<SEC-DOCUMENT>0000812011-23-000046.txt : 20230928
<SEC-HEADER>0000812011-23-000046.hdr.sgml : 20230928
<ACCEPTANCE-DATETIME>20230928160633
ACCESSION NUMBER:		0000812011-23-000046
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20230928
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20230928
DATE AS OF CHANGE:		20230928

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:		231289569

	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>mtn-20230928.htm
<DESCRIPTION>8-K
<TEXT>
<XBRL>
<?xml version="1.0" ?><!--XBRL Document Created with the Workiva Platform--><!--Copyright 2023 Workiva--><!--r:4b006297-4653-456f-8da0-4cadffbf20df,g:45597fbc-4ff0-4730-92ea-459507d84b90,d:2136b4c25c744f1288db93c33cde66a8--><html xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:mtn="http://www.vailresorts.com/20230928" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2020-02-12" xmlns:dei="http://xbrl.sec.gov/dei/2023" xmlns="http://www.w3.org/1999/xhtml" xml:lang="en-US"><head><meta http-equiv="Content-Type" content="text/html"/>


<title>mtn-20230928</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="c-1" name="dei:AmendmentFlag" id="f-21">false</ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="dei:EntityCentralIndexKey" id="f-22">0000812011</ix:nonNumeric></ix:hidden><ix:references xml:lang="en-US"><link:schemaRef xlink:type="simple" xlink:href="mtn-20230928.xsd"></link:schemaRef></ix:references><ix:resources><xbrli:context id="c-1"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0000812011</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2023-09-28</xbrli:startDate><xbrli:endDate>2023-09-28</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div id="i2136b4c25c744f1288db93c33cde66a8_1"></div><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="-sec-extract:summary;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">WASHINGTON, D.C. 20549</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">FORM <ix:nonNumeric contextRef="c-1" name="dei:DocumentType" id="f-1">8-K</ix:nonNumeric> </span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">CURRENT REPORT</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Date of report (Date of earliest event reported): <ix:nonNumeric contextRef="c-1" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="f-2">September&#160;28, 2023</ix:nonNumeric> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%;text-decoration:underline"><ix:nonNumeric contextRef="c-1" name="dei:EntityRegistrantName" id="f-3">Vail Resorts, Inc.</ix:nonNumeric> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Exact Name of Registrant as Specified in Charter)</span></div><div style="text-align:center"><span><br/></span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.116%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:30.040%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.116%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:30.042%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityIncorporationStateCountryCode" format="ixt-sec:stateprovnameen" id="f-4">Delaware</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityFileNumber" id="f-5">001-09614</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityTaxIdentificationNumber" id="f-6">51-0291762</ix:nonNumeric></span></td></tr><tr><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(State or Other Jurisdiction of<br/>Incorporation or Organization)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Commission File Number)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(I.R.S. Employer<br/>Identification No.)</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressAddressLine1" id="f-7">390 Interlocken Crescent</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressCityOrTown" id="f-8">Broomfield,</ix:nonNumeric></span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressStateOrProvince" format="ixt-sec:stateprovnameen" id="f-9">Colorado</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressPostalZipCode" id="f-10">80021</ix:nonNumeric></span></td></tr><tr><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Address of Principal Executive Offices)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Zip Code)</span></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:246.00pt"><tr><td style="width:1.0pt"></td><td style="width:121.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:121.00pt"></td><td style="width:1.0pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:CityAreaCode" id="f-11">(303)</ix:nonNumeric> </span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:LocalPhoneNumber" id="f-12">404-1800</ix:nonNumeric></span></td></tr><tr style="height:15pt"><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Registrant&#8217;s telephone number, including area code)</span></td></tr></table></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.543%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Not Applicable</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline">(Former Name or Former Address, if Changed Since Last Report)</span></td></tr></table></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:WrittenCommunications" format="ixt-sec:boolballotbox" id="f-13">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:SolicitingMaterial" format="ixt-sec:boolballotbox" id="f-14">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:PreCommencementTenderOffer" format="ixt-sec:boolballotbox" id="f-15">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:PreCommencementIssuerTenderOffer" format="ixt-sec:boolballotbox" id="f-16">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities registered pursuant to Section&#160;12(b) of the Act:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:35.811%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.782%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:36.107%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Title of each class</span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trading Symbol</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name of each exchange on which registered</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:Security12bTitle" id="f-17">Common Stock, $0.01 par value</ix:nonNumeric></span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:TradingSymbol" id="f-18">MTN</ix:nonNumeric></span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-19">New York Stock Exchange</ix:nonNumeric></span></td></tr></table></div><div><span><br/></span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is an emerging growth company 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="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Emerging growth company  </span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" id="f-20">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#168;</span></div><div style="text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2.02.  Results of Operations and Financial Condition.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 28, 2023, Vail Resorts, Inc. issued a press release announcing its results for the three months and fiscal year ended July&#160;31, 2023.  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><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 9.01.  Financial Statements and Exhibits.</span></div><div><span><br/></span></div><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(d) Exhibits. </span></div><div style="padding-left:18pt"><span><br/></span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:12.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.264%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%;text-decoration:underline">Exhibit No.</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%;text-decoration:underline">Description</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">99.1</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="a20230731pressrelease.htm">Press Release, dated September 28, 2023, announcing fiscal fourth quarter and fiscal 2023 results.</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">104</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cover Page Interactive Data File (embedded within the Inline XBRL document).</span></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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><span><br/></span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:49.415%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:44.115%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Vail Resorts, Inc.</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date: September 28, 2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><br/></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">/s/ Angela A. Korch</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Angela A. Korch</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Executive Vice President and Chief Financial Officer</span></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div></body></html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a20230731pressrelease.htm
<DESCRIPTION>PRESS RELEASE, DATED SEPTEMBER 28, 2023
<TEXT>
<html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2023 Workiva -->
<title>Document</title></head><body><div id="i65411077ad3845aba621d6627aac0a8f_1"></div><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%">Exhibit 99.1</font></div><div style="margin-bottom:6pt;text-align:justify"><img alt="vaila07a.jpg" src="vaila07a.jpg" style="height:93px;margin-bottom:5pt;vertical-align:text-bottom;width:522px"></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:232%">Vail Resorts Contacts&#58;</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">Investor Relations&#58;&#160;Bo Heitz, (303) 404-1800, </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;text-decoration:underline">InvestorRelations&#64;vailresorts.com</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#160;&#160;&#160;&#160;</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">Media&#58;&#160;Sara Olson, (303) 404-6497, </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;text-decoration:underline">News&#64;vailresorts.com</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:232%;text-decoration:underline">Vail Resorts Reports Fiscal 2023 Fourth Quarter and Full Year Results and Provides Fiscal 2024 Outlook</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#160;&#160;&#160;&#160;BROOMFIELD, Colo. - September 28, 2023 - Vail Resorts, Inc. (NYSE&#58; MTN) today reported results for the fourth quarter and fiscal year ended July 31, 2023 and reported results of season-to-date season pass sales. Vail Resorts also provided its outlook for the fiscal year ending July 31, 2024, provided an update on capital spending plans, declared a dividend payable in October 2023 and announced share repurchases completed during the fourth quarter.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%;text-decoration:underline">Highlights</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">Net income attributable to Vail Resorts, Inc. was $268.1 million for fiscal 2023 compared to net income attributable to Vail Resorts, Inc. of $347.9 million for fiscal 2022. The decrease in net income attributable to Vail Resorts, Inc. compared to the prior year is primarily attributable to a large gain on disposal of fixed assets in fiscal 2022 and an increase in fiscal 2023 expense associated with a change in the estimated fair value of the contingent consideration liability related to our Park City resort lease.  </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">Resort Reported EBITDA was $834.8 million for fiscal 2023, compared to $836.9 million for fiscal 2022.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">Pass product sales through September 22, 2023 for the upcoming 2023&#47;2024 North American ski season increased approximately 7% in units and approximately 11% in sales dollars as compared to the period in the prior year through September 23, 2022.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:232%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">Pass product sales are adjusted to eliminate the impact of changes in foreign currency exchange rates by applying current U.S. dollar exchange rates to both current period and prior period sales for Whistler Blackcomb.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">The Company provided its outlook for fiscal 2024 and expects net income attributable to Vail Resorts, Inc. to be between $316 million and $394 million and Resort Reported EBITDA to be between $912 million and $968 million. </font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">Fiscal 2024 guidance, among other assumptions described below, assumes a continuation of the current economic environment and normal weather conditions for the 2023&#47;2024 North American and European ski season and the 2024 Australian ski season. </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">The Company declared a quarterly cash dividend of $2.06 per share of Vail Resorts&#8217; common stock that will be payable on October 26, 2023 to shareholders of record as of October 10, 2023 and repurchased approximately 0.4 million shares during the quarter at an average price of $247 for a total of $100 million. For the full fiscal year, the Company repurchased approximately 2.2 million shares, or 5.4% of shares outstanding, at an average price of approximately $229 for a total of $500 million.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">Commenting on the Company&#8217;s fiscal 2023 results, Kirsten Lynch, Chief Executive Officer, said, &#8220;Given the significant weather-related challenges this past season, we are pleased with our overall results for the year, with strong growth in 2022&#47;2023 North American ski season visitation and spending compared to the prior year, further supported by the stability created by our advance commitment products. The return to normal staffing levels enabled our mountain resorts to deliver a strong guest experience resulting in a significant improvement in guest satisfaction scores, which exceeded pre-COVID levels at our destination mountain resorts.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8220;Visitation growth was achieved through strong growth in pass sales, the addition of Andermatt-Sedrun in Switzerland, the full year impact of Seven Springs Mountain Resort, Hidden Valley Resort and Laurel Mountain Ski Area (collectively, the &#8220;Seven Springs Resorts,&#8221; acquired December 31, 2021), and record visitation and resort net revenue in March and April. Ancillary businesses, including ski school, dining, and retail&#47;rental, experienced strong growth compared to the prior period, when those businesses were impacted by capacity constraints driven by staffing, and in the case of dining, by operational restrictions associated with COVID-19. Our dining business rebounded strongly from the prior year, though underperformed expectations for the year as guest dining behavior did not fully return to pre-COVID levels following two years of significant operational restrictions associated with COVID-19. Our overall results throughout the 2022&#47;2023 North American ski season highlight the stability of the advance commitment from season pass products in a season with challenging conditions, including travel disruptions during the peak holiday period, abnormal weather conditions which significantly reduced operating days, terrain availability, and activity offerings across our 26 Midwest, Mid-Atlantic and Northeast resorts (collectively, &#8220;Eastern&#8221; U.S. resorts), and severe weather disruptions at our Tahoe resorts. This past season, approximately 75% of skier visitation at our North American resorts, excluding complimentary visits, was from pass product holders who committed in advance of the season, which compares to approximately 72% for the 2021&#47;2022 North American ski season.&#8221;</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">Regarding the Company&#8217;s fiscal 2023 fourth quarter results, Lynch said, &#8220;The fourth quarter declined from the prior year, primarily driven by the Company&#8217;s fiscal 2023 investments in employees, as well as a below average snowfall and snowmaking temperatures that limited terrain availability during the Australian winter season. North American summer </font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">operations also underperformed expectations driven by a combination of lower demand for destination mountain travel, which we believe was primarily driven by a broader shift in summer travel behavior associated with the wider variety of vacation offerings available following various travel restrictions in the prior two years, and weather-related operational disruptions.&#8221;</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%;text-decoration:underline">Operating Results</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#160;&#160;&#160;&#160;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-K for the fiscal year ended July 31, 2023, which was filed today with the Securities and Exchange Commission. The discussion of operating results below compares the results for the fiscal year ended July 31, 2023 to the fiscal year ended July 31, 2022, unless otherwise noted. The following are segment highlights&#58;</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%;text-decoration:underline">Mountain Segment</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">Total lift revenue increased $110.7 million, or 8.4%, to $1,420.9 million due to increases in both pass product revenue and non-pass product revenue. Pass product revenue increased 8.5% primarily as a result of an increase in pass product sales for the 2022&#47;2023 North American ski season compared to the prior year, as well as an increase in pass product sales for the 2022 Australian ski season compared to the prior year. Non-pass revenue increased 8.3% primarily due to an increase non-pass ETP (excluding Andermatt-Sedrun) of 7.8%, as well as incremental non-pass revenue from Andermatt-Sedrun of $13.2 million. Total non-pass ETP, including the impact of Andermatt-Sedrun, increased 4.3%. The increase in non-pass revenue also benefited from an increase in visitation at our Australian ski areas in the first quarter of fiscal 2023, which experienced record visitation and favorable snow conditions during the 2022 Australian ski season following periodic COVID-related closures and restrictions in the prior season.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">Ski school revenue increased $63.6 million, or 28.5%, dining revenue increased $60.9 million, or 37.2%, and retail&#47;rental revenue increased $49.7 million, or 15.9%, each primarily driven by the greater impact of COVID-19 and related limitations and restrictions in the prior year, including staffing challenges which limited our ability to operate at full capacity, as well as increased skier visitation.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">Operating expense increased $314.4 million, or 22.4%, which was primarily attributable to investments in employee wages and salaries and increased headcount to support more normalized staffing and operations at our resorts, as well as increased variable expenses associated with increased revenue, the impact of inflation and incremental expenses associated with Andermatt-Sedrun and the Seven Springs Resorts.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">Mountain Reported EBITDA increased $11.4 million, or 1.4%, which includes $21.2 million of stock-based compensation for fiscal 2023 compared to $20.9 million in the prior year. </font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%;text-decoration:underline">Lodging Segment</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">Lodging segment net revenue (excluding payroll cost reimbursements) increased $22.8 million, or 7.6%, primarily due to increases in dining and ancillary revenue as a result of fewer COVID-19 related limitations and restrictions as compared to the prior year and a return to more normalized operations, as well as incremental revenue from the Seven Springs Resorts.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">Operating expense (excluding reimbursed payroll costs) increased $36.3 million, or 13.2%, which was primarily attributable to investments in employee wages and salaries and increased headcount to support more normalized staffing and operations at our resorts, as well as increased variable expenses associated with increased revenue, the impact of inflation and incremental expenses associated with the Seven Springs Resorts.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">Lodging Reported EBITDA decreased $13.5 million, or 52.4%, which includes $4.0 million of stock-based compensation expense in fiscal 2023 compared to $3.7 million in the prior year.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%;text-decoration:underline">Resort - Combination of Mountain and Lodging Segments</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">Resort net revenue was $2,881.3 million for fiscal 2023, an increase of $356.1 million, or 14.1%, compared to resort net revenue of $2,525.2 million for fiscal 2022.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">Resort Reported EBITDA was $834.8 million for fiscal 2023, a decrease of $2.1 million, or 0.2%, compared to fiscal 2022.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%;text-decoration:underline">Total Performance</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">Total net revenue increased $363.5 million, or 14.4%, to $2,889.4 million.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%;padding-left:14.5pt">Net income attributable to Vail Resorts, Inc. was $268.1 million, or $6.74 per diluted share, for fiscal 2023 compared to net income attributable to Vail Resorts, Inc. of $347.9 million, or $8.55 per diluted share, in fiscal 2022. The decrease in net income attributable to Vail Resorts, Inc. was primarily due to a reduction in the gain on disposal of fixed assets and other, net, for fiscal 2023 compared to fiscal 2022, for which prior year disposals included (i) $32.2 million gain from the sale of the DoubleTree at Breckenridge hotel&#59; (ii) $10.3 million in proceeds from the NPS related to partial payments for a leasehold surrender interest at GTLC which was made at the request of the NPS&#59; and (iii) $7.9 million gain from the sale of an administrative building in Avon, CO. The decrease was also attributable to a $29.6 million increase in fiscal 2023 expense associated with a change in the estimated fair value of the contingent consideration liability related to our Park City resort lease. </font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%;text-decoration:underline">Return of Capital</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">Commenting on capital allocation, Lynch said, &#8220;Our balance sheet remains strong, and the business continues to generate robust cash flow. Our total cash and revolver availability as of July 31, 2023 was approximately $1.2 billion, with </font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">$563 million of cash on hand, $421 million of U.S. revolver availability under the Vail Holdings Credit Agreement and $225 million of revolver availability under the Whistler Credit Agreement. As of July 31, 2023, our Net Debt was 2.7 times trailing twelve months Total Reported EBITDA. The Company declared a quarterly cash dividend of $2.06 per share of Vail Resorts&#8217; common stock that will be payable on October 26, 2023 to shareholders of record as of October 10, 2023. During the quarter, the Company repurchased approximately 0.4 million shares of common stock at an average price of $247 for a total of approximately $100.0 million. Including shares repurchased during the fourth quarter, the Company repurchased a total of approximately 2.2 million shares of common stock during fiscal year 2023 at an average price of approximately $229 for a total of $500.0 million. We remain committed to returning capital to shareholders and intend to maintain an opportunistic approach to future share repurchases. We will continue to be disciplined stewards of our capital and remain committed to prioritizing investments in our guest and employee experience, high-return capital projects, strategic acquisition opportunities, and returning capital to our shareholders through our quarterly dividend and share repurchase program.