View Filing Data

Print Document View Excel Document

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Oct. 31, 2011	Dec. 01, 2011
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2011
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Trading Symbol	MTN
Entity Registrant Name	VAIL RESORTS INC
Entity Central Index Key	0000812011
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		36,002,268

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2011	Jul. 31, 2011	Oct. 31, 2010
Assets
Cash and cash equivalents	$ 44,738	$ 70,143	$ 19,578
Restricted cash	13,615	12,438	12,912
Trade receivables, net	29,627	58,529	35,120
Inventories, net	75,789	54,007	64,230
Other current assets	57,822	50,507	45,782
Total current assets	221,591	245,624	177,622
Property, plant and equipment, net (Note 6)	1,050,026	1,021,736	1,046,544
Real estate held for sale and investment	263,130	273,663	296,981
Goodwill, net	268,058	268,058	271,732
Intangible assets, net	91,360	91,098	89,433
Other assets	46,183	46,057	36,478
Total assets	1,940,348	1,946,236	1,918,790
Liabilities and Stockholders' Equity
Accounts payable and accrued liabilities (Note 6)	316,592	221,359	303,794
Income taxes payable	19,568	20,778	32,424
Long-term debt due within one year (Note 4)	1,063	1,045	1,958
Total current liabilities	337,223	243,182	338,176
Long-term debt (Note 4)	490,377	490,698	513,007
Other long-term liabilities (Note 6)	236,275	235,429	239,068
Deferred income taxes	99,118	133,208	66,204
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.01 par value, 100,000,000 shares authorized, 40,468,268 (unaudited), 40,334,973 and 40,241,791 (unaudited) shares issued, respectively	405	403	402
Additional paid-in capital	578,403	575,689	566,209
Retained earnings	355,318	416,458	344,357
Treasury stock, at cost; 4,468,181 (unaudited), 4,264,804 and 4,264,804 (unaudited) shares, respectively (Note 11)	(170,696)	(162,827)	(162,827)
Total Vail Resorts, Inc. stockholders' equity	763,430	829,723	748,141
Noncontrolling interests	13,925	13,996	14,194
Total stockholders' equity (Note 2)	777,355	843,719	762,335
Total liabilities and stockholders' equity	$ 1,940,348	$ 1,946,236	$ 1,918,790

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2011	Jul. 31, 2011	Oct. 31, 2010
Consolidated Condensed Balance Sheets [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000	25,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	40,468,268	40,334,973	40,241,791
Treasury stock, shares	4,468,181	4,264,804	4,264,804

Consolidated Condensed Statements Of Operations - USD ($) $ in Thousands		3 Months Ended
	Jun. 07, 2011	Oct. 31, 2011	Oct. 31, 2010
Net revenue:
Mountain		$ 49,670	$ 40,779
Lodging		53,594	51,117
Real estate		13,109	149,261
Total net revenue		116,373	241,157
Segment operating expense (exclusive of depreciation and amortization shown separately below):
Mountain		98,555	83,136
Lodging		55,301	49,574
Real estate		17,847	145,063
Total segment operating expense		171,703	277,773
Other operating (expense) income:
Depreciation and amortization		(28,930)	(27,732)
(Loss) gain on disposal of fixed assets, net		(114)	92
Loss from operations		(84,374)	(64,256)
Mountain equity investment income, net		430	780
Investment income		64	238
Interest expense, net		(8,241)	(7,936)
Loss before benefit from income taxes		(92,121)	(71,174)
Benefit from income taxes		36,387	28,114
Net loss		(55,734)	(43,060)
Net loss attributable to noncontrolling interests		25	37
Net loss attributable to Vail Resorts, Inc.		$ (55,709)	$ (43,023)
Per share amounts (Note 3):
Basic net loss per share attributable to Vail Resorts, Inc.		$ (1.54)	$ (1.20)
Diluted net loss per share attributable to Vail Resorts, Inc.		(1.54)	$ (1.20)
Cash dividends declared per share	$ 0.60	$ 0.15

Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2011	Oct. 31, 2010
Cash flows from operating activities:
Net loss	$ (55,734)	$ (43,060)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	28,930	27,732
Cost of real estate sales	10,288	133,843
Stock-based compensation expense	4,032	3,290
Deferred income taxes, net	(36,386)	(28,114)
Other non-cash income, net	(2,404)	(2,703)
Changes in assets and liabilities:
Restricted cash	(1,177)	(898)
Trade receivables, net	29,991	22,318
Inventories, net	(21,782)	(14,117)
Investments in real estate	(1,094)	(10,204)
Accounts payable and accrued liabilities	87,453	50,779
Deferred real estate deposits	(308)	(18,816)
Other assets and liabilities, net	(3,474)	(1,877)
Net cash provided by operating activities	38,335	118,173
Cash flows from investing activities:
Capital expenditures	(51,003)	(36,901)
Acquisition of business	342	(60,528)
Other investing activities, net	(478)	74
Net cash used in investing activities	(51,139)	(97,355)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt		100,000
Payments of long-term debt	(303)	(116,698)
Repurchases of common stock	(7,869)
Dividends paid	(5,429)
Other financing activities, net	1,000	713
Net cash used in financing activities	(12,601)	(15,985)
Net (decrease) increase in cash and cash equivalents	(25,405)	4,833
Cash and cash equivalents:
Beginning of period	70,143	14,745
End of period	$ 44,738	$ 19,578

Organization And Business

3 Months Ended

Oct. 31, 2011

Organization And Business [Abstract]

Organization And Business

1.	Organization and Business

Vail Resorts, Inc. ("Vail Resorts" or the "Parent Company") is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the "Company") currently operate in three business segments: Mountain, Lodging and Real Estate. In the Mountain segment, the Company operates the six world-class ski resort properties of Vail, Breckenridge, Keystone and Beaver Creek mountain resorts in Colorado and Heavenly and Northstar-at-Tahoe mountain resorts in the Lake Tahoe area of California and Nevada, as well as ancillary services, primarily including ski school, dining and retail/rental operations. These resorts (with the exception of Northstar-at-Tahoe) operate primarily on Federal land under the terms of Special Use Permits granted by the USDA Forest Service (the "Forest Service"). In the Lodging segment, the Company owns and/or manages a collection of luxury hotels under its RockResorts brand, as well as other strategic lodging properties and a large number of condominiums located in proximity to the Company's ski resorts, the Grand Teton Lodge Company ("GTLC"), which operates three destination resorts at Grand Teton National Park (under a National Park Service concessionaire contract), Colorado Mountain Express ("CME"), a resort ground transportation company, and golf courses. Vail Resorts Development Company ("VRDC"), a wholly-owned subsidiary, conducts the operations of the Company's Real Estate segment, which owns and develops real estate in and around the Company's resort communities. The Company's mountain business and its lodging properties at or around the Company's ski resorts are seasonal in nature with peak operating seasons from mid-November through mid-April. The Company's operations at GTLC and its golf courses generally operate from mid-May through mid-October. The Company also has non-majority owned investments in various other entities, some of which are consolidated (see Note 7, Variable Interest Entities).

