,122 |   |
| Mountain                Reported EBITDA excluding stock-based compensation    | $ | 158,361 |   | $ | 146,820 |   |
| Lodging                Reported EBITDA                                        | $ | 12,517 |   | $ | 8,977 |   |
| Lodging                Reported EBITDA excluding stock-based compensation     | $ | 12,823 |   | $ | 9,139 |   |
| Resort                Reported EBITDA                                         | $ | 169,892 |   | $ | 155,099 |   |
| Resort                Reported EBITDA excluding stock-based compensation      | $ | 171,184 |   | $ | 155,959 |   |
| Real                Estate Reported EBITDA                                    | $ | (8,127 | ) | $ | (4,266 | ) |
| Real                Estate Reported EBITDA excluding stock-based compensation | $ | (7,671 | ) | $ | (3,983 | ) |

| **Vail                Resorts, Inc.**                                         |
|-------------------------------------------------------------------------------|
| **Consolidated                Condensed Statements of Operations**            |
| **(In                thousands, except per share amounts)**                   |
| **(Unaudited)**                                                               |
|                                                                          |   |   |   |
|                                                                          |   |   |   | **Nine                Months Ended** |
|                                                                          |   |   |   | **April                30,** |
|                                                                          |   |   |   | **2007** | **2006** |
| Net                revenue:                                                   |   |   |   |   |   |   |
|                                                                          | Mountain | $ | 626,902 |   | $ | 581,279 |   |
|                                                                          | Lodging |   | 116,848 |   |   | 113,321 |   |
|                                                                          | Real                estate |   | 100,272 |   |   | 20,226 |   |
|                                                                          |   | Total                net revenue |   | 844,022 |   |   | 714,826 |   |
| Segment                operating expense:                                     |   |   |   |   |   |   |
|                                                                          | Mountain |   | 392,355 |   |   | 372,387 |   |
|                                                                          | Lodging |   | 98,233 |   |   | 101,050 |   |
|                                                                          | Real                estate |   | 101,770 |   |   | 23,823 |   |
|                                                                          |   | Total                segment operating expense |   | 592,358 |   |   | 497,260 |   |
| Other                operating (expense) income:                              |   |   |   |   |   |   |
|                                                                          | Depreciation                and amortization |   | (66,857 | ) |   | (63,296 | ) |
|                                                                          | Relocation                and separation charges |   | (1,401 | ) |   | (3,778 | ) |
|                                                                          | Asset                impairment charge |   | -- |   |   | (136 | ) |
|                                                                          | Mold                remediation credit |   | -- |   |   | 852 |   |
|                                                                          | Loss                on disposal of fixed assets, net |   | (332 | ) |   | (835 | ) |
| Income                from operations                                         |   | 183,074 |   |   | 150,373 |   |
|                                                                          | Mountain                equity investment income, net |   | 3,990 |   |   | 3,085 |   |
|                                                                          | Real                estate equity investment income |   | -- |   |   | 79 |   |
|                                                                          | Investment                income |   | 8,815 |   |   | 5,390 |   |
|                                                                          | Interest                expense, net |   | (24,885 | ) |   | (27,788 | ) |
|                                                                          | (Loss)                gain on sale of businesses, net |   | (601 | ) |   | 4,625 |   |
|                                                                          | Contract                dispute charges |   | (4,460 | ) |   | (816 | ) |
|                                                                          | Gain                (loss) on put options, net |   | 690 |   |   | (79 | ) |
|                                                                          | Other                income, net |   | -- |   |   | 50 |   |
|                                                                          | Minority                interest in income of consolidated subsidiaries, net |   | (9,707 | ) |   | (8,660 | ) |
| Income                before provision for income taxes                       |   | 156,916 |   |   | 126,259 |   |
|                                                                          | Provision                for income taxes |   | (61,197 | ) |   | (49,240 | ) |
| Net                income                                                     | $ | 95,719 |   | $ | 77,019 |   |
|                                                                          |   |   |   |   |   |   |
| Per                share amounts:                                             |   |   |   |   |   |   |
|                                                                          | Basic                net income per share | $ | 2.47 |   | $ | 2.05 |   |
|                                                                          | Diluted                net income per share | $ | 2.44 |   | $ | 2.01 |   |
|                                                                          |   |   |   |   |   |   |
| **Other                Data:**                                                |   |   |   |   |   |   |
| Mountain                Reported EBITDA                                       | $ | 238,537 |   | $ | 211,977 |   |
| Mountain                Reported EBITDA excluding stock-based compensation    | $ | 241,601 |   | $ | 214,630 |   |
| Lodging                Reported EBITDA                                        | $ | 18,615 |   | $ | 12,271 |   |
| Lodging                Reported EBITDA excluding stock-based compensation     | $ | 19,474 |   | $ | 13,254 |   |
| Resort                Reported EBITDA                                         | $ | 257,152 |   | $ | 224,248 |   |
| Resort                Reported EBITDA excluding stock-based compensation      | $ | 261,075 |   | $ | 227,884 |   |
| Real                Estate Reported EBITDA                                    | $ | (1,498 | ) | $ | (3,518 | ) |
| Real                Estate Reported EBITDA excluding stock-based compensation | $ | 52 |   | $ | (2,454 | ) |

| **Vail                Resorts, Inc.**                                                               |
|-----------------------------------------------------------------------------------------------------|
| **Resort                Revenue by Business Line and Skier Visits**                                 |
| **(In                thousands, except effective ticket price                (“ETP”))** |
