Vail Resorts, Inc., together with its subsidiaries, is referred to throughout
this document as �we,� �us,� �our� or the �Company.�
Vail Resorts, Inc., a Delaware corporation, was organized as a holding company
in 1997 and operates through various subsidiaries. Our operations are grouped
into three business segments: Mountain, Lodging and Real Estate, which
represented approximately 77%, 19% and 4%, respectively, of our net revenue for
our fiscal year ended July 31, 2013 (�Fiscal 2013�).
Our Mountain segment operates eight world-class ski resort properties and two
urban ski areas as well as ancillary services, primarily including ski school,
dining and retail/rental operations.