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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950162-97-000860.txt : 19971117
<SEC-HEADER>0000950162-97-000860.hdr.sgml : 19971117
ACCESSION NUMBER:		0000950162-97-000860
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19971013
FILED AS OF DATE:		19971114
SROS:			NYSE

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VAIL RESORTS INC
		CENTRAL INDEX KEY:			0000812011
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				510291762
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		
		SEC FILE NUMBER:	001-09614
		FILM NUMBER:		97717809

	BUSINESS ADDRESS:	
		STREET 1:		137 BENCHMARK ROAD
		STREET 2:		C/O ANACONDA TOWER
		CITY:			AVON
		STATE:			CO
		ZIP:			81620
		BUSINESS PHONE:		9708452950

	MAIL ADDRESS:	
		STREET 1:		137 BENCHMARK ROAD
		CITY:			AVON
		STATE:			CO
		ZIP:			81620
<REPORTING-OWNER>

COMPANY DATA:	
	COMPANY CONFORMED NAME:			FLYNN GERALD
	CENTRAL INDEX KEY:			0001032676
	STANDARD INDUSTRIAL CLASSIFICATION:	 []
<RELATIONSHIP>OTHER

FILING VALUES:
	FORM TYPE:		4

BUSINESS ADDRESS:	
	STREET 1:		VAIL RESORTS INC
	STREET 2:		PO BOX 7
	CITY:			VAIL
	STATE:			CO
	ZIP:			81658
	BUSINESS PHONE:		9704765601

MAIL ADDRESS:	
	STREET 1:		VAIL RESORTS INC
	STREET 2:		PO BOX 7
	CITY:			VAIL
	STATE:			CO
	ZIP:			89658
</REPORTING-OWNER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<DESCRIPTION>FORM 4
<TEXT>

                                                  ------------------------------
                                                           OMB APPROVAL
                                                  ------------------------------
                                                  OMB Number           3235-0287
                                                  Expires:        April 30, 1997
                                                  Estimated average burden
                                                  hours per response ....... 0.5
                                                  ------------------------------

                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     FORM 4

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(f) of the Investment Company Act of 1940

[  ] Check this box if no longer subject of Section 16. Form 4 or Form 5
     obligations may continue. See Instruction 1(b).

================================================================================
1. Name and Address of Reporting Person

Flynn                   Gerald                  E.
- --------------------------------------------------------------------------------
   (Last)               (First)                 (Middle)

c/o Vail Resorts, Inc., P.O. Box 7
- --------------------------------------------------------------------------------
                                    (Street)

Vail                      CO                   81658
- --------------------------------------------------------------------------------
   (City)               (State)                 (Zip)


================================================================================
2. Issuer Name and Ticker or Trading Symbol


Vail Resorts, Inc. ("MTN")
================================================================================
3. IRS or Social Security Number of Reporting Person (Voluntary)


================================================================================
4. Statement for Month/Year

   10/97
================================================================================
5. If Amendment, Date of Original (Month/Year)


================================================================================
6. Relationship of Reporting Person to Issuer
   (Check all applicable)

   [   ]   Director                             [   ]   10% Owner
   [   ]   Officer (give title below)           [ X ]   Other (specify below)


       Former Officer - Senior Vice President of Vail Associates
      --------------------------------------------------------------------

================================================================================
           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
                                                                                                                6.
                                                                 4.                              5.             Owner-
                                                                 Securities Acquired (A) or      Amount of      ship
                                                    3.           Disposed of (D)                 Securities     Form:     7.
                                                    Transaction  (Instr. 3, 4 and 5)             Beneficially   Direct    Nature of
                                      2.            Code         ------------------------------- Owned at End   (D) or    Indirect
1.                                    Transaction   (Instr. 8)                   (A)             of Month       Indirect  Beneficial
Title of Security                     Date          ------------     Amount      or     Price    (Instr. 3      (I)       Ownership
(Instr. 3)                            (mm/dd/yy)     Code     V                  (D)             and 4)         (Instr.4) (Instr. 4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>            <C>      <C>    <C>         <C>    <C>      <C>            <C>       <C>

Common Stock                          10/21/97       S               159,960      D      27.50   20,000          D
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====================================================================================================================================
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly


<PAGE>


FORM 4 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

================================================================================
<TABLE>
<CAPTION>
                                                                                                          9.        10.    
                                                                                                          Number    Owner- 
                                                                                                          of        ship   
                    2.                                                                                    Deriv-    of     
                    Conver-                    5.                              7.                         ative     Deriv-   11.    
                    sion                       Number of                       Title and Amount           Secur-    ative    Nature 
                    of                         Derivative    6.                of Underlying     8.       ities     Secur-   of     
                    Exer-             4.       Securities    Date              Securities        Price    Bene-     ity:     In-    
                    cise     3.       Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of       ficially  Direct   direct 
                    Price    Trans-   action   or Disposed   Expiration Date   ----------------  Deriv-   Owned     (D) or   Bene-  
1.                  of       action   Code     of(D)         (Month/Day/Year)            Amount  ative    at End    In-      ficial 
Title of            Deriv-   Date     (Instr.  (Instr. 3,    ----------------            or      Secur-   of        direct   Owner- 
Derivative          ative    (Month/  8)       4 and 5)      Date     Expira-            Number  ity      Month     (I)      ship   
Security            Secur-   Day/     ------   ------------  Exer-    tion               of      (Instr.  (Instr.   (Instr.  (Instr.
(Instr. 3)          ity      Year)    Code V    (A)   (D)    cisable  Date     Title     Shares  5)       4)        4)       4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                 <C>      <C>      <C>  <C>  <C>   <C>    <C>      <C>      <C>       <C>     <C>      <C>       <C>      <C>

Option to Purchase  $6.85   10/21/97  M          (D)  35,992 10/1/93  10/1/02  Common    35,992   0       0         D
                                                                               Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Option to Purchase  $6.85   10/21/97  M          (D)  35,992 10/1/94  10/1/02  Common    35,992   0       0         D
                                                                               Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Option to Purchase  $6.85   10/21/97  M          (D)  35,992 10/1/95  10/1/02  Common    35,992   0       0         D
                                                                               Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Option to Purchase  $6.85   10/21/97  M          (D)  35,992 10/1/96  10/1/02  Common    35,992   0       0         D
                                                                               Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Option to Purchase  $6.85   10/21/97  M          (D)  35,992 10/1/97  10/1/02  Common    35,992   0       0         D
                                                                               Stock
- ------------------------------------------------------------------------------------------------------------------------------------

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- ------------------------------------------------------------------------------------------------------------------------------------

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====================================================================================================================================
</TABLE>
Explanation of Responses:




/s/ Gerald G. Flynn                                          11/14/97
- ---------------------------------------------            -----------------------
      **Signature of Reporting Person                             Date

**   Intentional misstatements or omissions of facts constitute Federal Criminal
     Violations.

     See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this Form, one of which must be manually signed.
       If space provided is insufficient, see Instruction 6 for procedures.

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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