-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WPrWpA+iGeS7BOUfbKXHDophEVjzfhuPCeh5bSN/8KN2G9NwpfCCwC3vGWguXmDA
 Tp5awlweHUZpNjMuoYmmwg==

<SEC-DOCUMENT>0001032681-03-000010.txt : 20030401
<SEC-HEADER>0001032681-03-000010.hdr.sgml : 20030401
<ACCEPTANCE-DATETIME>20030401154026
ACCESSION NUMBER:		0001032681-03-000010
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20010331
FILED AS OF DATE:		20030401

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:		1934 Act
		SEC FILE NUMBER:	001-09614
		FILM NUMBER:		03634324

	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:			ROWAN MARC J
		CENTRAL INDEX KEY:			0001032681
		RELATIONSHIP:				DIRECTOR

	FILING VALUES:
		FORM TYPE:		4

	BUSINESS ADDRESS:	
		STREET 1:		APOLLO ADVISORS LP
		STREET 2:		1301 AVE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2122614000

	MAIL ADDRESS:	
		STREET 1:		APOLLO ADVISORS LP
		STREET 2:		1301 AVE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.htm
<DESCRIPTION>4
<TEXT>
<HTML><HEAD><TITLE>Form 4</TITLE></HEAD><BODY BGCOLOR="#FFFFFF">

<table border=0 cellspacing=0 cellpadding=0 width="900">
  <tr>
    <td nowrap valign=middle align="center" width="150">
      <p><b><font face="Times New Roman, Times, serif" size="4">FORM 4</font></b></p>
    </td>
    <td align="center" valign=middle>
      <p><font face="Times New Roman, Times, serif" size="3">UNITED STATES SECURITIES
        AND EXCHANGE COMMISSION<br>
        Washington, D.C. 20549</font></p>
    </td>
    <td valign=middle align="center"> <font face="Arial, Helvetica, sans-serif" size="2">OMB
      APPROVAL</font></td>
  </tr>
  <tr>
    <td valign=top width="150">
      <p><font face="Times New Roman, Times, serif" size="1"><b><U>&nbsp;&nbsp;&nbsp;</U> </b>
        Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations
        may continue. See Instruction 1(b).</font></p>
    </td>
    <td valign=middle align="center">
      <p><b> STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP</b></p>
      <p><font face="Times New Roman, Times, serif" size="2">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(h) of the
        Investment Company Act of 1940</font></p>