| **(Unaudited)**                                                                                     |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                |   | **Three                Months Ended** |   |   | **Nine                Months Ended** |   |
|                                                                                                |   | **April                30,** | **Percentage** |   | **April                30,** | **Percentage** |
|                                                                                                |   | **2007** | **2006** | **Increase** |   | **2007** | **2006** | **Increase** |
| **Business                Line**                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Lift                tickets                                                                         |   | $ | 158,380 |   | $ | 149,563 |   | 5.9 |   | % |   | $ | 286,997 |   | $ | 263,036 |   | 9.1 |   | % |
| Ski                school                                                                           |   |   | 44,650 |   |   | 41,851 |   | 6.7 |   | % |   |   | 78,848 |   |   | 72,628 |   | 8.6 |   | % |
| Dining                                                                                              |   |   | 28,624 |   |   | 27,973 |   | 2.3 |   | % |   |   | 54,978 |   |   | 52,745 |   | 4.2 |   | % |
| Retail/rental                                                                                       |   |   | 53,401 |   |   | 53,091 |   | 0.6 |   | % |   |   | 141,210 |   |   | 131,708 |   | 7.2 |   | % |
| Other                                                                                               |   |   | 23,657 |   |   | 22,295 |   | 6.1 |   | % |   |   | 64,869 |   |   | 61,162 |   | 6.1 |   | % |
| **Total                Mountain Revenue**                                                           |   | $ | 308,712 |   | $ | 294,773 |   | 4.7 |   | % |   | $ | 626,902 |   | $ | 581,279 |   | 7.8 |   | % |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total                Lodging Revenue**                                                            |   | $ | 43,643 |   | $ | 39,492 |   | 10.5 |   | % |   | $ | 116,848 |   | $ | 113,321 |   | 3.1 |   | % |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total                Resort Revenue**                                                             |   | $ | 352,355 |   | $ | 334,265 |   | 5.4 |   | % |   | $ | 743,750 |   | $ | 694,600 |   | 7.1 |   | % |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                |   | **Three                Months Ended** | **Percentage** |   | **Nine                Months Ended** | **Percentage** |
|                                                                                                |   | **April                30,** | **Increase** |   | **April                30,** | **Increase** |
|                                                                                                |   | **2007** | **2006** | **(Decrease)** |   | **2007** | **2006** | **(Decrease)** |
| **Skier                Visits**                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Vail                                                                                                |   |   | 883 |   |   | 923 |   | (4.3 | ) | % |   |   | 1,608 |   |   | 1,676 |   | (4.1 | ) | % |
| Breckenridge                                                                                        |   |   | 875 |   |   | 863 |   | 1.4 |   | % |   |   | 1,650 |   |   | 1,620 |   | 1.9 |   | % |
| Keystone                                                                                            |   |   | 573 |   |   | 547 |   | 4.8 |   | % |   |   | 1,171 |   |   | 1,094 |   | 7.0 |   | % |
| Heavenly                                                                                            |   |   | 493 |   |   | 590 |   | (16.4 | ) | % |   |   | 900 |   |   | 1,023 |   | (12.0 | ) | % |
| Beaver                Creek                                                                         |   |   | 483 |   |   | 489 |   | (1.2 | ) | % |   |   | 890 |   |   | 875 |   | 1.7 |   | % |
| **Total                Skier Visits**                                                               |   |   | 3,307 |   |   | 3,412 |   | (3.1 | ) | % |   |   | 6,219 |   |   | 6,288 |   | (1.1 | ) | % |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **ETP**                                                                                             |   | $ | 47.89 |   | $ | 43.83 |   | 9.3 |   | % |   | $ | 46.15 |   | $ | 41.83 |   | 10.3 |   | % |

| **Key                Balance Sheet Data**               |
|---------------------------------------------------------|
| **(In                thousands)**                       |
| **(Unaudited)**                                         |
|                                                    |   |   |   |
|                                                    |   |   | **As                of April 30,** |
|                                                    |   |   | **2007** |   | **2006** |
| Real                estate held for sale and investment |   | $ | 305,085 |   | $ | 240,615 |
| Total                stockholders' equity               |   |   | 743,189 |   |   | 679,585 |
|                                                    |   |   |   |   |   |   |
| Long-term                debt                           |   |   | 575,162 |   |   | 516,871 |
| Long-term                debt due within one year       |   |   | 401 |   |   | 4,420 |
| Total                debt                               |   |   | 575,563 |   |   | 521,291 |
| Less:                cash and cash equivalents          |   |   | 316,439 |   |   | 240,116 |
|                                                    | Net                debt |   | $ | 259,124 |   | $ | 281,175 |

**Reconciliation      of Non-GAAP Financial Measures**

|                                                                                           |                                                                          |         |    | **(In                thousands)**     |
|------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|--------------|---------|---------------------------------------|
|                                                                                           |                                                                          |         |    | **Three                Months Ended** |
|                                                                                           |                                                                          |         |    | **April                30,**          |
|                                                                                           |                                                                          |         |    | **(Unaudited)**                       |
|                                                                                           |                                                                          |         |    | **2007**                              |   | **2006** |
| Mountain                revenue, net                                                           | $                                                                             | 308,712      |    |                                  | $ | 294,773 |   |
| Mountain                operating expense excluding stock-based compensation                   |                                                                          | (152,011     | )       |                                  |   | (148,733 | ) |
