<SEC-DOCUMENT>0000812011-20-000122.txt : 20201210
<SEC-HEADER>0000812011-20-000122.hdr.sgml : 20201210
<ACCEPTANCE-DATETIME>20201210160824
ACCESSION NUMBER:		0000812011-20-000122
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20201210
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201210
DATE AS OF CHANGE:		20201210

FILER:

	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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09614
		FILM NUMBER:		201380631

	BUSINESS ADDRESS:	
		STREET 1:		390 INTERLOCKEN CRESCENT
		STREET 2:		SUITE 1000
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021
		BUSINESS PHONE:		303-404-1800

	MAIL ADDRESS:	
		STREET 1:		390 INTERLOCKEN CRESCENT
		STREET 2:		SUITE 1000
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>aearningsq12110312020.htm
<DESCRIPTION>8-K
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<!--XBRL Document Created with Wdesk from Workiva-->
<!--p:171e1cd246bd49e28daebd52b5b29643,x:b6da2d24f517401ea1147a2d11fa4444-->
<!-- Document created using Wdesk  -->
<!-- Copyright 2020 Workiva -->
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:sheci="http://fasb.org/stm/sheci/2020-01-31" xmlns:sic-ent-all="http://xbrl.sec.gov/sic-ent-all/2020-01-31" xmlns:country-ent-all="http://xbrl.sec.gov/country-ent-all/2020-01-31" xmlns:othliab="http://fasb.org/dis/othliab/2020-01-31" xmlns:scf-indira="http://fasb.org/stm/scf-indira/2020-01-31" xmlns:scf-sd="http://fasb.org/stm/scf-sd/2020-01-31" xmlns:equity="http://fasb.org/dis/equity/2020-01-31" xmlns:us-roles="http://fasb.org/us-roles/2020-01-31" xmlns:ides="http://fasb.org/dis/ides/2020-01-31" xmlns:fs-bt="http://fasb.org/dis/fs-bt/2020-01-31" xmlns:crcpb="http://fasb.org/dis/crcpb/2020-01-31" xmlns:sfp-ucreo="http://fasb.org/stm/sfp-ucreo/2020-01-31" xmlns:country-std="http://xbrl.sec.gov/country-std/2020-01-31" xmlns:ei="http://fasb.org/dis/ei/2020-01-31" xmlns:ocpfs="http://fasb.org/dis/ocpfs/2020-01-31" xmlns:stpr-std="http://xbrl.sec.gov/stpr-std-std-std/2018-01-31" xmlns:cecl="http://fasb.org/dis/cecl/2020-01-31" xmlns:bsoff="http://fasb.org/dis/bsoff/2020-01-31" xmlns:srt-all="http://fasb.org/srt-all/2020-01-31" xmlns:stpr-all="http://xbrl.sec.gov/stpr-all-all-all/2018-01-31" xmlns:otherexp="http://fasb.org/dis/otherexp/2020-01-31" xmlns:scf-dbo="http://fasb.org/stm/scf-dbo/2020-01-31" xmlns:reorg="http://fasb.org/dis/reorg/2020-01-31" xmlns:dccpoa="http://fasb.org/dis/dccpoa/2020-01-31" xmlns:se="http://fasb.org/dis/se/2020-01-31" xmlns:sic-all="http://xbrl.sec.gov/sic-all/2020-01-31" xmlns:hco="http://fasb.org/dis/hco/2020-01-31" xmlns:soi="http://fasb.org/stm/soi/2020-01-31" xmlns:sec-mort="http://fasb.org/dis/sec-mort/2020-01-31" xmlns:schedoi-iiaa="http://fasb.org/dis/schedoi-iiaa/2020-01-31" xmlns:naics="http://xbrl.sec.gov/naics/2017-01-31" xmlns:debt="http://fasb.org/dis/debt/2020-01-31" xmlns:spc="http://fasb.org/stm/spc/2020-01-31" xmlns:ts="http://fasb.org/dis/ts/2020-01-31" xmlns:naics-ent-std="http://xbrl.sec.gov/naics-ent-std/2017-01-31" xmlns:rd="http://fasb.org/dis/rd/2020-01-31" xmlns:sr="http://fasb.org/dis/sr/2020-01-31" xmlns:stpr-ent-all="http://xbrl.sec.gov/stpr-ent-all-all-all/2018-01-31" xmlns:stpr-ent-std="http://xbrl.sec.gov/stpr-ent-std-std-std/2018-01-31" xmlns:edco="http://fasb.org/dis/edco/2020-01-31" xmlns:guar="http://fasb.org/dis/guar/2020-01-31" xmlns:te="http://fasb.org/dis/te/2020-01-31" xmlns:fs-ins="http://fasb.org/dis/fs-ins/2020-01-31" xmlns:deprecated="http://www.xbrl.org/2009/arcrole/deprecated" xmlns:naics-all="http://xbrl.sec.gov/naics-all/2017-01-31" xmlns:ni="http://fasb.org/dis/ni/2020-01-31" xmlns:dr="http://fasb.org/dis/dr/2020-01-31" xmlns:schedoi-otsh="http://fasb.org/dis/schedoi-otsh/2020-01-31" xmlns:dei-all="http://xbrl.sec.gov/dei-all/2020-01-31" xmlns:exch-ent-all="http://xbrl.sec.gov/exch-ent-all/2020-01-31" xmlns:naics-std="http://xbrl.sec.gov/naics-std/2017-01-31" xmlns:us-arcroles="http://fasb.org/us-arcroles/2020-01-31" xmlns:soi-indira="http://fasb.org/stm/soi-indira/2020-01-31" xmlns:deprecated1="http://www.xbrl.org/2009/role/deprecated" xmlns:fs-mort="http://fasb.org/dis/fs-mort/2020-01-31" xmlns:sic="http://xbrl.sec.gov/sic/2020-01-31" xmlns:soi-ins="http://fasb.org/stm/soi-ins/2020-01-31" xmlns:iago="http://fasb.org/dis/iago/2020-01-31" xmlns:sfp-dbo="http://fasb.org/stm/sfp-dbo/2020-01-31" xmlns:con="http://fasb.org/dis/con/2020-01-31" xmlns:leas="http://fasb.org/dis/leas/2020-01-31" xmlns:com="http://fasb.org/stm/com/2020-01-31" xmlns:srt-roles="http://fasb.org/srt-roles/2020-01-31" xmlns:inv="http://fasb.org/dis/inv/2020-01-31" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:fs-interest="http://fasb.org/dis/fs-interest/2020-01-31" xmlns:exch-all="http://xbrl.sec.gov/exch-all/2020-01-31" xmlns:sic-ent-std="http://xbrl.sec.gov/sic-ent-std/2020-01-31" xmlns:oi="http://fasb.org/dis/oi/2020-01-31" xmlns:fs-fhlb="http://fasb.org/dis/fs-fhlb/2020-01-31" xmlns:ctbl="http://fasb.org/dis/ctbl/2020-01-31" xmlns:currency="http://xbrl.sec.gov/currency/2020-01-31" xmlns:country-all="http://xbrl.sec.gov/country-all/2020-01-31" xmlns:cn-part="http://fasb.org/cn-part/2020-01-31" xmlns:srt="http://fasb.org/srt/2020-01-31" xmlns:schedoi-fednote="http://fasb.org/dis/schedoi-fednote/2020-01-31" xmlns:srt-std="http://fasb.org/srt-std/2020-01-31" xmlns:crcgen="http://fasb.org/dis/crcgen/2020-01-31" xmlns:re="http://fasb.org/dis/re/2020-01-31" xmlns:ir="http://fasb.org/dis/ir/2020-01-31" xmlns:inctax="http://fasb.org/dis/inctax/2020-01-31" xmlns:soc="http://fasb.org/stm/soc/2020-01-31" xmlns:sec-cndfir="http://fasb.org/dis/sec-cndfir/2020-01-31" xmlns:us-gaap-all="http://fasb.org/us-gaap-all/2020-01-31" xmlns:sic-std="http://xbrl.sec.gov/sic-std/2020-01-31" xmlns:exch-std="http://xbrl.sec.gov/exch-std/2020-01-31" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:sec-sum="http://fasb.org/dis/sec-sum/2020-01-31" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:scf-sbo="http://fasb.org/stm/scf-sbo/2020-01-31" xmlns:regop="http://fasb.org/dis/regop/2020-01-31" xmlns:schedoi-shorthold="http://fasb.org/dis/schedoi-shorthold/2020-01-31" xmlns:ero="http://fasb.org/dis/ero/2020-01-31" xmlns:us-gaap-std="http://fasb.org/us-gaap-std/2020-01-31" xmlns:currency-ent-std="http://xbrl.sec.gov/currency-ent-std/2020-01-31" xmlns:schedoi-hold="http://fasb.org/dis/schedoi-hold/2020-01-31" xmlns:scf-re="http://fasb.org/stm/scf-re/2020-01-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:exch="http://xbrl.sec.gov/exch/2020-01-31" xmlns:invco="http://fasb.org/dis/invco/2020-01-31" xmlns:sec-vq="http://fasb.org/dis/sec-vq/2020-01-31" xmlns:soi-int="http://fasb.org/stm/soi-int/2020-01-31" xmlns:emjv="http://fasb.org/dis/emjv/2020-01-31" xmlns:rpd="http://fasb.org/dis/rpd/2020-01-31" xmlns:sfp-clreo="http://fasb.org/stm/sfp-clreo/2020-01-31" xmlns:soi-sbi="http://fasb.org/stm/soi-sbi/2020-01-31" xmlns:aro="http://fasb.org/dis/aro/2020-01-31" xmlns:sec-suppc="http://fasb.org/dis/sec-suppc/2020-01-31" xmlns:rlnro="http://fasb.org/dis/rlnro/2020-01-31" xmlns:pay="http://fasb.org/dis/pay/2020-01-31" xmlns:soi-re="http://fasb.org/stm/soi-re/2020-01-31" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:reference="http://www.xbrl.org/2009/role/reference" xmlns:soi-egm="http://fasb.org/stm/soi-egm/2020-01-31" xmlns:sec-reins="http://fasb.org/dis/sec-reins/2020-01-31" xmlns:soi-reit="http://fasb.org/stm/soi-reit/2020-01-31" xmlns:schedoi-sumhold="http://fasb.org/dis/schedoi-sumhold/2020-01-31" xmlns:eps="http://fasb.org/dis/eps/2020-01-31" xmlns:fifvd="http://fasb.org/dis/fifvd/2020-01-31" xmlns:sec-supins="http://fasb.org/dis/sec-supins/2020-01-31" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:us-types="http://fasb.org/us-types/2020-01-31" xmlns:srt-types="http://fasb.org/srt-types/2020-01-31" xmlns:naics-ent-all="http://xbrl.sec.gov/naics-ent-all/2017-01-31" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:crcrb="http://fasb.org/dis/crcrb/2020-01-31" xmlns:dei-ent-std="http://xbrl.sec.gov/dei-ent-std/2020-01-31" xmlns:bc="http://fasb.org/dis/bc/2020-01-31" xmlns:currency-std="http://xbrl.sec.gov/currency-std/2020-01-31" xmlns:lea="http://fasb.org/dis/lea/2020-01-31" xmlns:disops="http://fasb.org/dis/disops/2020-01-31" xmlns:scf-inv="http://fasb.org/stm/scf-inv/2020-01-31" xmlns:us-gaap-entryPoint-all="http://fasb.org/us-gaap-entryPoint-all/2020-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2020-01-31" xmlns:crcsbp="http://fasb.org/dis/crcsbp/2020-01-31" xmlns:nt="http://fasb.org/dis/nt/2020-01-31" xmlns:fs-insa="http://fasb.org/dis/fs-insa/2020-01-31" xmlns:schedoi-oocw="http://fasb.org/dis/schedoi-oocw/2020-01-31" xmlns:cce="http://fasb.org/dis/cce/2020-01-31" xmlns:us-gaap-ent-std="http://fasb.org/us-gaap-ent-std/2020-01-31" xmlns:ceclcalc3l="http://fasb.org/dis/ceclcalc3l/2020-01-31" xmlns:sfp-cls="http://fasb.org/stm/sfp-cls/2020-01-31" xmlns:acec="http://fasb.org/dis/acec/2020-01-31" xmlns:sfp-ibo="http://fasb.org/stm/sfp-ibo/2020-01-31" xmlns:dei-ent-all="http://xbrl.sec.gov/dei-ent-all/2020-01-31" xmlns:sfp-sbo="http://fasb.org/stm/sfp-sbo/2020-01-31" xmlns:scf-indir="http://fasb.org/stm/scf-indir/2020-01-31" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:ceclcalc2="http://fasb.org/dis/ceclcalc2/2020-01-31" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:country-ent-std="http://xbrl.sec.gov/country-ent-std/2020-01-31" xmlns:scf-dir="http://fasb.org/stm/scf-dir/2020-01-31" xmlns:mtn="http://www.vailresorts.com/20201210" xmlns:dei-std="http://xbrl.sec.gov/dei-std/2020-01-31" xmlns:stpr="http://xbrl.sec.gov/stpr/2018-01-31" xmlns:cc="http://fasb.org/dis/cc/2020-01-31" xmlns:rcc="http://fasb.org/dis/rcc/2020-01-31" xmlns:exch-ent-std="http://xbrl.sec.gov/exch-ent-std/2020-01-31" xmlns:ru="http://fasb.org/dis/ru/2020-01-31" xmlns:currency-all="http://xbrl.sec.gov/currency-all/2020-01-31" xmlns:foct="http://fasb.org/dis/foct/2020-01-31" xmlns:sec-re="http://fasb.org/dis/sec-re/2020-01-31" xmlns:country="http://xbrl.sec.gov/country/2020-01-31" xmlns:currency-ent-all="http://xbrl.sec.gov/currency-ent-all/2020-01-31" xmlns:fs-bd="http://fasb.org/dis/fs-bd/2020-01-31" xmlns:diha="http://fasb.org/dis/diha/2020-01-31" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:us-gaap="http://fasb.org/us-gaap/2020-01-31" xmlns:ap="http://fasb.org/dis/ap/2020-01-31" xmlns:ppe="http://fasb.org/dis/ppe/2020-01-31" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:eui="http://fasb.org/dis/eui/2020-01-31" xmlns:iaoi="http://fasb.org/dis/iaoi/2020-01-31" xmlns:xbrldt="http://xbrl.org/2005/xbrldt">
	<head>
		<meta http-equiv="Content-Type" content="text/html" />
		<title>Document</title>
	</head>
	<body><div style="font-family:Times New Roman;font-size:10pt;">
<div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="D2021Q1Earnings" name="dei:AmendmentFlag" id="Fact-E42C1848C3FF55C9B1EE55058B2190EB-wk-Fact-E42C1848C3FF55C9B1EE55058B2190EB" format="ixt:booleanfalse">false</ix:nonNumeric><ix:nonNumeric contextRef="D2021Q1Earnings" name="dei:EntityCentralIndexKey" id="Fact-E7EEBBD456F95FF0A65CCA8F7EA1C9E6-wk-Fact-E7EEBBD456F95FF0A65CCA8F7EA1C9E6">0000812011</ix:nonNumeric><ix:nonNumeric contextRef="D2021Q1Earnings" name="dei:EntityFileNumber" id="Fact-2F7B5C33971C5AEFA5977F33722AA280-wk-Fact-2F7B5C33971C5AEFA5977F33722AA280">001-09614</ix:nonNumeric></ix:hidden><ix:references><link:schemaRef xlink:href="mtn-20201210.xsd" xlink:type="simple"></link:schemaRef></ix:references><ix:resources><xbrli:context id="D2021Q1Earnings">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000812011</xbrli:identifier>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2020-12-10</xbrli:startDate>
			<xbrli:endDate>2020-12-10</xbrli:endDate>
		</xbrli:period>
	</xbrli:context></ix:resources></ix:header></div><div><a id="sF755784CCAA25741BE1AB5B9A0895966"></a></div><div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><div><br/></div><div style="line-height:120%;text-align:center;-sec-extract:summary;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;font-weight:bold;">UNITED STATES</span></div><div style="line-height:120%;text-align:center;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="line-height:120%;text-align:center;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;font-weight:bold;">WASHINGTON, D.C. 20549</span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:14pt;"><span style="font-family:inherit;font-size:14pt;font-weight:bold;">FORM </span><span><ix:nonNumeric id="d125650e65-wk-Fact-C89490CAEEED5261BF5909058B04A80C" name="dei:DocumentType" contextRef="D2021Q1Earnings"><span style="font-size:14pt;font-weight:bold;">8-K</span></ix:nonNumeric></span><span style="font-family:inherit;font-size:14pt;font-weight:bold;"> </span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">CURRENT REPORT</span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Date of report (Date of earliest event reported): </span><span style="font-family:inherit;font-size:10pt;"><span><span style="white-space:nowrap"><ix:nonNumeric id="d125650e83-wk-Fact-877AFF4C80215A659C22B4061EEC7C5F" name="dei:DocumentPeriodEndDate" contextRef="D2021Q1Earnings" format="ixt:datemonthdayyearen">December 10, 2020</ix:nonNumeric></span></span></span><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:center;font-size:16pt;"><span><ix:nonNumeric id="d125650e88-wk-Fact-A78E3862BDB95F52A3C05DE6EC14AB97" name="dei:EntityRegistrantName" contextRef="D2021Q1Earnings"><span style="font-size:16pt;font-weight:bold;text-decoration:underline;">Vail Resorts, Inc.</span></ix:nonNumeric></span><span style="font-family:inherit;font-size:16pt;font-weight:bold;text-decoration:underline;"> </span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(Exact Name of Registrant as Specified in Charter)</span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:84.765625%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:25%;"></td><td style="width:25%;"></td><td style="width:10%;"></td><td style="width:40%;"></td></tr><tr><td colspan="2" style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d125650e115-wk-Fact-96817DA3843B57318B1893544D3C42AE" name="dei:EntityIncorporationStateCountryCode" contextRef="D2021Q1Earnings" format="ixt-sec:stateprovnameen">Delaware</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d125650e130-wk-Fact-7D2A636DE9A35E14B45495D02017F620" name="dei:EntityTaxIdentificationNumber" contextRef="D2021Q1Earnings">51-0291762</ix:nonNumeric></span></span></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">(State or Other Jurisdiction of</span></div><div style="text-align:center;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">Incorporation or Organization)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">(I.R.S. Employer</span></div><div style="text-align:center;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">Identification No.)</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:16px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:16px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:16px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d125650e184-wk-Fact-40EDABC0FC195A0FBCCC95F563D57AE6" name="dei:EntityAddressAddressLine1" contextRef="D2021Q1Earnings">390 Interlocken Crescent</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d125650e205-wk-Fact-16AE985235A25597A2B2705337256494" name="dei:EntityAddressCityOrTown" contextRef="D2021Q1Earnings">Broomfield,</ix:nonNumeric></span></span></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d125650e210-wk-Fact-B4DB8447F91456DD8D96229EB0F51FB5" name="dei:EntityAddressStateOrProvince" contextRef="D2021Q1Earnings" format="ixt-sec:stateprovnameen">Colorado</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d125650e220-wk-Fact-11C6289EE0DE5EF88C6EC40103D381E5" name="dei:EntityAddressPostalZipCode" contextRef="D2021Q1Earnings">80021</ix:nonNumeric></span></span></div></td></tr><tr><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">(Address of Principal Executive Offices)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">(Zip Code)</span></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:328px;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:164px;"></td><td style="width:164px;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span><ix:nonNumeric id="d125650e256-wk-Fact-A8A6D35A691B5B26AAE65343774A111F" name="dei:CityAreaCode" contextRef="D2021Q1Earnings">(303) </ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><span><ix:nonNumeric id="d125650e261-wk-Fact-1E9DF39DB6695544B275E7A72282978E" name="dei:LocalPhoneNumber" contextRef="D2021Q1Earnings">404-1800</ix:nonNumeric></span></span></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(Registrant&#8217;s telephone number, including area code)</span></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:8pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:92.7734375%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;">Not Applicable</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;text-decoration:underline;">(Former Name or Former Address, if Changed Since Last Report)</span></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</span></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><span><ix:nonNumeric id="d125650e300-wk-Fact-6147333C88F157ECB85C7F61287C571D" name="dei:WrittenCommunications" contextRef="D2021Q1Earnings" format="ixt-sec:boolballotbox"><span style="font-family:Arial Unicode MS;">&#9744;</span></ix:nonNumeric></span><span style="font-family:inherit;font-size:10pt;"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><span><ix:nonNumeric id="d125650e306-wk-Fact-A34E5BF28D6E515196F5251EE1209C6F" name="dei:SolicitingMaterial" contextRef="D2021Q1Earnings" format="ixt-sec:boolballotbox"><span style="font-family:Arial Unicode MS;">&#9744;</span></ix:nonNumeric></span><span style="font-family:inherit;font-size:10pt;"> Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><span><ix:nonNumeric id="d125650e312-wk-Fact-0233418B94E75363AFB0A90232980B9B" name="dei:PreCommencementTenderOffer" contextRef="D2021Q1Earnings" format="ixt-sec:boolballotbox"><span style="font-family:Arial Unicode MS;">&#9744;</span></ix:nonNumeric></span><span style="font-family:inherit;font-size:10pt;"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><span><ix:nonNumeric id="d125650e318-wk-Fact-BD198B309CCE588AABE90AB7757B4FA5" name="dei:PreCommencementIssuerTenderOffer" contextRef="D2021Q1Earnings" format="ixt-sec:boolballotbox"><span style="font-family:Arial Unicode MS;">&#9744;</span></ix:nonNumeric></span><span style="font-family:inherit;font-size:10pt;"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Securities registered pursuant to Section&#160;12(b) of the Act:</span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.609375%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:37%;"></td><td style="width:26%;"></td><td style="width:37%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Title of each class</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Trading Symbol</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Name of each exchange on which registered</span></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d125650e357-wk-Fact-ECC755D1D4B25CCA8BD0CA9FDB43F64F" name="dei:Security12bTitle" contextRef="D2021Q1Earnings">Common Stock, $0.01 par value</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d125650e362-wk-Fact-E5ADA3F40E4F58E49010B3EE5F9CD236" name="dei:TradingSymbol" contextRef="D2021Q1Earnings">MTN</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d125650e367-wk-Fact-FC9B84F519F0511CB78AE377E5449ECA" name="dei:SecurityExchangeName" contextRef="D2021Q1Earnings" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></span></span></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </span></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Emerging growth company  </span><span><ix:nonNumeric id="d125650e377-wk-Fact-11796FD941325C8296449A486DFA58A3" name="dei:EntityEmergingGrowthCompany" contextRef="D2021Q1Earnings" format="ixt-sec:boolballotbox"><span style="font-family:Arial Unicode MS;">&#9744;</span></ix:nonNumeric></span><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    </span><span style="font-family:Wingdings;font-size:10pt;">&#168;</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:Wingdings;font-size:10pt;"><br/></span></div><div><br/></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><hr style="page-break-after:always"></hr><div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><div><br/></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 2.02.  Results of Operations and Financial Condition.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">On December 10, 2020, Vail Resorts, Inc. issued a press release announcing its results for the three months ended October 31, 2020.  A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 9.01.  Financial Statements and Exhibits.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">(d) Exhibits. </span></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:14%;"></td><td style="width:86%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Exhibit No.</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Description</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">99.1</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="a20201031pressrelease.htm"><span style="font-family:inherit;font-size:10pt;">Press Release, dated December 10, 2020, announcing fiscal 2021 first quarter results.</span></a></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">104</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Cover Page Interactive Data File (embedded within the Inline XBRL document).</span></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div><br/></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><hr style="page-break-after:always"></hr><div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><div><br/></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.4140625%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:51%;"></td><td style="width:4%;"></td><td style="width:45%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Vail Resorts, Inc.</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Date: December 10, 2020</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">By:</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">/s/ Michael Z. Barkin</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Michael Z. Barkin</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Executive Vice President and Chief Financial Officer</span></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div><br/></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div>	</div></body>
</html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a20201031pressrelease.htm
<DESCRIPTION>PRESS RELEASE, DATED DECEMBER 10, 2020
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2020 Workiva -->
		<title>Exhibit</title>
	</head>