    </td>
    <td valign=top nowrap><P align="center"><font face="Arial, Helvetica, sans-serif" size="1">OMB
      Number: 3235-0287<br>
      Expires: January 31, 2005<br>
      Estimated average burden<br>
      hours per response. . .0.5</font>
      <HR><P align=center style="margin-top: 0"><font face="Arial, Helvetica, sans-serif" size=1>Filed By<BR>Romeo and Dye's<BR>Section 16 Filer<BR>www.section16.net</font><HR><!--UID:42519-->
      </td>
  </tr>
</table><BR>
<table border=1 cellspacing=0 cellpadding=0 width="900">
  <tr align="left" valign="top">
    <td>
      <p><font face="Times New Roman, Times, serif" size="2">1. Name and Address
        of Reporting Person*</font></P>
      <p><font face="Times New Roman, Times, serif" size="2"><B>Rowan                      Marc                     J.</B></font></p>
    </td>
    <td colspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">2. Issuer Name <b>and</b>
        Ticker or Trading Symbol<br>
        <B>Vail Resorts, Inc. (&quot;MTN&quot;)</B></font></p>
    </td>
    <td colspan=2 rowspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">6. Relationship of
        Reporting Person(s)<br>
        to Issuer (Check all applicable)<br>
        <b><U><B>X</B></U></b> Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <b><U>&nbsp;&nbsp;&nbsp;</U> </b> 10% Owner<br>
        <b><U>&nbsp;&nbsp;&nbsp;</U> </b> Officer (give title below)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <b><U>&nbsp;&nbsp;&nbsp;</U> </b> Other (specify below)</font></p>
      <p align="left"><font face="Times New Roman, Times, serif" size="2"><U><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U>
        </font></p>
      </td>
  </tr>
  <tr align="left" valign="top">
    <td>
      <p align="center"><font face="Times New Roman, Times, serif" size="2">(Last)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(First)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Middle)</font></p>
      <P align="left"><font face="Times New Roman, Times, serif" size="2"><B>1301 Avenue of the Americas</B><BR>
        <B>&nbsp;</B> </font></p>
    </td>
    <td rowspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">3. I.R.S. Identification
        Number<br>
        of Reporting Person, <br>
        if an entity (voluntary)</font>
      <p align="center"><font face="Times New Roman, Times, serif" size="2"><B>&nbsp;</B>
        </font></p>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2">4. Statement for<br>
      Month/Day/Year <br>
      <B>March 31, 2003</B></font></td>
  </tr>
  <tr align="left" valign="top">
    <td>
      <p align="center"><font face="Times New Roman, Times, serif" size="2">(Street)</font></p>
      <p align="left"><font face="Times New Roman, Times, serif" size="2"> <B>New York</B>,
        <B>N. Y.</B> <B>10019</B> </font></p>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2">5. If Amendment,<br>
      Date of Original<br>
      (Month/Day/Year)<br>
      <B>&nbsp;</B></font></td>
    <td colspan="2"><font face="Times New Roman, Times, serif" size="2">7. Individual
      or Joint/Group Filing (Check Applicable Line)<br>
      <b><U><B>X</B></U></b> Form filed by One Reporting Person<br>
      <b><U>&nbsp;&nbsp;&nbsp;</U> </b> Form filed by More than One Reporting Person</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>
      <p align="center"><font face="Times New Roman, Times, serif" size="2">(City)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip)</font></p>
    </td>
    <td colspan=4>
      <p align=center><font face="Times New Roman, Times, serif" size="2"><b>Table
        I &#151; Non-Derivative Securities Acquired, Disposed of, or Beneficially
        Owned</b></font></p>
    </td>
  </tr>
</table>
<table border=1 cellspacing=0 cellpadding=0 width="900">
  <tr>
    <td valign=top rowspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">1. Title of Security<br>
        (Instr. 3)</font></p>
    </td>
    <td valign=top align="left" rowspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">2. Trans-<br>
        action <br>
        Date<br>
        <font size="1">(Month/ Day/<br>
        Year) </font></font></p>
    </td>
    <td valign=top align="left" rowspan="2">
      <p><font size="2">2A. Deemed <br>
        Execution<br>
        Date,<br>
        if any <br>
        <font size="1">(Month/Day/<br>
        Year)</font></font></p>
    </td>
    <td valign=top colspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">3. Trans-<br>
        action Code<br>
        (Instr. 8)</font></p>
    </td>
    <td valign=top colspan="3">
      <p><font face="Times New Roman, Times, serif" size="2">4. Securities Acquired
        (A) or Disposed of (D)<br>
        (Instr. 3, 4 &amp; 5)</font></p>
    </td>
    <td valign=top rowspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">5. Amount of <br>
        Securities <br>
        Beneficially <br>
        Owned Follow-<br>
        ing Reported Transactions(s) <br>
        (Instr. 3 &amp; 4)</font></p>
    </td>
    <td valign=top rowspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">6. Owner-<br>
        ship Form:<br>
        Direct (D)<br>
        or Indirect (I)<br>
        (Instr. 4)</font></p>
    </td>
    <td valign=top rowspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">7. Nature of Indirect
        <br>
        Beneficial Ownership<br>
        (Instr. 4)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top align="center">
      <p><font face="Times New Roman, Times, serif" size="2">Code</font></p>
    </td>
    <td valign=top  align="center">
      <p><font face="Times New Roman, Times, serif" size="2">V</font></p>
    </td>
    <td valign=top align="center">
      <p><font face="Times New Roman, Times, serif" size="2">Amount</font></p>
    </td>
    <td valign=top align="center">
      <p><font face="Times New Roman, Times, serif" size="2">(A)<br>
        or<br>
        (D)</font></p>
    </td>
    <td valign=top align="center">
      <p><font face="Times New Roman, Times, serif" size="2">Price</font></p>
    </td>
  </tr>
  <tr height=36>
<td valign=top align=left><p><font face="Times New Roman, Times, serif" size=2><B>Common Stock, $0.01 par value</B></font></P></td>
<td valign=top align=center><p><font face="Times New Roman, Times, serif" size=2><B>3/31/03</B></font></P></td>
<td valign=top align=center><p><font face="Times New Roman, Times, serif" size=2><B>&nbsp;</B></font></P></td>
<td valign=top align=center><p><font face="Times New Roman, Times, serif" size=2><B>P</B></font></P></td>
<td valign=top align=center><p><font face="Times New Roman, Times, serif" size=2><B>&nbsp;</B></font></P></td>
<td valign=top align=right><p><font face="Times New Roman, Times, serif" size=2><B>2,750</B></font></P></td>
<td valign=top align=center><p><font face="Times New Roman, Times, serif" size=2><B>A</B></font></P></td>
<td valign=top align=right><p><font face="Times New Roman, Times, serif" size=2><B>$11.23</B></font></P></td>
<td valign=top align=right><p><font face="Times New Roman, Times, serif" size=2><B>13,150</B><Sup><A NAME="S1"></A><A HREF="#F1">(1)</A></Sup></font></P></td>
<td valign=top align=center><p><font face="Times New Roman, Times, serif" size=2><B>D</B></font></P></td>
<td valign=top align=left><p><font face="Times New Roman, Times, serif" size=2><B>&nbsp;</B></font></P></td>
</tr>