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Name FASB Interpretation (FIN)
-Publisher FASB
-Number 46R
-Paragraph 4, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6359553&loc=d3e288-107754

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6921930&loc=d3e5614-111684

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6970148&loc=SL6228881-111685

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-SubTopic 15
-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Summary Of Significant Accounting Policies

3 Months Ended

Oct. 31, 2011

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of Presentation

Consolidated Condensed Financial Statements— In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company's financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended July 31, 2011. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2011 was derived from audited financial statements.

Use of Estimates— The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Revision of Payroll Cost Reimbursement from Managed Hotel Properties— Revenue from reimbursement of payroll costs relates to payroll costs of managed hotel properties where the Company is the employer. The reimbursements are based upon the costs incurred with no added margin; therefore, these revenues and corresponding expenses have no net effect on the Company's operating income (loss) or net income (loss). The Company previously reported prior to its fiscal year ended July 31, 2011, payroll cost reimbursement from managed hotel properties net of reimbursed payroll costs; however, as the Company is the employer at certain managed hotel properties, and thus the primary obligor, these amounts should be reported gross within the Lodging segment. The Company determined that the impact of these revisions was not material to the Consolidated Statements of Operations for all applicable prior interim and annual periods. For the three months ended October 31, 2011, revenue and expenses relating to reimbursed payroll costs were $7.7 million. For the three months ended October 31, 2010, the Company revised its presentation of these reimbursed payroll costs from a net presentation to a gross presentation in its Consolidated Condensed Statements of Operations to conform to its current fiscal quarter presentation. The effect of this change increased Lodging net revenue for the three months ended October 31, 2010 from $44.4 million (as previously reported in the prior year's Form 10-Q) to $51.1 million, with a corresponding increase in the Lodging operating expense for the three months ended October 31, 2010 from $42.8 million (as previously reported in the prior year's Form 10-Q) to $49.6 million. Additionally, previously reported quarterly financial data for the three months ended October 31, 2010 as presented in Note 10, Segment Information and Note 12, Guarantor Subsidiaries and Non-Guarantor Subsidiaries have been revised to reflect these revisions.

Noncontrolling Interests in Consolidated Financial Statements— Net loss attributable to noncontrolling interests along with net loss attributable to the stockholders of the Company are reported separately in the Consolidated Condensed Statement of Operations. Additionally, noncontrolling interests in the consolidated subsidiaries of the Company are reported as a separate component of equity in the Consolidated Condensed Balance Sheet, apart from the Company's equity. The following table summarizes the changes in total stockholders' equity (in thousands):


	For the three months ended October 31,
	2011									2010
	Vail Resorts Stockholders' Equity			Noncontrolling Interests			Total Equity			Vail Resorts Stockholders' Equity			Noncontrolling Interests			Total Equity
Balance, beginning of period	$	829,723		$	13,996		$	843,719		$	788,770		$	13,617		$	802,387
Net loss		(55,709	)		(25	)		(55,734	)		(43,023	)		(37	)		(43,060	)
Stock-based compensation expense		4,032			—			4,032			3,290			—			3,290
Issuance of shares under share award plans, net of shares withheld for taxes		(2,245	)		—			(2,245	)		(788	)		—			(788	)
Tax benefit (expense) from share award plans		927			—			927			(108	)		—			(108	)
Cash dividends paid on common stock		(5,429	)		—			(5,429	)		—			—			—
Repurchases of common stock		(7,869	)		—			(7,869	)		—			—			—
(Distributions) contributions to/from noncontrolling interests, net		—			(46	)		(46	)		—			614			614

Balance, end of period	$	763,430		$	13,925		$	777,355		$	748,141		$	14,194		$	762,335

Fair Value Instruments— The recorded amounts for cash and cash equivalents, trade receivables, other current assets, and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Employee Housing Bonds (Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with that debt. The fair value of the 6.50% Senior Subordinated Notes due 2019 ("6.50% Notes") (Note 4, Long-Term Debt) is based on quoted market prices. The fair value of the Company's Industrial Development Bonds (Note 4, Long-Term Debt) and other long-term debt have been estimated using discounted cash flow analyses based on current borrowing rates for debt with similar remaining maturities and ratings. The estimated fair values of the 6.50% Notes, Industrial Development Bonds and other long-term debt as of October 31, 2011 are presented below (in thousands):


	October 31, 2011
	Carrying		Fair
	Value		Value
6.50% Notes	$	390,000	$	393,900
Industrial Development Bonds	$	41,200	$	46,421
Other long-term debt	$	7,665	$	8,049

Net Loss Per Common Share

3 Months Ended

Oct. 31, 2011

Net Loss Per Common Share [Abstract]

Net Loss Per Common Share

3.	Net Loss Per Common Share

Basic earnings per share ("EPS") excludes dilution and is computed by dividing net loss attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts. Presented below is basic and diluted EPS for the three months ended October 31, 2011 and 2010 (in thousands, except per share amounts):


	Three Months Ended October 31,
	2011						2010
	Basic			Diluted			Basic			Diluted
Net loss per share:
Net loss attributable to Vail Resorts	$	(55,709	)	$	(55,709	)	$	(43,023	)	$	(43,023	)
Weighted-average shares outstanding		36,066			36,066			35,938			35,938
Effect of dilutive securities		—			—			—			—

Total shares		36,066			36,066			35,938			35,938

Net loss per share attributable to Vail Resorts	$	(1.54	)	$	(1.54	)	$	(1.20	)	$	(1.20	)

The number of shares issuable on the exercise of share based awards that were excluded from the calculation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive totaled 1.5 million and 1.4 million for the three months ended October 31, 2011 and 2010, respectively.

On June 7, 2011 the Company's Board of Directors approved the commencement of a regular quarterly cash dividend on our common stock at an annual rate estimated to be $0.60 per share, subject to quarterly declaration. During the three months ended October 31, 2011, the Company paid cash dividends of $0.15 per share ($5.4 million in the aggregate). On December 2, 2011 the Company's Board of Directors approved a quarterly cash dividend of $0.15 per share payable on January 6, 2012 to stockholders of record as of December 22, 2011.