&#8221;</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%;text-decoration:underline">Season Pass Sales</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">Commenting on the Company's season pass sales for the upcoming 2023&#47;2024 North American ski season, Lynch said, &#8220;Advance commitment continues to be the foundation of our strategy, shifting guests from short term refundable lift ticket purchases to a nonrefundable commitment before the season starts, in exchange for greater value. We are pleased with the results of our season pass sales to date, which demonstrate the compelling value proposition of our pass products, our network of mountain resorts, and our commitment to continually investing in and delivering a strong guest experience. Through September 22, 2023, North American ski season pass sales increased approximately 7% in units and 11% in sales dollars as compared to the period in the prior year through September 23, 2022. Pass product sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.74 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales. </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8220;Relative to the 2022&#47;2023 season, the Company achieved strong loyalty among its pass holders, with particularly strong pass sales growth from renewing pass holders, while also growing sales among new pass holders. The Company successfully grew units across destination, international and local geographies, with the strongest unit growth in destination markets, including in the Northeast, and across all major pass product segments, with the strongest product growth in regional pass products and Epic Day Pass products as lower frequency guests and local Northeast guests continue to be attracted by the strong value proposition of these products. The business also achieved positive growth in the Midwest and Mid-Atlantic, which after challenging conditions last season, highlights the stability of our advance commitment program, loyalty of our guests, and significant opportunity to drive pass penetration in the East. Pass sales dollars continue to benefit from the 8% price increase relative to the 2022&#47;23 season, partially offset by the mix impact from the growth of Epic Day Pass products. As we enter the </font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">final period for season pass sales, we expect our December 2023 growth rates may moderate relative to our September 2023 growth rates given the impact of moving purchasers earlier in the selling cycle.&#8221;</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">Lynch continued, &#8220;We continue to prioritize advance commitment as the best way for guests to access our mountain resorts. Similar to prior seasons, lift ticket sales will be limited during the 2023&#47;2024 season in order to prioritize guests committing in advance with season passes and to preserve the guest experience at each resort. We expect these lift ticket limitations will further support our resorts and communities on peak days, and we do not anticipate that the limitations will have a significant impact on our financial results, consistent with prior seasons.  As a reminder, no reservations are required at any of the resorts on the Epic Pass for pass holders, other than at our partner resort Telluride.&#8221;</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%;text-decoration:underline">Capital Investments</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">Commenting on the Company&#8217;s investments for the 2023&#47;2024 North American ski season, Lynch said, &#8220;We remain dedicated to delivering an exceptional guest experience and will continue to prioritize reinvesting in the experience at our resorts, including consistently increasing capacity through lift, terrain and food and beverage expansion projects. As previously announced, the Company expects to invest approximately $180 million to $185 million in calendar year 2023, excluding one-time investments related to integration activities, deferred capital associated with previously delayed projects, reimbursable investments associated with insurance recoveries, and growth capital investments at Andermatt-Sedrun.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8220;At Keystone, we plan to complete the transformational lift-served terrain expansion project in Bergman Bowl, increasing lift-served terrain by 555 acres with the addition of a new six-person high speed lift. At Breckenridge, we plan to upgrade the Peak 8 base area to enhance the beginner and children&#8217;s experience and increase uphill capacity from this popular base area. The investment plan includes a new four-person high speed 5-Chair to replace the existing two-person fixed-grip lift as well as significant improvements, including new teaching terrain and a transport carpet from the base, to make the beginner experience more accessible. At Whistler Blackcomb, we plan to replace the four-person high speed Fitzsimmons lift with a new eight-person high speed lift. At Stevens Pass, we are planning to replace the two-person fixed-grip Kehr&#8217;s Chair lift with a new four-person lift, which is designed to improve out-of-base capacity and guest experience. At Attitash, we plan to replace the three-person fixed-grip Summit Triple lift with a new four-person high speed lift to increase uphill capacity and reduce guests&#8217; time on the longest lift at the resort. We currently plan to complete these lift projects in time for the 2023&#47;2024 North American winter season. </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8220;The Company is planning to pilot My Epic Gear at Vail, Beaver Creek, Breckenridge, and Keystone for a limited number of pass holders during the 2023&#47;2024 North American ski season, which will introduce a new membership program that provides the best benefits of gear ownership but with more choice, lower cost, and no hassle. My Epic Gear provides its members with the ability to choose the gear they want, for the full season or for the day, from a selection of the most popular </font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">and latest ski and snowboard models, and have it delivered to them when and where they want it, guaranteed, with free slopeside pick up and drop off every day. In addition to offering the best skis and snowboards, My Epic Gear will also offer name brand, high-quality ski and snowboard boots with customized insoles and boot fit scanning technology. The entire My Epic Gear membership, from gear selection to boot fit to personalized recommendations to delivery, will be at the members' fingertips through the new My Epic app. My Epic Gear will officially launch for the 2024&#47;2025 winter season at Vail, Beaver Creek, Breckenridge, Keystone, Whistler Blackcomb, Park City Mountain, Crested Butte, Heavenly, Northstar, Stowe, Okemo, and Mount Snow, and further expansions are expected in future years.  </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8220;The Company is also planning to introduce new technology for the 2023&#47;2024 ski season at its U.S. resorts that will allow guests to store their pass product or lift ticket directly on their phone and scan at lifts hands-free, eliminating the need for carrying plastic cards, visiting the ticket window or waiting to receive a pass or lift ticket in the mail. Once loaded on their phones, guests can store their phone in their pocket, and get scanned hands free in the lift line using Bluetooth&#174; Low Energy technology, which is designed for low energy usage to minimize the impact on a phone&#8217;s battery life. In addition to the significant enhancement of the guest experience, this technology will also ultimately reduce waste of printing plastic cards for pass products and lift tickets, and RFID chips, as a part of the Company&#8217;s Commitment to Zero. For the first year of launch, to ensure a smooth transition, the Company will provide plastic cards for passes and lift tickets to all guests, and in future years plastic cards will be available to any guests who cannot or do not want to use their phone to store their pass product or lift ticket. We are also excited to announce the launch of our new My Epic app, which will include Mobile Pass and Mobile Lift Tickets, interactive trail maps, real-time and predictive lift line wait times, personalized stats, My Epic Gear, and other relevant information to support the guest experience. The Company is also investing in network-wide scalable technology that will enhance our analytics, e-commerce and guest engagement tools to improve our ability to target our guest outreach, personalize messages and improve conversion.&#8221; </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">Including $10 million of deferred capital associated with previously delayed projects, $4 million of reimbursable investments associated with insurance recoveries, $1 million of one-time investments related to integration activities, and $9 million of growth capital investments at Andermatt-Sedrun, our total capital plan for calendar year 2023 is expected to be approximately $204 million to $209 million.&#8221;</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">Regarding calendar year 2024 capital expenditures, Lynch said, &#8220;In addition to this year&#8217;s significant investments across new lifts, expanded terrain and enhanced guest-facing technology, we are pleased to announce some select projects for our calendar year 2024 capital plan, with the full capital investment announcement planned for December 2023. At Whistler Blackcomb, we plan to replace the four-person high speed Jersey Cream lift with a new six-person high speed lift. This lift is expected to provide a meaningful increase to uphill capacity and better distribute guests at a central part of the resort. At Hunter Mountain, we plan to replace the four-person fixed-grip Broadway lift with a new six-person high speed lift and plan to relocate </font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">the existing Broadway lift to replace the two-person fixed-grip E lift, providing a meaningful increase in uphill capacity and improved access to terrain that is key to the progressive learning experience for our guests. At Park City Mountain, we expect to engage in a planning process to support the replacement of the Sunrise lift with a new 10-person gondola in partnership with the Canyons Village Management Association in calendar year 2025, which will provide improved access and enhanced guest experience for existing and future developments within Canyons Village. These projects are subject to approvals.&#8221;</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%;text-decoration:underline">Guidance</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">Commenting on guidance, Lynch said, &#8220;As we head into fiscal year 2024, we are encouraged by the strength in advance commitment product sales and remain committed to delivering a strong guest experience while maintaining cost discipline. We expect meaningful growth for fiscal 2024 relative to fiscal 2023 with strong Resort EBITDA margin. Our guidance for net income attributable to Vail Resorts, Inc. is estimated to be between $316 million and $394 million for fiscal 2024. We estimate Resort Reported EBITDA for fiscal 2024 will be between $912 million and $968 million. We estimate Resort EBITDA Margin for fiscal 2024 to be approximately 31.0% using the midpoint of the guidance range.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8220;Fiscal 2024 guidance includes an expectation that the first quarter of fiscal 2024 will generate net loss attributable to Vail Resorts, Inc. between $191 million and $168 million and Resort Reported EBITDA between negative $154 million and negative $140 million. At the midpoint of the guidance range, first quarter fiscal 2024 Resort Reported EBITDA assumes a negative impact of approximately $46 million compared to the first quarter of fiscal 2023 excluding exchange rate impacts, primarily driven by cost inflation, including a $7 million impact of our fiscal 2023 employee investment which went into effect in October 2022, lower results from our Australian resorts from the continuation of the weather related challenges that impacted terrain in the fourth quarter of fiscal 2023, and lower results from North American summer operations from the continuation of the lower demand for destination mountain travel experienced in the prior fiscal quarter. Relative to fiscal 2023, fiscal 2024 full year guidance also reflects a negative Resort Reported EBITDA impact of approximately $3 million as a result of the Company&#8217;s fiscal 2023 exit of its retail and rental locations in Telluride and Aspen.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#8220;The guidance assumes a continuation of the current economic environment and normal weather conditions for the 2023&#47;2024 North American and European ski season and the 2024 Australian ski season. The guidance assumes an exchange rate of $0.74 between the Canadian Dollar and U.S. Dollar related to the operations of Whistler Blackcomb in Canada, an exchange rate of $0.64 between the Australian Dollar and U.S. Dollar related to the operations of Perisher, Falls Creek and Hotham in Australia, and an exchange rate of $1.10 between the Swiss Franc and U.S. Dollar related to the operations of Andermatt-Sedrun in Switzerland. The current fiscal 2024 exchange rate assumptions result in an expected $5 million negative impact relative to fiscal 2023 results and an expected $10 million negative impact relative to our original fiscal 2023 guidance provided in September 2022.&#8221; </font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">The following table reflects the forecasted guidance range for the Company&#8217;s fiscal 2024 first quarter ending October 31, 2023 and full year ending July 31, 2024 for Total Reported EBITDA (after stock-based compensation expense) and reconciles net (loss) income attributable to Vail Resorts, Inc. guidance to such Total Reported EBITDA guidance.</font></div><div style="margin-bottom:6pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.830%"><tr><td style="width:1.0%"></td><td style="width:44.610%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.917%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.539%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.917%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.539%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.917%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.539%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.922%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fiscal 2024 Guidance</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fiscal 2024 Guidance</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(In thousands)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(In thousands)</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">For the Three Months Ending</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">For the Year Ending</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">October 31, 2023 </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">July 31, 2024 </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(6)</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Low End</font></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">High End</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Low End</font></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">High End</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Range</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Range</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Range</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Range</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net (loss) income attributable to Vail Resorts, Inc.</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(191,000)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(168,000)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">316,000&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">394,000&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net (loss) income attributable to noncontrolling interests</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,000)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10,000)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">26,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net (loss) income</font></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(197,000)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(178,000)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">342,000&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">414,000&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Benefit) provision for income taxes </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(67,000)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(60,000)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">115,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">139,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Loss) income before income taxes</font></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(264,000)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(238,000)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">457,000&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">553,000&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation and amortization</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">69,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">67,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">277,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">261,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest expense, net</font></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">42,000&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">39,000&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">165,000&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">157,000&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,000)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Reported EBITDA</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(150,000)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(134,000)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">910,000&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">972,000&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mountain Reported EBITDA </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(3)</font></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(152,000)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(138,000)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">886,000&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">940,000&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lodging Reported EBITDA </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(4)</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4,000)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">32,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Resort Reported EBITDA </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(5)</font></div></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(154,000)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(140,000)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">912,000&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">968,000&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real Estate Reported EBITDA</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,000)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Reported EBITDA</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(150,000)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(134,000)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">910,000&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">972,000&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:115%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:115%">The (benefit) provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated (benefit) provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards may be in-the-money depending on the current value of the stock price.</font></div></td></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:115%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Our guidance includes certain forward looking known changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any forward looking change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material. Separately, the intercompany loan associated with the Whistler Blackcomb transaction requires foreign currency remeasurement to Canadian dollars, the functional currency of Whistler Blackcomb. Our guidance excludes any forward looking change related to foreign currency gains or losses on the intercompany loans, which such change may be material. Additionally, our guidance excludes the impact of any future sales or disposals of land or other assets which are contingent upon future approvals or other outcomes.</font></div></td></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:115%;position:relative;top:-2.8pt;vertical-align:baseline">(3) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Mountain Reported EBITDA also includes approximately $6 million and $23 million of stock-based compensation for the three months ending October 31, 2023 and the year ending July 31, 2024, respectively.</font></div></td></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:115%;position:relative;top:-2.8pt;vertical-align:baseline">(4) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Lodging Reported EBITDA also includes approximately $1 million and $4 million of stock-based compensation for the three months ending October 31, 2023 and the year ending July 31, 2024, respectively.</font></div></td></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:115%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:115%"> The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges.</font></div></td></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:115%;position:relative;top:-2.8pt;vertical-align:baseline">(6) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Guidance estimates are predicated on an exchange rate of $0.74 between the Canadian dollar and U.S. dollar, related to the operations of Whistler Blackcomb in Canada&#59; an exchange rate of $0.64 between the Australian dollar and U.S. dollar, related to the operations of our Australian ski areas&#59; and an exchange rate of $1.10 between the Swiss franc and U.S. dollar, related to the operations of Andermatt-Sedrun in Switzerland.