	<body><div style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s4A8D7AF6B06B54099C7C331EFEDE511E"></a></div><div style="line-height:232%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 99.1</font></div><div style="line-height:232%;text-align:justify;"><img src="vaila07.jpg" alt="vaila07.jpg" style="height:93px;width:522px;"></div><div style="line-height:232%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Vail Resorts Contacts:</font></div><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investor Relations:&#160;Bo Heitz, (303) 404-1800, </font><font style="font-family:inherit;font-size:10pt;color:#0000ff;text-decoration:underline;">InvestorRelations@vailresorts.com</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Media:&#160;Sara Olson, (303) 404-6497, </font><font style="font-family:inherit;font-size:10pt;color:#0000ff;text-decoration:underline;">News@vailresorts.com</font></div><div style="line-height:232%;text-align:justify;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;text-decoration:underline;">Vail Resorts Reports Fiscal 2021 First Quarter and Season Pass Results</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">BROOMFIELD, Colo. - December 10, 2020 - Vail Resorts, Inc. (NYSE: MTN) today reported results for the first quarter of fiscal 2021 ended October 31, 2020, which were negatively impacted by COVID-19 related limitations, restrictions and closures, and provided season pass sales results.</font></div><div style="line-height:232%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Highlights</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:232%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net loss attributable to Vail Resorts, Inc. was $153.8 million for the first fiscal quarter of 2021, a decrease of 44.4% compared to the first fiscal quarter of 2020, primarily as a result of the negative impacts of COVID-19.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:232%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Resort Reported EBITDA loss was $94.8 million for the first fiscal quarter of 2021, compared to a Resort Reported EBITDA loss of $76.7 million for the first fiscal quarter of 2020, primarily as a result of the negative impacts of COVID-19 and partially offset by disciplined cost management and $15.4 million of lift revenue recognized in the first fiscal quarter of 2021 associated with the expiration of the credit offers to 2019/2020 pass product holders.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:232%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Season pass sales through December 6, 2020 for the upcoming 2020/2021 North American ski season increased approximately 20% in units and were flat in sales dollars as compared to the period in the prior year through December 8, 2019, with sales dollars for this year reduced by the value of the redeemed credits provided to 2019/2020 North American pass holders. Without deducting for the value of the redeemed credits, sales dollars increased approximately 19% compared to the prior year. Pass sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.78 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:232%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We continue to maintain significant liquidity with $614 million of cash on hand as of November 30, 2020 and $587 million of availability under our U.S. and Whistler Blackcomb revolving credit facilities. </font></div></td></tr></table><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Commenting on the Company&#8217;s fiscal 2021 first quarter results, Rob Katz, Chief Executive Officer, said, &#8220;Our first fiscal quarter historically operates at a loss, given that our North American mountain resorts are generally not open for ski season operations during the period. The quarter's results are primarily driven by winter operating results from our Australian resorts and </font></div><div><br></div><hr style="page-break-after:always"><div><br></div><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">our North American resorts&#8217; summer activities, dining, retail/rental and lodging operations, and administrative expenses. Our results for the first quarter continued to be negatively impacted by COVID-19. In Australia, Hotham and Falls Creek remained closed for the entire quarter following the issuance of stay at home orders by the Victorian government on July 8, 2020, resulting in a significant decline in revenue compared to the prior year period. At Perisher, visitation trends improved relative to July 2020 as available terrain increased, but results continued to be negatively impacted by COVID-19 and related capacity constraints. In North America, our U.S. resorts experienced improved demand from leisure travelers throughout the quarter relative to the fourth quarter of fiscal 2020, but summer visitation remained well below historical levels. At Whistler Blackcomb, demand remained significantly below prior year levels due in part to travel restrictions, with the Canadian border remaining closed the entire quarter to international guests, including guests from the U.S. </font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;We continued to maintain disciplined and rigorous cost controls throughout the quarter to partially mitigate the reduced revenue levels. Resort net revenue for the first quarter declined $132.1 million compared to the prior year while Resort Reported EBITDA declined only $18.1 million over the same time period, reflecting cost reductions driven by a combination of reduced seasonal labor and expenses as well as significant overhead cost saving actions. First quarter Resort net revenue includes the recognition of approximately $15.4 million of lift revenue related to the September 17, 2020 expiration of unredeemed credits offered to 2019/2020 North American pass holders (the &#8220;Credit Offer&#8221;), for which we deferred a total of $120.9 million of revenue from our prior year pass sales and which would have otherwise been recognized during fiscal 2020. We expect to recognize the remainder of the deferred revenue associated with the Credit Offer as lift revenue primarily during the second and third quarters of fiscal 2021.&#8221;</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Commenting on the Company&#8217;s liquidity, Katz stated, &#8220;Our total cash and revolver availability as of November 30, 2020 was approximately $1.2 billion, with $614 million of cash on hand, $419 million of U.S. revolver availability under the Vail Holdings Credit Agreement and $169 million of revolver availability under the Whistler Credit Agreement. As of October 31, 2020, our Net Debt was 4.1 times trailing twelve months Total Reported EBITDA. We continue to expect to have sufficient liquidity to fund operations through at least the 2021/2022 ski season, even in the event of extended resort shutdowns.&#8221;</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Moving on to season pass results, Katz said, &#8220;As we approach the end of our selling period, season pass sales for the North American ski season increased approximately 20% in units and were flat in sales dollars through December 6, 2020 compared to the prior year period ended December 8, 2019, with sales dollars for this year reduced by the value of the redeemed credits provided to 2019/2020 North American pass holders. Without deducting for the value of the redeemed credits, sales dollars increased approximately 19% compared to the prior year. Pass sales results are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.78 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales. Pass sales are reduced by the amount of Epic Coverage refund requests processed through December 6, 2020, but do not include any estimated reductions for future Epic Coverage refunds.</font></div><div><br></div><hr style="page-break-after:always"><div><br></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;We are very pleased with the growth in our season pass program, particularly given the challenging circumstances surrounding the impacts of COVID-19.  We expect that the total number of guests on all advanced purchase passes this year will exceed 1.4 million including all passes for our North American and Australian resorts, demonstrating the significant loyalty of our guest base and the strong demand for our mountain resorts. Since September, pass sales exceeded our expectations primarily driven by continued strong demand from destination guests and significant growth in pass sales to guests who were not previously in our database, particularly in lower frequency Epic Day Pass products.&#8221;</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Katz continued, &#8220;For the full pass sales season, we saw very strong unit growth broadly across our Destination markets. We also saw solid unit growth in our Utah, Northern California and Whistler markets and in Colorado saw comparable performance to last year. The primary driver of our unit growth was from renewing pass holders given the credit incentive offered for renewing guests, but we also saw strong growth in new pass holders, with particularly strong growth in pass sales to guests who were not previously in our guest database.  We saw strong growth in our Epic Pass and Epic Local Pass products and very strong growth in our Epic Day Pass products, demonstrating both the guest loyalty we have created in our core programs and the success of our long-term strategy to move new and less frequent guests into our pass products. While we expect that some of our Epic Day Pass growth may be a result of the circumstances surrounding this season, we also believe that the growth from new guests into our pass products this year will accelerate our ability to move guests into advanced commitment in the future. The success of our total program this year has been supported by the value proposition of our pass products and the steps taken to address the current environment, including our pass holder credits, extended deadlines, reservation system, new Epic Coverage program included with the purchase of every pass product for no additional charge, continued data-driven marketing efforts, inclusion of Peak Resorts in our network, and a second year offering our broader Epic Day Pass products.&#8221;</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Katz continued, &#8220;The safety of our guests, employees and communities continues to be our top priority. As previously mentioned, we implemented operating procedures that we believe will enable us to operate safely across our 34 North American ski resorts throughout the season, including the implementation of a reservation system for our guests. Currently, the reservation system, which opened to pass holders on November 6, 2020 and lift ticket purchasers on December 8, 2020, continues to have available capacity for almost all days during the core season across our resorts.  The reservation systems and our contingency planning around our operations has positioned us to react quickly to the changing circumstances surrounding COVID-19 restrictions across our resort jurisdictions, which we expect will continue throughout the season.&#8221;</font></div><div style="line-height:232%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Operating Results</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A more complete discussion of our operating results can be found within the Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations section of the Company&#8217;s Form 10-Q for the first fiscal quarter ended October 31, 2020, which was filed today with the Securities and Exchange Commission. The following are segment highlights:</font></div><div><br></div><hr style="page-break-after:always"><div><br></div><div style="line-height:232%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Mountain Segment</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:232%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain segment net revenue decreased&#160;$86.1 million, or 47.6%, to&#160;$94.7 million&#160;for the three months ended&#160;October 31, 2020&#160;as compared to the same period in the prior year, which was negatively impacted by COVID-19 related limitations, restrictions and closures for our North American summer operations and at our Australian ski areas, partially offset by $15.4 million of lift revenue associated with the expiration of the Credit Offer.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:232%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain Reported EBITDA loss was&#160;$87.4 million&#160;for the three months ended&#160;October 31, 2020,&#160;which represents an incremental loss of&#160;$7.4 million, or 9.3%,&#160;as compared to the Mountain Reported EBITDA loss for the same period in the prior year, and was negatively impacted by COVID-19 related limitations and incremental Peak Resorts operating losses for the respective period it was not owned in the prior year, partially offset by disciplined cost management and $15.4 million of lift revenue associated with the expiration of the Credit Offer.</font></div></td></tr></table><div style="line-height:232%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Lodging Segment</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:232%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging segment net revenue (excluding payroll cost reimbursements) decreased $44.0 million, or 55.2%, to $35.6 million for the three months ended&#160;October 31, 2020 as compared to the same period in the prior year, primarily due to the operational restrictions and limitations of our North American lodging properties as a result of COVID-19.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:232%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging Reported EBITDA loss was&#160;$7.4 million&#160;for the three months ended&#160;October 31, 2020, which represents a decrease of $10.7 million,&#160;as compared to the same period in the prior year, primarily due to the operational restrictions and limitations of our North American lodging properties as a result of COVID-19.</font></div></td></tr></table><div style="line-height:232%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Resort - Combination of Mountain and Lodging Segments</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:232%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Resort net revenue was&#160;$131.5 million&#160;for the three months ended&#160;October 31, 2020, a decrease of $132.1 million&#160;as compared to resort net revenue of $263.6 million for the same period in the prior year. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:232%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Resort Reported EBITDA loss was&#160;$94.8 million&#160;for the three months ended October 31, 2020, which included $0.3 million of acquisition and integration related expenses; estimated incremental off-season losses of $6.3 million from Peak Resorts for the respective period it was not owned in the prior year; and approximately $2 million of favorability from currency translation, which the Company calculated on a constant currency basis by applying current period foreign exchange rates to the prior period results. In the same period in the prior year, Resort Reported EBITDA loss was $76.7 million, which included $9.0 million of acquisition and integration related expenses. </font></div></td></tr></table><div><br></div><hr style="page-break-after:always"><div><br></div><div style="line-height:232%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Total Performance</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:232%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total net revenue decreased $136.0 million, or 50.8%, to $131.8 million for the three months ended October 31, 2020 as compared to the same period in the prior year.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:232%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net loss attributable to Vail Resorts, Inc. was $153.8 million, or a loss of $3.82 per diluted share, for the first quarter of fiscal 2021 compared to a net loss attributable to Vail Resorts, Inc. of $106.5 million, or a loss of $2.64 per diluted share, in the prior year. Fiscal 2021 first quarter net loss included the after-tax effect of estimated incremental off-season losses of approximately $9.5 million from Peak Resorts for the respective period it was not owned in the prior year, and approximately $2 million of favorability from currency translation, which the Company calculated on a constant currency basis by applying current period foreign exchange rates to the prior period results. Fiscal 2020 first quarter net loss included the after-tax effect of acquisition and integration related expenses of approximately $6.8 million.</font></div></td></tr></table><div style="line-height:232%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Capital Investments</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Commenting on the Company&#8217;s capital investments for calendar year 2021, Katz said, &#8220;We remain committed to reinvesting in our resorts, creating an experience of a lifetime for our guests and generating strong returns for our shareholders.  We plan to maintain a disciplined approach to capital investments, keeping our core capital at reduced levels given the continued uncertainty due to COVID-19. We will announce our complete capital plan for calendar year 2021 in March 2021, but we are pleased to highlight several signature investments planned for the 2021/2022 North American ski season, which were previously deferred from calendar year 2020 as a result of COVID-19 and are subject to regulatory approvals.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;In Colorado, we plan to move forward with the 250-acre lift-served terrain expansion in the McCoy Park area of Beaver Creek. The new lift accessed beginner and intermediate bowl experience is a rare opportunity to expand with highly accessible terrain in one of the most idyllic settings in Colorado and will further differentiate the high-end, family focused experience at Beaver Creek. </font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;At Breckenridge, we plan to install a new four-person high speed lift to serve the popular Peak 7. This additional lift will further enhance the guest experience at the most visited resort in the U.S. and will significantly increase guest access and circulation for the intermediate terrain on Peaks 6 and 7. At Keystone, we plan to replace the four-person Peru lift with a six-person high speed chairlift in order to increase capacity out of a key base area of the resort and improve guest access, circulation and experience at one of the top performing resorts in the U.S.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;At Crested Butte, we plan to replace the two-person fixed-grip Peachtree chairlift with a new three-person fixed-grip lift that services beginner terrain at the base of the resort and will improve uplift capacity. Additionally, we plan to improve the grading of the terrain serviced by the Peachtree lift to create a more consistent experience for our beginner and ski school guests.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;At Okemo, we plan to complete a transformational investment including upgrading the Quantum lift from a four-person </font></div><div><br></div><hr style="page-break-after:always"><div><br></div><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">to a six-person high speed chairlift, relocating the existing four-person Quantum lift to replace the Green Ridge three-person fixed-grip chairlift. These investments will greatly improve uplift capacity, further enhance the guest experience and complete our $35 million capital plan for Triple Peaks.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;We will also continue to invest in company-wide technology enhancements to support our data driven approach and corporate infrastructure which improve our scalability and efficiency as we work to optimize our processes, business analytics and cost discipline across the network.  In particular, we intend to invest in a number of upgrades to the infrastructure of our guest contact centers and bring a best-in-class approach to how we service our guests through these channels. Our call centers and chat functionality were not well suited to handle the more than fourfold increase in call and chat volume we saw over the past six months, which created a challenging experience for our guests.  We will also continue to invest in ongoing maintenance capital to support our infrastructure across our resorts. </font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;We plan to spend approximately $4 million on integration activities, primarily related to Peak Resorts.  </font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;We expect our capital plan for calendar 2021 will be approximately $110 million to $115 million, excluding one-time items associated with integrations and $11 million of reimbursable investments.  Including these one-time items, we expect our total capital plan will be approximately $125 million to $130 million.  We will continue evaluating our calendar year 2021 capital plan as the season progresses including potential opportunities to increase the planned level of investments and will be providing further detail and updates in March 2021.&#8221; </font></div><div><br></div><hr style="page-break-after:always"><div><br></div><div style="line-height:232%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Outlook</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Commenting on the Company&#8217;s outlook for the 2020/2021 North American ski season, Katz said, &#8220;Given the uncertainty COVID-19 has created for travel demand, operating restrictions and the ultimate visitation to and spending at our resorts, the Company will not be providing full year guidance for fiscal 2021 at this time. That said, we are very pleased with the results of our season pass sales and the strong foundation of visitation and revenue that creates heading into the season.  Given the challenging dynamics associated with COVID-19, we continue to expect material declines in visitation to our resorts and associated revenue declines in fiscal 2021 relative to our original expectations for fiscal 2020, primarily as a result of expected declines in visitation from non-pass, lift ticket purchases due to reduced destination visitation, with more material declines specifically among international guests.  While we expect that mandated capacity limitations will have a negative impact on our visitation during peak periods, we expect the primary driver of visitation declines for the North American ski season to be a result of reduced travel demand.  We expect additional negative impacts to visitation in select regions where heightened restrictions exist, including Whistler Blackcomb, given Canadian border closures and domestic travel guidance, and Vermont as a result of the quarantine policy for out-of-state travelers.  We also expect significant negative financial impacts on our ancillary lines of business, materially in excess of the decline in visitation, as a result of significant COVID-19 limitations and restrictions, particularly in food and beverage and ski school. In food and beverage, we have recently reduced capacity at our restaurants and have limited many of our on-mountain restaurants to grab-and-go options. In ski school, we have reduced group sizes and at many resorts eliminated full day and other select lesson types in response to COVID-19 limitations and restrictions.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;Since the start of COVID-19, disciplined cost management has been a primary focus, with significant actions taken to date to tightly manage our costs with reduced revenue expectations. We have implemented operating plans that actively manage our expenses, while maintaining a high-quality experience for our guests, and we remain confident in our ability to deliver against the cost structure variability previously outlined in our September 2020 earnings release.&#8221;</font></div><div style="line-height:232%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Earnings Conference Call</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company will conduct a conference call today at 5:00 p.m. eastern time to discuss the financial results. The call will be webcast and can be accessed at www.vailresorts.com in the Investor Relations section, or dial (800) 367-2403 (U.S. and Canada) or (334) 777-6978 (international). A replay of the conference call will be available two hours following the conclusion of the conference call through December 24, 2020, at 8:00 p.m. eastern time. To access the replay, dial (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (international), pass code 2470991. The conference call will also be archived at www.vailresorts.com.