Hotel Online Special Report

 The Grand Teton Lodge Company Acquired by 
Vail Resorts for $50 Million
VAIL, Colo., June 14, 1999 - Vail Resorts, Inc. (NYSE: MTN) today announced that it has completed its acquisition of the Grand Teton Lodge Company from CSX Corporation following approval by the National Park Service. The transaction, first announced on February 22, 1999, is valued at approximately $50 million.

Adam Aron, Chairman and Chief Executive Officer, commented, "We are very excited to be expanding our resort operations with the acquisition of the Grand Teton Lodge Company, one of the finest concessionaires in the entire United States National Park system. We believe that this transaction is consistent with our strategy of diversifying our revenue base into complementary businesses that enable us to improve the overall resort experiences offered to our guests on a year round basis."

The Grand Teton Lodge Company, which generated revenues of approximately $25 million in 1998, operates Jenny Lake Lodge, Jackson Lake Lodge, and Colter Bay Village, all located within the Grand Teton National Park in Jackson Hole, Wyoming. The company also owns the Jackson Hole Golf Tennis Club as well as approximately thirty acres of developable land.

The Company expects the acquisition to be accretive to earnings in fiscal 2000, as previously stated. Vail Resorts, Inc. is the premier mountain resort operator in North America. The Company operates the Colorado mountain resorts of Vail, Breckenridge, Keystone, and Beaver Creek.

Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to, the ability of the Company to successfully integrate the acquisition, to realize the expected benefit of it, or to achieve the anticipated earnings effect, as well as, general business and economic conditions; competitive factors in the ski and resort industry; and the weather. Investors are also directed to other risks discussed in documents filed by the Company with the Securities and Exchange Commission.

Eric Resnick, 
Managing Director of Strategic Planning and Investor Relations of Vail Resorts, Inc.,
or Craig MacQueen of CSX Corporation, 804-782-1449; 
Also See: Vail Resorts Reporting Skier Days Declined Approximately 3% from Last Year / April 1999 

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