</font></div></td></tr></table></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:justify"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%;text-decoration:underline">Earnings Conference Call</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">&#160;&#160;&#160;&#160;The Company will conduct a conference call today at 5&#58;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) 445-7795 (U.S. and Canada) or +1 (785) 424-1699 (international). The conference ID is MTNQ423. A replay of the conference call will be available two hours following the conclusion of the conference call through October 6, 2023, at 8&#58;00 p.m. eastern time. To access the replay, dial (800) 839-2393 (U.S. and Canada) or +1 (402) 220-7206 (international). The conference call will also be archived at www.vailresorts.com.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%;text-decoration:underline">About Vail Resorts, Inc. (NYSE&#58; MTN)</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America&#59; Andermatt-Sedrun in Switzerland&#59; and Perisher, Hotham, and Falls Creek in Australia. We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and&#47;or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations across North America. Learn more about our company at www.VailResorts.com, or discover our resorts and pass options at www.EpicPass.com.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%;text-decoration:underline">Forward-Looking Statements</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">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 the statements regarding fiscal 2024 performance (including the assumptions related thereto), including our expected net income and Resort Reported EBITDA&#59; our expectations regarding our liquidity&#59; expectations related to our season pass products&#59; our expectations regarding our ancillary lines of business&#59; and the payment of dividends. 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 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 Epic Coverage program&#59; prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries&#59; risks associated with the effects of high or prolonged inflation, rising interest rates and financial institution disruptions&#59; unfavorable weather conditions or the impact of natural disasters or other unexpected events&#59; the </font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases (such as the COVID-19 pandemic), and the cost and availability of travel options and changing consumer preferences, discretionary spending habits or willingness to travel&#59; risks related to travel and airline disruptions, and other adverse impacts on the ability of our guests to travel&#59; public health emergencies, such as the COVID-19 pandemic, and the corresponding impact on the travel and leisure industry generally, and our financial condition and operations&#59; risks related to interruptions or disruptions of our information technology systems, data security or cyberattacks&#59; 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&#59; our ability to acquire, develop and implement relevant technology offerings for customers and partners, including effectively implementing our My Epic application&#59; the seasonality of our business combined with adverse events that may occur during our peak operating periods&#59; competition in our mountain and lodging businesses or with other recreational and leisure activities&#59; risks related to the high fixed cost structure of our business&#59; our ability to fund resort capital expenditures&#59; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations&#59; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements&#59; risks related to federal, state, local and foreign government laws, rules and regulations, including environmental and health and safety laws and regulations&#59; 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, properties and services effectively&#59; potential failure to adapt to technological developments or industry trends regarding information technology&#59; risks related to our workforce, including increased labor costs, loss of key personnel and our ability to maintain adequate staffing, including hiring and retaining a sufficient seasonal workforce&#59; 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&#59; risks related to scrutiny and changing expectations regarding our environmental, social and governance practices and reporting&#59; our ability to successfully integrate acquired businesses, including their integration into our internal controls and infrastructure&#59; our ability to successfully navigate new markets, including Europe&#59; or that acquired businesses may fail to perform in accordance with expectations&#59; risks associated with international operations&#59; fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars and the Swiss franc, as compared to the U.S. dollar&#59; changes in tax laws, regulations or interpretations, or adverse determinations by taxing authorities&#59; 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&#59; a materially adverse change in our financial condition&#59; adverse consequences of current or future litigation and legal claims&#59; changes in accounting judgments and estimates, accounting principles, policies or guidelines&#59; and other risks </font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">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, 2023, which was filed on September 28, 2023.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">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="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:232%;text-decoration:underline">Statement Concerning Non-GAAP Financial Measures</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">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, Resort EBITDA Margin, 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 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="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:232%">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 defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin is an important measurement of operating performance. 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 style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><div id="i65411077ad3845aba621d6627aac0a8f_4"></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Vail Resorts, Inc.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Consolidated Condensed Statements of Operations</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(In thousands, except per share amounts)</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(Unaudited)</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:46.853%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.180%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.180%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.180%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.187%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended <br>July 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Twelve Months Ended <br>July 31,</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net revenue&#58;</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mountain and Lodging services and other</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">205,818&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">203,843&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,372,175&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,116,547&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mountain and Lodging retail and dining</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">63,852&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">63,209&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">509,124&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">408,657&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Resort net revenue</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">269,670&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">267,052&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,881,299&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,525,204&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real Estate</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">98&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">84&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,065&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">708&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total net revenue</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">269,768&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">267,136&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,889,364&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,525,912&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Segment operating expense&#58;</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mountain and Lodging operating expense</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">242,209&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">215,480&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,454,324&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,180,963&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mountain and Lodging retail and dining cost of products sold</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29,187&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,296&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">203,278&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">162,414&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">General and administrative</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">85,190&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">87,234&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">389,465&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">347,493&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Resort operating expense</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">356,586&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">330,010&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,047,067&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,690,870&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real Estate operating expense</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,264&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,321&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,635&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,911&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total segment operating expense</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">357,850&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">331,331&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,057,702&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,696,781&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other operating (expense) income&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation and amortization</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(68,801)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(63,177)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(268,501)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(252,391)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Loss) gain on sale of real property</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">125&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">842&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,276&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Change in fair value of contingent consideration</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,200)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,300&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(49,836)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(20,280)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Loss) gain on disposal of fixed assets and other, net</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,015)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,829&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9,070)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">43,992&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Loss) income from operations</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(160,101)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(98,118)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">505,097&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">601,728&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest expense, net</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(40,211)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(36,140)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(153,022)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(148,183)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mountain equity investment income (loss), net</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">123&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(115)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">605&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,580&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Investment income and other, net</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,010&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,738&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23,744&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,718&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Foreign currency gain (loss) on intercompany loans </font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,656&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">397&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,907)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,682)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Loss) income before benefit from (provision for) income taxes</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(191,523)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(131,238)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">373,517&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">457,161&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Benefit from (provision for) income taxes</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">56,901&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,583&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(88,414)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(88,824)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net (loss) income</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(134,622)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(109,655)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">285,103&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">368,337&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net loss (income) attributable to noncontrolling interests</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,056&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">969&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(16,955)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(20,414)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net (loss) income attributable to Vail Resorts, Inc.</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(128,566)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(108,686)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">268,148&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">347,923&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Per share amounts</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#58;</font></div></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Basic net (loss) income per share attributable to Vail Resorts, Inc.</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3.35)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2.70)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.76&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.60&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Diluted net (loss) income per share attributable to Vail Resorts, Inc.</font></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3.35)</font></td><td style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2.70)</font></td><td style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.74&#160;</font></td><td style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.55&#160;</font></td><td style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash dividends declared per share</font></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.06&#160;</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.91&#160;</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.94&#160;</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.58&#160;</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Weighted average shares outstanding&#58;</font></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Basic</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">38,370&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">40,305&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">39,654&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">40,465&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Diluted</font></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">38,370&#160;</font></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">40,305&#160;</font></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">39,760&#160;</font></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">40,687&#160;</font></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Vail Resorts, Inc.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Consolidated Condensed Statements of Operations - Other Data</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(In thousands)</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(Unaudited)</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:47.438%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.180%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.180%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.180%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.186%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended <br>July 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Twelve Months Ended <br>July 31,</font></td></tr><tr style="height:6pt"><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td></tr><tr style="height:6pt"><td colspan="27" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Other Data&#58;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mountain Reported EBITDA</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(91,074)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(62,362)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">822,570&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">811,167&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lodging Reported EBITDA</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,281&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(711)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,267&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,747&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Resort Reported EBITDA</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(86,793)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(63,073)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">834,837&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">836,914&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real Estate Reported EBITDA</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,169)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,112)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,728)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,927)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Reported EBITDA</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(87,962)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(64,185)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">833,109&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">832,987&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mountain stock-based compensation</font></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,282&#160;</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,025&#160;</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,242&#160;</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,892&#160;</font></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lodging stock-based compensation</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,015&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">881&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,972&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,737&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Resort stock-based compensation</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,297&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,906&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,214&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,629&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real Estate stock-based compensation</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">50&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">46&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">195&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">256&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total stock-based compensation</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,347&#160;</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,952&#160;</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,409&#160;</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,885&#160;</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Vail Resorts, Inc.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mountain Segment Operating Results</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(In thousands, except Effective Ticket Price (&#8220;ETP&#8221;))</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(Unaudited)</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:32.477%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.163%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.163%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.163%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.973%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.163%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.163%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.170%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended <br>July 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Percentage<br>Increase</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Twelve Months Ended <br>July 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Percentage<br>Increase</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Decrease)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Decrease)</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net Mountain revenue&#58;</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lift</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">58,705&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">59,594&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.5)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,420,900&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,310,213&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ski school</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,763&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,203&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.1&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">287,275&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">223,645&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28.5&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dining</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,689&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,310&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">224,642&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">163,705&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">37.