Vail, Colo., - March 9, 2000 - Vail Resorts, Inc. (NYSE: MTN) today announced financial results for the second quarter and six months ended January 31, 2000.

Resort revenue (which excludes revenue from real estate operations) for the quarter ended January 31, 2000, increased 3% to $161.1 million from $156.1 million in the comparable period last year. Total revenue for the quarter (which includes revenue from real estate operations) was $162.9 million compared to the $160.0 million reported in the same period in 1999.

Earnings from resort operations before interest, income taxes, depreciation and amortization ("Resort EBITDA") for the second quarter declined 5% to $48.1 million compared to $50.5 million in the same quarter last year. As previously reported, the decline in Resort EBITDA in part reflects the overall weakness experienced by the whole of the U.S. travel industry during the millennium period as well as weak pre-Christmas activity. In addition, included in second quarter Resort EBITDA is $4.4 million of expected net proceeds from a Reduced Skier Day Insurance Policy which the Company previously announced it had purchased.

Real estate revenues for the second quarter of fiscal 2000 were $1.7 million compared to $3.8 million during the same period of the prior year.

Net income for the quarter was $10.9 million, or $0.31 per diluted share, compared to $16.5 million, or $0.47 per diluted share, in the same period last year.

Resort revenue for the six months ended January 31, 2000 increased 14% to $218.0 million from $191.1 million in the same period last year. Total revenue was $228.7 million compared to $208.5 million in the first half of fiscal 1999.

Resort EBITDA for the six-month period was $27.7 million, a 9% increase compared to the $25.5 million reported in 1999.

The net loss in the first half of fiscal 2000 was $11.5 million, or $0.33 per diluted share, compared to a net loss of $3.9 million, or $0.11 per diluted share, for the same period last year.

Total skier days for the first half of fiscal 2000, which includes the Christmas and New Year holidays, were 2.0 million, down 5% from the prior year.

Adam Aron, Chairman and Chief Executive Officer, commented, "Our results for the second quarter are consistent with the announcement we made in mid-January. Financial performance for the quarter, which ended on January 31st , was negatively impacted by slow millennium period travel patterns and weak pre-Christmas activity."

Aron added, "Looking ahead to the third quarter, we remain encouraged by positive business indicators and the fact that snow conditions are now excellent. We also had good visitation in February, highlighted by an extremely successful Presidents' Day Weekend, and despite Easter falling late in April this year, we anticipate solid business performance for the third quarter overall."

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 Hole, Wyoming.

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, failure to achieve anticipated performance or receive expected insurance proceeds; 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.

Vail Resorts Contact:
Justine Reed
(970) 845-2714
jreed@vailresorts.com