Vail Resorts Reports Certain Ski Season Metrics for the Season-to-Date Period Ended January 13, 2013 and Provides Financial

Vail Resorts Reports Certain Ski Season Metrics for the Season-to-Date Period
            Ended January 13, 2013 and Provides Financial Guidance

PR Newswire

BROOMFIELD, Colo., Jan. 15, 2013

BROOMFIELD, Colo., Jan. 15, 2013 /PRNewswire/ --Vail Resorts, Inc. (NYSE:
MTN) today reported certain ski season metrics for the comparative periods
from the beginning of the ski season through January 13, 2013, and for the
prior year period through January 15, 2012, adjusted as if Kirkwood, which was
acquired in April 2012, was owned in both periods. The reported ski season
metrics do not incorporate the recently acquired urban ski areas of Afton Alps
and Mt. Brighton. The data mentioned in this release is interim period data
and subject to fiscal quarter end review and adjustments.


  oSeason-to-date total lift ticket revenue at the Company's seven mountain
    resorts, and including an allocated portion of season pass revenue for
    each applicable period, was up approximately 4.3% compared to the prior
    year season-to-date period.
  oSeason-to-date ancillary spending outpaced our growth in skier visitation,
    with ski school revenue up 2.9% and dining revenue up 9.0% at the
    Company's seven mountain resorts, and retail/rental revenue was up 7.7%
    compared to the prior year season-to-date period.
  oSeason-to-date total skier visits for the Company's seven mountain resorts
    were up 2.0% compared to the prior year season-to-date, including higher
    utilization by season pass holders.

Commenting on the ski season to date, Rob Katz, Chief Executive Officer said,
"The growth in season-to-date visitation and ancillary on-mountain revenue is
a reflection of a very strong holiday season which saw double-digit percentage
increases in visitation, ski school revenue, dining revenue, and retail/rental
revenue. Unfortunately, as we discussed in our early December earnings
release, this was partially offset by very weak results in the period from the
start of the season through mid-December, when conditions at our Colorado
resorts were very poor and highly unusual. We were very pleased to see that
once more typical conditions arrived at our resorts, we saw very strong
visitation and guest spend. In fact, a number of our resorts broke visitation
and revenue records during the holiday period. All of this bodes well for
the remainder of the season."

Fiscal Year 2013 Guidance

Commenting on fiscal 2013 guidance, Katz continued, "While we are very pleased
with our strong holiday season performance, the challenging early season
contributed to season-to-date results that were below what we had anticipated
in our guidance originally issued in September 2012. As a result, we do not
believe we can fully make up those shortfalls during the remainder of our
fiscal year. Consequently, we now estimate Resort Reported EBITDA to be $244
million to $254 million representing an approximate 19% to 24% increase over
fiscal 2012. Our revised guidance for fiscal 2013 assumes normal weather
conditions for the remainder of the season. We are reiterating our estimate of
fiscal 2013 Real Estate Reported EBITDA of negative $9 million to negative $17
million, including approximately $2 million of non-cash stock-based
compensation expense. Included in these estimates are Net Real Estate Cash
Flow of $15 million to $25 million (defined as Real Estate Reported EBITDA,
plus non-cash real estate cost of sales, plus non-cash stock-based
compensation expense, plus change in real estate deposits less investment in
real estate). Net income attributable to Vail Resorts, Inc. is now expected
to be in a range of $39 million to $49 million in fiscal 2013, up more than
double from last year's results."

The following table reflects the forecasted guidance range for the Company's
fiscal year ending July 31, 2013, for Reported EBITDA (after stock-based
compensation expense) and reconciles such Reported EBITDA guidance to net
income attributable to Vail Resorts, Inc. guidance for fiscal 2013.

                                                  Fiscal 2013 Guidance
                                                  (In thousands)
                                                  For the Year Ending
                                                  July 31, 2013
                                                  Low End
                                                                High End Range
Mountain Reported EBITDA ^(1)                     $ 234,000     $  244,000
Lodging Reported EBITDA ^(2)                        8,000          13,000
Resort Reported EBITDA ^(3)                         244,000        254,000
Real Estate Reported EBITDA ^(4)                   (17,000)       (9,000)
Total Reported EBITDA                               227,000        245,000
Depreciation and amortization                       (130,000)      (131,500)
Loss on disposal of fixed assets, net               (500)          (1,100)
Investment income                                   500            600
Interest expense, net                               (34,000)       (34,000)
Income before provision for income taxes            63,000         79,000
Provision for income taxes                          (24,090)       (30,090)
Net income                                          38,910         48,910
Net loss attributable to noncontrolling interests   90             90
Net income attributable to Vail Resorts, Inc.     $ 39,000      $  49,000