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Retail&#47;rental</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">26,200&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">30,064&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12.9)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">361,484&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">311,768&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15.9&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">68,660&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">68,633&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">246,605&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">203,783&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Mountain net revenue</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">181,017&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">184,804&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2.0)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,540,906&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,213,114&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14.8&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mountain operating expense&#58;</font></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Labor and labor-related benefits</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">116,756&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">92,418&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">26.3&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">744,613&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">561,266&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">32.7&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Retail cost of sales</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,228&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,173&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">118,717&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">99,024&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Resort related fees</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,162&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,758&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.8&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">104,797&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">93,177&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.5&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">General and administrative</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">71,458&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">73,150&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2.3)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">325,903&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">292,412&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.5&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">66,610&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">64,552&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.2&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">424,911&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">358,648&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18.5&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Mountain operating expense</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">272,214&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">247,051&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.2&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,718,941&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,404,527&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22.4&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mountain equity investment income (loss), net</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">123&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(115)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">207.0&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">605&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,580&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(76.6)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mountain Reported EBITDA</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(91,074)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(62,362)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(46.0)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">822,570&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">811,167&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.4&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr style="height:8pt"><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total skier visits</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">867&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,019&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(14.9)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,410&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,298&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">ETP</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">67.71&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">58.48&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15.8&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">73.20&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">75.74&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3.4)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Vail Resorts, Inc.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Lodging Operating Results</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(In thousands, except Average Daily Rate (&#8220;ADR&#8221;) and Revenue per Available Room (&#8220;RevPAR&#8221;))</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(Unaudited)</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:34.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.841%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.841%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.841%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.841%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.841%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.851%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended <br>July 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Percentage<br>Increase</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Twelve Months Ended <br>July 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Percentage<br>Increase</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Decrease)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Decrease)</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lodging net revenue&#58;</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Owned hotel rooms</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,982&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,217&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.8&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">80,117&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">80,579&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.6)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Managed condominium rooms</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,181&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,001&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.3&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">96,785&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">97,704&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.9)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dining</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,010&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,273&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">62,445&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">48,569&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28.6&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Transportation</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">970&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,600&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(39.4)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,242&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,021&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.9)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Golf</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,665&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,837&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,737&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,975&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16.1&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,581&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,859&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25.0&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55,816&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">46,500&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20.0&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">85,389&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">78,787&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.4&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">323,142&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">300,348&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.6&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payroll cost reimbursements</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,264&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,461&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5.7)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,251&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,742&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">46.9&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Lodging net revenue</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">88,653&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">82,248&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.8&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">340,393&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">312,090&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9.1&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lodging operating expense&#58;</font></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Labor and labor-related benefits</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">37,021&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">35,959&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.0&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">148,915&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">128,884&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15.5&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">General and administrative</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,732&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,084&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2.5)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">63,562&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55,081&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15.4&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">30,355&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29,455&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.1&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">98,398&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">90,636&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.6&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">81,108&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">79,498&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.0&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">310,875&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">274,601&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.2&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Reimbursed payroll costs</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,264&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,461&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5.7)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,251&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,742&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">46.9&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Lodging operating expense</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">84,372&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">82,959&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.7&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">328,126&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">286,343&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14.6&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lodging Reported EBITDA</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,281&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(711)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">702.1&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,267&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,747&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(52.4)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Owned hotel statistics&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">ADR</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">309.23&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">314.22&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.6)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">312.15&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">309.78&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.8&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">RevPAR</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">170.21&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">177.66&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.2)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">160.75&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">170.84&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5.9)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Managed condominium statistics&#58;</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">ADR</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">260.38&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">266.54&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2.3)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">416.77&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">410.13&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.6&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">RevPAR</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">56.89&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">59.99&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5.2)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">124.41&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">122.15&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.9&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Owned hotel and managed condominium statistics (combined)&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">ADR</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">285.41&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">289.60&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.4)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">378.62&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">373.89&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.3&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">RevPAR</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">90.24&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">91.94&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.8)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">133.48&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">133.53&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Key Balance Sheet Data</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(In thousands)</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(Unaudited)</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:66.348%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.295%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.591%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As of July 31,</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Vail Resorts, Inc. stockholders&#8217; equity</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,003,947&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,612,439&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Long-term debt, net</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,750,675&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,670,300&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Long-term debt due within one year</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">69,160&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">63,749&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total debt</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,819,835&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,734,049&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less&#58; cash and cash equivalents</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">562,975&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,107,427&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net debt</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,256,860&#160;</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,626,622&#160;</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><font><br></font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Presented below is a reconciliation of net (loss) income attributable to Vail Resorts, Inc. to Total Reported EBITDA for the three and twelve months ended July&#160;31, 2023 and 2022.</font></div><div style="margin-top:8pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:46.694%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.401%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(In&#160;thousands)<br>(Unaudited)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(In&#160;thousands)<br>(Unaudited)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended July 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Twelve Months Ended July 31,</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net (loss) income attributable to Vail Resorts, Inc.</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(128,566)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(108,686)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">268,148&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">347,923&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net (loss) income attributable to noncontrolling interests</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,056)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(969)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,955&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,414&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net (loss) income</font></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(134,622)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(109,655)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">285,103&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">368,337&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Benefit from) provision for income taxes</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(56,901)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(21,583)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">88,414&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">88,824&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Loss) income before (benefit from) provision for income taxes</font></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(191,523)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(131,238)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">373,517&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">457,161&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation and amortization</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">68,801&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">63,177&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">268,501&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">252,391&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Loss (gain) on disposal of fixed assets and other, net</font></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,015&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(27,829)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,070&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(43,992)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Change in fair value of contingent consideration</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,200&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,300)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">49,836&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,280&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Investment income and other, net</font></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,010)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,738)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(23,744)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,718)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Foreign currency (gain) loss on intercompany loans</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,656)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(397)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,907&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,682&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest expense, net</font></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">40,211&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">36,140&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">153,022&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">148,183&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Reported EBITDA</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(87,962)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(64,185)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">833,109&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">832,987&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mountain Reported EBITDA</font></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(91,074)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(62,362)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">822,570&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">811,167&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lodging Reported EBITDA</font></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,281&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(711)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,267&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,747&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:11.