| Mountain                equity investment income, net                                          |                                                                          | 1,660        |    |                                  |   | 780 |   |
|                                                                                           | Mountain                Reported EBITDA excluding stock-based compensation    |         | 158,361 |                                  |   |   | 146,820 |   |
| Mountain                stock-based compensation                                               |                                                                          | (986         | )       |                                  |   | (698 | ) |
|                                                                                           | Mountain                Reported EBITDA                                       |         | 157,375 |                                  |   |   | 146,122 |   |
|                                                                                           |                                                                          |         |    |                                  |   |   |   |
| Lodging                revenue, net                                                            |                                                                          | 43,643       |    |                                  |   | 39,492 |   |
| Lodging                operating expense excluding stock-based compensation                    |                                                                          | (30,820      | )       |                                  |   | (30,353 | ) |
|                                                                                           | Lodging                Reported EBITDA excluding stock-based compensation     |         | 12,823  |                                  |   |   | 9,139 |   |
| Lodging                stock-based compensation                                                |                                                                          | (306         | )       |                                  |   | (162 | ) |
|                                                                                           | Lodging                Reported EBITDA                                        |         | 12,517  |                                  |   |   | 8,977 |   |
|                                                                                           |                                                                          |         |    |                                  |   |   |   |   |
| Resort                Reported EBITDA excluding stock-based compensation*                      |                                                                          | 171,184      |    |                                  |   | 155,959 |   |
| Resort                Reported EBITDA*                                                         |                                                                          | 169,892      |    |                                  |   | 155,099 |   |
|                                                                                           |                                                                          |         |    |                                  |   |   |   |
| Real                Estate revenue, net                                                        |                                                                          | 17,134       |    |                                  |   | 7,124 |   |
| Real                Estate operating expense excluding stock-based                compensation |                                                                          | (24,805      | )       |                                  |   | (11,087 | ) |
| Real                Estate equity investment loss                                              |                                                                          | --           |    |                                  |   | (20) |   |
|                                                                                           | Real                Estate Reported EBITDA excluding stock-based compensation |    | (7,671  | )                                     |   |   | (3,983 | ) |
| Real                Estate stock-based compensation                                            |                                                                          | (456         | )       |                                  |   | (283 | ) |
|                                                                                           | Real                Estate Reported EBITDA                                    |         | (8,127  | )                                     |   |   | (4,266 | ) |
| Total                Reported EBITDA                                                           |                                                                          | 161,765      |    |                                  |   | 150,833 |   |
| Depreciation                and amortization                                                   |                                                                          | (23,513      | )       |                                  |   | (22,942 | ) |
| Relocation                and separation charges                                               |                                                                          | (166         | )       |                                  |   | (3,778 | ) |
| Loss                on disposal of fixed assets, net                                           |                                                                          | (242         | )       |                                  |   | (108 | ) |
| Investment                income                                                               |                                                                          | 4,334        |    |                                  |   | 3,156 |   |
| Interest                expense, net                                                           |                                                                          | (8,039       | )       |                                  |   | (8,849 | ) |
| Loss                on sale of business                                                        |                                                                          | (601         | )       |                                  |   | -- |   |
| Contract                dispute charges                                                        |                                                                          | (184         | )       |                                  |   | (816 | ) |
| Gain                (loss) on put options, net                                                 |                                                                          | 690          |    |                                  |   | (113 | ) |
| Minority                interest in income of consolidated subsidiaries, net                   |                                                                          | (5,343       | )       |                                  |   | (5,355 | ) |
| Income                before provision for income taxes                                        |                                                                          | 128,701      |    |                                  |   | 112,028 |   |
|                                                                                           | Provision                for income taxes                                     |         | (50,193 | )                                     |   |   | (43,691 | ) |