1.Mountain Reported EBITDA includes approximately $9 million of stock-based
2.Lodging Reported EBITDA includes approximately $2 million of stock-based
3.Resort Reported EBITDA represents the sum of Mountain and Lodging. The
    Company provides Reported EBITDA ranges for the Mountain and Lodging
    segments, as well as for the two combined. Readers are cautioned to
    recognize that the low end of the expected ranges provided for the Lodging
    and Mountain segments, while possible, do not sum to the low end of the
    Resort Reported EBITDA range provided because we do not necessarily expect
    or assume that we will actually hit the low end of both ranges, as the
    actual Resort Reported EBITDA will depend on the actual mix of the Lodging
    and Mountain components. Similarly, the high end of the ranges for the
    Lodging and Mountain segments do not sum to the high end of the Resort
    Reported EBITDA range.
4.Real Estate Reported EBITDA includes approximately $2 million of
    stock-based compensation.

About Vail Resorts, Inc. (NYSE: MTN)

Vail Resorts, Inc., through its subsidiaries, is the leading mountain resort
operator in the United States. The Company's subsidiaries operate the mountain
resorts of Vail, Beaver Creek, Breckenridge and Keystone in Colorado;
Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and
Nevada; Afton Alps in Minnesota and Mt. Brighton in Michigan; and the Grand
Teton Lodge Company in Jackson Hole, Wyoming. The Company's subsidiary,
RockResorts, a luxury resort hotel company, manages casually elegant
properties. Vail Resorts Development Company is the real estate planning,
development and construction subsidiary of Vail Resorts, Inc. Vail Resorts is
a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The
Vail Resorts company website is and consumer website is

Forward Looking Statements

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 prolonged weakness in general
economic conditions, including adverse affects on the overall travel and
leisure related industries; unfavorable weather conditions or natural
disasters; adverse events that occur during our peak operating periods
combined with the seasonality of our business; competition in our mountain and
lodging businesses; our ability to grow our resort and real estate operations;
our ability to successfully initiate, complete, and sell, new real estate
development projects and achieve the anticipated financial benefits from such
projects; further adverse changes in real estate markets; continued volatility
in credit markets; our ability to obtain financing on terms acceptable to us
to finance our real estate development, capital expenditures and growth
strategy; our reliance on government permits or approvals for our use of
Federal land or to make operational and capital improvements; demand for
planned summer activities and our ability to successfully obtain necessary
approvals and construct the planned improvements; adverse consequences of
current or future legal claims; our ability to hire and retain a sufficient
seasonal workforce; willingness of our guests to travel due to terrorism, the
uncertainty of military conflicts or outbreaks of contagious diseases, and the
cost and availability of travel options; negative publicity which diminishes
the value of our brands; our ability to integrate and successfully realize
anticipated benefits of acquisitions or future acquisitions; and implications
arising from new Financial Accounting Standards Board ("FASB")/governmental
legislation, rulings or interpretations.

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, except as may be required
by law. Investors are also directed to other risks discussed in documents
filed by us with the Securities and Exchange Commission.

Reconciliation of Non-GAAP Financial Measures

Resort, Mountain and Lodging, and Real Estate Reported EBITDA have been
presented herein as measures of the Company's financial operating performance.
Reported EBITDA is not a measure of financial performance or liquidity under
accounting principles generally accepted in the United States of America
("GAAP"), and might not be comparable to similarly titled measures of other
companies. Reported EBITDA 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 including net income, net change in
cash and cash equivalents or other financial statement data. The Company
believes that Reported EBITDA is an indicative measurement of the Company's
operating performance, and is similar to performance metrics generally used by
investors to evaluate companies in the resort and lodging industries. The
Company primarily uses Reported EBITDA based targets in evaluating
performance. In addition, the Company also uses the term Net Real Estate Cash
Flow, which is not a measure of financial performance or liquidity under GAAP,
as the Company believes it is important as a cash flow indicator for our Real
Estate segment.

SOURCE Vail Resorts, Inc.

Contact: Investor Relations: Michael Chao, +1-303-404-1820,, or Media: Kelly Ladyga, +1-303-404-1862,
Press spacebar to pause and continue. Press esc to stop.