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Resort Reported EBITDA </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(86,793)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(63,073)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">834,837&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">836,914&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real Estate Reported EBITDA</font></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,169)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,112)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,728)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,927)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Reported EBITDA</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(87,962)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(64,185)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">833,109&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">832,987&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:11pt"><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> Resort represents the sum of Mountain and Lodging</font></div></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 July&#160;31, 2023.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:80.305%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.495%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(In thousands)<br>(Unaudited)<br>(As of July 31, 2023)</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Long-term debt, net</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,750,675&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Long-term debt due within one year</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">69,160&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total debt</font></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,819,835&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less&#58; cash and cash equivalents</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">562,975&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net debt</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,256,860&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net debt to Total Reported EBITDA</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.7 x</font></td></tr></table></div><div style="margin-bottom:14pt;margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and twelve months ended July&#160;31, 2023 and 2022.</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:53.870%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.432%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(In&#160;thousands)<br>(Unaudited)<br>Three Months&#160;Ended<br>July 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(In&#160;thousands)<br>(Unaudited)<br>Twelve Months&#160;Ended<br>July 31,</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Real Estate Reported EBITDA</font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,169)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,112)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,728)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,927)</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-cash Real Estate cost of sales</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,138&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">227&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-cash Real Estate stock-based compensation</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">50&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">46&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">195&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">256&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Proceeds received from Real Estate sales</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,125&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,091&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Change in real estate deposits and recovery of previously incurred project costs&#47;land basis less investments in real estate</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(31)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">142&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(211)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,132)</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net Real Estate Cash Flow</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,150)</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,201&#160;</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,394&#160;</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,515&#160;</font></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table reconciles Resort net revenue to Resort EBITDA Margin for the year ended July&#160;31, 2023 and fiscal 2024 guidance.</font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:56.440%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.129%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.131%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(In thousands)<br>(Unaudited)</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(In thousands)<br>(Unaudited)</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Twelve Months Ended <br>July 31, 2023</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fiscal 2024 Guidance </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</font></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Resort net revenue </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,881,299&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,037,000&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Resort Reported EBITDA </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">834,837&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">940,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Resort EBITDA margin </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29.0&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31.0&#160;</font></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr style="height:11pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> Resort represents the sum of Mountain and Lodging</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> Represents the mid-point of Guidance</font></div></td></tr></table></div><div><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>3
<FILENAME>mtn-20230928.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2023 Workiva-->
<!--r:4b006297-4653-456f-8da0-4cadffbf20df,g:45597fbc-4ff0-4730-92ea-459507d84b90-->
<xs:schema xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:mtn="http://www.vailresorts.com/20230928" xmlns:xbrli="http://www.xbrl.org/2003/instance" attributeFormDefault="unqualified" elementFormDefault="qualified" targetNamespace="http://www.vailresorts.com/20230928">
  <xs:import namespace="http://www.w3.org/1999/xlink" schemaLocation="http://www.xbrl.org/2003/xlink-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <xs:import namespace="http://xbrl.sec.gov/dei/2023" schemaLocation="https://xbrl.sec.gov/dei/2023/dei-2023.xsd"/>
  <xs:annotation>
    <xs:appinfo>
      <link:linkbaseRef xmlns:xlink="http://www.w3.org/1999/xlink" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="mtn-20230928_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:type="simple"/>
      <link:linkbaseRef xmlns:xlink="http://www.w3.org/1999/xlink" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="mtn-20230928_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>0000001 - 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>
    </xs:appinfo>
  </xs:annotation>
  <xs:element id="mtn_DocumentAndEntityInformationAbstract" abstract="true" name="DocumentAndEntityInformationAbstract" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>mtn-20230928_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2023 Workiva-->
<!--r:4b006297-4653-456f-8da0-4cadffbf20df,g:45597fbc-4ff0-4730-92ea-459507d84b90-->
<link:linkbase 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" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel"/>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="lab_dei_SecurityExchangeName_c2faf49a-c676-4c1f-8009-4361c72b2a42_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Security Exchange Name</link:label>
    <link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Security Exchange Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_Security12bTitle_62d50715-713a-48af-b247-44d7e0ad8dff_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_WrittenCommunications_f7b5ef4f-612f-47ad-9b46-c117061c831d_terseLabel_en-US" xlink:label="lab_dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Written Communications</link:label>
    <link:label id="lab_dei_WrittenCommunications_label_en-US" xlink:label="lab_dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Written Communications</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_WrittenCommunications" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_WrittenCommunications" xlink:to="lab_dei_WrittenCommunications" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_LocalPhoneNumber_96e0e78c-5c3f-4b81-b805-d0f143e67fc6_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Local Phone Number</link:label>
    <link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Local Phone Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_TradingSymbol_31350740-1633-416f-a9d1-1d110092b04d_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trading Symbol</link:label>
    <link:label id="lab_dei_TradingSymbol_label_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trading Symbol</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_9d9e56b0-2433-4450-aff6-e982363a5077_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressStateOrProvince_cf942bf9-c1c3-41e7-861f-4dd5443f62f1_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_b1776ec9-ef54-48a5-9672-914ef4d2e2bd_terseLabel_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_label_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementIssuerTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementIssuerTenderOffer" xlink:to="lab_dei_PreCommencementIssuerTenderOffer" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentPeriodEndDate_f24c1901-0789-426c-91b8-7e37467686d7_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Period End Date</link:label>
    <link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Period End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_3a792270-40f9-416b-a489-aec37c9dcec4_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_PreCommencementTenderOffer_056ca1fd-cb81-4af1-b723-31f94d818b6a_terseLabel_en-US" xlink:label="lab_dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementTenderOffer_label_en-US" xlink:label="lab_dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementTenderOffer" xlink:to="lab_dei_PreCommencementTenderOffer" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_SolicitingMaterial_38e00cd2-6c80-4118-ad13-5186ffe150ee_terseLabel_en-US" xlink:label="lab_dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Soliciting Material</link:label>
    <link:label id="lab_dei_SolicitingMaterial_label_en-US" xlink:label="lab_dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Soliciting Material</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SolicitingMaterial" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SolicitingMaterial" xlink:to="lab_dei_SolicitingMaterial" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CityAreaCode_c6200d70-a0b5-460a-838a-2b00b4b2d6a3_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">City Area Code</link:label>
    <link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">City Area Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressPostalZipCode_381d2abe-0cc0-497b-ae3c-af786977e08d_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentType_c1c08127-0b25-4c28-b4b9-1890596de08c_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Type</link:label>
    <link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Type</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
    <link:label id="lab_mtn_DocumentAndEntityInformationAbstract_be407abe-12ea-4d8c-b7ab-ce15c1f8fb74_terseLabel_en-US" xlink:label="lab_mtn_DocumentAndEntityInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document and Entity Information [Abstract]</link:label>
    <link:label id="lab_mtn_DocumentAndEntityInformationAbstract_label_en-US" xlink:label="lab_mtn_DocumentAndEntityInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document and Entity Information [Abstract]</link:label>
    <link:label id="lab_mtn_DocumentAndEntityInformationAbstract_documentation_en-US" xlink:label="lab_mtn_DocumentAndEntityInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document and Entity Information</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtn_DocumentAndEntityInformationAbstract" xlink:href="mtn-20230928.xsd#mtn_DocumentAndEntityInformationAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract" xlink:to="lab_mtn_DocumentAndEntityInformationAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCentralIndexKey_a141e71e-4147-4355-b944-9355051c0e79_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:label id="lab_dei_EntityCentralIndexKey_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AmendmentFlag_03f8cabd-0c6c-461a-82ff-154f68039af7_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amendment Flag</link:label>
    <link:label id="lab_dei_AmendmentFlag_label_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amendment Flag</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityFileNumber_24585047-0d96-4f1e-9f3b-750cd9c46b75_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity File Number</link:label>
    <link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity File Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressCityOrTown_2f92dd5c-9ec3-4881-abdf-e7fe46d0ffcf_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_050204a1-57a2-45db-98bb-be797779d759_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine1_7fd8b2ae-aea7-49a3-b6a9-e490e28527dd_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine1_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityRegistrantName_08ab790f-bef2-478d-a309-1039cd0835f2_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:label id="lab_dei_EntityRegistrantName_label_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>mtn-20230928_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2023 Workiva-->
<!--r:4b006297-4653-456f-8da0-4cadffbf20df,g:45597fbc-4ff0-4730-92ea-459507d84b90-->
<link:linkbase 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" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.vailresorts.com/role/DEIDocument" xlink:type="simple" xlink:href="mtn-20230928.xsd#DEIDocument"/>
  <link:presentationLink xlink:role="http://www.vailresorts.com/role/DEIDocument" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:href="mtn-20230928.xsd#mtn_DocumentAndEntityInformationAbstract"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType_b4fcb595-f1cc-4f95-8c6a-9778b3be13a0" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType"/>
    <link:presentationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_DocumentType_b4fcb595-f1cc-4f95-8c6a-9778b3be13a0" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate_fd3e93b8-4fbd-42c1-8941-27c0d7e34f7c" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate"/>
    <link:presentationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_DocumentPeriodEndDate_fd3e93b8-4fbd-42c1-8941-27c0d7e34f7c" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName_e68cc2ac-5058-4116-8750-728c56709037" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName"/>
    <link:presentationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_EntityRegistrantName_e68cc2ac-5058-4116-8750-728c56709037" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber_db66db14-eea2-4dca-95d8-1e956d4f5cfc" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber"/>
    <link:presentationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_EntityTaxIdentificationNumber_db66db14-eea2-4dca-95d8-1e956d4f5cfc" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1_2cd5bca0-679b-46da-92c7-1df407bff27d" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1"/>
    <link:presentationArc order="5" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_EntityAddressAddressLine1_2cd5bca0-679b-46da-92c7-1df407bff27d" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode_fd380dc0-c61e-4584-a61b-1bc0ce5dd006" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode"/>
    <link:presentationArc order="6" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_EntityAddressPostalZipCode_fd380dc0-c61e-4584-a61b-1bc0ce5dd006" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince_8e5481e2-1b72-4caf-94db-ab3675ed66fd" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince"/>
    <link:presentationArc order="7" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_EntityAddressStateOrProvince_8e5481e2-1b72-4caf-94db-ab3675ed66fd" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown_9c2ea38a-3412-4e75-97d3-2b7d4f785820" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown"/>
    <link:presentationArc order="8" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_EntityAddressCityOrTown_9c2ea38a-3412-4e75-97d3-2b7d4f785820" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode_50f2bce3-28cc-43a1-99b8-0bfbbde8ad11" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode"/>
    <link:presentationArc order="9" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_CityAreaCode_50f2bce3-28cc-43a1-99b8-0bfbbde8ad11" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber_0f3f6b0e-709d-451b-a081-6159ca899655" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber"/>
    <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_LocalPhoneNumber_0f3f6b0e-709d-451b-a081-6159ca899655" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_WrittenCommunications_1148b914-02af-4687-aaea-1a928ed2e221" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications"/>
    <link:presentationArc order="11" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_WrittenCommunications_1148b914-02af-4687-aaea-1a928ed2e221" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SolicitingMaterial_60d9f38b-e54b-43ed-ba9b-2061d966204b" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial"/>
    <link:presentationArc order="12" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_SolicitingMaterial_60d9f38b-e54b-43ed-ba9b-2061d966204b" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementTenderOffer_1202cc23-f369-41d1-a9fd-8fb216793b0c" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer"/>
    <link:presentationArc order="13" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_PreCommencementTenderOffer_1202cc23-f369-41d1-a9fd-8fb216793b0c" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementIssuerTenderOffer_2125d6ee-32c1-4d6e-91f0-9091745697d3" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer"/>
    <link:presentationArc order="14" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_PreCommencementIssuerTenderOffer_2125d6ee-32c1-4d6e-91f0-9091745697d3" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle_e3d84255-898e-4c7f-b14b-e830de56c53e" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle"/>
    <link:presentationArc order="15" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_Security12bTitle_e3d84255-898e-4c7f-b14b-e830de56c53e" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol_48d45d90-4699-4d7c-b13d-66600784ca29" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol"/>
    <link:presentationArc order="16" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_TradingSymbol_48d45d90-4699-4d7c-b13d-66600784ca29" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName_35aaf1b4-9e25-4671-bc9f-c47186e4fd48" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName"/>
    <link:presentationArc order="17" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_SecurityExchangeName_35aaf1b4-9e25-4671-bc9f-c47186e4fd48" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany_eeac3f80-78f3-48e7-80dd-d9f9eb17f767" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:presentationArc order="18" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_EntityEmergingGrowthCompany_eeac3f80-78f3-48e7-80dd-d9f9eb17f767" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag_48df4167-4067-4ee6-818b-dddcf4e39e76" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag"/>
    <link:presentationArc order="19" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_AmendmentFlag_48df4167-4067-4ee6-818b-dddcf4e39e76" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey_baf57de3-06d8-4e77-ae38-8c3b6d85bb5f" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey"/>
    <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_EntityCentralIndexKey_baf57de3-06d8-4e77-ae38-8c3b6d85bb5f" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber_0d34bab8-110c-44a1-8f99-55227d529628" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber"/>
    <link:presentationArc order="21" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_EntityFileNumber_0d34bab8-110c-44a1-8f99-55227d529628" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode_4f7f510c-18dc-44f6-89ef-b5d0628c6e23" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:presentationArc order="22" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_mtn_DocumentAndEntityInformationAbstract_743737a7-476a-44fe-98fa-66004a938795" xlink:to="loc_dei_EntityIncorporationStateCountryCode_4f7f510c-18dc-44f6-89ef-b5d0628c6e23" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>vaila07a.jpg
<TEXT>
begin 644 vaila07a.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$9LV;/.F;-FSNW_.,WYS7_\
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M\L_G98F]N&C "1ZYIJQV]^M -O5C:":IW9WD/8YLV;/DOFS9L[!^0/YNZO\
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M6Y4GV7VS9LV?5'-FS9&?.O\ RAOFW_MC7_\ U#OFS9L_.#FS9LV;-FSZ&?\
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M;-FSS-_SF)_ZSE^8O_;H_P"ZO99LV;/AIFS9LV;-FSZ__P#/O_\ \DWYE_\
M SO/^Z=IV;-FSW+FS9LV;-FS9LV;-FS9LV;-FS9LV;"S6M'T_P PZ/JN@ZM;
MK=:7K5I-8ZC;-N)(;A#'(N_BK'-FS9^?;\V/RUUK\IO/.M>3=:1F^I2F32M0
M*T2\LG)]"X3M\2BC ?98,O;-FS9S?-FS9LV;-FS9LV"K.]O=/G6ZL+N:QN4^
MQ<6\C1..^S(01TS9LV=5T'\__P ZO+? :5^9NOK''7TX+N[>]B6O6D=UZJ#[
MLV;-G:]!_P"<Z?SQTGTUU-]#\SH*"1K^P]%V ZD&R>W4$_ZM/;-FS9VK0/\
MGX<AX1^:/RS*_P"_+S2]1K]T$\(_Y.YLV;.V^7?^<Y/R,UDQIJ=UK/E21@.9
MU*P:6,-X!K)KDT]R![TS9LV>B_*?YE_E]YZ4'RAYRTCS!(5Y&TM+J-[A12OQ
MP5$B[?S*,V;-DXS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV
M<W_.#\L]"_.7\KO/GY6^9%'Z(\\Z-=:5/.4YFWDF0^A<HI(J\$H25/\ *49L
MV;/PX^=/*.N^0/-_FCR-YGM?J/F+R?JMYHVN6E:B.ZL9F@F"M057DAH>XWS9
MLV1G-FS9](O^?6?Y['\F_P#G*3R]H&IW1@\I_G'$/*&L*S41+Z=P^DST-*L+
MH"&I.RS.=\V;-GZVLV;-FS9LV;-FS9YO_P"<M_SQM_\ G';_ )Q[_,C\T?6B
M36M*TUK/R?!+0^MK5^?JU@O _;"2N)' _81CT%<V;-GXF;BXN+RXGN[N>2ZN
MKJ1IKFYF8O))(Y+,[LQ)9F)J2>N;-FQ'-FS9]?\ _GSQ^0G^/_STUK\Y=:L/
M6\M_DU9?[AY)%_=R:_JB20V] PH_H6XFD--T<PML:9LV;/T^YLV;-FS9L^;/
M_/TS\_!^3'_.,.M^7=)O1;^<?SEE?RGHJ(U)4T^6/EJ]P "#Q6W/HU!J&F0Y
MLV;/R4YLV;-FS9L_4?\ \^?_ ,B!^77_ #CYJ'YL:M9F'S+^=5_]:LVD3B\6
MA:8TEO9* =QZLIGFJ-F1HS38'-FS9];<V;-FS9LV-=$D1HY%#HX*NC"H(.Q!
M!ZUS9LV?BS_YS:_(QO\ G'G_ )R5_,K\OK6T^J^69;\ZYY'"KQC.C:I6XMHX
M_$6Y9K<GNT;=LV;-GE'-FS9[H_Y]T_GT?R#_ .<HO(^IZC>FT\G^?'_P?YTY
M&D:VVIR(MO</78"WNEAD9J5"!P/M'-FS9^Q3-FS9LV;-FS9LV;-FS9\X?^?L
M'_K$GYC_ /;5\N_]U>VS9LV?DAS9LV;-FS9^I[_GS;_ZR/J7_FP-9_ZA-/S9
MLV?5[-FS9LV;-GY O^?H_P#ZW9^>?_@L_P#B,:3FS9L\ 9LV;.__ /.)W_K4
M_P#SC3_YM7R;_P!URSS9LV?M]S9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-F
MS9LV;-FS9LV;-FS9LV;-FS9LV?%O_G.+_P GS?\ _;%TW_B#9LV;/'^;-FQ:
MWN)[2X@N[65H+FUD66WG0T9'0AE92.A!%1FS9LZU_P!# _G=_P"75\S?]Q&;
M_FK-FS9O^A@?SN_\NKYF_P"XC-_S5FS9LW_0P/YW?^75\S?]Q&;_ )JS9LV;
M_H8'\[O_ "ZOF;_N(S?\U9LV;-_T,#^=W_EU?,W_ '$9O^:LV;-@>X_/C\ZK
MI527\U_-:A34&'5KN$_28Y%)^6;-FR :OYB\P:_(LNO:[J&MRKNLE_=2W+"@
MIL968]-LV;-A-FS9LV;-FPQTC2=2U[5-/T31K*74=5U6XCM=.L(1RDEFE8*B
M*/$DYLV;/OW^27Y96OY2?EMY>\F1,DU]:QFYUZ\3I/?W'QSN#M55-$2N_!5K
MFS9LZQFS9LV;-FSS-_SF)_ZSE^8O_;H_[J]EFS9L^&F;-FS9LV;-FS9LV;-F
MS9LV;-FS9LV;-FS9LV;-FS9LV;-FSZV?\^^O_):>=/\ P)C_ -0=OFS9L]\9
MLV;-FS9LV;-FP@\T>5]"\Y^7]4\K^9=/CU31-9A,%_925HRD@@JPH596 96!
