Vail Resorts, Inc. operates a portfolio of mountain resorts, lodging properties and real estate developments primarily in North America and select international locations. The company’s core business is to provide ski and summer recreation experiences alongside lodging and real estate services to guests visiting its resort destinations.

Revenue comes from the sale of lift tickets and season pass products, ski and snowboard lessons, equipment rentals, retail merchandise, dining and beverage sales, lodging room rates, golf course fees and proceeds from the sale of land parcels to developers. The company serves individual skiers and families, conference and group travelers and visitors seeking vacation or recreational experiences.

The company operates through the following segments: Mountain, Lodging and Real Estate.

• Mountain segment operates 42 destination mountain resorts and regional ski areas offering lift ticket sales, season pass products, ski and snowboard lessons, equipment rentals, retail merchandise, dining venues and a range of winter and summer recreational activities. It also leases space to third party operators to provide additional restaurants and retail at resort bases.

• Lodging segment owns and manages luxury hotels and condominiums under the RockResorts brand, other strategic lodging properties, National Park Service concessioner properties, a ground transportation company and golf courses located near the resorts.

• Real estate segment acquires, develops and sells land parcels in and around resort communities to third party developers and pursues planning for future development projects.

Vail Resorts, Inc. ranks among the largest operators of ski resorts in North America holding a significant share of total skier visits and competing with destinations such as Aspen Snowmass, Deer Valley, Jackson Hole and other major mountain resorts. Its competitive strengths include a broad geographic footprint, a leading multi resort pass program that encourages repeat visitation, substantial investments in snowmaking and lift infrastructure and a reputation for high quality service and amenities. These factors help the company maintain stable revenue and attract both local and destination guests.

The company’s customers include individual skiers and snowboarders, families, conference and meeting groups and travelers seeking vacation or recreational experiences at its mountain and lodging properties.