Long-Term Debt

3 Months Ended

Oct. 31, 2011

Long-Term Debt [Abstract]

Long-Term Debt

4.	Long-Term Debt

Long-term debt as of October 31, 2011, July 31, 2011 and October 31, 2010 is summarized as follows (in thousands):


	Maturity (a)	October 31, 2011		July 31, 2011		October 31, 2010
Credit Facility Revolver	2016	$	—	$	—	$	20,000
Industrial Development Bonds	2020		41,200		41,200		41,200
Employee Housing Bonds	2027-2039		52,575		52,575		52,575
6.50% Notes (c)	2019		390,000		390,000		—
6.75% Notes	—		—		—		390,000
Other	2012-2029		7,665		7,968		11,190

Total debt			491,440		491,743		514,965
Less: Current maturities (b)			1,063		1,045		1,958

Long-term debt		$	490,377	$	490,698	$	513,007

(a)	Maturities are based on the Company's July 31 fiscal year end.

(b)	Current maturities represent principal payments due in the next 12 months.

(c)

On April 25, 2011, the Company completed an offering for $390.0 million of 6.50% Notes. Pursuant to the registration rights agreement executed as part of the offering of the 6.50% Notes, the Company agreed to file an exchange offer registered under the Securities Act of 1933 on or prior to 210 days after the closing of the offering, with such registration statement being declared effective on or prior to 270 days after the closing of the offering, and to exchange the notes for a new issue of substantially identical debt securities and guarantees. The registration statement was declared effective on November 16, 2011, and on November 17, 2011, the Company commenced its offer to exchange up to $390.0 million principal amount of newly issued 6.50% notes, registered under the Securities Act of 1933, for a like principal amount of its outstanding privately priced 6.50% Notes.

Aggregate maturities for debt outstanding as of October 31, 2011 reflected by fiscal year are as follows (in thousands):


2012	$	855
2013		836
2014		509
2015		533
2016		244
Thereafter		488,463

Total debt	$	491,440

The Company incurred gross interest expense of $8.4 million and $8.5 million for the three months ended October 31, 2011 and 2010, respectively, of which $0.5 million and $0.4 million, respectively was amortization of deferred financing costs. The Company capitalized $0.1 million and $0.5 million of interest during the three months ended October 31, 2011 and 2010, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Acquisition

3 Months Ended

Oct. 31, 2011

Acquisition [Abstract]

Acquisition

5.	Acquisition

On October 25, 2010, the Company acquired for cash 100% of the capital stock of BCRP Inc. and the interest of Northstar Group Commercial Properties (together, with their subsidiaries "Northstar-at-Tahoe") that operate the Northstar-at-Tahoe mountain resort in North Lake Tahoe, California from Booth Creek Resort Properties LLC and other sellers for a total consideration of $60.2 million, net of cash acquired. Northstar-at-Tahoe is a year round mountain resort providing a comprehensive offering of recreational activities, including both snow sports and summer activities. Additionally, Northstar-at-Tahoe operates a base area village at the resort, including the subleasing of commercial retail space and condominium property management.

The following summarizes the fair values of the identifiable assets acquired and liabilities assumed at the acquisition date (in thousands).


	Acquisition Date Fair Value
Accounts receivable, net	$	2,499
Inventory, net		1,894
Other assets		1,422
Property, plant and equipment		9,612
Deferred income tax assets, net		15,087
Intangible Assets		2,470
Goodwill		85,446

Total identifiable assets acquired	$	118,430
Accounts payable and accrued liabilities	$	6,671
Deferred revenue		5,281
Capital lease obligations		2,892
Unfavorable lease obligations, net		43,400

Total liabilities assumed	$	58,244
Total purchase price	$	60,186

The excess of the purchase price over the aggregate fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Northstar-at-Tahoe and other factors. None of the goodwill is expected to be deductible for income tax purposes. The intangible assets have a weighted-average amortization period of 4.6 years.

The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisition of Northstar-at-Tahoe was completed on August 1, 2010. The following unaudited pro forma financial information includes adjustments for (i) depreciation and interest expense for capital leases on acquired property, plant and equipment and amortization of intangible assets recorded at the date of acquisition; (ii) straight-line expense recognition of minimum future lease payments from the date of acquisition, including the amortization of the net unfavorable lease obligations; and (iii) acquisition related costs. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the acquisition taken place on August 1, 2010 (in thousands, except per share amounts).


	Three Months Ended October 31, 2010
	Three Months Ended October 31, 2010
Pro forma net revenue	$	245,570
Pro forma net loss attributable to Vail Resorts, Inc.	$	(44,891	)
Pro forma basic net loss per share attributable to Vail Resorts, Inc.	$	(1.25	)
Pro forma diluted net loss per share attributable to Vail Resorts, Inc.	$	(1.25	)

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1490-128463

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7008-128479

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6996-128479

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1524-128463

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1392-128463

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7000-128479

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1497-128463

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1486-128463

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1383-128463

+ Details

Supplementary Balance Sheet Information

3 Months Ended

Oct. 31, 2011

Supplementary Balance Sheet Information [Abstract]

Supplementary Balance Sheet Information

6.	Supplementary Balance Sheet Information

The composition of property, plant and equipment follows (in thousands):


	October 31, 2011			July 31, 2011			October 31, 2010
	October 31, 2011			July 31, 2011			October 31, 2010
Land and land improvements	$	271,777		$	271,742		$	270,556
Buildings and building improvements		802,431			801,582			775,687
Machinery and equipment		540,492			539,983			516,932
Furniture and fixtures		216,608			215,862			199,016
Software		66,577			64,408			58,230
Vehicles		41,111			40,627			40,547
Construction in progress		83,808			34,638			57,065

Gross property, plant and equipment		2,022,804			1,968,842			1,918,033
Accumulated depreciation		(972,778	)		(947,106	)		(871,489	)

Property, plant and equipment, net	$	1,050,026		$	1,021,736		$	1,046,544

The composition of accounts payable and accrued liabilities follows (in thousands):