MJI (W&;-FSXN?GY_SB_YO_)V]N]7TZ&?S)^7\DA:T\P1)RDM$9J+%?(H^!A4
M#U .#?Y)/$;-FSR[FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FSKGY>_GK
M^:GY820KY2\W7EOIL3 G0+IOK6GL*U*_5YN2IR[F/BWOFS9L^E?Y*_\ .:OE
M#S]<6GE[S[;0^1O,]P5CM[XR$Z5=R'LLLAY6[$]%D)'_ !820,V;-GMW-FS9
MLV;-FS9LV?FBN;B2[N;BZEIZMS(\LG'8<G)8T'S.;-FQ#-FS9[=_YP%M8KC\
MZ-:EDKSLO*5]-#2GVC>6,1K4?RR'IFS9L^P^;-FS9LV;-FS9LV;-FS9LV;-F
MS9LV;-FS9LV;-FS9LV;-FSX-_P#.4\$=O_SD!^9D<=0K:C#*:FOQ2VL,C?BQ
MS9LV>?\ -FS9V7_G'B:2#\\?RL>)N#-YCLHR: _#)($8;^*L1FS9L^_^;-FR
M,^=?^4-\V_\ ;&O_ /J'?-FS9^<'-FS9LV;-DJ\J^>?.'D>XN[KR?YEU'RU<
MWT:Q7D^G3O TJ*>05RA%0#OFS9LFW_0P/YW?^75\S?\ <1F_YJS9LV;_ *&!
M_.[_ ,NKYF_[B,W_ #5FS9LW_0P/YW?^75\S?]Q&;_FK-FS9O^A@?SN_\NKY
MF_[B,W_-6;-FS?\ 0P/YW?\ EU?,W_<1F_YJS9LV$]_^<GYMZHLB:A^9_FNZ
MBE_O+=]8O?2.U/[L2A1M[9LV;.>W%Q<7<TES=3R7-Q,W*:XE8N[L>[,Q))^>
M;-FQ'-FS9LV;-GIS_G%7\FY_S8_,FRN+^U+^3O)\D6I>9)F6L<K*W*WL_<S,
MOQ#^0/WIFS9L^Y&;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FSS-_SF)_ZSE^8O
M_;H_[J]EFS9L^&F;-FS9LV;/K_\ \^__ /R3?F7_ ,#.\_[IVG9LV;/<N;-F
MS9LV;-FS9LV;-FS9LV;-FS9LV;-FSA'Y\_D/Y<_/'RVEA?2#2?,NE<W\N>9$
M0.\#-]J*5=B\+T'):U!HPWZ[-FSXJ?F/^5OG;\J-=DT#SIHTFGSEG^H7Z5>S
MO(U-/5MIZ .NX)&S+6C*IVS9LV<]S9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV
M*0S36\L<]O*\$\+!XIHV*NK#<%6%"",V;-GJ+\M/^<OOS@_+U[>UOM7_ ,<:
M!%Q5])UQFEE5!M2&\_OE--AR+J/Y<V;-GU)_)O\ YR%_+_\ .FS*Z#>-IGF2
MWC]34?*=\56[C ^T\1'PS1@_M)TVY!20,V;-G=<V;-FS9LV;-FS9LV;-FS9L
MV;-FS9LV;-FS9LV;-FS9^8[_ )_'?D+_ (&_.SR_^=FC6GIZ!^<-EZ&NM&E$
MBUW28XX9&;B J_6+4Q,!U9TE;??-FS9\=,V;-@BTN[JPNK:^LKB2TO;*5)[2
MZA8I)%+&P9'1A0AE(!!&;-FS]MO_ #BC^==K_P Y"?\ ./WY:?FHDL;:IKNE
M1P>:H(Z 0ZQ9$VVH)Q!^%3/&SH#OP93WS9LV>A\V;-FS9LV?G,_Y_1_GS^FO
M.OD/_G'?1;TOI_DN!?-/G:&-@4;5+^-H]/AD7J'@M&>3W6X'AFS9L^&V;-FS
M9LV;/V8_\X$?D&/^<=_^<9?(/E+4+,6GF_S%!_BCSX"H60:IJB)(8)/\JU@$
M5N=SO&2.N;-FSV7FS9LV;-FS\DG_ #](_/T?G5_SD]KN@Z1>_6O)OY.QMY3T
M,(08Y+Z%^6K7 IW:YK#4$ADA1N^;-FSYO9LV;.H_DG^5NL_G9^;7Y??E3H <
M:CYYUJVTTW$:&0VUN[<KJZ91U6W@5Y6_R5.;-FS]QOE;RUHODORSY=\G^6[)
M--\O>5=,M-(T+3X_LP6=E"L$$8]E1 ,V;-A]FS9LV;-FS9LV;/BA_P _G?R(
M/F?\L?)?Y^:-9A]3_+6[&A^;ID3XFT;595%M)(P_9M[PA%'_ !>QS9LV?FRS
M9LV;-FS9^S3_ )P*_/H?\Y#?\XR?E_YOOKT7OFW0(/\ "_GQB:R'5=*1(VFE
M_P JY@:*X--OWG;-FS9[(S9LV;-FS9LV;-GSA_Y^P?\ K$GYC_\ ;5\N_P#=
M7MLV;-GY(<V;-FS9LV?J>_Y\V_\ K(^I?^; UG_J$T_-FS9]7LV;-FS9LV?D
M"_Y^C_\ K=GYY_\ @L_^(QI.;-FSP!FS9L[_ /\ .)W_ *U/_P XT_\ FU?)
MO_=<L\V;-G[?<V;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS
M9LV;-FS9LV;-GQ;_ .<XO_)\W_\ VQ=-_P"(-FS9L\?YLV;-FS9LV;-FS9LV
M;-FS9LV;-FS9LV;-FS9LV;-FS9LV;#GR_P"7==\UZM::%Y;TBZUS6+YN%KIU
MG$TLK>)HH-% W+'8#<D#-FS9]@/^<8O^<6K7\I8H_./G);?4OS%NHV6W2,B6
M#28I%XM'"W1IF4D22#8"J)\/)GV;-GLO-FS9LV;-FS9LV>9O^<Q/_6<OS%_[
M='_=7LLV;-GPTS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV?
M6S_GWU_Y+3SI_P"!,?\ J#M\V;-GOC-FS9LV;-FS9LV;-FS8G+%%/%)#-&LT
M,RE)8G 965A0JP.Q!&Q!S9LV>//S._YPH_*SSQ)<ZEY9];\O=<G+.SZ>@ET]
MW/=[)BH7Y1.@]CFS9L\1><?^<(_SM\M/-)HUEI_G6P0DI-I=TD4_ ="T%UZ+
M<O\ )0OFS9L\X^8/RZ\_^5"X\S>2M<T%8P2TM]87$$?%>K"1T"D#Q!IFS9LA
MN;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FSZ6?\X<_\Y*WKWNF?D]Y\OC<PW %
MOY%UR=JR(ZCX-/F<GXE8"D).X/[O<% NS9L^G&;-FS9LV;/S/21R0R212H8Y
M8F*21L*%64T((]CFS9L9FS9L]N_\X#74=O\ G3K,3_:OO*5]!%T^T+RRE[^T
M9Z9LV;/L/FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9L^#?\
MSE//'<?\Y ?F9)'4JNHPQ&HI\45K#&WXJ<V;-GG_ #9LV=B_YQ\5G_._\JPB
MEB/,M@Q %=EE!)^@"N;-FS] 6;-FR,^=?^4-\V_]L:__ .H=\V;-GYP<V;-F
MS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV=O_)G\@O/?YT:M
M%!H=DVG>7(90NL>;KI&%I;H/M+&=O6EITC0]:<BJ_$-FS9]M/RQ_+3RQ^4_E
M'3_*'E:V].TM?WE[?2!?K%Y<L )+B=E Y.U /  !10 9LV;.@YLV;-FS9LV;
M-FS9LV;-FS9LV;-FS9LV;/,W_.8G_K.7YB_]NC_NKV6;-FSX:9LV;-FS9L^O
M_P#S[_\ _)-^9?\ P,[S_NG:=FS9L]RYLV;-FS9LV;-FS9LV;-FS9LV;-FS9
MLV;-FS9LC_F?RIY:\YZ3/H7FO0[/7](N=Y;&]B65 PZ.M=U85V92".QS9LV>
M#/S$_P"< ?+^H27%_P#EGYIE\O2.2R:!K :ZM 3T6.Y3]]&H_P M93[YLV;/
M'?FS_G$[\^/*3RF7R-<:_:1DA+W0G34!(!W6&(_6/ERB&;-FSA.K>7]>T&7T
M-=T2_P!%G!IZ-_;2VSUWVXRJI['-FS849LV;-FS9LV;-FS9LV;-FS9LV;-FP
MST;6=6\O:I8ZWH>HW&DZOIDHGL-1M7,<L4B]&5EW]CXC;-FS9]N_^<9OSYM_
MSK\GL-3:*V\\>7!'!YELDHJS!@1'>1(.B2T/(#[+5'0K79LV>ELV;-FS9LV;
M-FS9LV;-FS9LV;-FS9LV;-FS9LV>.O\ G/+\AA_SD-_SC)^87DZQLQ=^;-#M
MQYF\B;$R?I72E:58HP*_%<PF6W%=OWE>U1LV;/QD9LV;-FS9L^[?_/E?\]AI
MOF/\Q/\ G';6;H+:^8XO\7^24=J 7UJB6^I0*-ZM+ (I !2@A<[US9LV?HAS
M9LV1GSIYNT/R!Y0\T>>?,]U]1\N^3]*O-9UR[I4QVMC"T\Q45%3Q0T'<[9LV
M;/PW_F]^9>N?G'^9_GO\T?,C?[F//.LW6K7, ;DL"3.3#;(3OP@B"Q)_DJ,V
M;-G.<V;-GN;_ )]V?D'_ ,K_ /\ G*'R1I.I61N_)OD5QYO\ZAE!B>UTR1&M
M[9^0(87%TT43+U,9<C[.;-FS]BV;-FS9LV;/,W_.8/YZ0?\ ..G_ #CO^8_Y
MFK*B:]9:>VG>2X6H?4UK4/\ 1['X3]I8G;UG'\B-FS9L_%%<7%Q>7$]W=SR7
M5U=2--<W,S%Y))')9G=F)+,Q-23US9LV(YLV;/:?_.#/_.2'Y=_\XK_FKJOY
MJ>=_(VJ>>=3BT2;2O*5MITT$ LIKQU%S=,TW[?HH8EI^R[U[9LV;/K7_ -%O
M/RK_ /+'^:_^XC8_TS9LV;_HMY^5?_EC_-?_ '$;'^F;-FS?]%O/RK_\L?YK
M_P"XC8_TS9LV;_HMY^5?_EC_ #7_ -Q&Q_IFS9L@7YI?\_>OR/\ S9_+CSQ^
M6?F3\C/-3:)YYT6\T:^D^O6#M$+J)HUGC! ^.)B)$-=F4'-FS9^?[-FS9LV;
M-GV'_P"?.GY]MY$_.[7?R5UF\*>7?SALC+HD;GX(M>TJ-YHJ<B OKVOK(U-V
M=8ES9LV?IUS9LV;-FS9LV;-GSA_Y^P?^L2?F/_VU?+O_ '5[;-FS9^2'-FS9
MLV;-GZGO^?-O_K(^I?\ FP-9_P"H33\V;-GU>S9LV;-FS9^0+_GZ/_ZW9^>?
