�It�s difficult to engage in this kind of consolidation, especially for companies like ours that operate in small communities. The individuals affected each have contributed to the success and popularity of our resorts and we want them to know that we have appreciated their service over the years,� said Andy Daly, president of Vail Resorts.

�While it�s unfortunate that we have to take this measure, it is necessitated by fundamental shifts across the travel and leisure industry. These shifts include rapidly evolving consumer expectations, such as keeping skiing affordable. All of our market segments, from day skiers to destination travelers, now demand greater value and we have successfully met this demand, although we cannot continue to do so without a fundamental commitment to lower our fixed operating costs while maintaining the highest level of guest service. In today�s increasingly competitive landscape for leisure dollars, companies that don�t respond to changing market demands, particularly in the face of an uncertain economy, don�t thrive,� explained Daly.

�Although this is a difficult decision, we need to be leaner, smarter and better than our competition to secure continued success. We believe this consolidation measure is in the best interests of our Company, our guests and our resort communities,� said Daly. He added, �This action will allow us to realign our cost structure and adapt our business strategies to better compete in this dynamic environment. While we believe cost savings will result from this measure, we do not expect that these management and administrative savings will be significant to our near-term financial results.�

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, and the Grand Teton Lodge Company in Jackson, Wyo. 

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.