</font></div><div style="line-height:232%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">About Vail Resorts, Inc. (NYSE: MTN)</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. Vail Resorts&#8217; subsidiaries operate 37 destination mountain resorts and regional ski areas, including Vail, Beaver Creek, Breckenridge, Keystone and Crested Butte </font></div><div><br></div><hr style="page-break-after:always"><div><br></div><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher, Falls Creek and Hotham in Australia; Stowe, Mount Snow, and Okemo in Vermont; Hunter Mountain in New York; Mount Sunapee, Attitash, Wildcat and Crotched in New Hampshire; Stevens Pass in Washington; Liberty, Roundtop, Whitetail, Jack Frost and Big Boulder in Pennsylvania; Alpine Valley, Boston Mills, Brandywine and Mad River in Ohio; Hidden Valley and Snow Creek in Missouri; Wilmot in Wisconsin; Afton Alps in Minnesota; Mt. Brighton in Michigan; and Paoli Peaks in Indiana. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyoming. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts 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.</font></div><div style="line-height:232%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Forward-Looking Statements</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain statements discussed in this press release and on the conference call, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including our expectations regarding our future liquidity; the effects of the COVID-19 pandemic on, among other things, our operations and the travel patterns of our current and potential customers; sales patterns and expectations related to our season pass products; our expectations regarding visitation for the 2020/2021 ski season; our planned capital expenditures for calendar year 2021; and our expectations regarding our ancillary lines of business. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to the ultimate duration of COVID-19 and its short-term and long-term impacts on consumer behaviors, the economy generally and our business and results of operations, including the ultimate amount of refunds that we would be required to refund to our pass product holders for qualifying circumstances under our recently launched Epic Coverage program; prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries; willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases (such as the current outbreak of COVID-19), and the cost and availability of travel options and changing consumer preferences; unfavorable weather conditions or the impact of natural disasters; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data and our ability to adapt to technological developments or industry trends; risks related to cyber-attacks; the seasonality of our business combined with adverse events that occur during our peak operating periods; competition in our mountain and lodging businesses; high fixed cost structure of our business; our ability to fund resort capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals </font></div><div><br></div><hr style="page-break-after:always"><div><br></div><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">for our use of public land or to make operational and capital improvements; risks associated with obtaining governmental or third party approvals; risks related to federal, state, local and foreign government laws, rules and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products and services effectively; risks related to our workforce, including increased labor costs; loss of key personnel and our ability to hire and retain a sufficient seasonal workforce; adverse consequences of current or future legal claims; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; our ability to successfully integrate acquired businesses, or that acquired businesses may fail to perform in accordance with expectations, including Falls Creek, Hotham, Peak Resorts or future acquisitions; our ability to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, with respect to acquired businesses; risks associated with international operations; fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars; changes in accounting judgments and estimates, accounting principles, policies or guidelines or adverse determinations by taxing authorities as well as risks associated with uncertainty of the impact of tax reform legislation in the United States; risks related to our indebtedness and our ability to satisfy our debt service requirements under our outstanding debt including our unsecured senior notes, which could reduce our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes; a materially adverse change in our financial condition; and other risks detailed in the Company&#8217;s filings with the Securities and Exchange Commission, including the &#8220;Risk Factors&#8221; section of the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended July 31, 2020, which was filed on September 24, 2020.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law.</font></div><div style="line-height:232%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Statement Concerning Non-GAAP Financial Measures</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">When reporting financial results, we use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;). Resort Reported EBITDA, Total Reported EBITDA, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. In addition, we report segment Reported EBITDA (i.e. Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies. Additionally, with respect to discussion of impacts from currency, the Company calculates the impact by applying current period foreign exchange rates to the prior period results, as the </font></div><div><br></div><hr style="page-break-after:always"><div><br></div><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Company believes that comparing financial information using comparable foreign exchange rates is a more objective and useful measure of changes in operating performance.</font></div><div style="line-height:232%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company&#8217;s performance. The Company believes that Reported EBITDA is an indicative measurement of the Company&#8217;s operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company&#8217;s ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures.</font></div><div><br></div><hr style="page-break-after:always"><div><a name="sFD313C84C0C95AF7A634669AD8F797A8"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Vail Resorts, Inc.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Consolidated Condensed Statements of Operations</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(In thousands, except per share amounts)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(Unaudited)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9"></td></tr><tr><td style="width:74%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended <br>October 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net revenue:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain and Lodging services and other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">104,274</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">180,031</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain and Lodging retail and dining</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27,258</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">83,559</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Resort net revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">131,532</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">263,590</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real Estate</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">254</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,180</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total net revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">131,786</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">267,770</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Segment operating expense:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain and Lodging operating expense</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">154,137</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">228,710</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain and Lodging retail and dining cost of products sold</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17,132</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">37,735</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">General and administrative</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,029</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">75,055</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Resort operating expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">230,298</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">341,500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real Estate operating expense</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,450</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,293</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total segment operating expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">231,748</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">346,793</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other operating (expense) income:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(62,628</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(57,845</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gain on sale of real property</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">207</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Change in estimated fair value of contingent consideration</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(802</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,136</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Loss) gain on disposal of fixed assets and other, net</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(569</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,267</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loss from operations</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(163,961</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(135,530</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain equity investment income, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,986</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,191</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment income and other, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">343</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">277</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign currency gain on intercompany loans </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">540</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">360</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest expense, net</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(35,407</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(22,690</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loss before benefit from income taxes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(194,499</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(156,392</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Benefit from income taxes</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">37,478</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">46,563</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net loss</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(157,021</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(109,829</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net loss attributable to noncontrolling interests</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,255</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,354</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net loss attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(153,766</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(106,475</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="vertical-align:top;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;vertical-align:top;">Per share amounts</font><font style="font-family:inherit;font-size:10pt;vertical-align:top;">:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic net loss per share attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3.82</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2.64</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Diluted net loss per share attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3.82</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2.64</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash dividends declared per share</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.76</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Weighted average shares outstanding:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,248</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,342</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Diluted</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:3px double #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;border-bottom:3px double #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,248</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:3px double #000000;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:3px double #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;border-bottom:3px double #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,342</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:3px double #000000;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="10"></td></tr><tr><td style="width:0%;"></td><td style="width:74%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td></tr><tr><td><font>&#160;</font></td><td colspan="9" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Vail Resorts, Inc.</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Consolidated Condensed Statements of Operations - Other Data</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(In thousands)</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(Unaudited)</font></div></td></tr><tr><td><font>&#160;</font></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended <br>October 31,</font></div></td></tr><tr><td><font>&#160;</font></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" rowspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" rowspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td><font>&#160;</font></td></tr><tr><td><font>&#160;</font></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Other Data:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td><font>&#160;</font></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain Reported EBITDA</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(87,392</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(79,985</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td><font>&#160;</font></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging Reported EBITDA</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(7,388</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,266</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td><font>&#160;</font></td><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Resort Reported EBITDA</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(94,780</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(76,719</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td><font>&#160;</font></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real Estate Reported EBITDA</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,196</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(906</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td><font>&#160;</font></td><td style="vertical-align:top;border-bottom:3px double #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Reported EBITDA</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(95,976</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(77,625</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td><font>&#160;</font></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain stock-based compensation</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,801</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,353</font></div></td><td style="vertical-align:bottom;border-top:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td><font>&#160;</font></td><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging stock-based compensation</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">891</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">847</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td><font>&#160;</font></td><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Resort stock-based compensation</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,692</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,200</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td><font>&#160;</font></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real Estate stock-based compensation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td><font>&#160;</font></td><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total stock-based compensation</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,754</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,251</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Vail Resorts, Inc.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Mountain Segment Operating Results</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(In thousands, except ETP)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(Unaudited)</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="12"></td></tr><tr><td style="width:61%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:11%;"></td><td style="width:1%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended <br>October 31,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Percentage</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Increase</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Decrease)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net Mountain revenue:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lift</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,091</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41,829</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(20.9</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ski school</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,044</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,534</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(76.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dining</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,068</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,629</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(85.8</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Retail/rental</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22,306</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47,915</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(53.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,205</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">60,925</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(43.9</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Mountain net revenue</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">94,714</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">180,832</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(47.6</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain operating expense:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Labor and labor-related benefits</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65,298</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">91,475</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(28.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Retail cost of sales</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,626</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,279</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(45.8</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">General and administrative</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">49,955</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">64,669</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(22.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58,213</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,585</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(29.5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Mountain operating expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">186,092</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">262,008</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(29.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain equity investment income, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,986</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,191</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">234.7</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain Reported EBITDA</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(87,392</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(79,985</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9.3</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total skier visits</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">287</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">934</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(69.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ETP</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">115.30</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">44.78</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157.5</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;%</font></div></td></tr></table></div></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Vail Resorts, Inc.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Lodging Operating Results</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(In thousands, except Average Daily Rate (&#8220;ADR&#8221;) and Revenue per Available Room (&#8220;RevPAR&#8221;))</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(Unaudited)</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.90243902439025%;border-collapse:collapse;text-align:left;"><tr><td colspan="12"></td></tr><tr><td style="width:61%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:11%;"></td><td style="width:1%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended <br>October 31,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Percentage</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Increase</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Decrease)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging net revenue:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Owned hotel rooms</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,365</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,946</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(63.1</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Managed condominium rooms</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,329</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,740</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(36.