M_@L_^(QI.;-FSP!FS9L[_P#\XG?^M3_\XT_^;5\F_P#=<L\V;-G[?<V;-FS9
MLV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-GQ;_P"<
MXO\ R?-__P!L73?^(-FS9L\?YLV;!NFV$^JZCI^EVI47.I7,5K;ES1><SA%Y
M$ T%3OMFS9L]C?\ 0AWYW?\ +7Y9_P"D^?\ [)<V;-F_Z$._.[_EK\L_])\_
M_9+FS9LW_0AWYW?\M?EG_I/G_P"R7-FS9O\ H0[\[O\ EK\L_P#2?/\ ]DN;
M-FSR+YAT#5O*NN:MY<UVT>PUC1+J2SU"T<;I+$Q4T/<'J"-B*$;9LV;";-FS
M9LV;-GTM_(/_ )Q1_)/\S/)>B^>IO,FO:Z;@"+5M"6:"UCM;R(#U[:;TXVE-
M":J0ZU0JW?-FS9[_ /)'Y:^1/RWL6T[R1Y8L?+\$H N);=.4\W'IZT[EI9*=
MN3'-FS9.,V;-FS9LV;-FS9LV;-GF;_G,3_UG+\Q?^W1_W5[+-FS9\-,V;-FS
M9LV?5O\ YP7\G>4/,/Y2>8KW7_*NCZY>1>;KN"*[U"QM[F58EL+!@@>5&(4%
MB:5I4G-FS9[0_P"58?EK_P"6\\L_]PFS_P"J6;-FS?\ *L/RU_\ +>>6?^X3
M9_\ 5+-FS9O^58?EK_Y;SRS_ -PFS_ZI9LV;-_RK#\M?_+>>6?\ N$V?_5+-
MFS9O^58?EK_Y;SRS_P!PFS_ZI9LV;-_RK#\M?_+>>6?^X39_]4LV;-F_Y5A^
M6O\ Y;SRS_W";/\ ZI9LV;)%H_E_0?+L$MKY?T2PT*VGD]6:WT^VBM8WDH%Y
MLL2J": "IS9LV&^;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-FS9LV;(=KGY=^0/
M,WJ'S%Y(T'7'EKSEOM.MIWJ>I#R1E@?<&N;-FSCNN?\ .(O_ #C_ *YS=_(<
M>ESOTN-,N[NUXU%-HDE]+_A,V;-G'M<_Y]_?EE>&1]!\V^8M%D?[,=P;:]A3
M;LOI0O3YN<V;-G$_,O\ S[Y\\6222>5//.D>8. ++;W\$VFR-_DKP-TE?FP&
M;-FSR7Y__)?\S_RP8MYT\H7VE67/TTUA MQ8N2:*!=0%X@6[*6#>V;-FSE^;
M-FS9LV;%[6ZN;&YMKVSG>VN[.5)[6YC)5XY(V#(ZL-P5(!!S9LV?H2_)WSU_
MRLK\L?)GG5^(NM:T]#J2H %%Y S0704#H/6C>@\,V;-G2\V;-GYTOS,T9O+W
MYC>?="9. TCS#J5H@Z#A%=2*A'L5 (S9LV0C-FS9Z0_YQ)\QIY;_ #]\B2S.
M$MM8FN-(GKM4WMO)%"!\YC'FS9L^ZF;-FS9LV;-FS9LV;-FS9LV;-FS9LV;-
MFS9LV;-FS9LHD $DT W).;-FS\Z/YD>84\V?F%YX\S1.'@U[7M0OK9AT]&>X
M=XP/8(0,V;-D*S9LV>D_^<1=&?6O^<@?(2\2T.F27FHW# $\1;6<S(30CK)P
M'T]^F;-FS[HYLV;(SYU_Y0WS;_VQK_\ ZAWS9LV?G!S9LV;-FS9US\H_R5\X
M?G3J.KZ7Y/ETZ*YT2VCNKPZC.\"E)'X#@4CDJ:^V;-FSN_\ T(=^=W_+7Y9_
MZ3Y_^R7-FS9O^A#OSN_Y:_+/_2?/_P!DN;-FS?\ 0AWYW?\ +7Y9_P"D^?\
M[)<V;-D)_,+_ )Q(_-O\MO*NH^<=:CTF_P!(TG@VHKIEU)/-%&[!/5*/#'5%
M)'(@[=:4!(V;-GF+-FS9LV;-DU_+O2/*FO\ G+0M$\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
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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_.(_\
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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>_/R&_/'R7_P Y%?EIH_YK>0(M
M2A\L:Y/>6]E'JT"6UT'LKA[:7G'')*H'.,T^+IFS9L[%FS9LV;-FS9LV;-FS
M9LV;-FS9LV;('^8_Y8>0/S=\LR^3?S*\K67G'RO/<0W4NBZ@K-"TT!)B<A64
MU4G;?-FS9Y\_Z$#_ .<-O_8>_*G_ ")F_P"JN;-FS?\ 0@?_ #AM_P"P]^5/
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?\
M57-FS9O^A _^<-O_ &'ORI_R)F_ZJYLV;-_T('_SAM_[#WY4_P"1,W_57-FS
M9O\ H0/_ )PV_P#8>_*G_(F;_JKFS9LW_0@?_.&W_L/?E3_D3-_U5S9LV;_H
M0/\ YPV_]A[\J?\ (F;_ *JYLV;-_P!"!_\ .&W_ +#WY4_Y$S?]5<V;-F_Z
M$#_YPV_]A[\J?\B9O^JN;-FS?]"!_P#.&W_L/?E3_D3-_P!5<V;-F_Z$#_YP
MV_\ 8>_*G_(F;_JKFS9LW_0@?_.&W_L/?E3_ )$S?]5<V;-F_P"A _\ G#;_
M -A[\J?\B9O^JN;-FS?]"!_\X;?^P]^5/^1,W_57-FS9O^A _P#G#;_V'ORI
M_P B9O\ JKFS9LW_ $('_P X;?\ L/?E3_D3-_U5S9LV;_H0/_G#;_V'ORI_
MR)F_ZJYLV;-_T('_ ,X;?^P]^5/^1,W_ %5S9LV;_H0/_G#;_P!A[\J?\B9O
M^JN;-FS?]"!_\X;?^P]^5/\ D3-_U5S9LV;_ *$#_P"<-O\ V'ORI_R)F_ZJ
MYLV;-_T('_SAM_[#WY4_Y$S?]5<V;-F_Z$#_ .<-O_8>_*G_ ")F_P"JN;-F
MS?\ 0@?_ #AM_P"P]^5/^1,W_57-FS9O^A _^<-O_8>_*G_(F;_JKFS9LW_0
M@?\ SAM_[#WY4_Y$S?\ 57-FS9O^A _^<-O_ &'ORI_R)F_ZJYLV;-_T('_S
MAM_[#WY4_P"1,W_57-FS9O\ H0/_ )PV_P#8>_*G_(F;_JKFS9LW_0@?_.&W
M_L/?E3_D3-_U5S9LV;_H0/\ YPV_]A[\J?\ (F;_ *JYLV;-_P!"!_\ .&W_
M +#WY4_Y$S?]5<V;-F_Z$#_YPV_]A[\J?\B9O^JN;-FS?]"!_P#.&W_L/?E3
M_D3-_P!5<V;-F_Z$#_YPV_\ 8>_*G_(F;_JKFS9LW_0@?_.&W_L/?E3_ )$S
M?]5<V;-F_P"A _\ G#;_ -A[\J?\B9O^JN;-FS?]"!_\X;?^P]^5/^1,W_57
M-FS9O^A _P#G#;_V'ORI_P B9O\ JKFS9LW_ $('_P X;?\ L/?E3_D3-_U5
MS9LV;_H0/_G#;_V'ORI_R)F_ZJYLV;-_T('_ ,X;?^P]^5/^1,W_ %5S9LV;
M_H0/_G#;_P!A[\J?\B9O^JN;-FS?]"!_\X;?^P]^5/\ D3-_U5S9LV;_ *$#
M_P"<-O\ V'ORI_R)F_ZJYLV;-_T('_SAM_[#WY4_Y$S?]5<V;-F_Z$#_ .<-
MO_8>_*G_ ")F_P"JN;-FS?\ 0@?_ #AM_P"P]^5/^1,W_57-FS9O^A _^<-O
M_8>_*G_(F;_JKFS9LW_0@?\ SAM_[#WY4_Y$S?\ 57-FS9O^A _^<-O_ &'O
MRI_R)F_ZJYLV;-_T('_SAM_[#WY4_P"1,W_57-FS9O\ H0/_ )PV_P#8>_*G
M_(F;_JKFS9LW_0@?_.&W_L/?E3_D3-_U5S9LV;_H0/\ YPV_]A[\J?\ (F;_
M *JYLV;-_P!"!_\ .&W_ +#WY4_Y$S?]5<V;-F_Z$#_YPV_]A[\J?\B9O^JN
M;-FS?]"!_P#.&W_L/?E3_D3-_P!5<V;-F_Z$#_YPV_\ 8>_*G_(F;_JKFS9L
MW_0@?_.&W_L/?E3_ )$S?]5<V;-F_P"A _\ G#;_ -A[\J?\B9O^JN;-FS?]
M"!_\X;?^P]^5/^1,W_57-FS9O^A _P#G#;_V'ORI_P B9O\ JKFS9LW_ $('
M_P X;?\ L/?E3_D3-_U5S9LV;_H0/_G#;_V'ORI_R)F_ZJYLV;-_T('_ ,X;
M?^P]^5/^1,W_ %5S9LV;_H0/_G#;_P!A[\J?\B9O^JN;-FS?]"!_\X;?^P]^
M5/\ D3-_U5S9LV;_ *$#_P"<-O\ V'ORI_R)F_ZJYLV;-_T('_SAM_[#WY4_
MY$S?]5<V;-F_Z$#_ .<-O_8>_*G_ ")F_P"JN;-FS?\ 0@?_ #AM_P"P]^5/
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:$$54[$$$'<$'-FS9^2G71YX_P"?:/\
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MG_*NO^5U^>/]Y_\ >BW_ /)Q_P#*P_\ &W^\T7_'6_R_Y/\ BOAFS9L]H_\
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M_E27^+OJ/J^H*_5_TW_N/Z?9^I?N_#?-FS9UJV_1'^";+].?\K\_1OH3>O\
MX_\ TM_@.GIP_P!]^A/],]/^;T_V>.;-FS]!_P#S[_\ T3_RH*P_0?\ RI_]
M$?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>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/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;">v3.23.3</span><table class="report" border="0" cellspacing="2" id="idm139718266810416">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DEI Document<br></strong></div></th>
<th class="th"><div>Sep. 28, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="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="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep. 28,  2023<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">51-0291762<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">80021<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CO<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Broomfield,<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(303)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</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="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</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="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="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</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="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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="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="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</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="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</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="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000812011<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-09614<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Document and Entity Information</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>XML
<SEQUENCE>8
<FILENAME>mtn-20230928_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xml:lang="en-US"
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2023"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="mtn-20230928.xsd" xlink:type="simple"/>
    <context id="c-1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000812011</identifier>
        </entity>
        <period>
            <startDate>2023-09-28</startDate>
            <endDate>2023-09-28</endDate>
        </period>
    </context>
    <dei:AmendmentFlag contextRef="c-1" id="f-21">false</dei:AmendmentFlag>
    <dei:EntityCentralIndexKey contextRef="c-1" id="f-22">0000812011</dei:EntityCentralIndexKey>
    <dei:DocumentType contextRef="c-1" id="f-1">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="c-1" id="f-2">2023-09-28</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName contextRef="c-1" id="f-3">Vail Resorts, Inc.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="c-1" id="f-4">DE</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="c-1" id="f-5">001-09614</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="c-1" id="f-6">51-0291762</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="c-1" id="f-7">390 Interlocken Crescent</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown contextRef="c-1" id="f-8">Broomfield,</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="c-1" id="f-9">CO</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="c-1" id="f-10">80021</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="c-1" id="f-11">(303)</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="c-1" id="f-12">404-1800</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="c-1" id="f-13">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="c-1" id="f-14">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="c-1" id="f-15">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="c-1" id="f-16">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle contextRef="c-1" id="f-17">Common Stock, $0.01 par value</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="c-1" id="f-18">MTN</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="c-1" id="f-19">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="c-1" id="f-20">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>9
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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M%@_&%Q 9Y=VI\0QKRTZ+Y2T].PP_/LG>V)+;.<V"3J9B+7D%=*RHC_#K3),
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MHAVE?QW']I#3Z:]C(K1Z6^CY<6A4"H[<8R6,<6*T_C6"R0_L?@!02P,$%
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MJD7EM:9BPTEW]#K3V[O)O=;1.O>@W'MX)5N.2<=?6OX 4$L#!!0    ( ,^
M/%<D'INBK0   /@!   :    >&PO7W)E;',O=V]R:V)O;VLN>&UL+G)E;'.U
MD3T.@S ,A:\2Y0 U4*E#!4Q=6"LN$ 7S(Q(2Q:X*MR^% 9 Z=&&RGBU_[\E.
MGV@4=VZ@MO,D1FL&RF3+[.\ I%NTBB[.XS!/:A>LXEF&!KS2O6H0DBBZ0=@S
M9)[NF:*<//Y#='7=:7PX_;(X\ \PO%WHJ45D*4H5&N1,PFBV-L%2XLM,EJ*H
M,AF**I9P6B#BR2!M:59]L$].M.=Y%S?W1:[-XPFNWPQP>'3^ 5!+ P04
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MYHOA/UY_ 5!+ 0(4 Q0    ( ,^ /%<'04UB@0   +$    0
M  "  0    !D;V-0<F]P<R]A<' N>&UL4$L! A0#%     @ SX \5ZY5$O[N
M    *P(  !$              ( !KP   &1O8U!R;W!S+V-O<F4N>&UL4$L!