	October 31, 2011		July 31, 2011		October 31, 2010
	October 31, 2011		July 31, 2011		October 31, 2010
Trade payables	$	93,922	$	55,456	$	78,404
Real estate development payables		2,885		3,360		22,315
Deferred revenue		123,364		66,044		103,403
Deferred real estate and other deposits		9,163		11,741		21,682
Accrued salaries, wages and deferred compensation		18,365		26,350		17,349
Accrued benefits		21,525		22,107		23,836
Accrued interest		13,933		8,511		6,338
Other accruals		33,435		27,790		30,467

Total accounts payable and accrued liabilities	$	316,592	$	221,359	$	303,794

The composition of other long-term liabilities follows (in thousands):


	October 31, 2011		July 31, 2011		October 31, 2010
	October 31, 2011		July 31, 2011		October 31, 2010
Private club deferred initiation fee revenue and deposits	$	145,992	$	146,065	$	146,755
Unfavorable lease obligation, net		38,061		38,729		40,588
Other long-term liabilities		52,222		50,635		51,725

Total other long-term liabilities	$	236,275	$	235,429	$	239,068

Variable Interest Entities

3 Months Ended

Oct. 31, 2011

Variable Interest Entities [Abstract]

Variable Interest Entities

7.	Variable Interest Entities

The Company is the primary beneficiary of four employee housing entities (collectively, the "Employee Housing Entities"), Breckenridge Terrace, LLC, The Tarnes at BC, LLC, BC Housing, LLC and Tenderfoot Seasonal Housing, LLC, which are variable interest entities ("VIEs"), and has consolidated them in its Consolidated Condensed Financial Statements. As a group, as of October 31, 2011, the Employee Housing Entities had total assets of $33.2 million (primarily recorded in property, plant and equipment, net) and total liabilities of $63.2 million (primarily recorded in long-term debt as "Employee Housing Bonds"). The Company's lenders have issued letters of credit totaling $53.4 million under the senior credit facility ("Credit Agreement") related to Employee Housing Bonds. Payments under the letters of credit would be triggered in the event that one of the entities defaults on required payments. The letters of credit have no default provisions.

The Company is the primary beneficiary of Avon Partners II, LLC ("APII"), which is a VIE. APII owns commercial space and the Company currently leases substantially all of that space. APII had total assets of $4.5 million (primarily recorded in property, plant and equipment, net) and no debt as of October 31, 2011.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4
-Subparagraph g
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 2, 14, 15, 16, 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 35
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6970148&loc=d3e5728-111685

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6970148&loc=d3e5710-111685

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6970148&loc=d3e5747-111685

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Variable Interest Entity
-URI http://asc.fasb.org/extlink&oid=6528138

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph C4
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Appendix D
-Paragraph 22B

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Appendix D
-Paragraph 22E

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Appendix D
-Paragraph 23A

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Appendix D
-Paragraph 24

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=6970148&loc=SL6759159-111685

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6970148&loc=SL6228884-111685

+ Details

Fair Value Measurements

3 Months Ended

Oct. 31, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

8.	Fair Value Measurements

The FASB issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes. The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value. Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows:

Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities;

Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and

Level 3: Unobservable inputs which are supported by little or no market activity.

The table below summarizes the Company's cash equivalents measured at fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands):


	Fair Value Measurement as of October 31, 2011
Description	Balance at October 31, 2011		Level 1		Level 2		Level 3
Description	Balance at October 31, 2011		Level 1		Level 2		Level 3
US Treasury	$	8,385	$	8,385	$	—	$	—
Certificates of Deposit	$	2,807	$	—	$	2,807	$	—

	Fair Value Measurement as of July 31, 2011
Description	Balance at July 31, 2011		Level 1		Level 2		Level 3
US Treasury	$	8,381	$	8,381	$	—	$	—
Certificates of Deposit	$	2,490	$	—	$	2,490	$	—

	Fair Value Measurement as of October 31, 2010
Description	Balance at October 31, 2010		Level 1		Level 2		Level 3
Money Market	$	399	$	399	$	—	$	—
US Treasury	$	8,297	$	8,297	$	—	$	—
Certificates of Deposit	$	300	$	—	$	300	$	—

The Company's cash equivalents are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Commitments And Contingencies

3 Months Ended

Oct. 31, 2011

Commitments And Contingencies [Abstract]

Commitments And Contingencies

9.	Commitments and Contingencies

Metropolitan Districts

The Company credit-enhances $8.0 million of bonds issued by Holland Creek Metropolitan District ("HCMD") through an $8.1 million letter of credit issued under the Company's Credit Agreement. HCMD's bonds were issued and used to build infrastructure associated with the Company's Red Sky Ranch residential development. The Company has agreed to pay capital improvement fees to Red Sky Ranch Metropolitan District ("RSRMD") until RSRMD's revenue streams from property taxes are sufficient to meet debt service requirements under HCMD's bonds, and the Company has recorded a liability of $1.8 million primarily within "other long-term liabilities" in the accompanying Consolidated Condensed Balance Sheets, as of October 31, 2011, July 31, 2011 and October 31, 2010, respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates that it will make capital improvement fee payments under this arrangement through the year ending July 31, 2028.

Guarantees/Indemnifications

As of October 31, 2011, the Company had various other letters of credit in the amount of $59.5 million, consisting primarily of $53.4 million in support of the Employee Housing Bonds and $4.3 million for workers' compensation and general liability deductibles related to construction and development activities.

In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business which include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities to licensees in connection with the licensees' use of the Company's trademarks and logos, indemnities for liabilities associated with the infringement of other parties' technology and software products, indemnities related to liabilities associated with the use of easements, indemnities related to employment of contract workers, the Company's use of trustees, indemnities related to the Company's use of public lands and environmental indemnifications. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make.

As permitted under applicable law, the Company and certain of its subsidiaries indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any future amounts paid.

Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Condensed Financial Statements, either because the Company has recorded on its Consolidated Condensed Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company's own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the fair value of the indemnification or guarantee to be immaterial based upon the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications it is not possible to determine the maximum potential amount of liability under these guarantees due to the unique set of facts and circumstances that are likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material.

As noted above, the Company makes certain indemnifications to licensees in connection with their use of the Company's trademarks and logos. The Company does not record any liabilities with respect to these indemnifications.

Self Insurance

The Company is self-insured for claims under its health benefit plans and for the majority of workers' compensation claims, subject to a stop loss policy. The self-insurance liability related to workers' compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company's health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 6, Supplementary Balance Sheet Information).

Legal

The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for loss contingencies for all known matters that are deemed to be probable losses and estimable. As of October 31, 2011, July 31, 2011 and October 31, 2010, the accrual for the above loss contingencies was not material individually and in the aggregate.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Segment Information

3 Months Ended

Oct. 31, 2011

Segment Information [Abstract]

Segment Information

10.

