Page 1 of 11 Pages UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 18)* 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, 49th Floor, New York, NY 10153 ----------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) January 7, 2004 ----------------------------------------------------- (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 18 to Schedule 13D (continued) CUSIP No. 91879Q109 Page 2 of 11 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 0 BENEFICIALLY ------------------------------------------------------------ OWNED BY 8 SHARED VOTING POWER EACH 6,238,350 REPORTING ------------------------------------------------------------ PERSON 9 SOLE DISPOSITIVE POWER WITH 0 ------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 6,294,950 - ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,294,950 - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.6% - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* HC, CO - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 18 to Schedule 13D (continued) CUSIP No. 91879Q109 Page 3 of 11 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 0 BENEFICIALLY ------------------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 5,860,000 REPORTING ------------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 0 ------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 5,905,000 - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,905,000 - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 21.2% - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* IA, CO - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 18 to Schedule 13D (continued) CUSIP No. 91879Q109 Page 4 of 11 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 0 BENEFICIALLY ------------------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 378,350 REPORTING ------------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 0 ------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 389,950 - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 389,950 - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.4% - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* IA, CO - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 18 to Schedule 13D (continued) CUSIP No. 91879Q109 Page 5 of 11 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 0 BENEFICIALLY ------------------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 4,450,000 REPORTING ------------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 0 ------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 4,450,000 - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,450,000 - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 16.0% - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* IV, OO - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 18 to Schedule 13D (continued) CUSIP No. 91879Q109 Page 6 of 11 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 0 BENEFICIALLY ------------------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 6,238,350 REPORTING ------------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 0 ------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 6,294,950 - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,294,950 - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.6% - ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT
Page 7 of 11 Pages Item 1. Security and Issuer (a) Name of Issuer: Vail Resorts, Inc. (b) Address of Issuer's Principal Executive Offices: P.O. Box 7 Vail, CO 81658 (c) Title and Class of Securities: Common 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 New York, NY 10153 (c) Present Principal Business or Employment: BCG: Holding company BAMCO: Investment adviser BCM: Investment adviser BAF: Registered investment company Ronald Baron: CEO: BCG, BAMCO, BCM; BAF 767 Fifth Avenue 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 No material change.
Page 8 of 11 Pages Item 4. Purpose of Transaction No material change. Item 5. Interest in Securities of the Issuer (a) Amount and percentage beneficially owned*: BCG: 6,294,950 22.6% BAMCO: 5,905,000 21.2% BCM: 389,950 1.4% BAF: 4,450,000 16.0% Ronald Baron: 6,294,950 22.6% (b) Number of shares as to which such person has: (i) sole power to vote or direct the vote: BCG: 0 BAMCO: 0 BCM: 0 BAF: 0 Ronald Baron: 0 (ii) shared power to vote or direct the vote: BCG: 6,238,350 BAMCO: 5,860,000 BCM: 378,350 BAF: 4,450,000 Ronald Baron: 6,238,350 (iii) sole power to dispose or to direct the disposition: BCG: 0 BAMCO: 0 BCM: 0 BAF: 0 Ronald Baron: 0 (iv) shared power to dispose or direct the disposition: BCG: 6,294,950 BAMCO: 5,905,000 BCM: 389,950 BAF: 4,450,000 Ronald Baron: 6,294,950 *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 the BAF shares) and pursuant to investment advisory relationships with advisory clients. Reporting Persons disclaim beneficial ownership of the shares for which they share power. (c) A schedule of transactions effected in the last thirty three days is attached hereto.
Page 9 of 11 Pages (d) Ownership of More than Five Percent on Behalf of Another Person: No material change. (e) Ownership of Less than Five Percent: Not applicable. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer No material change. Item 7. Material to be Filed as Exhibits Exhibit 99 - 33 days of trading. 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: January 16, 2004 Baron Capital Group, Inc., BAMCO, Inc., Baron Capital Management, Inc. and Baron Asset Fund By: /s/ Ronald Baron _______________________________________ Ronald Baron, Chairman and CEO
Vail Resorts Transaction Schedule From 12-15-03 To 01-15-04 Exec. Date Account ID Activity Quantity Price -------- ------------ ---------- ---------- --------- 12/15/2003 bamco sl 25,000 17.6000 12/15/2003 bcm sl 1,000 17.6000 12/18/2003 bamco sl 10,000 17.5000 12/19/2003 bamco sl 20,000 17.3000 12/22/2003 bamco sl 5,000 17.2546 12/22/2003 bamco sl 6,800 17.1576 12/23/2003 bamco sl 18,200 16.7823 12/24/2003 bamco sl 1,100 17.0091 12/26/2003 bamco sl 700 17.0657 12/26/2003 bamco sl 3,700 17.0870 12/29/2003 bamco sl 11,300 17.1362 12/29/2003 bamco sl 7,000 17.1206 12/30/2003 bamco sl 4,000 16.9127 12/30/2003 bamco sl 7,100 16.8993 12/30/2003 bamco sl 15,100 16.9901 12/30/2003 bcm sl 900 16.9127 12/30/2003 bcm sl 1,800 16.8993 12/31/2003 bamco sl 15,700 17.0711 1/02/2004 bamco sl 14,300 17.2686 1/02/2004 bamco sl 15,000 17.3400 1/02/2004 bcm sl 600 17.3000 1/05/2004 bamco sl 35,000 17.1281 1/06/2004 bamco sl 25,000 17.3784 1/07/2004 bamco sl 15,000 17.8826 1/08/2004 bamco sl 1,000 17.8920 1/08/2004 bamco sl 19,000 17.7279 1/09/2004 bamco sl 4,900 17.9196 1/09/2004 bamco sl 16,700 17.9237 1/12/2004 bamco sl 1,000 17.7800 1/12/2004 bamco sl 18,400 17.7671 1/13/2004 bamco sl 5,700 17.5782 1/13/2004 bamco sl 33,300 17.5000 1/14/2004 bamco sl 24,500 17.9588 1/15/2004 bamco sl 10,500 17.6582 1/15/2004 bamco sl 5,000 17.9000 1/16/2004 bamco sl 11,700 17.9496 1/16/2004 bamco sl 258,300 18.0000