M A0#%     @ SX \5YE<G",0!@  G"<  !,              ( !S $  'AL
M+W1H96UE+W1H96UE,2YX;6Q02P$"% ,4    " #/@#Q7FJ7OKDH$  "7$
M&               @($-"   >&PO=V]R:W-H965T<R]S:&5E=#$N>&UL4$L!
M A0#%     @ SX \5Y^@&_"Q @  X@P   T              ( !C0P  'AL
M+W-T>6QE<RYX;6Q02P$"% ,4    " #/@#Q7EXJ[',     3 @  "P
M        @ %I#P  7W)E;',O+G)E;'-02P$"% ,4    " #/@#Q7;7<^N38!
M   I @  #P              @ %2$   >&PO=V]R:V)O;VLN>&UL4$L! A0#
M%     @ SX \5R0>FZ*M    ^ $  !H              ( !M1$  'AL+U]R
M96QS+W=O<FMB;V]K+GAM;"YR96QS4$L! A0#%     @ SX \5V60>9(9 0
MSP,  !,              ( !FA(  %M#;VYT96YT7U1Y<&5S72YX;6Q02P4&
2      D "0 ^ @  Y!,

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<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>11
<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>12
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.23.3</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>1</ContextCount>
  <ElementCount>22</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>0</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>0</UnitCount>
  <MyReports>
    <Report instance="mtn-20230928.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>0000001 - 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" isOnlyDei="true" original="mtn-20230928.htm">mtn-20230928.htm</File>
    <File>mtn-20230928.xsd</File>
    <File>mtn-20230928_lab.xml</File>
    <File>mtn-20230928_pre.xml</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy items="22">http://xbrl.sec.gov/dei/2023</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>14
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "version": "2.2",
 "instance": {
  "mtn-20230928.htm": {
   "nsprefix": "mtn",
   "nsuri": "http://www.vailresorts.com/20230928",
   "dts": {
    "inline": {
     "local": [
      "mtn-20230928.htm"
     ]
    },
    "schema": {
     "local": [
      "mtn-20230928.xsd"
     ],
     "remote": [
      "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/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd",
      "https://xbrl.sec.gov/dei/2023/dei-2023.xsd"
     ]
    },
    "labelLink": {
     "local": [
      "mtn-20230928_lab.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "mtn-20230928_pre.xml"
     ]
    }
   },
   "keyStandard": 22,
   "keyCustom": 0,
   "axisStandard": 0,
   "axisCustom": 0,
   "memberStandard": 0,
   "memberCustom": 0,
   "hidden": {
    "total": 2,
    "http://xbrl.sec.gov/dei/2023": 2
   },
   "contextCount": 1,
   "entityCount": 1,
   "segmentCount": 0,
   "elementCount": 23,
   "unitCount": 0,
   "baseTaxonomies": {
    "http://xbrl.sec.gov/dei/2023": 22
   },
   "report": {
    "R1": {
     "role": "http://www.vailresorts.com/role/DEIDocument",
     "longName": "0000001 - Document - DEI Document",
     "shortName": "DEI Document",
     "isDefault": "true",
     "groupType": "document",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "1",
     "firstAnchor": {
      "contextRef": "c-1",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "mtn-20230928.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "c-1",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "mtn-20230928.htm",
      "first": true,
      "unique": true
     }
    }
   },
   "tag": {
    "dei_PreCommencementTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "PreCommencementTenderOffer",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Pre-commencement Tender Offer",
        "label": "Pre-commencement Tender Offer",
        "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."
       }
      }
     },
     "auth_ref": [
      "r4"
     ]
    },
    "dei_EntityAddressPostalZipCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressPostalZipCode",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, Postal Zip Code",
        "label": "Entity Address, Postal Zip Code",
        "documentation": "Code for the postal or zip code"
       }
      }
     },
     "auth_ref": []
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "PreCommencementIssuerTenderOffer",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Pre-commencement Issuer Tender Offer",
        "label": "Pre-commencement Issuer Tender Offer",
        "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."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "dei_EntityAddressStateOrProvince": {
     "xbrltype": "stateOrProvinceItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressStateOrProvince",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, State or Province",
        "label": "Entity Address, State or Province",
        "documentation": "Name of the state or province."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityTaxIdentificationNumber": {
     "xbrltype": "employerIdItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityTaxIdentificationNumber",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Tax Identification Number",
        "label": "Entity Tax Identification Number",
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_Security12bTitle": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "Security12bTitle",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Title of 12(b) Security",
        "label": "Title of 12(b) Security",
        "documentation": "Title of a 12(b) registered security."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "dei_DocumentPeriodEndDate": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentPeriodEndDate",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Document Period End Date",
        "label": "Document Period End Date",
        "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD."
       }
      }
     },
     "auth_ref": []
    },
    "dei_TradingSymbol": {
     "xbrltype": "tradingSymbolItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "TradingSymbol",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Trading Symbol",
        "label": "Trading Symbol",
        "documentation": "Trading symbol of an instrument as listed on an exchange."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine1": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressAddressLine1",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, Address Line One",
        "label": "Entity Address, Address Line One",
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityRegistrantName": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityRegistrantName",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Registrant Name",
        "label": "Entity Registrant Name",
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "mtn_DocumentAndEntityInformationAbstract": {
     "xbrltype": "stringItemType",
     "nsuri": "http://www.vailresorts.com/20230928",
     "localname": "DocumentAndEntityInformationAbstract",
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Document and Entity Information [Abstract]",
        "label": "Document and Entity Information [Abstract]",
        "documentation": "Document and Entity Information"
       }
      }
     },
     "auth_ref": []
    },
    "dei_SecurityExchangeName": {
     "xbrltype": "edgarExchangeCodeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SecurityExchangeName",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Security Exchange Name",
        "label": "Security Exchange Name",
        "documentation": "Name of the Exchange on which a security is registered."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityEmergingGrowthCompany": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityEmergingGrowthCompany",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Emerging Growth Company",
        "label": "Entity Emerging Growth Company",
        "documentation": "Indicate if registrant meets the emerging growth company criteria."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_EntityFileNumber": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityFileNumber",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity File Number",
        "label": "Entity File Number",
        "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."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentType": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentType",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Document Type",
        "label": "Document Type",
        "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'."
       }
      }
     },
     "auth_ref": []
    },
    "dei_WrittenCommunications": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "WrittenCommunications",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Written Communications",
        "label": "Written Communications",
        "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."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "dei_CityAreaCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CityAreaCode",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "City Area Code",
        "label": "City Area Code",
        "documentation": "Area code of city"
       }
      }
     },
     "auth_ref": []
    },
    "dei_SolicitingMaterial": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SolicitingMaterial",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Soliciting Material",
        "label": "Soliciting Material",
        "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."
       }
      }
     },
     "auth_ref": [
      "r5"
     ]
    },
    "dei_EntityIncorporationStateCountryCode": {
     "xbrltype": "edgarStateCountryItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityIncorporationStateCountryCode",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Incorporation, State or Country Code",
        "label": "Entity Incorporation, State or Country Code",
        "documentation": "Two-character EDGAR code representing the state or country of incorporation."
       }
      }
     },
     "auth_ref": []
    },
    "dei_AmendmentFlag": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AmendmentFlag",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Amendment Flag",
        "label": "Amendment Flag",
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityCentralIndexKey": {
     "xbrltype": "centralIndexKeyItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityCentralIndexKey",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Central Index Key",
        "label": "Entity Central Index Key",
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_EntityAddressCityOrTown": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressCityOrTown",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, City or Town",
        "label": "Entity Address, City or Town",
        "documentation": "Name of the City or Town"
       }
      }
     },
     "auth_ref": []
    },
    "dei_LocalPhoneNumber": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "LocalPhoneNumber",
     "presentation": [
      "http://www.vailresorts.com/role/DEIDocument"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Local Phone Number",
        "label": "Local Phone Number",
        "documentation": "Local phone number for entity."
       }
      }
     },
     "auth_ref": []
    }
   }
  }
 },
 "std_ref": {
  "r0": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b"
  },
  "r1": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r2": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r3": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r4": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r5": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Section": "14a",
   "Number": "240",
   "Subsection": "12"
  },
  "r6": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "425"
  }
 }
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>15
<FILENAME>0000812011-23-000046-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0000812011-23-000046-xbrl.zip
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M&^/;"M '? <;6;A+=QQ0Q0^5CY,T8O#--^F&892%$_@@F<%WN.DLGLS<!"@
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M?$(Z<^]P.,]'C3=EM+JL,+0U'C$%,HONF4)Q'[%!>7"KPI!:PF!54(@#"<I
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MS;0T3CEL7OBF]D%=:4ZRR00,4]Z7 ?C*?4[IO'Z_4NA)N)LHS&L>D3C0/ [
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MA3%21+GFO/\U,SQFE$<O.3'!VP08J0NB-Z6HRC-2G&*N:Q)$"XKYDW#>)]^
M$?,P7QPMT,FJH*&P1%K#O)-2IT(/F6CL6)XF6'527S8LN'8LV'%E#G/VM1*Z
MP'#',4N?8@D-_\Y<=C+6 3".HE0<H0F@*9JS:DG0Q*- N%OP#06]S,DD9V)T
M,@L!>[=+KC6A"0E@J2VI9!;B-+%C6!XH=J65&!B9(I-EHE83M7\T3#WALB@-
MQ"4I'$]",(EY_@L]);=X%?NB3*O Y\BX\H6!*:5N %R$USEP_W?@9FBR5F25
ME7/-05TX[<:S2UU^DRI5IL[F)6X$AV%!T-^R%(/6?\7!0^P1S7@V!LL)Z$7
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M2'=EWNX)R$Y!V^N5D+[,O$$R6R7"F*N .>447!*I(R?<A-ZBW@'2VP6I28,
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M!@[[ /'@JI)LC(%=7$\>W0:I_(TSKBP4?V/DPUQV/+>"N_?<29J51@JW8J9
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MSQ*V[)+7<G4<2W"6+/N$9^F)ZOPX2M-HODGP]T[??S"5:P_J_%-!M8>.I_O
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M;4@LHZ4CNP,:F,@(,6%V+\HPOR2'VOFI:'_0=%\*VA/!UM2GLS]DG:E':(\
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MY >2YG.'<O655Z@>O87!2D?Q+*;\?LC=7,;L5?C!V.X[KH!RL,EK^,.QO;E
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M6;U,U;<R)*"N2.KK$CA65*F\U:G#U(++O/!<,K&R%\E$QZV8EJ71X_)DXL(
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M@*C-K/=2FC1!T$4(0"0_?=3G[$X,9"@2RS0G3I!/ FA"':+1.2^KO.0DW.P
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ML\7!I+O7H4W][A_H+F*SG)%=W!2Y_'PW2V0YI9&$DL0<A#S0^DUB!)(8AD!
MA7 @(Z)X9*O?Y\;')MT:GU<#]!8([66[0]QAQ?:AX\AB=6#"2:AM+G?2Z(ZQ
MP>39YL:F,EO'N(ORJF1F)??R<984V31 @:YZ,=3==1  C"(%&!4(((&0;EO]
M!&+KC+IE>6QR7(+S%NCLI;A-UV$==B;AV#6NG?]. FSTM9/ZMBT-)KU&!S9U
MUSS 770?\DK7Q9]R7I2W15DGULN*5?*LN,NK\O&L$')*!95AE$#@8R-%'$+
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M-[O>0\O/# XLXV9W=A7<,JY-O)N,:[G_>?IJ]4ZZ>#C]Z:O_ U!+ P04
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MCO8>;K0O[?],'.W]&U!+ 0(4 Q0    ( ,^ /%=KVT=9M&H  .77!@ 9
M          "  0    !A,C R,S W,S%P<F5S<W)E;&5A<V4N:'1M4$L! A0#
M%     @ SX \5XM>Y\2'#@  ^F,  !               ( !ZVH  &UT;BTR
M,#(S,#DR."YH=&U02P$"% ,4    " #/@#Q7=^@OPM\"  ":"   $
M        @ &@>0  ;71N+3(P,C,P.3(X+GAS9%!+ 0(4 Q0    ( ,^ /%>.
M%*-MH H  &Q@   4              "  :U\  !M=&XM,C R,S Y,CA?;&%B
M+GAM;%!+ 0(4 Q0    ( ,^ /%?J">$FO@8   ,S   4              "
M 7^'  !M=&XM,C R,S Y,CA?<')E+GAM;%!+!08     !0 % $<!  !OC@
"   !

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