Segment Information

The Company has three reportable segments: Mountain, Lodging and Real Estate. The Mountain segment includes the operations of the Company's ski resorts and related ancillary services. The Lodging segment includes the operations of all of the Company's owned hotels, RockResorts, GTLC, condominium management, CME and golf operations. The Real Estate segment owns and develops real estate in and around the Company's resort communities. The Company's reportable segments, although integral to the success of the others, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately.

The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus or minus segment equity investment income or loss), which is a non-GAAP financial measure. The Company reports segment results in a manner consistent with management's internal reporting of operating results to the chief operating decision maker (Chief Executive Officer) for purposes of evaluating segment performance.

Reported EBITDA is not a measure of financial performance under GAAP. Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income (loss), net change in cash and cash equivalents or other financial statement data presented in the Consolidated Condensed Financial Statements as indicators of financial performance or liquidity. Because Reported EBITDA is not a measurement determined in accordance with GAAP and thus is susceptible to varying calculations, Reported EBITDA as presented may not be comparable to other similarly titled measures of other companies.

The Company utilizes Reported EBITDA in evaluating performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus or minus Mountain equity investment income or loss. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense. All segment expenses include an allocation of corporate administrative expense. Assets are not allocated between segments, or used to evaluate performance, except as shown in the table below.

The following table presents financial information by reportable segment which is used by management in evaluating performance and allocating resources (in thousands):


	Three Months Ended
	October 31,
	2011			2010
Net revenue:
Lift tickets	$	—		$	—
Ski school		—			—
Dining		5,647			4,106
Retail/rental		26,964			22,053
Other		17,059			14,620

Total Mountain net revenue		49,670			40,779
Lodging		53,594			51,117

Total Resort net revenue		103,264			91,896
Real Estate		13,109			149,261

Total net revenue	$	116,373		$	241,157

Operating expense:
Mountain	$	98,555		$	83,136
Lodging		55,301			49,574

Total Resort operating expense		153,856			132,710
Real estate		17,847			145,063

Total segment operating expense	$	171,703		$	277,773

Mountain equity investment income, net	$	430		$	780
Reported EBITDA:
Mountain	$	(48,455	)	$	(41,577	)
Lodging		(1,707	)		1,543

Resort		(50,162	)		(40,034	)
Real Estate		(4,738	)		4,198

Total Reported EBITDA	$	(54,900	)	$	(35,836	)

Real estate held for sale and investment	$	263,130		$	296,981
Reconciliation to net loss attributable to Vail Resorts, Inc:

Total Reported EBITDA	$	(54,900	)	$	(35,836	)
Depreciation and amortization		(28,930	)		(27,732	)
(Loss) gain on disposal of fixed assets, net		(114	)		92
Investment income		64			238
Interest expense, net		(8,241	)		(7,936	)

Loss before benefit from income taxes		(92,121	)		(71,174	)
Benefit from income taxes		36,387			28,114

Net loss	$	(55,734	)	$	(43,060	)
Net loss attributable to noncontrolling interests		25			37

Net loss attributable to Vail Resorts, Inc.	$	(55,709	)	$	(43,023	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

+ Details

Stock Repurchase Plan

3 Months Ended

Oct. 31, 2011

Stock Repurchase Plan [Abstract]

Stock Repurchase Plan

11.

Stock Repurchase Plan

On March 9, 2006, the Company's Board of Directors approved the repurchase of up to 3,000,000 shares of common stock and on July 16, 2008 approved an increase of the Company's common stock repurchase authorization by an additional 3,000,000 shares. During the three months ended October 31, 2011, the Company repurchased 203,377 shares of common stock at a cost of approximately $7.9 million. Since inception of its stock repurchase plan through October 31, 2011, the Company has repurchased 4,468,181 shares at a cost of approximately $170.7 million. As of October 31, 2011, 1,531,819 shares remained available to repurchase under the existing repurchase authorization. Shares of common stock purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of shares under the Company's employee share award plans.

Guarantor Subsidiaries And Non-Guarantor Subsidiaries

3 Months Ended

Oct. 31, 2011

Guarantor Subsidiaries And Non-Guarantor Subsidiaries [Abstract]

Guarantor Subsidiaries And Non-Guarantor Subsidiaries

12.

Guarantor Subsidiaries and Non-Guarantor Subsidiaries

The Company's payment obligations under the 6.50% Notes (see Note 4, Long-Term Debt) are fully and unconditionally guaranteed on a joint and several, senior subordinated basis by substantially all of the Company's consolidated subsidiaries (including VR Acquisition, Inc., BCRP, Inc., Booth Creek Ski Holdings, Inc., Trimont Land Company, Northstar Commercial Properties, and Northstar Group Restaurant Properties LLC (collectively, "Northstar-at-Tahoe") which were non-guarantor subsidiaries under the 6.75% Notes) (collectively, and excluding Non-Guarantor Subsidiaries (as defined below), the "Guarantor Subsidiaries"), except for, Eagle Park Reservoir Company, Larkspur Restaurant & Bar, LLC, Black Diamond Insurance, Inc. and certain other insignificant entities (together, the "Non-Guarantor Subsidiaries"). APII and the Employee Housing Entities are included with the Non-Guarantor Subsidiaries for purposes of the consolidated financial information, but are not considered subsidiaries under the indenture governing the 6.50% Notes.

Presented below is the consolidated financial information of the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries. Financial information for the Non-Guarantor Subsidiaries is presented in the column titled "Other Subsidiaries." Balance sheets are presented as of October 31, 2011, July 31, 2011, and October 31, 2010. Statements of operations and statements of cash flows are presented for the three months ended October 31, 2011 and 2010. In addition, as noted above, Northstar-at-Tahoe subsidiaries are Guarantor Subsidiaries under the 6.50% Notes, which under the 6.75% Notes these subsidiaries were Non-Guarantor Subsidiaries. As such, reclassifications for Northstar-at-Tahoe subsidiaries have been made to the financial information as of and for the three months ended October 31, 2010 to confirm to the current year presentation. For the three months ended October 31, 2011, the Company revised its presentation of reimbursed payroll costs from managed hotel properties from a net presentation to a gross presentation in its Consolidated Condensed Statements of Operations (see Note 2, Summary of Significant Accounting Policies). Total revenue and total operating expense in the statement of operations for the three months ended October 31, 2010 for the Guarantor Subsidiaries presented below have been revised to reflect this presentation.

