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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     FORM 3

            INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

    Filed pursuant to Section 16(a) of the Securities Exchange Act
of 1934,
       Section 17(a) of the Public Utility Holding Company Act of
1935 or
               Section 30(f) of the Investment Company Act of 1940


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1. Name and Address of Reporting Person

Lee                     Thomas                   H.
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- ---------------
   (Last)               (First)                 (Middle)

Thomas H. Lee Company, 75 State Street, 26th Floor
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                                    (Street)

Boston,                   MA                 02109
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   (City)               (State)                 (Zip)


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2. Date of Event Requiring Statement (Month/Day/Year)


               2/3/97
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3. IRS or Social Security Number of Reporting Person (Voluntary)

    
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4. Issuer Name and Ticker or Trading Symbol

Vail Resorts, Inc. ("MTN")
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5 Relationship of Reporting Person to Issuer
   (Check all applicable)

   [ X ]   Director                             [   ]   10% Owner
   [   ]   Officer (give title below)           [   ]   Other
(specify below)


      
     
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- ---

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6. If Amendment, Date of Original (Month/Year)


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             Table I -- Non-Derivative Securities Beneficially
Owned
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3. Ownership Form: 2. Amount of Securities Direct (D) or 1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership (Instr. 4) (Instr. 4) (Instr. 5) (Instr.5) - ----------------------------------------------------------------- - ------------------------------------------------------------------- Common Stock 19,400 I (1) - ----------------------------------------------------------------- - ------------------------------------------------------------------- Class A Common Stock 0 - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- ================================================================= ===================================================================
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Print or Type Responses) FORM 3 (continued) Table II -- Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================= ===============
5. Owner- 3. Title and Amount of Securities ship Underlying Derivative Security Form of 2. Date Exercisable (Instr. 4) Derivative and Expiration Date - --------------------------------- 4. Conver- Security: (Month/Day/Year) Amount sion or Direct 7. Nature of ---------------------- or Exercise (D) or Indirect Date Expira- Number Price of Indirect Beneficial 1. Title of Security Exer- tion of Derivative (I) Ownership (Instr. 4) cisable Date Title Shares Security (Instr.5) (Instr. 5) - ----------------------------------------------------------------- - ------------------------------------------------------------------- Stock Option (Right to Buy) 6/30/95 12/31/97 Common Stock 200,000 $6.85 D - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- - ----------------------------------------------------------------- - ------------------------------------------------------------------- ================================================================= ===================================================================
Explanation of Responses: (1) These shares are owned by the Stephen Zachary Lee 1988 Irrevocable Trust (as to 9,720 shares) and the Robert Shiff Lee 1988 Irrevocable Trust (as to 9,720 shares) of which the reporting person is the settlor for the benefit of the reporting person's sons. The reporting person disclaims beneficial ownership of such shares. /s/ Thomas H. Lee 2/7/97 - --------------------------------------------- - ----------------------- **Signature of Reporting Person Date ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient. See Instruction 6 for procedure.