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dining</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,093</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,143</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(94.0</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Transportation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,351</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(100.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Golf</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,454</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,221</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(17.3</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,374</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,166</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(33.8</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,615</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,567</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(55.2</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Payroll cost reimbursements</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,203</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,191</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(62.3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Lodging net revenue</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">36,818</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,758</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(55.5</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging operating expense:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Labor and labor-related benefits</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,977</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">37,615</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(46.9</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">General and administrative</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,074</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,386</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,952</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,300</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(50.7</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43,003</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76,301</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(43.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reimbursed payroll costs</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,203</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,191</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(62.3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Lodging operating expense</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">44,206</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,492</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(44.4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging Reported EBITDA</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(7,388</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,266</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(326.2</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Owned hotel statistics:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ADR</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">204.44</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">238.49</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(14.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">RevPAR</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">57.33</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">163.61</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(65.0</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Managed condominium statistics:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ADR</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">232.11</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">189.22</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22.7</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">RevPAR</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.32</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52.83</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(44.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Owned hotel and managed condominium statistics (combined):</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ADR</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">224.59</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">210.60</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">RevPAR</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35.00</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79.18</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(55.8</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Key Balance Sheet Data</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(In thousands)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(Unaudited)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9"></td></tr><tr><td style="width:74%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of October 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate held for sale and investment</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">96,668</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">96,938</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Vail Resorts, Inc. stockholders&#8217; equity</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,166,120</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,302,488</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term debt, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,387,861</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,005,057</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term debt due within one year</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,707</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,807</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total debt</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,451,568</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,068,864</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: cash and cash equivalents</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">462,212</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">136,326</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net debt</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,989,356</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,932,538</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Presented below is a reconciliation of net loss attributable to Vail Resorts, Inc. to Total Reported EBITDA for the three months ended October 31, 2020 and 2019.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td style="width:75%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(In&#160;thousands)<br>(Unaudited)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended October 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net loss attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(153,766</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(106,475</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net loss attributable to noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,255</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,354</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net loss</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(157,021</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(109,829</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Benefit from income taxes</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(37,478</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(46,563</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loss before benefit from income taxes</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(194,499</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(156,392</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,628</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">57,845</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loss (gain) on disposal of fixed assets and other, net</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">569</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,267</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Change in fair value of contingent consideration</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">802</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,136</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment income and other, net</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(343</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(277</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign currency gain on intercompany loans</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(540</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(360</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest expense, net</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,407</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22,690</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Reported EBITDA</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(95,976</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(77,625</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain Reported EBITDA</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(87,392</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(79,985</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging Reported EBITDA</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(7,388</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,266</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Resort Reported EBITDA*</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(94,780</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(76,719</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real Estate Reported EBITDA</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,196</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(906</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Reported EBITDA</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(95,976</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(77,625</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">* Resort represents the sum of Mountain and Lodging</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:174%;padding-top:12px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;padding-top:12px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Presented below is a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA calculated in accordance with GAAP for the twelve months ended October 31, 2020.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:82%;"></td><td style="width:1%;"></td><td style="width:16%;"></td><td style="width:1%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(In&#160;thousands)<br>(Unaudited)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Twelve Months Ended</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">October 31, 2020</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Vail Resorts, Inc.</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51,542</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,321</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61,863</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Provision for income taxes</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,463</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income before provision for income taxes</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">78,326</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">254,355</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loss on disposal of fixed assets and other, net</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,998</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Asset impairments</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,372</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Change in fair value of contingent consideration</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,298</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment income and other, net</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,371</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign currency loss on intercompany loans</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,050</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest expense, net</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">119,438</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Reported EBITDA</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">480,870</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mountain Reported EBITDA</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">492,673</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lodging Reported EBITDA</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(7,385</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Resort Reported EBITDA*</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">485,288</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real Estate Reported EBITDA</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,418</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Reported EBITDA</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">480,870</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">* Resort represents the sum of Mountain and Lodging</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table reconciles long-term debt, net to Net Debt and the calculation of Net Debt to Total Reported EBITDA for the twelve months ended October 31, 2020.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#32;</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:82%;"></td><td style="width:1%;"></td><td style="width:16%;"></td><td style="width:1%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">In thousands)<br>(Unaudited)<br>(As of October 31, 2020)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term debt, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,387,861</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term debt due within one year</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,707</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total debt</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,451,568</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: cash and cash equivalents</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">462,212</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net debt</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,989,356</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:3px double #000000;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net debt to Total Reported EBITDA</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.1x</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three months ended October 31, 2020 and 2019.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9"></td></tr><tr><td style="width:74%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:1%;"></td><td style="width:10%;"></td><td style="width:1%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(In&#160;thousands)<br>(Unaudited)<br>Three Months&#160;Ended<br>October 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real Estate Reported EBITDA</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,196</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(906</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-cash Real Estate cost of sales</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">188</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,684</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-cash Real Estate stock-based compensation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Change in real estate deposits and recovery of previously incurred project costs/land basis less investments in real estate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">155</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net Real Estate Cash Flow</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(948</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,984</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>3
<FILENAME>mtn-20201210.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!--XBRL Document Created with Wdesk from Workiva-->
<!-- -->
<xsd:schema attributeFormDefault="unqualified" elementFormDefault="qualified" targetNamespace="http://www.vailresorts.com/20201210" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:mtn="http://www.vailresorts.com/20201210" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsd="http://www.w3.org/2001/XMLSchema">
  <xsd:import namespace="http://fasb.org/srt-types/2020-01-31" schemaLocation="http://xbrl.fasb.org/srt/2020/elts/srt-types-2020-01-31.xsd" />
  <xsd:import namespace="http://fasb.org/srt/2020-01-31" schemaLocation="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd" />
  <xsd:import namespace="http://fasb.org/us-gaap/2020-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd" />
  <xsd:import namespace="http://fasb.org/us-roles/2020-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2020/elts/us-roles-2020-01-31.xsd" />
  <xsd:import namespace="http://fasb.org/us-types/2020-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2020/elts/us-types-2020-01-31.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2009/arcrole/fact-explanatoryFact" schemaLocation="http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2009/role/net" schemaLocation="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd" />
  <xsd:import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
  <xsd:import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
  <xsd:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/country/2020-01-31" schemaLocation="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/currency/2020-01-31" schemaLocation="https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/dei/2020-01-31" schemaLocation="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/exch/2020-01-31" schemaLocation="https://xbrl.sec.gov/exch/2020/exch-2020-01-31.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/naics/2017-01-31" schemaLocation="http://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/sic/2020-01-31" schemaLocation="https://xbrl.sec.gov/sic/2020/sic-2020-01-31.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/stpr/2018-01-31" schemaLocation="https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd" />
  <xsd:annotation>
    <xsd:appinfo>
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="mtn-20201210_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="mtn-20201210_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="mtn-20201210_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="mtn-20201210_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:type="simple" />
      <link:roleType id="DeiDocument" roleURI="http://www.vailresorts.com/role/DeiDocument">
        <link:definition>0001000 - Document - DEI Document</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xsd:appinfo>
  </xsd:annotation>
  <xsd:element abstract="true" id="mtn_DocumentAndEntityInformationAbstract" name="DocumentAndEntityInformationAbstract" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration" />
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>4
<FILENAME>mtn-20201210_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!--XBRL Document Created with Wdesk from Workiva-->
<!-- -->
<link:linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <link:roleRef roleURI="http://www.vailresorts.com/role/DeiDocument" xlink:href="mtn-20201210.xsd#DeiDocument" xlink:type="simple" />
  <link:calculationLink xlink:role="http://www.vailresorts.com/role/DeiDocument" xlink:type="extended" />
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>5
<FILENAME>mtn-20201210_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!--XBRL Document Created with Wdesk from Workiva-->
<!-- -->
<link:linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <link:roleRef roleURI="http://www.vailresorts.com/role/DeiDocument" xlink:href="mtn-20201210.xsd#DeiDocument" xlink:type="simple" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/all" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" xlink:type="simple" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" xlink:type="simple" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" xlink:type="simple" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" xlink:type="simple" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" xlink:type="simple" />
  <link:definitionLink xlink:role="http://www.vailresorts.com/role/DeiDocument" xlink:type="extended" />
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>mtn-20201210_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!--XBRL Document Created with Wdesk from Workiva-->
<!-- -->
<link:linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" xlink:type="simple" />
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="lab_mtn_DocumentAndEntityInformationAbstract_1FECEB5A5A35138BD1B9A734EC984452_label_en-US" xlink:label="lab_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document And Entity Information [Abstract]</link:label>
    <link:label id="lab_mtn_DocumentAndEntityInformationAbstract_1FECEB5A5A35138BD1B9A734EC984452_documentation_en-US" xlink:label="lab_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Document And Entity Information [Abstract]</link:label>
    <link:loc xlink:href="mtn-20201210.xsd#mtn_DocumentAndEntityInformationAbstract" xlink:label="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="lab_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:type="arc" />
    <link:label id="lab_dei_DocumentType_42624D15946B2BDFDB17A734EC98C2ED_terseLabel_en-US" xlink:label="lab_dei_DocumentType_E598CB43322F50C5A8321559DEBB6C01" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:label id="lab_dei_DocumentType_42624D15946B2BDFDB17A734EC98C2ED_label_en-US" xlink:label="lab_dei_DocumentType_E598CB43322F50C5A8321559DEBB6C01" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType_E598CB43322F50C5A8321559DEBB6C01" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType_E598CB43322F50C5A8321559DEBB6C01" xlink:to="lab_dei_DocumentType_E598CB43322F50C5A8321559DEBB6C01" xlink:type="arc" />
    <link:label id="lab_dei_WrittenCommunications_E07556042F78CF0531A5A734EC98C527_terseLabel_en-US" xlink:label="lab_dei_WrittenCommunications_D1C8DE2F37625450B057B4884B6FE383" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Written Communications</link:label>
    <link:label id="lab_dei_WrittenCommunications_E07556042F78CF0531A5A734EC98C527_label_en-US" xlink:label="lab_dei_WrittenCommunications_D1C8DE2F37625450B057B4884B6FE383" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:label="loc_dei_WrittenCommunications_D1C8DE2F37625450B057B4884B6FE383" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_WrittenCommunications_D1C8DE2F37625450B057B4884B6FE383" xlink:to="lab_dei_WrittenCommunications_D1C8DE2F37625450B057B4884B6FE383" xlink:type="arc" />
    <link:label id="lab_dei_SolicitingMaterial_8D8BFDE475C759365070A734EC991533_terseLabel_en-US" xlink:label="lab_dei_SolicitingMaterial_26EBFB354862534F811083999D2A43AD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Soliciting Material</link:label>
    <link:label id="lab_dei_SolicitingMaterial_8D8BFDE475C759365070A734EC991533_label_en-US" xlink:label="lab_dei_SolicitingMaterial_26EBFB354862534F811083999D2A43AD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="loc_dei_SolicitingMaterial_26EBFB354862534F811083999D2A43AD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SolicitingMaterial_26EBFB354862534F811083999D2A43AD" xlink:to="lab_dei_SolicitingMaterial_26EBFB354862534F811083999D2A43AD" xlink:type="arc" />