Investments in subsidiaries are accounted for by the Parent Company and Guarantor Subsidiaries using the equity method of accounting. Net income (loss) of Guarantor and Non-Guarantor Subsidiaries is, therefore, reflected in the Parent Company's and Guarantor Subsidiaries' investments in and advances to (from) subsidiaries. Net income (loss) of the Guarantor and Non-Guarantor Subsidiaries is reflected in Guarantor Subsidiaries and Parent Company as equity in consolidated subsidiaries. The elimination entries eliminate investments in Other Subsidiaries and intercompany balances and transactions for consolidated reporting purposes.

Supplemental Condensed Consolidating Balance Sheet

As of October 31, 2011

(in thousands)

(Unaudited)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—		$	38,060		$	6,678		$	—		$	44,738
Restricted cash		—			12,881			734			—			13,615
Trade receivables, net		—			28,664			963			—			29,627
Inventories, net		—			75,569			220			—			75,789
Other current assets		30,700			26,744			378			—			57,822

Total current assets		30,700			181,918			8,973			—			221,591
Property, plant and equipment, net		—			1,001,793			48,233			—			1,050,026
Real estate held for sale and investment		—			263,130			—			—			263,130
Goodwill, net		—			268,058			—			—			268,058
Intangible assets, net		—			73,205			18,155			—			91,360
Other assets		7,876			33,739			4,568			—			46,183
Investments in subsidiaries		1,633,628			(4,696	)		—			(1,628,932	)		—
Advances		(358,390	)		365,244			(6,854	)		—			—

Total assets	$	1,313,814		$	2,182,391		$	73,075		$	(1,628,932	)	$	1,940,348

Current liabilities:
Accounts payable and accrued liabilities	$	13,594		$	298,661		$	4,337		$	—		$	316,592
Income taxes payable		19,568			—			—			—			19,568
Long-term debt due within one year		—			855			208			—			1,063

Total current liabilities		33,162			299,516			4,545			—			337,223
Long-term debt		390,000			42,419			57,958			—			490,377
Other long-term liabilities		28,104			206,828			1,343			—			236,275
Deferred income taxes		99,118			—			—			—			99,118
Total Vail Resorts, Inc. stockholders' equity (deficit)		763,430			1,633,628			(4,696	)		(1,628,932	)		763,430
Noncontrolling interests		—			—			13,925			—			13,925

Total stockholders' equity		763,430			1,633,628			9,229			(1,628,932	)		777,355

Total liabilities and stockholders' equity	$	1,313,814		$	2,182,391		$	73,075		$	(1,628,932	)	$	1,940,348

Supplemental Condensed Consolidating Balance Sheet

As of July 31, 2011

(in thousands)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—		$	63,365		$	6,778		$	—		$	70,143
Restricted cash		—			11,781			657			—			12,438
Trade receivables, net		—			57,746			783			—			58,529
Inventories, net		—			53,775			232			—			54,007
Other current assets		29,167			21,063			277			—			50,507

Total current assets		29,167			207,730			8,727			—			245,624
Property, plant and equipment, net		—			972,963			48,773			—			1,021,736
Real estate held for sale and investment		—			273,663			—			—			273,663
Goodwill, net		—			268,058			—			—			268,058
Intangible assets, net		—			72,943			18,155			—			91,098
Other assets		8,060			33,296			4,701			—			46,057
Investments in subsidiaries		1,721,269			(3,862	)		—			(1,717,407	)		—
Advances		(349,144	)		356,981			(7,837	)		—			—

Total assets	$	1,409,352		$	2,181,772		$	72,519		$	(1,717,407	)	$	1,946,236

Current liabilities:
Accounts payable and accrued liabilities	$	7,117		$	211,565		$	2,677		$	—		$	221,359
Income taxes payable		20,778			—			—			—			20,778
Long-term debt due within one year		—			848			197			—			1,045

Total current liabilities		27,895			212,413			2,874			—			243,182
Long-term debt		390,000			42,532			58,166			—			490,698
Other long-term liabilities		28,526			205,558			1,345			—			235,429
Deferred income taxes		133,208			—			—			—			133,208
Total Vail Resorts, Inc. stockholders' equity (deficit)		829,723			1,721,269			(3,862	)		(1,717,407	)		829,723
Noncontrolling interests		—			—			13,996			—			13,996

Total stockholders' equity		829,723			1,721,269			10,134			(1,717,407	)		843,719

Total liabilities and stockholders' equity	$	1,409,352		$	2,181,772		$	72,519		$	(1,717,407	)	$	1,946,236

Supplemental Condensed Consolidating Balance Sheet

As of October 31, 2010

(in thousands)

(Unaudited)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated


Current assets:
Cash and cash equivalents	$	—		$	15,018		$	4,560		$	—		$	19,578
Restricted cash		—			12,324			588			—			12,912
Trade receivables, net		450			34,046			624			—			35,120
Inventories, net		—			64,027			203			—			64,230
Other current assets		24,076			21,427			279			—			45,782

Total current assets		24,526			146,842			6,254			—			177,622
Property, plant and equipment, net		—			1,010,251			36,293			—			1,046,544
Real estate held for sale and investment		—			296,981			—			—			296,981
Goodwill, net		—			271,732			—			—			271,732
Intangible assets, net		—			71,278			18,155			—			89,433
Other assets		2,338			29,405			4,735			—			36,478
Investments in subsidiaries		1,566,817			(16,656	)		—			(1,550,161	)		—
Advances		(321,822	)		326,327			(4,505	)		—			—

Total assets	$	1,271,859		$	2,136,160		$	60,932		$	(1,550,161	)	$	1,918,790

Current liabilities:
Accounts payable and accrued liabilities	$	5,887		$	294,599		$	3,308		$	—		$	303,794
Income taxes payable		32,424			—			—			—			32,424
Long-term debt due within one year		—			1,761			197			—			1,958

Total current liabilities		38,311			296,360			3,505			—			338,176
Long-term debt		390,000			64,841			58,166			—			513,007
Other long-term liabilities		29,203			208,142			1,723			—			239,068
Deferred income taxes		66,204			—			—			—			66,204
Total Vail Resorts, Inc. stockholders' equity		748,141			1,566,817			(16,656	)		(1,550,161	)		748,141
Noncontrolling interests		—			—			14,194			—			14,194

Total stockholders' equity		748,141			1,566,817			(2,462	)		(1,550,161	)		762,335

Total liabilities and stockholders' equity	$	1,271,859		$	2,136,160		$	60,932		$	(1,550,161	)	$	1,918,790

