Vail Resorts Reports Certain Ski Season Metrics for the Season to Date Through April 18, 2010

BROOMFIELD, Colo., April 21 /PRNewswire-FirstCall/ -- Vail Resorts, Inc. (NYSE: MTN) today reported certain ski season metrics for the comparative periods from the beginning of the ski season through Sunday, April 18, 2010, and for the prior year period through Sunday, April 19, 2009, which includes interim period data and is subject to fiscal third quarter end review and adjustments.

Highlights

• Season to date total lift ticket revenue through April 18, 2010, including an allocated portion of season pass revenue for each applicable period, increased approximately 4.6% compared to the prior year season to date period ended April 19, 2009.
• Season to date total skier visits for the Company's five mountain resorts through April 18, 2010, increased approximately 2.3% compared to the prior year season to date period ended April 19, 2009.
• Season to date ski school revenue through April 18, 2010, for the Company's five mountain resorts increased approximately 8.3% compared to the prior year season to date period ended April 19, 2009.
• Season to date retail/rental revenue through April 18, 2010, increased approximately 8.1% compared to the prior year season to date period ended April 19, 2009.
• Season to date dining revenue through April 18, 2010, for the Company's five mountain resorts increased approximately 2.5% compared to the prior year season to date period ended April 19, 2009.

Commenting on the ski season metrics season to date, Rob Katz, Chief Executive Officer said, "We are very pleased to see continued improvement, as expected, in our ski season to date metrics including a strengthening of our destination visitation and guest spending patterns especially during this year's spring break and Easter holiday periods.  The total lift ticket revenue improvement was driven by the strength of our season pass program and increase in total skier visits.  We also experienced strong increases year-over-year in the Company's ski school and retail/rental revenues, which increased at a higher level than our visitation increase, providing a promising indicator for the recovery of guest spend as we head into next ski season.  The Company's dining revenue also improved, though at a level consistent with the overall increase in visitation."  

Katz continued, "Additionally, we have recently reinstated some of the prior year's wage and benefit reductions, with a 2% interim wage increase for year-round employees effective April 1, 2010 and seasonal employees seeing the increase when returning for the upcoming 2010/2011 ski season, along with a partial reinstatement of the Company match component of its 401(k) program, also effective April 1, 2010.  Last year we asked our employees to share in the burden of reducing our costs in light of the reduced revenues arising from the economic environment primarily through wage reductions and deferral of the 401(k) Company match, in an effort to preserve our labor force and continue to drive the guest experience.  With our business improving, we wanted to immediately begin to restore some of these reductions to our employees, with further potential restorations to be reviewed again in the upcoming fiscal year."

Vail Resorts, Inc., through its subsidiaries, is the leading mountain resort operator in the United States.  The Company's subsidiaries operate the mountain resort properties at the Vail, Beaver Creek, Breckenridge and Keystone mountain resorts in Colorado, the Heavenly Ski Resort in the Lake Tahoe area of California and Nevada and the Grand Teton Lodge Company in Jackson Hole, Wyoming.  The Company's subsidiary, RockResorts, a luxury resort hotel company, manages casually elegant properties across the United States and the Caribbean.  Vail Resorts Development Company is the real estate planning, development and construction subsidiary of Vail Resorts, Inc.  Vail Resorts, Inc. is a publicly held company traded on the New York Stock Exchange (NYSE: MTN).  The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.

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 prolonged downturn in general economic conditions, including continued adverse affects on the overall travel and leisure related industries; unfavorable weather conditions or natural disasters; adverse events that occur during our peak operating periods combined with the seasonality of our business; competition in our mountain and lodging businesses; our ability to grow our resort and real estate operations; our ability to successfully complete real estate development projects and achieve the anticipated financial benefits from such projects; further adverse changes in real estate markets; continued volatility in credit markets; our ability to obtain financing on terms acceptable to us to finance our real estate development, capital expenditures and growth strategy; our reliance on government permits or approvals for our use of Federal land or to make operational improvements; adverse consequences of current or future legal claims; our ability to hire and retain a sufficient seasonal workforce; willingness of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases, and the cost and availability of travel options; negative publicity or unauthorized use of our trademarks which diminishes the value of our brands; our ability to integrate and successfully operate future acquisitions; and implications arising from new Financial Accounting Standards Board ("FASB")/governmental legislation, rulings or interpretations.

SOURCE Vail Resorts, Inc.