    <link:label id="lab_dei_Security12bTitle_A563B7D38CE6874C9AC1A734EC99F1DA_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle_7185596DE2695DA795064EAABF0B4304" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:label id="lab_dei_Security12bTitle_A563B7D38CE6874C9AC1A734EC99F1DA_label_en-US" xlink:label="lab_dei_Security12bTitle_7185596DE2695DA795064EAABF0B4304" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="loc_dei_Security12bTitle_7185596DE2695DA795064EAABF0B4304" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle_7185596DE2695DA795064EAABF0B4304" xlink:to="lab_dei_Security12bTitle_7185596DE2695DA795064EAABF0B4304" xlink:type="arc" />
    <link:label id="lab_dei_PreCommencementTenderOffer_24EE350356726D7BA4B3A734EC99C8F6_terseLabel_en-US" xlink:label="lab_dei_PreCommencementTenderOffer_4735EF8411575493B9CF9CBFC36B2642" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementTenderOffer_24EE350356726D7BA4B3A734EC99C8F6_label_en-US" xlink:label="lab_dei_PreCommencementTenderOffer_4735EF8411575493B9CF9CBFC36B2642" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_dei_PreCommencementTenderOffer_4735EF8411575493B9CF9CBFC36B2642" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementTenderOffer_4735EF8411575493B9CF9CBFC36B2642" xlink:to="lab_dei_PreCommencementTenderOffer_4735EF8411575493B9CF9CBFC36B2642" xlink:type="arc" />
    <link:label id="lab_dei_CityAreaCode_2AC109BC1164B49117A9A734EC99E7C9_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode_E9DAB13616C65B799F5C7EACE3DDB350" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:label id="lab_dei_CityAreaCode_2AC109BC1164B49117A9A734EC99E7C9_label_en-US" xlink:label="lab_dei_CityAreaCode_E9DAB13616C65B799F5C7EACE3DDB350" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:label="loc_dei_CityAreaCode_E9DAB13616C65B799F5C7EACE3DDB350" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode_E9DAB13616C65B799F5C7EACE3DDB350" xlink:to="lab_dei_CityAreaCode_E9DAB13616C65B799F5C7EACE3DDB350" xlink:type="arc" />
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_DCB69950C0ED16A3A51FA734EC99022C_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode_1D5C7E7CE8685BA0AD58A1197DFD6367" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_DCB69950C0ED16A3A51FA734EC99022C_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode_1D5C7E7CE8685BA0AD58A1197DFD6367" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_dei_EntityIncorporationStateCountryCode_1D5C7E7CE8685BA0AD58A1197DFD6367" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode_1D5C7E7CE8685BA0AD58A1197DFD6367" xlink:to="lab_dei_EntityIncorporationStateCountryCode_1D5C7E7CE8685BA0AD58A1197DFD6367" xlink:type="arc" />
    <link:label id="lab_dei_AmendmentFlag_0B864D389FEECA47E22EA734EC9A5D64_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag_65D9BC12C02B5E51AAB01802BDFF9237" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:label id="lab_dei_AmendmentFlag_0B864D389FEECA47E22EA734EC9A5D64_label_en-US" xlink:label="lab_dei_AmendmentFlag_65D9BC12C02B5E51AAB01802BDFF9237" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag_65D9BC12C02B5E51AAB01802BDFF9237" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag_65D9BC12C02B5E51AAB01802BDFF9237" xlink:to="lab_dei_AmendmentFlag_65D9BC12C02B5E51AAB01802BDFF9237" xlink:type="arc" />
    <link:label id="lab_dei_EntityTaxIdentificationNumber_F44942C24CB26C7A6284A734EC9A966D_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber_C050CA13169C5468B52F7EF6F8F10D71" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_F44942C24CB26C7A6284A734EC9A966D_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber_C050CA13169C5468B52F7EF6F8F10D71" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_dei_EntityTaxIdentificationNumber_C050CA13169C5468B52F7EF6F8F10D71" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber_C050CA13169C5468B52F7EF6F8F10D71" xlink:to="lab_dei_EntityTaxIdentificationNumber_C050CA13169C5468B52F7EF6F8F10D71" xlink:type="arc" />
    <link:label id="lab_dei_EntityAddressAddressLine1_E8D0A61629E9FAAF49B2A734EC9A7273_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1_69CF8A3199575F5484D1D235ED7D0DDE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine1_E8D0A61629E9FAAF49B2A734EC9A7273_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1_69CF8A3199575F5484D1D235ED7D0DDE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_dei_EntityAddressAddressLine1_69CF8A3199575F5484D1D235ED7D0DDE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1_69CF8A3199575F5484D1D235ED7D0DDE" xlink:to="lab_dei_EntityAddressAddressLine1_69CF8A3199575F5484D1D235ED7D0DDE" xlink:type="arc" />
    <link:label id="lab_dei_EntityAddressCityOrTown_56135BF2AE562E64C69FA734EC9A2D13_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown_204B64047D7D5C54BA8CFC9AACEF3433" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:label id="lab_dei_EntityAddressCityOrTown_56135BF2AE562E64C69FA734EC9A2D13_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown_204B64047D7D5C54BA8CFC9AACEF3433" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_dei_EntityAddressCityOrTown_204B64047D7D5C54BA8CFC9AACEF3433" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown_204B64047D7D5C54BA8CFC9AACEF3433" xlink:to="lab_dei_EntityAddressCityOrTown_204B64047D7D5C54BA8CFC9AACEF3433" xlink:type="arc" />
    <link:label id="lab_dei_EntityAddressStateOrProvince_C053C33222EEAF7D5C8CA734EC9A23B8_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince_5F3581E9B1F05C21AD2464AD8F08D9DD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:label id="lab_dei_EntityAddressStateOrProvince_C053C33222EEAF7D5C8CA734EC9A23B8_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince_5F3581E9B1F05C21AD2464AD8F08D9DD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_dei_EntityAddressStateOrProvince_5F3581E9B1F05C21AD2464AD8F08D9DD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince_5F3581E9B1F05C21AD2464AD8F08D9DD" xlink:to="lab_dei_EntityAddressStateOrProvince_5F3581E9B1F05C21AD2464AD8F08D9DD" xlink:type="arc" />
    <link:label id="lab_dei_EntityAddressPostalZipCode_A4AA726C135A80299213A734EC9A92F8_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode_7EAA827ACCFA54469D78B538816B15A4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:label id="lab_dei_EntityAddressPostalZipCode_A4AA726C135A80299213A734EC9A92F8_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode_7EAA827ACCFA54469D78B538816B15A4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_dei_EntityAddressPostalZipCode_7EAA827ACCFA54469D78B538816B15A4" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode_7EAA827ACCFA54469D78B538816B15A4" xlink:to="lab_dei_EntityAddressPostalZipCode_7EAA827ACCFA54469D78B538816B15A4" xlink:type="arc" />
    <link:label id="lab_dei_LocalPhoneNumber_E085C4F3A861D1A3A54AA734EC9B0514_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber_A8B3EE34183C525D93B45327225D27BA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:label id="lab_dei_LocalPhoneNumber_E085C4F3A861D1A3A54AA734EC9B0514_label_en-US" xlink:label="lab_dei_LocalPhoneNumber_A8B3EE34183C525D93B45327225D27BA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:label="loc_dei_LocalPhoneNumber_A8B3EE34183C525D93B45327225D27BA" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber_A8B3EE34183C525D93B45327225D27BA" xlink:to="lab_dei_LocalPhoneNumber_A8B3EE34183C525D93B45327225D27BA" xlink:type="arc" />
    <link:label id="lab_dei_EntityCentralIndexKey_0C7042BEDBCF2D370E0FA734EC9B468F_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey_78184EFFC5B150F1B8B744DC1554C815" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:label id="lab_dei_EntityCentralIndexKey_0C7042BEDBCF2D370E0FA734EC9B468F_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey_78184EFFC5B150F1B8B744DC1554C815" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey_78184EFFC5B150F1B8B744DC1554C815" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey_78184EFFC5B150F1B8B744DC1554C815" xlink:to="lab_dei_EntityCentralIndexKey_78184EFFC5B150F1B8B744DC1554C815" xlink:type="arc" />
    <link:label id="lab_dei_EntityFileNumber_591993849FEDB94FFF3CA734EC9BB568_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber_F5CD62F7E89E526E8C34C0BC306BAAC1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:label id="lab_dei_EntityFileNumber_591993849FEDB94FFF3CA734EC9BB568_label_en-US" xlink:label="lab_dei_EntityFileNumber_F5CD62F7E89E526E8C34C0BC306BAAC1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber" xlink:label="loc_dei_EntityFileNumber_F5CD62F7E89E526E8C34C0BC306BAAC1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber_F5CD62F7E89E526E8C34C0BC306BAAC1" xlink:to="lab_dei_EntityFileNumber_F5CD62F7E89E526E8C34C0BC306BAAC1" xlink:type="arc" />
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_60FEE92CDBACACE7C9EBA734EC9B2421_terseLabel_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer_5A8986E372D855DA8E9AED2590BF578B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_60FEE92CDBACACE7C9EBA734EC9B2421_label_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer_5A8986E372D855DA8E9AED2590BF578B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_dei_PreCommencementIssuerTenderOffer_5A8986E372D855DA8E9AED2590BF578B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementIssuerTenderOffer_5A8986E372D855DA8E9AED2590BF578B" xlink:to="lab_dei_PreCommencementIssuerTenderOffer_5A8986E372D855DA8E9AED2590BF578B" xlink:type="arc" />
    <link:label id="lab_dei_TradingSymbol_CDFE3716A2D958C6C033A734EC9B7BE1_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol_C6A57BEAA65D5EEFAFDBDE31FBD56C21" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
    <link:label id="lab_dei_TradingSymbol_CDFE3716A2D958C6C033A734EC9B7BE1_label_en-US" xlink:label="lab_dei_TradingSymbol_C6A57BEAA65D5EEFAFDBDE31FBD56C21" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol_C6A57BEAA65D5EEFAFDBDE31FBD56C21" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol_C6A57BEAA65D5EEFAFDBDE31FBD56C21" xlink:to="lab_dei_TradingSymbol_C6A57BEAA65D5EEFAFDBDE31FBD56C21" xlink:type="arc" />
    <link:label id="lab_dei_SecurityExchangeName_03857D3766AF3DB2EF95A734EC9C7B95_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName_75EEB5CDEA1B582F811AB6D37AFF02B5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
    <link:label id="lab_dei_SecurityExchangeName_03857D3766AF3DB2EF95A734EC9C7B95_label_en-US" xlink:label="lab_dei_SecurityExchangeName_75EEB5CDEA1B582F811AB6D37AFF02B5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:label="loc_dei_SecurityExchangeName_75EEB5CDEA1B582F811AB6D37AFF02B5" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName_75EEB5CDEA1B582F811AB6D37AFF02B5" xlink:to="lab_dei_SecurityExchangeName_75EEB5CDEA1B582F811AB6D37AFF02B5" xlink:type="arc" />
    <link:label id="lab_dei_DocumentPeriodEndDate_8BD53C57F8C57C059D5FA734EC9C0F8B_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate_8C1B9B4212A0557F9D3919179426C361" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:label id="lab_dei_DocumentPeriodEndDate_8BD53C57F8C57C059D5FA734EC9C0F8B_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate_8C1B9B4212A0557F9D3919179426C361" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate_8C1B9B4212A0557F9D3919179426C361" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate_8C1B9B4212A0557F9D3919179426C361" xlink:to="lab_dei_DocumentPeriodEndDate_8C1B9B4212A0557F9D3919179426C361" xlink:type="arc" />
    <link:label id="lab_dei_EntityRegistrantName_CB9E9CFFDC4049D98307A734EC9CC772_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName_497BC620CB7155DBAE4299E39B3B9B31" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:label id="lab_dei_EntityRegistrantName_CB9E9CFFDC4049D98307A734EC9CC772_label_en-US" xlink:label="lab_dei_EntityRegistrantName_497BC620CB7155DBAE4299E39B3B9B31" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName_497BC620CB7155DBAE4299E39B3B9B31" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName_497BC620CB7155DBAE4299E39B3B9B31" xlink:to="lab_dei_EntityRegistrantName_497BC620CB7155DBAE4299E39B3B9B31" xlink:type="arc" />
    <link:label id="lab_dei_EntityEmergingGrowthCompany_5D4D3892520525D02AF9A734EC9CDC2C_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany_ABD2642667B252B28560F97B3C8A426F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_5D4D3892520525D02AF9A734EC9CDC2C_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany_ABD2642667B252B28560F97B3C8A426F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_dei_EntityEmergingGrowthCompany_ABD2642667B252B28560F97B3C8A426F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany_ABD2642667B252B28560F97B3C8A426F" xlink:to="lab_dei_EntityEmergingGrowthCompany_ABD2642667B252B28560F97B3C8A426F" xlink:type="arc" />
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>mtn-20201210_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!--XBRL Document Created with Wdesk from Workiva-->
<!-- -->
<link:linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <link:roleRef roleURI="http://www.vailresorts.com/role/DeiDocument" xlink:href="mtn-20201210.xsd#DeiDocument" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" xlink:type="simple" />
  <link:presentationLink xlink:role="http://www.vailresorts.com/role/DeiDocument" xlink:type="extended">
    <link:loc xlink:href="mtn-20201210.xsd#mtn_DocumentAndEntityInformationAbstract" xlink:label="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:type="locator" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType_E598CB43322F50C5A8321559DEBB6C01" xlink:type="locator" />
    <link:presentationArc order="1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_DocumentType_E598CB43322F50C5A8321559DEBB6C01" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:label="loc_dei_WrittenCommunications_D1C8DE2F37625450B057B4884B6FE383" xlink:type="locator" />
    <link:presentationArc order="2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_WrittenCommunications_D1C8DE2F37625450B057B4884B6FE383" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="loc_dei_SolicitingMaterial_26EBFB354862534F811083999D2A43AD" xlink:type="locator" />
    <link:presentationArc order="3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_SolicitingMaterial_26EBFB354862534F811083999D2A43AD" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="loc_dei_Security12bTitle_7185596DE2695DA795064EAABF0B4304" xlink:type="locator" />
    <link:presentationArc order="4" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_Security12bTitle_7185596DE2695DA795064EAABF0B4304" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_dei_PreCommencementTenderOffer_4735EF8411575493B9CF9CBFC36B2642" xlink:type="locator" />
    <link:presentationArc order="5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_PreCommencementTenderOffer_4735EF8411575493B9CF9CBFC36B2642" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:label="loc_dei_CityAreaCode_E9DAB13616C65B799F5C7EACE3DDB350" xlink:type="locator" />
    <link:presentationArc order="6" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_CityAreaCode_E9DAB13616C65B799F5C7EACE3DDB350" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_dei_EntityIncorporationStateCountryCode_1D5C7E7CE8685BA0AD58A1197DFD6367" xlink:type="locator" />
    <link:presentationArc order="7" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_EntityIncorporationStateCountryCode_1D5C7E7CE8685BA0AD58A1197DFD6367" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag_65D9BC12C02B5E51AAB01802BDFF9237" xlink:type="locator" />
    <link:presentationArc order="8" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_AmendmentFlag_65D9BC12C02B5E51AAB01802BDFF9237" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_dei_EntityTaxIdentificationNumber_C050CA13169C5468B52F7EF6F8F10D71" xlink:type="locator" />
    <link:presentationArc order="9" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_EntityTaxIdentificationNumber_C050CA13169C5468B52F7EF6F8F10D71" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_dei_EntityAddressAddressLine1_69CF8A3199575F5484D1D235ED7D0DDE" xlink:type="locator" />
    <link:presentationArc order="10" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_EntityAddressAddressLine1_69CF8A3199575F5484D1D235ED7D0DDE" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_dei_EntityAddressCityOrTown_204B64047D7D5C54BA8CFC9AACEF3433" xlink:type="locator" />
    <link:presentationArc order="11" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_EntityAddressCityOrTown_204B64047D7D5C54BA8CFC9AACEF3433" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_dei_EntityAddressStateOrProvince_5F3581E9B1F05C21AD2464AD8F08D9DD" xlink:type="locator" />
    <link:presentationArc order="12" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_EntityAddressStateOrProvince_5F3581E9B1F05C21AD2464AD8F08D9DD" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_dei_EntityAddressPostalZipCode_7EAA827ACCFA54469D78B538816B15A4" xlink:type="locator" />
    <link:presentationArc order="13" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_EntityAddressPostalZipCode_7EAA827ACCFA54469D78B538816B15A4" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:label="loc_dei_LocalPhoneNumber_A8B3EE34183C525D93B45327225D27BA" xlink:type="locator" />
    <link:presentationArc order="14" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_LocalPhoneNumber_A8B3EE34183C525D93B45327225D27BA" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey_78184EFFC5B150F1B8B744DC1554C815" xlink:type="locator" />
    <link:presentationArc order="15" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_EntityCentralIndexKey_78184EFFC5B150F1B8B744DC1554C815" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber" xlink:label="loc_dei_EntityFileNumber_F5CD62F7E89E526E8C34C0BC306BAAC1" xlink:type="locator" />
    <link:presentationArc order="16" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_EntityFileNumber_F5CD62F7E89E526E8C34C0BC306BAAC1" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_dei_PreCommencementIssuerTenderOffer_5A8986E372D855DA8E9AED2590BF578B" xlink:type="locator" />
    <link:presentationArc order="17" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_PreCommencementIssuerTenderOffer_5A8986E372D855DA8E9AED2590BF578B" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol_C6A57BEAA65D5EEFAFDBDE31FBD56C21" xlink:type="locator" />
    <link:presentationArc order="18" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_TradingSymbol_C6A57BEAA65D5EEFAFDBDE31FBD56C21" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:label="loc_dei_SecurityExchangeName_75EEB5CDEA1B582F811AB6D37AFF02B5" xlink:type="locator" />
    <link:presentationArc order="19" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_SecurityExchangeName_75EEB5CDEA1B582F811AB6D37AFF02B5" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate_8C1B9B4212A0557F9D3919179426C361" xlink:type="locator" />
    <link:presentationArc order="20" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_DocumentPeriodEndDate_8C1B9B4212A0557F9D3919179426C361" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName_497BC620CB7155DBAE4299E39B3B9B31" xlink:type="locator" />
    <link:presentationArc order="21" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_EntityRegistrantName_497BC620CB7155DBAE4299E39B3B9B31" xlink:type="arc" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_dei_EntityEmergingGrowthCompany_ABD2642667B252B28560F97B3C8A426F" xlink:type="locator" />
    <link:presentationArc order="22" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_F685F0DBB485507EAF37992E196299CF" xlink:to="loc_dei_EntityEmergingGrowthCompany_ABD2642667B252B28560F97B3C8A426F" xlink:type="arc" />
  </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>vaila07.jpg
<TEXT>
begin 644 vaila07.jpg
M_]C_X  02D9)1@ ! 0$!+ $L  #_[@ .061O8F4 9       _^$ 2D5X:68
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M# P,#/_  !0( .L%&P0!$0 "$0 #$0 $$0#_Q  ?    !P$! 0$!
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M6N?]YS-FS9O^BU?_ #E/_P!2#^57_<*US_O.9LV;/IA_S[K_ .<P_P#G(?\
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MW_10#\Y/^I:\F?\ 2'J/_>1S9LV;_HH!^<G_ %+7DS_I#U'_ +R.;-FS?]%
M/SD_ZEKR9_TAZC_WD<V;-F_Z* ?G)_U+7DS_ *0]1_[R.;-FS?\ 10#\Y/\
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M,EI8W%U&K<6DBB=U#  TJH.^^;-FQ?\ 0FL_]6B]_P"D>3_FG-FS9OT)K/\
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M-FS9L&6^G:A=H9+2QN+J-6XM)%$[J& !I50=]\V;-B_Z$UG_ *M%[_TCR?\
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M3N1#<QR(">H /?-FS9VC-FS9LV;-FS9LV;-FS9LV;-GSA_Y^P?\ K$GYC_\
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M^?L'_K$GYC_]M7R[_P!U>VS9LV?DAS9LV;-FS9^I[_GS;_ZR/J7_ )L#6?\
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MZ5HNIM<^4[B7?U]&O@+FP?GT8B&14<C]M6'4$9LV;/.F;-FSNW_.,WYS7_\
MSC]^>OY;?FS9-(UOY5U>-M>M8MVN-*N0;;48 O0L]M+(%KT;B>V;-FS]O.FZ
MC8:QIUAJ^EW<5_IFJ6T5WIU]"P>*:"=!)%(C#8JRL"#X9LV;!N;-FS9LV;-F
MS9LV;-FSYE_\_6?SY_Y4_P#\XQ:IY2TF]-MYM_.N=_*VG+&P65-+X"36)J=T
M,!%LU.AG4YLV;/R;YLV;-FS9L_0O_P ^6OR#%EHWG_\ YR.URR N-9=O*'D.
M21346L#)/JERE10B2410JP-08Y5Z'-FS9]Y<V;-FS9LV?$C_ )_._GY_AK\N
MO)G_ #CWHMZ8]5_,6=?,/G*&-A5=%TV:EI%(*UXW%ZG-33K;G-FS9^;K-FS9
M8!8A5!9F-%4;DDYLV;/VD_\ .$/Y%_\ 0O'_ #C3^6_D"]LQ9^:+BR_3OGE2
MH63],:H!/<12TZM;J4MZ]UB&;-FSUEFS9L_+7_S]]_(?_E6__.0MC^:FD68@
M\L_G98F]N&C "1ZYIJQV]^M -O5C:":IW9WD/8YLV;/DOFS9L[!^0/YNZO\
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M6Y4GV7VS9LV?5'-FS9&?.O\ RAOFW_MC7_\ U#OFS9L_.#FS9LV;-FSZ&?\
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M;-FSS-_SF)_ZSE^8O_;H_P"ZO99LV;/AIFS9LV;-FSZ__P#/O_\ \DWYE_\
M SO/^Z=IV;-FSW+FS9LV;-FS9LV;-FS9LV;-FS9LV;"S6M'T_P PZ/JN@ZM;
MK=:7K5I-8ZC;-N)(;A#'(N_BK'-FS9^?;\V/RUUK\IO/.M>3=:1F^I2F32M0
M*T2\LG)]"X3M\2BC ?98,O;-FS9S?-FS9LV;-FS9LV"K.]O=/G6ZL+N:QN4^
MQ<6\C1..^S(01TS9LV=5T'\__P ZO+? :5^9NOK''7TX+N[>]B6O6D=UZJ#[
MLV;-G:]!_P"<Z?SQTGTUU-]#\SH*"1K^P]%V ZD&R>W4$_ZM/;-FS9VK0/\
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M9Z9LV;/L/FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9L^#?\
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MZ3Y_^R7-FS9O^A#OSN_Y:_+/_2?/_P!DN;-FS?\ 0AWYW?\ +7Y9_P"D^?\
M[)<V;-D)_,+_ )Q(_-O\MO*NH^<=:CTF_P!(TG@VHKIEU)/-%&[!/5*/#'5%
M)'(@[=:4!(V;-GF+-FS9LV;-DU_+O2/*FO\ G+0M$\ZZU<>7/+VJW M;O7+=
M4<VSR K%(XD^'AS(#G]E:MVS9LV?7?R9_P X5?DAY5F@O;[3[_SI=1'G&=;N
M ]OR\?J]ND,;CVD##-FS9ZOLK*STVTM[#3K2&PL;1!':V=O&L442+T5$0!5
M\ ,V;-@G-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-GF;_ )S$_P#6<OS%
M_P"W1_W5[+-FS9\-,V;-FS9LV?7_ /Y]_P#_ ))OS+_X&=Y_W3M.S9LV>Y<V
M;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV)300W,3P7$*
M3PR"DD,BAE8>!4U!S9LV<UUO\E?RB\QEFUG\M?+EW,XHUT-.@BG(ZT]:)$?_
M (;-FS9QW7/^<*OR"U<2&T\O:AY=DDZRZ;J-QL:UJJW37"#Y<:9LV;./ZY_S
M[T\J3\SY;_,;5M,_WVNIV<%]WZ$PM:=MNGO[9LV;."^;O^<$/S?T-9)_+=[H
M_G.W6O""WG-G=FGC'=!8OE28YLV;/(WF7RIYE\FZG)HWFO0;[R]JD8#-97\#
MP.5/1U#@<E/9A4'-FS9'\V;-FS9LV=T_YQP_,.?\M?S?\HZUZYBTK4KI-'\P
MI6B-97SK&[/XB)^,OS09LV;/OAFS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;
M-FS9LV;/QU?\_%OR&_Y4'_SE)YYTK3K/ZIY1\]O_ (Q\FA1^[6UU220W$"TV
M407:31JO4($/?-FS9X8S9LV=5_([\U=9_)#\W?R]_-C0N37_ )&UJWU%[933
MZS:@^G=VI.U%N+=Y(FWZ,<V;-G[C/+7F+1O-_EW0?-?EV^34] \S:=;:KHFH
MQ_8GM+R)9H)5]F1P<V;-GR1_Y_&_GR/(WY):!^2FC7HB\P?G!?"?74C:DD>@
MZ3)'-(#QW7ZQ=>B@KLR)*N^^;-FS\QF;-FS9LV;/U-?\^A_R%'Y9_P#./-S^
M:6KV7H>:?SNO%U"%I%(DBT+3VD@TY*'IZKM-< C[221U^R,V;-GUBS9LV;-F
MS9^;;_G\Y^?@\S_F1Y-_YQ^T2\$FD_EO;C7O.$<; A]:U**EK%(-Z-;6;<AT
M_P!Z&!Z#-FS9\3,V;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-
MDC\G^:];\B>;/+/G;RU=FP\Q>4=5L]9T.\ KZ5W8S)/"Q&U0'05'?-FS9^XW
M\FOS/T+\Z?RK\A?FIY<8'2?/.C6VJ1P!N1MYI%I<VKD;<[>97B>G[2G-FS9T
MS-FS9LV;-GSA_P"?L'_K$GYC_P#;5\N_]U>VS9LV?DAS9LV;-FS9^I[_ )\V
M_P#K(^I?^; UG_J$T_-FS9]7LV;-FS9LV?D"_P"?H_\ ZW9^>?\ X+/_ (C&
MDYLV;/ &;-FSO_\ SB=_ZU/_ ,XT_P#FU?)O_=<L\V;-G[?<V;-FS9LV;-FS
M9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-GQ;_YSB_\GS?_
M /;%TW_B#9LV;/'^;-FR3>2O^4R\I?\ ;:L/^HB/-FS9^C[-FS9LV;-FS9LV
M;-FS9\Z_^<Y/R0.K::GYQ>7+/EJ6CQI;>=8(A\4MFM$ANZ#J8=D<_P E#L$.
