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Segment Information
 3 Months Ended
Oct. 31, 2013
Segment Reporting [Abstract]  
Segment Information
Segment Information
The Company has three reportable segments: Mountain, Lodging and Real Estate. The Mountain segment includes the operations of the Company’s ski resorts/areas and related ancillary services. The Lodging segment includes the operations of all of the Company’s owned hotels, RockResorts, NPS concessionaire properties, condominium management, CME and mountain resort golf operations. The Real Estate segment owns and develops real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of each other, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately.
The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus or minus segment equity investment income or loss), which is a non-GAAP financial measure. The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (the Chief Executive Officer) for purposes of evaluating segment performance.
Reported EBITDA is not a measure of financial performance under GAAP. Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income (loss), net change in cash and cash equivalents or other financial statement data presented in the Consolidated Condensed Financial Statements as indicators of financial performance or liquidity. Because Reported EBITDA is not a measurement determined in accordance with GAAP and thus is susceptible to varying calculations, Reported EBITDA as presented may not be comparable to other similarly titled measures of other companies.

The Company utilizes Reported EBITDA in evaluating performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus or minus Mountain equity investment income or loss. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense. All segment expenses include an allocation of corporate administrative expenses. Assets are not allocated between segments, or used to evaluate performance, except as shown in the table below.
The following table presents financial information by reportable segment which is used by management in evaluating performance and allocating resources (in thousands):
 
 
 
Three Months Ended October 31,
 
 
2013
 
2012
Net revenue:
 
 
 
 
Lift
 
$
—

 
$
—

Ski school
 
—

 
—

Dining
 
7,464

 
6,373

Retail/rental
 
28,900

 
26,725

Other
 
20,967

 
18,814

Total Mountain net revenue
 
57,331

 
51,912

Lodging
 
57,214

 
52,508

Total Resort net revenue
 
114,545

 
104,420

Real estate
 
8,846

 
11,930

Total net revenue
 
$
123,391

 
$
116,350

Operating expense:
 
 
 
 
Mountain
 
$
124,774

 
$
107,548

Lodging
 
56,905

 
51,806

Total Resort operating expense
 
181,679

 
159,354

Real estate
 
9,231

 
15,614

Total segment operating expense
 
$
190,910

 
$
174,968

Mountain equity investment income, net
 
$
603

 
$
434

Reported EBITDA:
 
 
 
 
Mountain
 
$
(66,840
)
 
$
(55,202
)
Lodging
 
309

 
702

Resort
 
(66,531
)
 
(54,500
)
Real estate
 
(385
)
 
(3,684
)
Total Reported EBITDA
 
$
(66,916
)
 
$
(58,184
)
 
 
 
 
 
Real estate held for sale and investment
 
$
188,205

 
$
227,662

 
 
 
 
 
Reconciliation to net loss attributable to Vail Resorts, Inc.:
 
 
 
 
Total Reported EBITDA
 
$
(66,916
)
 
$
(58,184
)
Depreciation and amortization
 
(34,156
)
 
(31,679
)
Loss on disposal of fixed assets, net
 
(429
)
 
(2
)
Investment income, net
 
95

 
54

Interest expense
 
(16,098
)
 
(8,375
)
Loss before benefit from income taxes
 
(117,504
)
 
(98,186
)
Benefit from income taxes
 
44,067

 
37,583

Net loss
 
$
(73,437
)
 
$
(60,603
)
Net loss attributable to noncontrolling interests
 
61

 
23

Net loss attributable to Vail Resorts, Inc.
 
$
(73,376
)
 
$
(60,580
)