| Net                income                                                                      | $                                                                             | 78,508       |    |                                  | $ | 68,337 |   |

|                                                                                           |                                                                          |         |    | **(In                thousands)**    |
|------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|--------------|---------|--------------------------------------|
|                                                                                           |                                                                          |         |    | **Nine                Months Ended** |
|                                                                                           |                                                                          |         |    | **April                30,**         |
|                                                                                           |                                                                          |         |    | **(Unaudited)**                      |
|                                                                                           |                                                                          |         |    | **2007**                             |   | **2006** |
| Mountain                revenue, net                                                           | $                                                                             | 626,902      |    |                                 | $ | 581,279 |   |
| Mountain                operating expense excluding stock-based compensation                   |                                                                          | (389,291     | )       |                                 |   | (369,734 | ) |
| Mountain                equity investment income, net                                          |                                                                          | 3,990        |    |                                 |   | 3,085 |   |
|                                                                                           | Mountain                Reported EBITDA excluding stock-based compensation    |         | 241,601 |                                 |   |   | 214,630 |   |
| Mountain                stock-based compensation                                               |                                                                          | (3,064       | )       |                                 |   | (2,653 | ) |
|                                                                                           | Mountain                Reported EBITDA                                       |         | 238,537 |                                 |   |   | 211,977 |   |
|                                                                                           |                                                                          |         |    |                                 |   |   |   |
| Lodging                revenue, net                                                            |                                                                          | 116,848      |    |                                 |   | 113,321 |   |
| Lodging                operating expense excluding stock-based compensation                    |                                                                          | (97,374      | )       |                                 |   | (100,067 | ) |
|                                                                                           | Lodging                Reported EBITDA excluding stock-based compensation     |         | 19,474  |                                 |   |   | 13,254 |   |
| Lodging                stock-based compensation                                                |                                                                          | (859         | )       |                                 |   | (983 | ) |
|                                                                                           | Lodging                Reported EBITDA                                        |         | 18,615  |                                 |   |   | 12,271 |   |
|                                                                                           |                                                                          |         |    |                                 |   |   |   |   |
| Resort                Reported EBITDA excluding stock-based compensation*                      |                                                                          | 261,075      |    |                                 |   | 227,884 |   |
| Resort                Reported EBITDA*                                                         |                                                                          | 257,152      |    |                                 |   | 224,248 |   |
|                                                                                           |                                                                          |         |    |                                 |   |   |   |
| Real                Estate revenue, net                                                        |                                                                          | 100,272      |    |                                 |   | 20,226 |   |
| Real                Estate operating expense excluding stock-based                compensation |                                                                          | (100,220     | )       |                                 |   | (22,759 | ) |
| Real                Estate equity investment income                                            |                                                                          | --           |    |                                 |   | 79 |   |
|                                                                                           | Real                Estate Reported EBITDA excluding stock-based compensation |    | 52      |                                 |   |   | (2,454 | ) |
| Real                Estate stock-based compensation                                            |                                                                          | (1,550       | )       |                                 |   | (1,064 | ) |
|                                                                                           | Real                Estate Reported EBITDA                                    |         | (1,498  | )                                    |   |   | (3,518 | ) |
| Total                Reported EBITDA                                                           |                                                                          | 255,654      |    |                                 |   | 220,730 |   |
| Depreciation                and amortization                                                   |                                                                          | (66,857      | )       |                                 |   | (63,296 | ) |
| Relocation                and separation charges                                               |                                                                          | (1,401       | )       |                                 |   | (3,778 | ) |
| Asset                impairment charge                                                         |                                                                          | --           |    |                                 |   | (136 | ) |