M;-FSY7YLV;-FS9L]4?\ .*7YY-^4/GI=.UNZ*>1?-SQVNO\ ,GA9S T@O@.W
M GC)3JA)W*KFS9L^W:LK*&4AE855AN"#W&;-FR\V;-FS9LV;-FS9LV;-GF;_
M )S$_P#6<OS%_P"W1_W5[+-FS9\-,V;-FS9LV?7_ /Y]_P#_ ))OS+_X&=Y_
MW3M.S9LV>Y<V;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9L
MV;-FS9S;SO\ G#^67Y<?!YS\Z:;HMT>)736D,UX0W1A:P"2;C_E<:>^;-FSH
MZ.DJ))&ZR1R*&CD4@JRD5!!'4'-FS8[-FS9LV;-FS9LV;-FS9LV;-FS9LV![
MJTM;^VGLKZVBO+.ZC:*ZM)T62*2-A1D=&!# C8@C-FS9\E/^<P?^<;](_+CZ
MK^8GD2S-EY5U6Z^JZYH:5,5A=2@M')!U*PRT(X]$:@&S*J[-FSP=FS9LV;-F
MS[&_\X%ZG-??DIJ%I,_)=&\T7UK;)6O&)[>UN>G8%YFS9LV>U\V;-GQ*_P"<
MT?*C^6OSVUV]6/A:>;K*SUFT\*M']6FW\3+ ['YYLV;/*&;-FPPTG4[W1-4T
MW6=-F-OJ.D74-[87 ZI-;N)(V'R90<V;-GZ)O(/G#3OS \E^6O.>E,IL_,5A
M%=B-6Y>E(PI-"Q_FBD#(WN#FS9LEV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-F
MS9LV;."?\Y,?F+#^6OY/>:]52=8M7UBW;1?+R$T9KN^5H^2>\4?.7_8YLV;/
M@MFS9LV;-FSZ&?\ /OGRF]WYN\\>=98OW&BZ7#I-K(P-#-?RB5RONJ6U#_K>
M^;-FSZL9LV;(SYU_Y0WS;_VQK_\ ZAWS9LV?G!S9LV;-FS9]#/\ GWI_RF7Y
MA_\ ;&M?^H@YLV;/JQFS9LV;-FS9LV; U[96FI6=WIU_;1WEC?PR6U[:3*'C
MEAE4HZ.IV*LI((S9LV?!O_G(?\G+S\F/S#O]#CCDD\LZKRO_ "C?M4A[1VWA
M9S6LD#? V]2.+;!AFS9LX1FS9LV;-FS[$_\ .&/YY#S]Y1_Y5_YBO?4\X>3+
M=5LI96K)?:6I"1R5.Y> D1O[<&J26ILV;/;>;-FS9LV;-FS9LV;-FS9LV;-F
MS9LV;-FS9LV;-FS9L\S?\YB?^LY?F+_VZ/\ NKV6;-FSX:9LV;-FS9L^O_\
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MCZE_YL#6?^H33\V;-GU>S9LV;-FS9^0+_GZ/_P"MV?GG_P""S_XC&DYLV;/
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M\G9?S>_,FPMKZT,WD_RVR:CYLE8'TWB5JQ6I/C<..)%0> <C[.;-FS[K
M"@&P S9LV7FS9LC/G7_E#?-O_;&O_P#J'?-FS9^<'-FS9LV;-GT,_P"?>G_*
M9?F'_P!L:U_ZB#FS9L^K&;-FS9LV;-FS9LV;-FS9LV;/EK_SG)^1_P"C;^/\
MX_+=I2PU.2.U\[6T2FD5T?AAO338++M&YV^/B=RYS9LV?.7-FS9LV;-GLO\
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MH6.*&)0D<:*-@JJ  ,V;-@K-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9\3_\
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M-FS[[9LV;-FS9L^.'_.77_./%Q^6_F&Y\_>5;(MY"\R7)>Z@B4D:7?3$EHF
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M9LV;-FS9LV;-D9\Z_P#*&^;?^V-?_P#4.^;-FS\X.;-FS9LV;/H9_P ^]/\
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M/U;4+:YDY.00/@B:GOFS9L^8G_0COY\_\L&B_P#<23_FG-FS9O\ H1W\^?\
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M 'D,V;-F_P"BR7_.(_\ U;?S _[@UI_WD,V;-F_Z+)?\XC_]6W\P/^X-:?\
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M *+)?\XC_P#5M_,#_N#6G_>0S9LV;_HLE_SB/_U;?S _[@UI_P!Y#-FS9O\
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M -6W\P/^X-:?]Y#-FS9O^BR7_.(__5M_,#_N#6G_ 'D,V;-F_P"BR7_.(_\
MU;?S _[@UI_WD,V;-F_Z+)?\XC_]6W\P/^X-:?\ >0S9LV;_ *+)?\XC_P#5
MM_,#_N#6G_>0S9LV;_HLE_SB/_U;?S _[@UI_P!Y#-FS9O\ HLE_SB/_ -6W
M\P/^X-:?]Y#-FS9O^BR7_.(__5M_,#_N#6G_ 'D,V;-F_P"BR7_.(_\ U;?S
M _[@UI_WD,V;-F_Z+)?\XC_]6W\P/^X-:?\ >0S9LV;_ *+)?\XC_P#5M_,#
M_N#6G_>0S9LV;_HLE_SB/_U;?S _[@UI_P!Y#-FS9O\ HLE_SB/_ -6W\P/^
MX-:?]Y#-FS9O^BR7_.(__5M_,#_N#6G_ 'D,V;-F_P"BR7_.(_\ U;?S _[@
MUI_WD,V;-F_Z+)?\XC_]6W\P/^X-:?\ >0S9LV;_ *+)?\XC_P#5M_,#_N#6
MG_>0S9LV;_HLE_SB/_U;?S _[@UI_P!Y#-FS9O\ HLE_SB/_ -6W\P/^X-:?
M]Y#-FS9O^BR7_.(__5M_,#_N#6G_ 'D,V;-F_P"BR7_.(_\ U;?S _[@UI_W
MD,V;-F_Z+)?\XC_]6W\P/^X-:?\ >0S9LV;_ *+)?\XC_P#5M_,#_N#6G_>0
MS9LV;_HLE_SB/_U;?S _[@UI_P!Y#-FS9O\ HLE_SB/_ -6W\P/^X-:?]Y#-
MFS9O^BR7_.(__5M_,#_N#6G_ 'D,V;-F_P"BR7_.(_\ U;?S _[@UI_WD,V;
M-F_Z+)?\XC_]6W\P/^X-:?\ >0S9LV;_ *+)?\XC_P#5M_,#_N#6G_>0S9LV
M;_HLE_SB/_U;?S _[@UI_P!Y#-FS9O\ HLE_SB/_ -6W\P/^X-:?]Y#-FS9O
M^BR7_.(__5M_,#_N#6G_ 'D,V;-F_P"BR7_.(_\ U;?S _[@UI_WD,V;-F_Z
M+)?\XC_]6W\P/^X-:?\ >0S9LV;_ *+)?\XC_P#5M_,#_N#6G_>0S9LV;_HL
ME_SB/_U;?S _[@UI_P!Y#-FS9O\ HLE_SB/_ -6W\P/^X-:?]Y#-FS9O^BR7
M_.(__5M_,#_N#6G_ 'D,V;-F_P"BR7_.(_\ U;?S _[@UI_WD,V;-F_Z+)?\
MXC_]6W\P/^X-:?\ >0S9LV;_ *+)?\XC_P#5M_,#_N#6G_>0S9LV;_HLE_SB
M/_U;?S _[@UI_P!Y#-FS9O\ HLE_SB/_ -6W\P/^X-:?]Y#-FS9O^BR7_.(_
M_5M_,#_N#6G_ 'D,V;-F_P"BR7_.(_\ U;?S _[@UI_WD,V;-F_Z+)?\XC_]
M6W\P/^X-:?\ >0S9LV;_ *+)?\XC_P#5M_,#_N#6G_>0S9LV;_HLE_SB/_U;
M?S _[@UI_P!Y#-FS9O\ HLE_SB/_ -6W\P/^X-:?]Y#-FS9O^BR7_.(__5M_
M,#_N#6G_ 'D,V;-F_P"BR7_.(_\ U;?S _[@UI_WD,V;-F_Z+)?\XC_]6W\P
M/^X-:?\ >0S9LV;_ *+)?\XC_P#5M_,#_N#6G_>0S9LV;_HLE_SB/_U;?S _
M[@UI_P!Y#-FS9O\ HLE_SB/_ -6W\P/^X-:?]Y#-FS9O^BR7_.(__5M_,#_N
M#6G_ 'D,V;-F_P"BR7_.(_\ U;?S _[@UI_WD,V;-F_Z+)?\XC_]6W\P/^X-
M:?\ >0S9LV;_ *+)?\XC_P#5M_,#_N#6G_>0S9LV;_HLE_SB/_U;?S _[@UI
M_P!Y#-FS9O\ HLE_SB/_ -6W\P/^X-:?]Y#-FS9O^BR7_.(__5M_,#_N#6G_
M 'D,V;-F_P"BR7_.(_\ U;?S _[@UI_WD,V;-F_Z+)?\XC_]6W\P/^X-:?\
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M *+)?\XC_P#5M_,#_N#6G_>0S9LV;_HLE_SB/_U;?S _[@UI_P!Y#-FS9O\
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M -6W\P/^X-:?]Y#-FS9O^BR7_.(__5M_,#_N#6G_ 'D,V;-F_P"BR7_.(_\
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M^1,W_57-FS9O^A _^<-O_8>_*G_(F;_JKFS9LW_0@?\ SAM_[#WY4_Y$S?\
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M^1,W_57-FS9O^A _^<-O_8>_*G_(F;_JKFS9LW_0@?\ SAM_[#WY4_Y$S?\
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M^1,W_57-FS9O^A _^<-O_8>_*G_(F;_JKFS9LW_0@?\ SAM_[#WY4_Y$S?\
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MTABE"L+(I(H92 Z,5/521OFS9LBR?\_'O^<)Y'6./\^=+=W(5$73M7)).P
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MXC-FS9RS1_\ GZ/_ ,X?W^J6^DZUYOUWR/+=T^J77F/R_J-K;N2:?WD<4P0
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M'(A*V9!*LI&QIFS9L _]%(?^<)?_ "_FE?\ </U;_LBS9LV;_HI#_P X2_\
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M_C,UY:R1K);+:!F1'>Y+HD0+*&9EJP&^;-FSRE_T4._+;ZC]?_Y51^9/I?\
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M((PI@TVRN+PV]I%3[$:%C11[5Z"FS9L^O^;-FSXD_P#/T3_G.OS/^7&H1_\
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MK_G"G\E]?\T?E7Y/\R:[?_XC^O:UJFAZ?>7<WI>8]4BC]2>>!W;BB*HJ=E
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M/R[UOS]^0?FK\G?SZT2!H1'J<FK^5;P,RPW;:3=FWO[&5P/VT/"517]W*O\
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MS\%U+SM^8OF6S\H^5-.UGSK%?:Y?LRP1/<1WL42L5#&KNP4;=3FS9L_0?/\
M\_ ?^<,[>&2>3_G(/RPR1*698WN)7('\J1PLS'V KFS9LYC_ ,XL?\Y7Z5_S
ME!_SDK_SD+-Y"UO4-1_*7R-Y:\KZ9Y1CN4EM[>ZNC<ZG)>ZE':2A7C,Y=8P7
M57:.-.2K]D;-FSZ)9LV;-FS9L_*S_P X!WEG8?\ /R>>YOKJ&RMDU;ST'N)W
M6- 3;WX%68@;G-FS9]_/SY_YS._YQ\_YQ\\L:KK7FW\PM(U77;2&0Z5Y#T:]
M@O=8OKA0>$*6T+LT09MC)+Q1>[=LV;-GY]O^<._R _-+_G,S_G*P_G]YF\MW
M&F_ELGGF?SSYX\S21,NG3W27QU!='LGE%)R\O&)@E?3BJ6(/ -LV;/U9YLV;
M-FS9L^ /_/\ ._\ 77?_  =O^[!FS9L^K_\ SA3_ .LC_P#..7_FO]#_ .H1
M,V;-GI_-FS9P#_G+'_UEC_G);_S57G+_ +H=YFS9L^ __/H[\]ORA_(_S#^>
M%U^;/G[2_(EOYBT[0HM$EU-W07+VTUZTRIQ5MT$BU^>;-FS[2ZO_ ,_$?^<+
M]%L)]1N/S\T&[C@4M]6T^*\O;AR 3Q2&WMW<DTITIFS9L"?\X(?GAJ7_ #D/
M^7/YH?F?=W5[-I.K?FEYAB\G6-_(9)+'1(HK,V-J 20G%&Y%5V#,U,V;-GMW
M-FS9LV;-GPP_YQ!_YQH\D_\ .5'_ #@S^9_Y<>;46QU)?S4\SWODOS8D8DN-
M'U1(;,17""HYQM7A-'4<T)%5;BZ[-FSP'_SC9^>?YJ?\^V_^<C_,7Y<?FGI=
MXODRYOXM/_,[RK&S/&T!I]6US3*T5V6-A(A%/5B)C;BW%DV;-GZLO+OF'0_-
MN@Z-YH\LZK;:YY>\PV4&HZ)K%FXD@NK6Y0212QN-BK*P(S9LV?+K_GV1_P I
M5_SG#_YNO5?^3]UFS9L^KV;-FS\>W_..VHO_ ,Y(?\_#?(?FGS.1=_XX_,V;
MS9>6\Y)C,=G+-JT5M0AJQJENL04BG$!=AFS9L_83FS9LV;-FR+><_)7E?\PO
M+MYY3\Y:2FM^7K^:TN+K3I'DB#2V-U%>VSAX71P8YX$<$,-U&;-FR4YLV;/E
M#_S^2_\ 61]-_P#-@:-_U":AFS9LXW_S[-_YRM_YQU_*+_G%O2?)OYE?FWH7
MD[S1!YBUBZET74))%F6&>5#$Y"HPHP&V^;-FSU+^>/\ S\P_YQ9\E?EIYPU#
MR1^:]CYV\]R:3=1>3?+^APW4\DVI2QLEL9)O26&&..0AW9W!"@\0S\5;9LV>
ML?\ G&K6]7\R_P#..7Y ^8_,&I7&L:]Y@_+?RKJ6MZO=N9;BZN[O2+6:>>:1
MJEGDD8LQ/4FN;-FSMF;-FS9LV;-FS9L"7]Y#IUC>ZA<!C!8027$X05;A$I=J
M#:IH,V;-GY!O^<(Y+W\Z_P#GX)^5?F+S03?:KYE\[:IYTU-Y'+$WME;WNN<^
M3;GC+ "/EFS9L_8)FS9LV;-FSX9?\_OO*UK<?E_^1/G;T5%[H_F'5=$^L T8
MQ:E:1W/!A^T UC45Z5/\QS9LV>AO^?07G?4?-W_.(%KI.H2R3+^77G#6/+6G
MR2;GZNT=KJRJ&J20IU%E%>@'$; 9LV;/I1YL_P"46\R_]LJ\_P"3#YLV;/R:
M?\^Q?SD_+3\C?^<C[[SI^:WFN#R=Y8E\FZIIL>K7$-Q,ANI[FS>.+C;12O5E
MB8UXTVZYLV;/NM^8O_/T+_G$+RMY)\RZYY6_-.V\Z^:+&PG?RWY5L-/U,2WU
M]Z;?5X3)+:QQQH7IS=V "UZF@.S9L])_\XH^9]?\Z_\ .-7Y&>;?-6JSZYYD
M\Q^2](U#7-8N2#-<W,]LCR2R$ #DS&IVS9LV>@<V;-FS9LV;-FS9\KO^?D'F
M'6/S-U;\C/\ G"7R3>O!YB_YR \Q6U_YYGMV!>R\K:5+ZTLTB'JIDB><;[_5
M66AY9LV;/-/_ #]^_P"<8M&TG\J_RF_-WR%H::?I_P"4]K:>0M=M;9-H=!8!