Supplemental Condensed Consolidating Statement of Operations

For the three months ended October 31, 2011

(in thousands)

(Unaudited)


				100% Owned
	Parent			Guarantor			Other			Eliminating
	Company			Subsidiaries			Subsidiaries			Entries			Consolidated
Total net revenue	$	—		$	117,034		$	2,066		$	(2,727	)	$	116,373
Total operating expense		128			200,266			3,042			(2,689	)		200,747

Loss from operations		(128	)		(83,232	)		(976	)		(38	)		(84,374	)
Other expense, net		(6,599	)		(1,283	)		(333	)		38			(8,177	)
Equity investment income, net		—			430			—			—			430

Loss before benefit from income taxes		(6,727	)		(84,085	)		(1,309	)		—			(92,121	)
Benefit from income taxes		3,044			33,343			—			—			36,387

Net loss before equity in loss of consolidated subsidiaries		(3,683	)		(50,742	)		(1,309	)		—			(55,734	)
Equity in loss of consolidated subsidiaries		(52,026	)		(1,284	)		—			53,310			—

Net loss		(55,709	)		(52,026	)		(1,309	)		53,310			(55,734	)
Net loss attributable to noncontrolling interests		—			—			25			—			25

Net loss attributable to Vail Resorts, Inc.	$	(55,709	)	$	(52,026	)	$	(1,284	)	$	53,310		$	(55,709	)

Supplemental Condensed Consolidating Statement of Operations

For the three months ended October 31, 2010

(in thousands)

(Unaudited)


				100% Owned
	Parent			Guarantor			Other			Eliminating
	Company			Subsidiaries			Subsidiaries			Entries			Consolidated
Total net revenue	$	—		$	241,694		$	1,960		$	(2,497	)	$	241,157
Total operating expense		164			304,807			2,901			(2,459	)		305,413

Loss from operations		(164	)		(63,113	)		(941	)		(38	)		(64,256	)
Other expense, net		(6,759	)		(688	)		(289	)		38			(7,698	)
Equity investment income, net		—			780			—			—			780

Loss before benefit from income taxes		(6,923	)		(63,021	)		(1,230	)		—			(71,174	)
Benefit from income taxes		3,324			24,790			—			—			28,114

Net loss before equity in loss of consolidated subsidiaries		(3,599	)		(38,231	)		(1,230	)		—			(43,060	)
Equity in loss of consolidated subsidiaries		(39,424	)		(1,193	)		—			40,617			—

Net loss		(43,023	)		(39,424	)		(1,230	)		40,617			(43,060	)
Net loss attributable to noncontrolling interests		—			—			37			—			37

Net loss attributable to Vail Resorts, Inc.	$	(43,023	)	$	(39,424	)	$	(1,193	)	$	40,617		$	(43,023	)

Supplemental Condensed Consolidating Statement of Cash Flows

For the three months ended October 31, 2011

(in thousands)

(Unaudited)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated


Net cash (used in) provided by operating activities	$	(34,685	)	$	73,005		$	15		$	38,335
Cash flows from investing activities:
Capital expenditures		—			(50,893	)		(110	)		(51,003	)
Acquisition of business		—			342			—			342
Other investing activities, net		—			(478	)		—			(478	)

Net cash used in investing activities		—			(51,029	)		(110	)		(51,139	)
Cash flows from financing activities:
Payments of long-term debt		—			(106	)		(197	)		(303	)
Repurchases of common stock		(7,869	)		—			—			(7,869	)
Dividends paid		(5,429	)		—			—			(5,429	)
Other financing activities, net		994			(186	)		192			1,000
Advances		46,989			(46,989	)		—			—

Net cash provided by (used in) financing activities		34,685			(47,281	)		(5	)		(12,601	)

Net decrease in cash and cash equivalents		—			(25,305	)		(100	)		(25,405	)
Cash and cash equivalents:
Beginning of period		—			63,365			6,778			70,143

End of period	$	—		$	38,060		$	6,678		$	44,738

Supplemental Condensed Consolidating Statement of Cash Flows

For the three months ended October 31, 2010

(in thousands)

(Unaudited)


				100% Owned
	Parent			Guarantor			Other
	Company			Subsidiaries			Subsidiaries			Consolidated
Net cash (used in) provided by operating activities	$	(39,120	)	$	156,959		$	334		$	118,173
Cash flows from investing activities:
Capital expenditures		—			(36,598	)		(303	)		(36,901	)
Acquisition of business		—			(60,528	)		—			(60,528	)
Other investing activities, net		—			74			—			74

Net cash used in investing activities		—			(97,052	)		(303	)		(97,355	)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt		—			100,000			—			100,000
Payments of long-term debt		—			(116,511	)		(187	)		(116,698	)
Other financing activities, net		85			(658	)		1,286			713
Advances		39,035			(39,035	)		—			—

Net cash provided by (used in) financing activities		39,120			(56,204	)		1,099			(15,985	)

Net increase in cash and cash equivalents		—			3,703			1,130			4,833
Cash and cash equivalents:
Beginning of period		—			11,315			3,430			14,745

End of period	$	—		$	15,018		$	4,560		$	19,578

Summary Of Significant Accounting Policies (Policy)

3 Months Ended

Oct. 31, 2011

Summary Of Significant Accounting Policies [Abstract]

Consolidated Condensed Financial Statements

Use Of Estimates

Revision Of Payroll Cost Reimbursement From Managed Hotel Properties

Noncontrolling Interests In Consolidated Financial Statements


	For the three months ended October 31,
	2011									2010
	Vail Resorts Stockholders' Equity			Noncontrolling Interests			Total Equity			Vail Resorts Stockholders' Equity			Noncontrolling Interests			Total Equity
Balance, beginning of period	$	829,723		$	13,996		$	843,719		$	788,770		$	13,617		$	802,387
Net loss		(55,709	)		(25	)		(55,734	)		(43,023	)		(37	)		(43,060	)
Stock-based compensation expense		4,032			—			4,032			3,290			—			3,290
Issuance of shares under share award plans, net of shares withheld for taxes		(2,245	)		—			(2,245	)		(788	)		—			(788	)
Tax benefit (expense) from share award plans		927			—			927			(108	)		—			(108	)
Cash dividends paid on common stock		(5,429	)		—			(5,429	)		—			—			—
Repurchases of common stock		(7,869	)		—			(7,869	)		—			—			—
(Distributions) contributions to/from noncontrolling interests, net		—			(46	)		(46	)		—			614			614