| Mold                remediation credit                                                         |                                                                          | --           |    |                                 |   | 852 |   |
| Loss                on disposal of fixed assets, net                                           |                                                                          | (332         | )       |                                 |   | (835 | ) |
| Investment                income                                                               |                                                                          | 8,815        |    |                                 |   | 5,390 |   |
| Interest                expense, net                                                           |                                                                          | (24,885      | )       |                                 |   | (27,788 | ) |
| (Loss)                gain on sale of businesses, net                                          |                                                                          | (601         | )       |                                 |   | 4,625 |   |
| Contract                dispute charges                                                        |                                                                          | (4,460       | )       |                                 |   | (816 | ) |
| Gain                (loss) on put options, net                                                 |                                                                          | 690          |    |                                 |   | (79 | ) |
| Other                income, net                                                               |                                                                          | --           |    |                                 |   | 50 |   |
| Minority                interest in income of consolidated subsidiaries, net                   |                                                                          | (9,707       | )       |                                 |   | (8,660 | ) |
| Income                before provision for income taxes                                        |                                                                          | 156,916      |    |                                 |   | 126,259 |   |
|                                                                                           | Provision                for income taxes                                     |         | (61,197 | )                                    |   |   | (49,240 | ) |
| Net                income                                                                      | $                                                                             | 95,719       |    |                                 | $ | 77,019 |   |

|                                                                           |                                                                                                    |            | **Three                Months Ended** |
|--------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|-----------------|---------------------------------------|
|                                                                           |                                                                                                    |            | **April                30,**          |
|                                                                           |                                                                                                    | **(Unaudited)** |
| (In                thousands, except per share amounts)                        |                                                                                                    | **2007**        |                                  | **2006** |
| Net                income excluding stock-based compensation                   |                                                                                                    | $               | 79,599                                |   |   | $ | 69,051 |   |
|                                                                           | Stock-based                compensation expense, before benefit from income taxes                       |            |                                  | (1,748 | ) |   |   | (1,143 | ) |
|                                                                           | Adjustment                for benefit from income taxes                                                 |            |                                  | 657 |   |   |   | 429 |   |
| Net                income                                                      |                                                                                                    | $               | 78,508                                |   |   | $ | 68,337 |   |
|                                                                           |                                                                                                    |            |                                  |   |   |   |   |   |   |
| Diluted                net income per share excluding stock-based compensation |                                                                                                    | $               | 2.02                                  |   |   | $ | 1.77 |   |
|                                                                           | Stock-based                compensation expense per diluted common share, before                benefit |            |                                  |   |   |   |   |   |   |
|                                                                           | from                income taxes                                                                        |            |                                  | (0.04 | ) |   |   | (0.03 | ) |
|                                                                           | Adjustment                for benefit from income taxes, per diluted common share                       |            |                                  | 0.02 |   |   |   | 0.01 |   |
| Diluted                net income per share                                    |                                                                                                    | $               | 1.99                                  |   |   | $ | 1.75 |   |
|                                                                           |                                                                                                    |            |                                  |   |   |   |   |   |   |
|                                                                           |                                                                                                    |            | **Nine                Months Ended**  |
|                                                                           |                                                                                                    |            | **April                30,**          |
|                                                                           |                                                                                                    | **(Unaudited)** |
| (In                thousands, except per share amounts)                        |                                                                                                    | **2007**        |                                  | **2006** |
