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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

Apollo Ski Partners, L.P.
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   (Last)               (First)                 (Middle)

1999 Avenue of the Stars
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                                    (Street)

Los Angeles,            CA                     90067
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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)

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



     
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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 (1) 0 - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- Class A Common Stock (1) 11,639,542 D - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- ================================================================= ============================================================ =======
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) - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- Option to Purchase Common Stock 0 - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- Option to Purchase Class A Common Stock 0 - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- - ----------------------------------------------------------------- - ------------------------------------------------------------ - ------- ================================================================= ============================================================ =======
Explanation of Responses: (1) The number of shares reported represent the gross beneficial ownership interst of Apollo Ski Partners, L.P. in the equity securities of the Company. As permitted by the SEC rules, the number os shares reported includes shares in excess of the proportinionate pecuniary interest, if any, of the Reporting Person in the equity securities of the Company. Apollo Ski Partners, L.P. By: Apollo Investment Fund, L.P., Its General Partner By: Apollo Advisors, L.P., Its Managing General Partner By: Apollo Capital Management, Inc., Its General Partner By: Apollo Capital Management, Inc., Its General Partner By: /s/ Mike Weiner ------------------ Title: Vice President /s/ Mike Weiner 2/5/97 - --------------------------------------------- - ----------------------- **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.