</table>
<table width="900" border="0">
  <tr>
    <td align="left" valign="top" colspan="2"><font face="Times New Roman, Times, serif" size="2">Reminder:
      Report on a separate line for each class of securities beneficially owned
      directly or indirectly. <br>
      * If the form is filed by more than one reporting person, see Instruction
      4(b)(v). <br>
      <br>
      <b> Persons who respond to the collection of information contained in this
      form are not required to respond unless the form displays a currently valid
      OMB control number </b></font></td>
  </tr>
</table>
<HR align="left" width="900">

<table width="900" border="0">
  <tr>
    <td width="25%" align="left" valign="top"><b><font face="Times New Roman, Times, serif" size="3">FORM
      4 (continued)</font></b></td>
    <td>
      <p><b><font face="Times New Roman, Times, serif" size="3">Table II </font></b><font face="Times New Roman, Times, serif" size="3"><b>-
        Derivative Securities Acquired, Disposed of, or Beneficially Owned<br>
        (e.g., puts, calls, warrants, options, convertible securities)</b></font></p>
</td>
  </tr>
</table>
<table border=1 cellspacing=0 cellpadding=0 width="900">
  <tr align="left" valign="top">
    <td rowspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">1. Title of Derivative
        Security<br>
        <br>
        (Instr. 3)</font></p>
    </td>
    <td rowspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">2. Conver-<br>
        sion or <br>
        Exercise <br>
        Price of Derivative Security</font></p>
    </td>
    <td rowspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">3. Trans-<br>
        action Date<br>
        <br>
        <font size="1">(Month/<br>
        Day/<br>
        Year)</font></font> </p>
    </td>
    <td rowspan="2"><font size="2">3A. Deemed <br>
      Execution<br>
      Date,<br>
      if any <br>
      <font size="1">(Month/<br>
      Day/<br>
      Year)</font></font></td>
    <td colspan=2>
      <p><font face="Times New Roman, Times, serif" size="2">4. Trans-<br>
        action<br>
        Code<br>
        <br>
        (Instr. 8)</font></p>
    </td>
    <td colspan=2>
      <p><font face="Times New Roman, Times, serif" size="2">5. Number of Derivative
        Securities Acquired (A) or Disposed of (D)<br>
        <br>
        (Instr. 3, 4 &amp; 5)</font><br>
      </p>
    </td>
    <td colspan=2>
      <p><font face="Times New Roman, Times, serif" size="2">6. Date Exercisable<br>
        and Expiration<br>
        Date<br>
        <font size="1">(Month/Day/<br>
        Year)</font></font></p>
    </td>
    <td colspan=2>
      <p><font face="Times New Roman, Times, serif" size="2">7. Title and Amount
        of Underlying Securities<br>
        (Instr. 3 &amp; 4)</font></p>
    </td>
    <td rowspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">8. Price of Derivative
        Security<br>
        (Instr. 5)</font></p>
    </td>
    <td rowspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">9. Number of<br>
        Derivative<br>
        Securities<br>
        Beneficially<br>
        Owned<br>
        Following <br>
        Reported Transaction(s) <br>
        </font><font face="Times New Roman, Times, serif" size="2">(Instr. 4)</font></p>
    </td>
    <td rowspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">10. Owner-<br>
        ship Form<br>
        of Deriv-<br>
        ative<br>
        Security:<br>
        Direct (D)<br>
        or Indirect (I)<br>
        (Instr. 4)</font></p>
    </td>
    <td rowspan="2">
      <p><font face="Times New Roman, Times, serif" size="2">11. Nature of Indirect
        Beneficial Ownership<br>
        (Instr. 4)</font></p>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td align="center">
      <p><font face="Times New Roman, Times, serif" size="2">Code</font></p>
    </td>
    <td align="center">
      <p><font face="Times New Roman, Times, serif" size="2">V</font></p>
    </td>
    <td align="center">
      <p><font face="Times New Roman, Times, serif" size="2">(A)</font></p>
    </td>
    <td align="center">
      <p><font face="Times New Roman, Times, serif" size="2">(D)</font></p>
    </td>
    <td>
      <p><font face="Times New Roman, Times, serif" size="2">Date Exer-cisable</font></p>
    </td>
    <td>
      <p><font face="Times New Roman, Times, serif" size="2">Expira-<br>
        tion<br>
        Date</font></p>
    </td>
    <td>
      <p align=center><font face="Times New Roman, Times, serif" size="2">Title</font></p>
    </td>
    <td>
      <p><font face="Times New Roman, Times, serif" size="2">Amount or Number
        of<br>
        Shares</font></p>
    </td>
  </tr>

