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Page 1 of of 12 Pages
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
VAIL RESORTS, INC.
-----------------------------------------------------
(Name of Issuer)
COMMON STOCK
-----------------------------------------------------
(Title of Class of Securities)
91879Q109
-----------------------------------------------------
(CUSIP Number)
Linda S. Martinson, Esq. (212) 583-2000
767 Fifth Avenue, 24th Floor, New York, NY 10153
-----------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 2, 1998
-----------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with this statement [ ].
(A fee is not required only if the filing person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
SEC 1746 (12-91)
Amendment Number 5 to Schedule 13D (continued)
CUSIP No. 91879Q109 Page 2 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital Group, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 160,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,287,850
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 160,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,343,850
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,503,850
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
42.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 5 to Schedule 13D (continued)
CUSIP No. 91879Q109 Page 3 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BAMCO, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 235,250
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
10,291,250
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,291,250
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 5 to Schedule 13D (continued)
CUSIP No. 91879Q109 Page 4 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital Management, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 160,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,052,600
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 160,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,052,600
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,212,600
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 5 to Schedule 13D (continued)
CUSIP No. 91879Q109 Page 5 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Asset Fund
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 10,056,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
10,056,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,056,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
37.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IV, OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 5 to Schedule 13D(continued)
CUSIP No. 91879Q109 Page 6 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ronald Baron
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 160,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,287,850
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 160,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,343,850
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,503,850
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
42.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 7 of 12 Pages
Item 1. Security and Issuer
(a) Name of Issuer:
Vail Resorts, Inc.
(b) Address of Issuer's Principal Executive Offices:
137 Benchmark Road
c/o Anaconda Towers
Avon, CO 81620
(c) Title and Class of Securities:
Common Stock
Item 2. Identity and Background
(a) Name:
Baron Capital Group, Inc. ("BCG")
BAMCO, Inc. ("BAMCO")
Baron Capital Management, Inc. ("BCM")
Baron Asset Fund ("BAF")
Ronald Baron
(b) Business Address:
767 Fifth Avenue
24th Floor
New York, NY 10153
(c) Present Principal Employment:
BCG: Holding company
BAMCO: Investment adviser
BAF: Investment company
Ronald Baron: President and majority shareholder:
BCG, BCM, BAMCO
767 Fifth Avenue
24th Floor
New York, NY 10153
(d) Record of Convictions:
No material change.
(e) Record of Civil Proceedings:
No material change.
(f) Citizenship:
No material change.
Item 3. Source and Amount of Funds or Other Consideration
Ronald Baron owns no shares of the issuer directly.
BAMCO directed the purchase of 6,291,250 shares of the Issuer
for its investment advisory clients for an aggregate purchase
price of $138,997,619. Of those shares, 6,056,000 were purchased
for the account of BAF, for a total purchase price of $133,889,835.
An additional 4,000,000 shares of the Issuer were purchased in a
privately negotiated transaction for the account of BAF. BCM
directed the purchase of 1,052,600 shares of the issuer for its
investment advisory clients for an aggregate purchase price of
$23,819,721 and 160,000 shares for two investment partnerships for
an aggregate purchase price of $3,529,265. All of the shares were
paid for by cash assets in the respective clients' accounts
and by margin borrowings for the account of one BCM client.
Item 4. Purpose of Transaction
No material change.
Page 8 of 12 Pages
Item 5. Interest in Securities of the Issuer
(a) Amount and percentage beneficially owned:
BCG: 11,503,850 42.9%
BAMCO: 10,291,250 38.4%
BCM: 1,212,600 4.5%
BAF: 10,056,000 37.5%
Ronald Baron: 11,503,850 42.9%
(b) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
BCG: 160,000
BAMCO: 0
BCM: 160,000
BAF: 10,056,000
Ronald Baron: 160,000
(ii) shared power to vote or direct the vote:
BCG: 1,287,850
BAMCO: 235,250
BCM: 1,052,600
BAF: 0
Ronald Baron: 1,287,850
(iii) sole power to dispose or to direct the disposition:
BCG: 160,000
BAMCO: 0
BCM: 160,000
BAF: 0
Ronald Baron: 160,000
(iv) shared power to dispose or direct the disposition:
BCG: 11,343,850
BAMCO: 10,291,250
BCM: 1,052,600
BAF: 10,056,000
Ronald Baron: 11,343,850
*Reporting Persons may be deemed to share power to vote and dispose
of shares referred to herein as a result of control relationships
(BCG and Ronald Baron with respect to all of the shares; BAMCO with
respect to disposition, but not vote, of the BAF shares) and pursuant
to investment advisory relationships with advisory clients. The
shares reported above for sole power are attributable to investment
partnerships for which BCM and Ronald Baron serve as general
partners. BAMCO and its related control persons have no power to
vote the shares owned by BAF.
(c) A schedule of transactions effected in the last thirty-nine days
is attached hereto.
(d) Ownership of More than Five Percent on Behalf of Another Person:
No material change.
(e) Ownership of Less than Five Percent:
Not applicable.
Page 9 of 12 Pages
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
Baron Capital Group, Inc. and affiliates and the Issuer have amended
their Standstill Agreement to allow for purchase of an additional
500,000 shares of the Issuer's Common Stock.
Item 7. Material to be Filed as Exhibits
Exhibit 99 - 39 days of transactions.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
Date: October 7, 1998
Baron Capital Group, Inc., BAMCO, Inc.,
Baron Capital Management, Inc. and
Baron Asset Fund
By:
/s/ Ronald Baron
_______________________________________
Ronald Baron, President
Ronald Baron, Individually
By:
/s/ Ronald Baron
_______________________________________
Ronald Baron
Page 11 of 12 Pages Transaction Schedule From 08-29-98 to 10-06-98 All transactions were executed on the primary exchange for the Issuer unless otherwise indicated. Exec. Date Acct ID Trans Qty Price - -------- ------- ----- --------- --------- 09-01-98 bamco by 15,000 21.8958 09-08-98 bcm by 5,000 23.9325 09-09-98 bcm by 16,200 23.4414 09-10-98 bcm by 43,800 21.6926 09-11-98 bcm by 20,000 21.3750 09-11-98 bcm by 11,200 21.3750 09-11-98 bcm by 10,000 21.3750 09-14-98 bamco by 10,000 21.3750 09-15-98 bcm by 8,400 20.5000 09-25-98 bcm by 700 20.6875 10-01-98 bamco by 25,000 19.8125 10-01-98 bamco by 250 19.8125 10-02-98 bamco by 80,000 19.6250 10-02-98 bamco by 25,000 19.8125 10-02-98 bamco by 182,600 19.8222 10-05-98 bamco by 43,500 19.5262 10-05-98 bcm by 10,000 19.5262 10-06-98 bamco by 6,700 19.7500 10-06-98 bamco by 14,300 19.5935 10-06-98 bcm by 14,300 19.7500