M-(9VZA+:<&$5ZF=<V;-GMW_GV3^?(_.__G%KRG:ZG>BY\X?E41Y-\RAVY2O%
M8QK^CKAN7Q'U+0QJ7)/*1)-ZUS9LV?0K-FS9LV;-FS9LV?*'_G\E_P"LCZ;_
M .; T;_J$U#-FS9(/^?0W_K&VB?^!5KW_)Y,V;-GT^S9LV;-FS9LV;-GS!_Y
M^\_^L;:W_P"!5H/_ ">?-FS9S_\ Y\J?^LL>?O\ S:NJ_P#=#T/-FS9]?LV;
M-FS9LV?D#_YP8_-'R%^3?_.:FG>?OS+\QP^5/*&ER^9X;_6IXIIDC>ZM;J&%
M2EO'*YY.X79<V;-GZ _,7_/SC_G"K0=$U/5[?\XX/,-S86[RVNA:9IFJ/=W<
MJJ2D$(DM(XPSF@!=U4=68#?-FS9._P#G W\S/-?YQ_\ .*WY;?F9YWU&75?,
MWFR[\S7-_=2D,52/S'J<%O"" OPPP1I$NWV5&;-FSU]FS9L^</\ S]@_]8D_
M,?\ [:OEW_NKVV;-FSQ/_P ^I/\ G)W\@?R6_P"<>/.7E;\U/S3T3R1YAO\
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MI<.M^6?-%A<:9KNDW )CN+6Y0QRH:$$54[$$$'<$'-FS9^2G71YX_P"?:/\
MSFO>+Y:U ZW8^4;Q)(87D4?ISRIJH67ZI=A1196AH"2M$G19%4A5S9LV?JO_
M "D_-?R1^=WY?>6_S,_+S6(]9\L>9K99[:52/5@E&TUK<H"?3FA>J2(>A'A0
MYLV;.D9LV;/S^?\ /\V>%IO^<8;99D:XB3SG++;A@75)#H81F7J Q1@#WH?#
M-FS9]//^??5W;7O_ #AE_P X^S6LZ7$2>6A TB&H$D%U/#*GS1T93[C-FS9[
M'S9LV;-FS91(4%F(55%23L !FS9L_*;_ ,^[M<TJZ_Y^.Z;JD=[$EEKVI^='
MTJ:1U43?6;._DB5"30EEZ =<V;-GZL\V;-GE7_G*_P#YRT_+?_G%;\N]6\S>
M9=6LK_SI/;2)Y'_+])U^OZI?,I]*L*GG';HU#+,1Q5=A5V1&V;-DY_YQKT[S
MYIWY&?ELWYHZW>^8/S$UC2$UOSE?:@S--%?ZN[7\MH Q/!+3U_JZ*-E6, 9L
MV;.WNZ1HTDC!$0%G=C0 #<DD]*9LV;/RE?\ /N;7M.U+_GXSHVKI<1QV_F._
M\YS:82ZL)#<6-_.BJPV:J D4Z]LV;-GZ@OS&_+WRG^:_D;S/^7/GG2DUKRGY
MNL7L-9T]]BT;T971NJ21NJO&XW5U5AN,V;-GY?O+&N?FA_SZH_YR^U#1M:CN
M_,'Y<ZP8X]6CB4)'YD\K32M]7OK=68(+NU/*@+#C*LD7+TW+'9LV?J$\@?F#
MY+_-/REHWGO\OO,EEYK\IZ_ )],UFPD$D;@_:1QLT<B'X7C<!T8%64,",V;-
MDRS9LV?GT_Y_EZA9RZC_ ,XSZ4DZMJ%E;>;[NYM@?B2&Z?1HX7(\&:WD _U3
MFS9L^L7_ #@[>VFH?\XA?\XZSV4Z7,,?D;2K9Y$-0);:$03)\TD1E/N,V;-G
MJG-FS9YT_P"<O]0LM-_YQ2_YR3N+^X2U@D_++S5:I(_0S7>E7-O GS>615'N
M<V;-GQA_Y\>ZA8Q>>/\ G(#2Y;N*/4;W0]"N;.Q9P)98;:YNTFD1>I5&FC#$
M=.0\<V;-GZ*<V;-GSW_YS/\ ^<KK7R-;:-_SCY^3WF*"^_YR1_.;4K3RIY7M
M]/E6:3RXNISK:R:I>^F286B5V,0:AY?O"."-FS9L][:-IYTC2-*TEKZYU-M,
MLX+1M2O9#-<W!AC6/U9Y&)+N_'DS'<DDYLV;#!W2-&DD8(B L[L:  ;DDGI3
M-FS9\K/^?0VN:;J__..WYBPV%PLSV'YK:^90"M6CN;73YX954$G@ZO0$@5*M
MX9LV;/JKFS9L^(O_ #],_P"<$!Y[TO5/^<E?RBT4'SKH5L9OS1\LV: -JUA;
MIOJ<*+]JYMD7]Z.LD0J/C2DFS9LK_GR/))-^5_YYRRR-+++YML'EE<EF9FLB
M223N23FS9L^W>;-FS\W?_/U+_G$3S7^77YE3_P#.5_Y6V=U_A;S%>V^H>=Y=
M-#^OH&OQ,O'424^)(;IU5_4_8GY<B/4C&;-FSZE?\X6?\YW?EI_SD_Y,T#2M
M5U^P\M_G;96D<'FSR/=2I;R7=S$ CWFF!^(GBF/Q\$JT1/!A0*[;-FSWUFS9
ML\)_FK^?6J_F[YT/_.-7_.,/F$7_ )KN&C/YQ?G-HTD=QI_D31C)2<17*\XI
M=5N%1XK>%23&U7?CP--FS9[G@B$$,, =Y1"BH)96+.W$4JS'J3W.;-FSY,?\
M_F]1M+3_ )Q2\N6,TH6ZU7\Q-*CLH:CDQBL-2E=J=:*J[GQ('?-FS9)/^?0%
M]9W/_.'MC;6]U%/<Z=YNUN*_@1PSPR.T4JK(H-5)1U8 ]B#FS9L^HLDD<,;R
MRNL442EY97(55514DD[  9LV;/G5KG_.3UO^>'_.6_Y9?\XY?D7YM>^\N?EY
M<7/G;\^?.V@W'.WDM]*C].UT..XA;A+')>3PK=T/'=8ZDB5,V;-GT8S9LV;-
MFS9LV;-FS9LV?G-_Y^>_\X@^=?RS_-"3_G,'\G+.<Z!>:C:ZYYV&GH6GT#7[
M:1'75> J?0N)$61WI1)N1:@=<V;-GV3_ .<3?^<H?(__ #E/^56B>=O+FH6D
M/FFVMH8/S \FK*OUK2-2 *R*\7(OZ,K*SP2'9T_RU=5V;-GHS6=:T?RYI.H:
M]Y@U6TT/1-(@>ZU76+^9+:UMH(QR>6::4JB*HW)8TS9LV?FT_/2[\U_\_4/^
M<N=(\H_DU#=0?DI^5]LNES?F!<P2+:6MI-*9;_5I$:A$EVT8BM820TBQHS"/
M]X8]FS9^B[\O_(OES\L?(_E3\O/*%E^C_+/DS2[;2-%M207$%K&(U:1@!R=Z
M<G:E68ECN<V;-@GSO=VUAY+\W7UY.EM9V6BZA/=7$AHD<<=M(SNQ[  $G-FS
M9^83_GSC/!%_SEU=QRS)%)=>0M:BMD=@ID<7-C(50'[1XHS4'8$]LV;-GZHL
MV;-FS9LV;-FS9LV;-GS=_P"?GW_.0:?D]_SCQJ7D70;](_S&_/(R>5/+5FDJ
M)-'I\X":K=_$11!"_H!JCB\R,#L<V;-GKW_G'K\G]*_(3\EORY_*32/3DB\F
MZ/#;:C>1+Q6ZU"2L]_=4ZCU[F222AZ5IVS9LV=ES9LV?F#_Y^Z_E>_Y2_P#.
M3GE#\Y/*5R='G_,^PBUD36Q$<MOK^@20PRW,87[/*,VT@/4R<SFS9L^_G_.+
MWY\:#_SDA^2/DC\U-%N(#>:M9);>;=,@8$Z?K5NBK?VCK4LO&0\DY;M&R/T8
M9LV;/0&;-FS9LV;/DK_S^9U"RM?^<4?+]E/<)'=ZG^86DI8VYW>0Q6.HR/0#
MLJC<G;H.I%=FS8__ )] >=?*DW_.**>6_P!/V$.O:%YPU6'4=(EN8DN4-WZ,
M]NPB+\^,BO132A*L!]DYLV;/J?JGF'0-#5GUK7-/T=%C,K->W,5N!&*U<F1E
MV%.N;-FSYS>9O^<DO*O_ #DQ_P Y3?E-_P XX_DSYBA\T^3OR\U(_F/^=/G/
M2)?6L)5\NE7TO3;:>-N$\9U&2V>=U)2O!0S?O%S9LV?3'-FS9\NO^?OUS;P?
M\X=:C%/.D4M[YOT*&SC=@#+(&FE*(#U(2-FH.P)[9LV;(#_SY3GA;_G%_P#,
M*V69&N(OS2U*66W# NJ2:)HH1F7J Q1@#WH?#-FS9]@\V;-C7=(T:21@B("S
MNQH !N22>E,V;-GY./\ GV7J%B?^<_\ RC/];B]'4CYL6PEYCC,9--O9$"'O
MR4$BF;-FS]9.;-FS9LV;-FS9L^;/_/V:[MK?_G"GSY#/.D4M_K7EZ"SC8T,L
M@U*&8HOB0D;-\@<V;-G&/^?*&IV$O_.-GYE:-'<H^IV'YEWE[=V8(YQP7>CZ
M5'!(PZ@.UM* ?\DYLV;/L;FS9L^=/YR?\Y06?Y@?\Y!_E!_SB9^17G#ZWYCU
M7S';ZW^=/F_0KD-'I/E[0ZZC=:6EW 3QN+WT!#(5;]VK>FWQ2_#LV;/HMFS9
MLV;-FSX>?\_OIX%_++\B[9ID6YE\SZI+%;E@'9([)%=E7J0I=03VJ/$9LV;/
M7O\ SZSN;>?_ )P7_):*&=)9+*7S+#=QHP)BD/F/4Y0C@="4D5J'L0>^;-FS
MZ#9LV;-FS9L\+_\ /RN\MK+_ )PB_/=[J985FL-*MXBW[4LVLV*1J!W)8C-F
MS9X;_P"?'^HVDGY??GSI"R@W]GYAT>\G@J*B&YM)XXVIUW:!Q]&;-FS[F9LV
M; .IZC::/INH:MJ$PM[#2[:6[O9V( 2&!#)(Q)H*!5)S9LV?,;_GS_>6US_S
MAW8PP3+++I_G#7+>]1>L<K&"8*WOZ<JM\CFS9LCO_/W?_G'H?F=^0EK^;>A6
M(F\V_DG.][?-&I,D_EZ]*QWZ4'7ZNXBN*DT5%EINV;-FSSK_ ,^?/RE\R><]
M0UG_ )R/_,*\N]9M/(&D+^6WY,_7V]06MLK/=7YM^7Q*D"SB&,BH_>S+^SFS
M9L^IO_.;US;VG_.(G_.1<MU.EO$_D35X5DD8*#)/ T42 GN[L% [D@9LV;/D
M#_SX[N(%\X_\Y"VC3(MS-HWE^6& D<VCBN+U78#J0ID4$^XS9LV?HDS9LV;-
MFS9^37\R]2T__HK);:@;Z!;"S_YR \M"[O6D411?5=8L4GYN3Q7TV1@U3M0U
MZ9LV;/UE9LV;.2?G1^>/Y9_D!Y)U3SY^9WF>TT#2K""1[.R>1/KNHSHI9;6Q
MMRP::9R*!5Z=6*J"PV;-G'/^<*/-GYB?F?\ E!=?G5^9%W=)?_G-Y@U#S/Y5
M\KRS-);Z%Y>)6TTJPME("A3#;^NS  R-*7;<T&S9L]?9LV;-FS9LV;-FS9LV
M;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS
M9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;
M-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9
MLV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;/
MB[_S\T_PI^@O.?Z;_P"5I?6/KND\?T__ (J_Y5/_ '%M_P!67]SZM*<:_P"[
M_4[\LV;-GQ!\M_\ *NOTWI__ )+S[;?\<?\ Y6']>^PW]S[^/M7-FS9UR[_Y
M5U]5N?[K^Z?^_P#^5A^E]D_WG^3X^V;-FR>_\X)?X(_Z&W_(_P#1O_*J_KWZ
M<E^K>G_C7U^7U.X_WF_27^B^O3^Y]7;U.'>F;-FS]8^;-FS\IW_.</\ RK[_
M )6\_K?IWUOJ[^K_ ,KX_P ?_IKESW^H^C^[^J5_N^'PTI3;-FS9]$O^?47^
M%?T%??H+_&/UFNI>I^@_\4_\JRX>I;_W7Z<_<_I*OVN/Q<:]LV;-GUW\[^G_
M (+\W^M^F_1_0FH>K_AKU/TUQ^K25_1GH_O/K5/[GA\7J<:;YLV;/R/_ /.2
MG_*NO^5U^>/]Y_\ >BW_ /)Q_P#*P_\ &W^\T7_'6_R_Y/\ BOAFS9L]H_\
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M_E27^+OJ/J^H*_5_TW_N/Z?9^I?N_#?-FS9UJV_1'^";+].?\K\_1OH3>O\
MX_\ TM_@.GIP_P!]^A/],]/^;T_V>.;-FS]!_P#S[_\ T3_RH*P_0?\ RI_]
M$?I"7]'_ /*F_P!*_HST_3CI^DOTY_N0^O?[\^L_'QXUS9LV>W\V;-GY?O\
MG/3_  %_BGR7];_Q[]8^I7'J?]##_P"._6^U'3]"?5/W/I4_O>/[?7>N;-FS
MR!Y&_P"5=>KJ/_*)?8C_ .49_P"5A\^K?W_M_+].;-FP\\W_ /*NOT,__'$_
MO8_^4@_Y6']2Z]_\KPS9LV?3S_GSM_AG_&WYV_H#_ 'J?H/2/K/^'O\ $OZ4
MX_6;BE/T[\'H?[\]+?GZ5=J9LV;/O1FS9LV;-FS9LV;-FS9L*];_ ..+J_\
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MGFS9LV;-FS\YG_/QW_!'Z4LOTC_RL3ZW_B*^]7_E<_\ C7_"M:S?\HY^CO\
M1_\ 5X?[JS9LV?.KR1_RKK](7?\ RAG^\_\ TS?_ "L/ZQ]M?[S_ "/XTS9L
MV2SS3_RKK] WW_'*_P!U?\=O_E8?U#^]3^^_XU_RJ9LV;/=__/I#_"7_ $,1
MYO\ T'_RKKZ]_@2]Y_H3_%GZ5]+Z_8<O0_3?^B^GRX^K3]Y]GC\/J9LV;/T6
MYLV;"O6^/Z%U?G]=X?4KCG^C>7UVGIM7ZMP^+U?Y*;\J4S9LV?EX_P"<Z_\
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= *M3^Z]7X^''E\5<V;-G5<V;-FS9LV;-FS9L_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>aearningsq12110312020_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2020-01-31"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="mtn-20201210.xsd" xlink:type="simple"/>
    <context id="D2021Q1Earnings">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000812011</identifier>
        </entity>
        <period>
            <startDate>2020-12-10</startDate>
            <endDate>2020-12-10</endDate>
        </period>
    </context>
    <dei:AmendmentFlag
      contextRef="D2021Q1Earnings"
      id="Fact-E42C1848C3FF55C9B1EE55058B2190EB-wk-Fact-E42C1848C3FF55C9B1EE55058B2190EB">false</dei:AmendmentFlag>
    <dei:EntityCentralIndexKey
      contextRef="D2021Q1Earnings"
      id="Fact-E7EEBBD456F95FF0A65CCA8F7EA1C9E6-wk-Fact-E7EEBBD456F95FF0A65CCA8F7EA1C9E6">0000812011</dei:EntityCentralIndexKey>
    <dei:EntityFileNumber
      contextRef="D2021Q1Earnings"
      id="Fact-2F7B5C33971C5AEFA5977F33722AA280-wk-Fact-2F7B5C33971C5AEFA5977F33722AA280">001-09614</dei:EntityFileNumber>
    <dei:DocumentType
      contextRef="D2021Q1Earnings"
      id="d125650e65-wk-Fact-C89490CAEEED5261BF5909058B04A80C">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate
      contextRef="D2021Q1Earnings"
      id="d125650e83-wk-Fact-877AFF4C80215A659C22B4061EEC7C5F">2020-12-10</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName
      contextRef="D2021Q1Earnings"
      id="d125650e88-wk-Fact-A78E3862BDB95F52A3C05DE6EC14AB97">Vail Resorts, Inc.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode
      contextRef="D2021Q1Earnings"
      id="d125650e115-wk-Fact-96817DA3843B57318B1893544D3C42AE">DE</dei:EntityIncorporationStateCountryCode>
    <dei:EntityTaxIdentificationNumber
      contextRef="D2021Q1Earnings"
      id="d125650e130-wk-Fact-7D2A636DE9A35E14B45495D02017F620">51-0291762</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1
      contextRef="D2021Q1Earnings"
      id="d125650e184-wk-Fact-40EDABC0FC195A0FBCCC95F563D57AE6">390 Interlocken Crescent</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown
      contextRef="D2021Q1Earnings"
      id="d125650e205-wk-Fact-16AE985235A25597A2B2705337256494">Broomfield,</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince
      contextRef="D2021Q1Earnings"
      id="d125650e210-wk-Fact-B4DB8447F91456DD8D96229EB0F51FB5">CO</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode
      contextRef="D2021Q1Earnings"
      id="d125650e220-wk-Fact-11C6289EE0DE5EF88C6EC40103D381E5">80021</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode
      contextRef="D2021Q1Earnings"
      id="d125650e256-wk-Fact-A8A6D35A691B5B26AAE65343774A111F">(303) </dei:CityAreaCode>
    <dei:LocalPhoneNumber
      contextRef="D2021Q1Earnings"
      id="d125650e261-wk-Fact-1E9DF39DB6695544B275E7A72282978E">404-1800</dei:LocalPhoneNumber>
    <dei:WrittenCommunications
      contextRef="D2021Q1Earnings"
      id="d125650e300-wk-Fact-6147333C88F157ECB85C7F61287C571D">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial
      contextRef="D2021Q1Earnings"
      id="d125650e306-wk-Fact-A34E5BF28D6E515196F5251EE1209C6F">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer
      contextRef="D2021Q1Earnings"
      id="d125650e312-wk-Fact-0233418B94E75363AFB0A90232980B9B">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer
      contextRef="D2021Q1Earnings"
      id="d125650e318-wk-Fact-BD198B309CCE588AABE90AB7757B4FA5">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle
      contextRef="D2021Q1Earnings"
      id="d125650e357-wk-Fact-ECC755D1D4B25CCA8BD0CA9FDB43F64F">Common Stock, $0.01 par value</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="D2021Q1Earnings"
      id="d125650e362-wk-Fact-E5ADA3F40E4F58E49010B3EE5F9CD236">MTN</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="D2021Q1Earnings"
      id="d125650e367-wk-Fact-FC9B84F519F0511CB78AE377E5449ECA">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany
      contextRef="D2021Q1Earnings"
      id="d125650e377-wk-Fact-11796FD941325C8296449A486DFA58A3">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm139646003199352">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DEI Document<br></strong></div></th>
<th class="th"><div>Dec. 10, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mtn_DocumentAndEntityInformationAbstract', window );"><strong>Document And Entity Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $0.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(303) <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">51-0291762<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">390 Interlocken Crescent<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Broomfield,<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CO<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">80021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">404-1800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000812011<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-09614<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">MTN<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 10,  2020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Vail Resorts, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_mtn_DocumentAndEntityInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Document And Entity Information [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">mtn_DocumentAndEntityInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>mtn_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>11
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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M    $               @ $     9&]C4')O<',O87!P+GAM;%!+ 0(4 Q0
M   (  R!BE&YL@X/[@   "L"   1              "  :\   !D;V-0<F]P
M<R]C;W)E+GAM;%!+ 0(4 Q0    (  R!BE&97)PC$ 8  )PG   3
M      "  <P!  !X;"]T:&5M92]T:&5M93$N>&UL4$L! A0#%     @ #(&*
M45ZSAO13!   81   !@              ("!#0@  'AL+W=O<FMS:&5E=',O
M<VAE970Q+GAM;%!+ 0(4 Q0    (  R!BE&#J:4#U $  #(&   -
M      "  98,  !X;"]S='EL97,N>&UL4$L! A0#%     @ #(&*49>*NQS
M    $P(   L              ( !E0X  %]R96QS+RYR96QS4$L! A0#%
M  @ #(&*46UW/KDV 0  *0(   \              ( !?@\  'AL+W=O<FMB
M;V]K+GAM;%!+ 0(4 Q0    (  R!BE$D'INBK0   /@!   :
M  "  >$0  !X;"]?<F5L<R]W;W)K8F]O:RYX;6PN<F5L<U!+ 0(4 Q0    (
M  R!BE%ED'F2&0$  ,\#   3              "  <81  !;0V]N=&5N=%]4
?>7!E<UTN>&UL4$L%!@     )  D /@(  ! 3      $!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.20.2</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>1</ContextCount>
  <ElementCount>95</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>0</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>0</UnitCount>
  <MyReports>
    <Report instance="aearningsq12110312020.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>0001000 - Document - DEI Document</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.vailresorts.com/role/DeiDocument</Role>
      <ShortName>DEI Document</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="8-K" original="aearningsq12110312020.htm">aearningsq12110312020.htm</File>
    <File>a20201031pressrelease.htm</File>
    <File>mtn-20201210.xsd</File>
    <File>mtn-20201210_cal.xml</File>
    <File>mtn-20201210_def.xml</File>
    <File>mtn-20201210_lab.xml</File>
    <File>mtn-20201210_pre.xml</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy>http://xbrl.sec.gov/dei/2020-01-31</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>true</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>17
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "instance": {
  "aearningsq12110312020.htm": {
   "axisCustom": 0,
   "axisStandard": 0,
   "contextCount": 1,
   "dts": {
    "calculationLink": {
     "local": [
      "mtn-20201210_cal.xml"
     ]
    },
    "definitionLink": {
     "local": [
      "mtn-20201210_def.xml"
     ],
     "remote": [
      "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-eedm-def-2020-01-31.xml",
      "http://xbrl.fasb.org/srt/2020/elts/srt-eedm1-def-2020-01-31.xml"
     ]
    },
    "inline": {
     "local": [