| Net                income excluding stock-based compensation                   |                                                                                                    | $               | 99,136                                |   |   | $ | 79,954 |   |
|                                                                           | Stock-based                compensation expense, before benefit from income taxes                       |            |                                  | (5,473 | ) |   |   | (4,700 | ) |
|                                                                           | Adjustment                for benefit from income taxes                                                 |            |                                  | 2,056 |   |   |   | 1,765 |   |
| Net                income                                                      |                                                                                                    | $               | 95,719                                |   |   | $ | 77,019 |   |
|                                                                           |                                                                                                    |            |                                  |   |   |   |   |   |   |
| Diluted                net income per share excluding stock-based compensation |                                                                                                    | $               | 2.52                                  |   |   | $ | 2.08 |   |
|                                                                           | Stock-based                compensation expense per diluted common share, before                benefit |            |                                  |   |   |   |   |   |   |
|                                                                           | from                income taxes                                                                        |            |                                  | (0.14 | ) |   |   | (0.12 | ) |
|                                                                           | Adjustment                for benefit from income taxes, per diluted common share                       |            |                                  | 0.05 |   |   |   | 0.05 |   |
| Diluted                net income per share                                    |                                                                                                    | $               | 2.44                                  |   |   | $ | 2.01 |   |

|                                                                          | **(In                thousands)**      |
|-------------------------------------------------------------------------------|----------------------------------------|
|                                                                          | **For                the Year Ending** |
|                                                                          | **July                31, 2007**       |
|                                                                          | **Low                End Range**       |   | **High                End Range** |
| Resort                Reported EBITDA excluding stock-based compensation(1)   | $                                      | 225,000 |   |   | $ | 230,000 |   |
| Resort                segment stock-based compensation                        |                                   | (5,000 | ) |   |   | (5,000 | ) |
| Resort                Reported EBITDA(1)                                      |                                   | 220,000 |   |   |   | 225,000 |   |
| Real                Estate Reported EBITDA excluding stock-based compensation |                                   | -- |   |   |   | 3,000 |   |
| Real                Estate segment stock-based compensation                   |                                   | (2,000 | ) |   |   | (2,000 | ) |
| Real                Estate Reported EBITDA                                    |                                   | (2,000 | ) |   |   | 1,000 |   |
| Total                Reported EBITDA                                          |                                   | 218,000 |   |   |   | 226,000 |   |
| Depreciation                and amortization                                  |                                   | (87,000 | ) |   |   | (87,000 | ) |
| Relocation                and separation charges                              |                                   | (1,500 | ) |   |   | (1,500 | ) |
| Loss                on disposal of fixed assets, net                          |                                   | (500 | ) |   |   | (500 | ) |
| Investment                income                                              |                                   | 11,800 |   |   |   | 12,000 |   |
| Interest                expense, net                                          |                                   | (33,600 | ) |   |   | (33,600 | ) |
| Loss                on sale of business                                       |                                   | (600 | ) |   |   | (600 | ) |
| Contract                dispute credit, net(2)                                |                                   | 4,000 |   |   |   | 4,000 |   |
| Gain                on put options, net                                       |                                   | 700 |   |   |   | 700 |   |
| Minority                interest in income of consolidated subsidiaries, net  |                                   | (7,800 | ) |   |   | (7,700 | ) |
| Income                before provision for income taxes                       |                                   | 103,500 |   |   |   | 111,800 |   |
| Provision                for income taxes                                     |                                   | (40,400 | ) |   |   | (43,600 | ) |
| Net                income                                                     | $                                      | 63,100 |   |   | $ | 68,200 |   |

| (1)   | 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                range. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Assumes                that we will receive payment of the arbitration award relating to                the                termination of RockResorts’ Cheeca Lodge & Spa management agreement in                the fourth quarter. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                    | **(In                thousands)**      |
|-----------------------------------------------------------------------------------------|----------------------------------------|
|                                                                                    | **For                the Year Ending** |
|                                                                                    | **July                31, 2007**       |
|                                                                                    | **Low                End Range**       |   | **High                End Range** |
| Net                income excluding stock-based compensation                            | $                                      | 67,370 |   |   | $ | 72,470 |   |
| Stock-based                compensation expense, before benefit from income taxes  |                                   | (7,000 | ) |   |   | (7,000 | ) |
| Adjustment                for benefit from income taxes                                 |                                   | 2,730 |   |   |   | 2,730 |   |
| Net                income                                                               | $                                      | 63,100 |   |   | $ | 68,200 |   |