</table>
<table width="900" border="0" cellpadding="0">
  <tr>
    <td>
	<p>Explanation of Responses:</p>
	<p><font face="Times New Roman, Times, serif" size="2"><A NAME="F1"></A><A HREF="#S1">(1)</A> Does not include shares of common stock of the Issuer, $0.01 par value per share (&quot;Shares&quot;), beneficially owned by Apollo Investment Fund, L.P. (&quot;AIF&quot;) through AIF's interest in Apollo Ski Partners, L.P. (&quot;ASP&quot;).  The Reporting Person is a principal of Apollo Advisors, L.P., which serves as the managing general partner of AIF, and is a director of the Issuer.  The Reporting Person disclaims beneficial ownership of all Shares not directly held by the Reporting Person and any Shares held by AIF and/or ASP.<BR></font></P>
    </td>
  </tr>
</table>

<table width="900" border="0" cellpadding="5">
  <tr>
    <td width="50%">&nbsp;</td>
    <td valign="top" align="left"><font face="Times New Roman, Times, serif" size="2">By: /s/ <u><b><B>Marc J. Rowan</B></b></u><br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&nbsp;</B><BR>
      **Signature of Reporting Person</font></td>
    <td align="left" valign="top"><font face="Times New Roman, Times, serif" size="2"><b><u><B>April 1, 2003</B></u></b><br>
      Date </font></td>
  </tr>
</table>
<table width="900" border="0">
  <tr>
    <td>
      <p><font face="Times New Roman, Times, serif" size="2">**Intentional misstatements
        or omissions of facts constitute Federal Criminal Violations. <br>
        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). <br>
        </font></p>
      <p><font face="Times New Roman, Times, serif" size="2">Note: File three
        copies of this Form, one of which must be manually signed. <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If space is insufficient,
        See Instruction 6 for procedure. </font></p>
      <p><font face="Times New Roman, Times, serif" size="2">Persons who respond
        to the collection of information contained in this form are not required
        to respond unless the form displays a currently valid OMB Number.</font></p>

      <P align="Right">&nbsp;</P>
    </td>
  </tr>
</table>



</BODY></HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