      "aearningsq12110312020.htm"
     ]
    },
    "labelLink": {
     "local": [
      "mtn-20201210_lab.xml"
     ],
     "remote": [
      "https://xbrl.sec.gov/dei/2020/dei-doc-2020-01-31.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "mtn-20201210_pre.xml"
     ]
    },
    "referenceLink": {
     "remote": [
      "https://xbrl.sec.gov/dei/2020/dei-ref-2020-01-31.xml"
     ]
    },
    "schema": {
     "local": [
      "mtn-20201210.xsd"
     ],
     "remote": [
      "http://xbrl.fasb.org/srt/2020/elts/srt-types-2020-01-31.xsd",
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd",
      "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd",
      "http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd",
      "http://xbrl.fasb.org/us-gaap/2020/elts/us-roles-2020-01-31.xsd",
      "http://xbrl.fasb.org/srt/2020/elts/srt-roles-2020-01-31.xsd",
      "https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd",
      "http://xbrl.fasb.org/us-gaap/2020/elts/us-types-2020-01-31.xsd",
      "http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd",
      "https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd",
      "https://xbrl.sec.gov/exch/2020/exch-2020-01-31.xsd",
      "http://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd",
      "https://xbrl.sec.gov/sic/2020/sic-2020-01-31.xsd",
      "https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd",
      "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd"
     ]
    }
   },
   "elementCount": 23,
   "entityCount": 1,
   "hidden": {
    "http://xbrl.sec.gov/dei/2020-01-31": 3,
    "total": 3
   },
   "keyCustom": 0,
   "keyStandard": 95,
   "memberCustom": 0,
   "memberStandard": 0,
   "nsprefix": "mtn",
   "nsuri": "http://www.vailresorts.com/20201210",
   "report": {
    "R1": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "div",
       "div",
       "body",
       "html"
      ],
      "baseRef": "aearningsq12110312020.htm",
      "contextRef": "D2021Q1Earnings",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "document",
     "isDefault": "true",
     "longName": "0001000 - Document - DEI Document",
     "role": "http://www.vailresorts.com/role/DeiDocument",
     "shortName": "DEI Document",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "div",
       "div",
       "body",
       "html"
      ],
      "baseRef": "aearningsq12110312020.htm",
      "contextRef": "D2021Q1Earnings",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    }
   },
   "segmentCount": 0,
   "tag": {
    "dei_AmendmentFlag": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.",
        "label": "Amendment Flag",
        "terseLabel": "Amendment Flag"
       }
      }
     },
     "localname": "AmendmentFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_CityAreaCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Area code of city",
        "label": "City Area Code",
        "terseLabel": "City Area Code"
       }
      }
     },
     "localname": "CityAreaCode",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_DocumentPeriodEndDate": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.",
        "label": "Document Period End Date",
        "terseLabel": "Document Period End Date"
       }
      }
     },
     "localname": "DocumentPeriodEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentType": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.",
        "label": "Document Type",
        "terseLabel": "Document Type"
       }
      }
     },
     "localname": "DocumentType",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "submissionTypeItemType"
    },
    "dei_EntityAddressAddressLine1": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name",
        "label": "Entity Address, Address Line One",
        "terseLabel": "Entity Address, Address Line One"
       }
      }
     },
     "localname": "EntityAddressAddressLine1",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCityOrTown": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the City or Town",
        "label": "Entity Address, City or Town",
        "terseLabel": "Entity Address, City or Town"
       }
      }
     },
     "localname": "EntityAddressCityOrTown",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressPostalZipCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Code for the postal or zip code",
        "label": "Entity Address, Postal Zip Code",
        "terseLabel": "Entity Address, Postal Zip Code"
       }
      }
     },
     "localname": "EntityAddressPostalZipCode",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressStateOrProvince": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the state or province.",
        "label": "Entity Address, State or Province",
        "terseLabel": "Entity Address, State or Province"
       }
      }
     },
     "localname": "EntityAddressStateOrProvince",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "stateOrProvinceItemType"
    },
    "dei_EntityCentralIndexKey": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.",
        "label": "Entity Central Index Key",
        "terseLabel": "Entity Central Index Key"
       }
      }
     },
     "localname": "EntityCentralIndexKey",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "centralIndexKeyItemType"
    },
    "dei_EntityEmergingGrowthCompany": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate if registrant meets the emerging growth company criteria.",
        "label": "Entity Emerging Growth Company",
        "terseLabel": "Entity Emerging Growth Company"
       }
      }
     },
     "localname": "EntityEmergingGrowthCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityFileNumber": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.",
        "label": "Entity File Number",
        "terseLabel": "Entity File Number"
       }
      }
     },
     "localname": "EntityFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_EntityIncorporationStateCountryCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Two-character EDGAR code representing the state or country of incorporation.",
        "label": "Entity Incorporation, State or Country Code",
        "terseLabel": "Entity Incorporation, State or Country Code"
       }
      }
     },
     "localname": "EntityIncorporationStateCountryCode",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "edgarStateCountryItemType"
    },
    "dei_EntityRegistrantName": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.",
        "label": "Entity Registrant Name",
        "terseLabel": "Entity Registrant Name"
       }
      }
     },
     "localname": "EntityRegistrantName",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityTaxIdentificationNumber": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.",
        "label": "Entity Tax Identification Number",
        "terseLabel": "Entity Tax Identification Number"
       }
      }
     },
     "localname": "EntityTaxIdentificationNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "employerIdItemType"
    },
    "dei_LocalPhoneNumber": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Local phone number for entity.",
        "label": "Local Phone Number",
        "terseLabel": "Local Phone Number"
       }
      }
     },
     "localname": "LocalPhoneNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.",
        "label": "Pre-commencement Issuer Tender Offer",
        "terseLabel": "Pre-commencement Issuer Tender Offer"
       }
      }
     },
     "localname": "PreCommencementIssuerTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_PreCommencementTenderOffer": {
     "auth_ref": [
      "r3"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.",
        "label": "Pre-commencement Tender Offer",
        "terseLabel": "Pre-commencement Tender Offer"
       }
      }
     },
     "localname": "PreCommencementTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_Security12bTitle": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Title of a 12(b) registered security.",
        "label": "Title of 12(b) Security",
        "terseLabel": "Title of 12(b) Security"
       }
      }
     },
     "localname": "Security12bTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_SecurityExchangeName": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the Exchange on which a security is registered.",
        "label": "Security Exchange Name",
        "terseLabel": "Security Exchange Name"
       }
      }
     },
     "localname": "SecurityExchangeName",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "edgarExchangeCodeItemType"
    },
    "dei_SolicitingMaterial": {
     "auth_ref": [
      "r4"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.",
        "label": "Soliciting Material",
        "terseLabel": "Soliciting Material"
       }
      }
     },
     "localname": "SolicitingMaterial",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_TradingSymbol": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Trading symbol of an instrument as listed on an exchange.",
        "label": "Trading Symbol",
        "terseLabel": "Trading Symbol"
       }
      }
     },
     "localname": "TradingSymbol",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "tradingSymbolItemType"
    },
    "dei_WrittenCommunications": {
     "auth_ref": [
      "r6"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.",
        "label": "Written Communications",
        "terseLabel": "Written Communications"
       }
      }
     },
     "localname": "WrittenCommunications",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://www.vailresorts.com/role/DeiDocument"
     ],
     "xbrltype": "booleanItemType"
    },
    "mtn_DocumentAndEntityInformationAbstract": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Document And Entity Information [Abstract]",
        "label": "Document And Entity Information [Abstract]"
       }
      }
     },
     "localname": "DocumentAndEntityInformationAbstract",
     "nsuri": "http://www.vailresorts.com/20201210",
     "xbrltype": "stringItemType"
    }
   },
   "unitCount": 0
  }
 },
 "std_ref": {
  "r0": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b"
  },
  "r1": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r2": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r3": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r4": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14a",
   "Subsection": "12"
  },
  "r5": {
   "Name": "Regulation 12B",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r6": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "425"
  }
 },
 "version": "2.1"
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>18
<FILENAME>0000812011-20-000122-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0000812011-20-000122-xbrl.zip
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MPIC=:;QP!0&?8\(K:BG*%8C80(2570ZTC@&Q11BF!-YZ-@32^XC"I9Z0+5(
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M8G\OM1!%]3/&ZW-LU4OAULHFF5OI4TW8'0@2F05 B\=YFA%VDA1MY!1P4O$
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M&V]N<Z(*]HMY6(O1GW%9^BVR33]8BMNZ8^XN#8>/6WSV/BDKH8S>&/TP)QX
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MDD&%E0LC!%:WMIC3"]6U ]K%-(15"VE"E4^(^BDFRH'D'<IUY8[BLJ3DB(J
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M5NG)I?!0,J<>V(SH&K5!WT4 4,JC2LPU108:"1C57WVU_^&YT^"-. !LQJV
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MLU4.'V,;H,""RK^QA\J3>>HIRB>+PW/K5#RZ-3_H@#RY",1J-:U</0TT:M0
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M+_''WZ>@NO$@_,^_#:Q6_]+@?RV<:%E/OX<.X!ZO8X79ZO7,5BY+LJBR7E.
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M=>>?/9&U82]$'SPP$WR/&TO.@KR.U0,*T\-C>Z]M]IO]9WM*2H?4)1=2PHQ
M3'XNUE8HTF69'>SMT].QKFIQ;AZ&K\"F#J=D8-,/_*^%<\?<YQ3VE9IM=WJ6
M:;5R-;$J-]_>4VQL4%AL1V?1=KY>H)!7,>V.0T:UCE#Z8 X'0[/=/<@8JI+F
MUNV(U<6G[*UNX+U*LCV1_Q%$6:/UXQ#H?E*LWC6D<JCXB9X:\.S];8?BVBY6
MZ&>5%:V.J#A>X.J!=#(5P$I_Y0VJV.]P0D$<F)H&_)&X%"GG5K,UW'. 2H>8
M-H28AH^&F' ^2IX0TP-_:N[]C<]>K% )+GN@8SU_"9"[?X)0W?$#<T\8X "_
MWA#C%5W\Q==%*W_X4XH!EZVS?Y$HIP;GK_UL@RWS##1J:-1 C;7.R90[5YH4
M!QI%DB(ZWZ.L^1[G+;,UW&MKY'6\/1@4#EFP=&):WP$@FA%H1K '1C!L:C90
ML!JB0X1A?.^"<@C2FL_8#R-,@PV9NVUN0&W<+X_%F8H91FKE*G$_59!(XU/1
M\:EM]@:=$F%4;0S6C?P[C/SQ]XL1"SDBW@P[9#[06;LX\"DJ39:L96VO$N,<
M-696#S.[>RTC*;QP*8D,208T!"A$N! B-I_[H2/'V6#V!)QQB5;!/.!WCK\(
MW24VNL=^X3:.'?N3CR.R',*7+CX"XL<)#3 @0OB::HT?KJRBE<$2*H/G>>1+
M+ON_D)Z^.B%@.>L!6KFFII6W%F!OZ=ZE;GZX-6_O))GSM73WZS9CAT:K(@<,
M.KE*#9\-DI)'%#0KTJQ(LZ(]ESX/<WFKJ]CO<$OM3?%+8?Y-_3+R[>6O__[+
MRVDT<W_]_U!+ P04    "  ,@8I1U+NS3-D6  !@G0  &0   &%E87)N:6YG
M<W$Q,C$Q,#,Q,C R,"YH=&WM/6MWFTB6GZ=_1:UG9XYS3B11O%$<SP&$>KS=
ML;.V>WIVOB$H24P0T(!L:W[]WBI 0G85LATY?B0Y)XFE6T7=]ZN*\M'?;A8Q
MNB)Y$:7)QP/<EPX028(TC)+9QX/?+L<]\^!OQS\=_5>O]T_G_%<T2H/E@B0E
M<G/BER1$UU$Y1[^'I/B"IGFZ0+^G^9?HRN_UJDG9$!N8X""457T2JA:1S= G
MDU"3)]I$MG15>7\SG.BA+\.(J88-5<+$QU@UX!N,I[X*?YJ';58/ZM67!>!9
M+X_6P]PT6^71;%XB69*E!J4*/B^!7J Y*3X>S,LR&PX&U]?7_6NEG^:S ;8L
M:W!#QQQ4@X;%G 31>NC4+R9L8%$N!@PTH$OT)-Q3\'I*%/0 R9X?Q^N)-Y,\
M[A<DZ,_2JT%K &=ZD"Z3,E]U/^+6(,YCTG(>1_[D+NIA5 QJ( _Y8-J+DC#*
M?0'1:[A@<A&*)Q8A9Q+Y8QF5*SZ>%8PS:5GT\C0FQ=UI#80S*0IY$^@Z%,*9
M,"UZDY(_@X%XTLN#3,!T!N)Q;9KUEJ#1J8!Q#;A#5XHR[-83&,!C/4>S&=MY
M:IT&V53 /@;B459FN1BW!MK\A0=@\Q9])(@%S 0(9\5)D4ZG_!D,Q$,RW[:S
M#?-SD6TQS,7F74.;OQRZP/Y(3FXRH74RJ,#"PHE(4RH@9QIH3S[C+\9 G"EA
M$&0IQPG0.16,AQ[A3RB(P$]V^D@^\^<!AWRZ" !XJZ0B]YURG3<)>HLT%UA]
M ^5*9D["-.I%D2_@6GL$YP&)'P4%GQD,1-7(N"4C(G)/%,)#,@L$S,@"SO!2
M8.\ES]@9DBP@"2U^:PB'GIP3.YB.\IQ7D0O8G(LLMCLHMT9T6.YZ6+=;JT=T
MN#82BO280C@DS):^@&(*X4E/8(PESQ@AGD6)0-P5C.<C2):3@&9B6\D48T?E
M521KX.<!#<B#S>!MC1%*9 WF:$HBB%P)SZ9# =]"KJ;45IJ6Q;S;CND(+E,B
M,4TUD!>+;X)YMX:V1PCM;X?M\>T.<J9:2OR$J@'RW6MWOKB&=^H/[E @@?:
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M7']J/K#?3/O3$?M]ML?_#U!+ P04    "  ,@8I1GJE:[*0#  !Z$@  $
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M E<N1X![7^C)N-VOX%E890Q+6AUB\=XI5AEVSCI_TE5_?" R-U;#Q7L265W
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M5_WCVS)0.U ,6"S4)2<':K_Q"5!+ P04    "  ,@8I1C;3 L,<+   2:
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MZ8+*=]D\_L6?^D\?WU4_F:[^]S<?W_T?4$L#!!0    (  R!BE&8Q0J-J08
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M92YH=&U02P$"% ,4    "  ,@8I1U+NS3-D6  !@G0  &0
M@ 'C4   865A<FYI;F=S<3$R,3$P,S$R,#(P+FAT;5!+ 0(4 Q0    (  R!
MBE&>J5KLI ,  'H2   0              "  ?-G  !M=&XM,C R,#$R,3 N
M>'-D4$L! A0#%     @ #(&*40$W56\X 0  =P(  !0              ( !
MQ6L  &UT;BTR,#(P,3(Q,%]C86PN>&UL4$L! A0#%     @ #(&*4>0;/[V=
M 0  R04  !0              ( !+VT  &UT;BTR,#(P,3(Q,%]D968N>&UL
M4$L! A0#%     @ #(&*48VTP+#'"P  $F@  !0              ( !_FX
M &UT;BTR,#(P,3(Q,%]L86(N>&UL4$L! A0#%     @ #(&*49C%"HVI!@
M&S<  !0              ( !]WH  &UT;BTR,#(P,3(Q,%]P<F4N>&UL4$L%
3!@     '  < U $  -*!      $!

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