Balance, end of period	$	763,430		$	13,925		$	777,355		$	748,141		$	14,194		$	762,335

Fair Value Instruments


	October 31, 2011
	Carrying		Fair
	Value		Value
6.50% Notes	$	390,000	$	393,900
Industrial Development Bonds	$	41,200	$	46,421
Other long-term debt	$	7,665	$	8,049

Summary Of Significant Accounting Policies (Tables)

3 Months Ended

Oct. 31, 2011

Summary Of Significant Accounting Policies [Abstract]

Summary Of Changes In Total Stockholders' Equity


	For the three months ended October 31,
	2011									2010
	Vail Resorts Stockholders' Equity			Noncontrolling Interests			Total Equity			Vail Resorts Stockholders' Equity			Noncontrolling Interests			Total Equity
Balance, beginning of period	$	829,723		$	13,996		$	843,719		$	788,770		$	13,617		$	802,387
Net loss		(55,709	)		(25	)		(55,734	)		(43,023	)		(37	)		(43,060	)
Stock-based compensation expense		4,032			—			4,032			3,290			—			3,290
Issuance of shares under share award plans, net of shares withheld for taxes		(2,245	)		—			(2,245	)		(788	)		—			(788	)
Tax benefit (expense) from share award plans		927			—			927			(108	)		—			(108	)
Cash dividends paid on common stock		(5,429	)		—			(5,429	)		—			—			—
Repurchases of common stock		(7,869	)		—			(7,869	)		—			—			—
(Distributions) contributions to/from noncontrolling interests, net		—			(46	)		(46	)		—			614			614

Balance, end of period	$	763,430		$	13,925		$	777,355		$	748,141		$	14,194		$	762,335

Summary Of Estimated Fair Value Of Financial Instruments


	October 31, 2011
	Carrying		Fair
	Value		Value
6.50% Notes	$	390,000	$	393,900
Industrial Development Bonds	$	41,200	$	46,421
Other long-term debt	$	7,665	$	8,049

Net Loss Per Common Share (Tables)

3 Months Ended

Oct. 31, 2011

Net Loss Per Common Share [Abstract]

Summary Of Calculation Of Basic And Diluted EPS


	Three Months Ended October 31,
	2011						2010
	Basic			Diluted			Basic			Diluted
Net loss per share:
Net loss attributable to Vail Resorts	$	(55,709	)	$	(55,709	)	$	(43,023	)	$	(43,023	)
Weighted-average shares outstanding		36,066			36,066			35,938			35,938
Effect of dilutive securities		—			—			—			—

Total shares		36,066			36,066			35,938			35,938

Net loss per share attributable to Vail Resorts	$	(1.54	)	$	(1.54	)	$	(1.20	)	$	(1.20	)

Long-Term Debt (Tables)

3 Months Ended

Oct. 31, 2011

Long-Term Debt [Abstract]

Schedule Of Long-Term Debt


	Maturity (a)	October 31, 2011		July 31, 2011		October 31, 2010
Credit Facility Revolver	2016	$	—	$	—	$	20,000
Industrial Development Bonds	2020		41,200		41,200		41,200
Employee Housing Bonds	2027-2039		52,575		52,575		52,575
6.50% Notes (c)	2019		390,000		390,000		—
6.75% Notes	—		—		—		390,000
Other	2012-2029		7,665		7,968		11,190

Total debt			491,440		491,743		514,965
Less: Current maturities (b)			1,063		1,045		1,958

Long-term debt		$	490,377	$	490,698	$	513,007

(a)	Maturities are based on the Company's July 31 fiscal year end.

(b)	Current maturities represent principal payments due in the next 12 months.

(c)

Schedule Of Aggregate Maturities For Debt Outstanding


2012	$	855
2013		836
2014		509
2015		533
2016		244
Thereafter		488,463

Total debt	$	491,440

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Acquisition (Tables)

3 Months Ended

Oct. 31, 2011

Acquisition [Abstract]

Summary Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed


	Acquisition Date Fair Value
Accounts receivable, net	$	2,499
Inventory, net		1,894
Other assets		1,422
Property, plant and equipment		9,612
Deferred income tax assets, net		15,087
Intangible Assets		2,470
Goodwill		85,446

Total identifiable assets acquired	$	118,430
Accounts payable and accrued liabilities	$	6,671
Deferred revenue		5,281
Capital lease obligations		2,892
Unfavorable lease obligations, net		43,400

Total liabilities assumed	$	58,244
Total purchase price	$	60,186

Summary Pro Forma Financial Information


	Three Months Ended October 31, 2010
	Three Months Ended October 31, 2010
Pro forma net revenue	$	245,570
Pro forma net loss attributable to Vail Resorts, Inc.	$	(44,891	)
Pro forma basic net loss per share attributable to Vail Resorts, Inc.	$	(1.25	)
Pro forma diluted net loss per share attributable to Vail Resorts, Inc.	$	(1.25	)

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References + Details

Supplementary Balance Sheet Information (Tables)

3 Months Ended

Oct. 31, 2011

Supplementary Balance Sheet Information [Abstract]

Composition Of Property, Plant And Equipment


	October 31, 2011			July 31, 2011			October 31, 2010
	October 31, 2011			July 31, 2011			October 31, 2010
Land and land improvements	$	271,777		$	271,742		$	270,556
Buildings and building improvements		802,431			801,582			775,687
Machinery and equipment		540,492			539,983			516,932
Furniture and fixtures		216,608			215,862			199,016
Software		66,577			64,408			58,230
Vehicles		41,111			40,627			40,547
Construction in progress		83,808			34,638			57,065

Gross property, plant and equipment		2,022,804			1,968,842			1,918,033
Accumulated depreciation		(972,778	)		(947,106	)		(871,489	)

Property, plant and equipment, net	$	1,050,026		$	1,021,736		$	1,046,544

Components Of Accounts Payable And Accrued Liabilities


	October 31, 2011		July 31, 2011		October 31, 2010
	October 31, 2011		July 31, 2011		October 31, 2010
Trade payables	$	93,922	$	55,456	$	78,404
Real estate development payables		2,885		3,360		22,315
Deferred revenue		123,364		66,044		103,403
Deferred real estate and other deposits		9,163		11,741		21,682
Accrued salaries, wages and deferred compensation		18,365		26,350		17,349
Accrued benefits		21,525		22,107		23,836
Accrued interest		13,933		8,511		6,338
Other accruals		33,435		27,790		30,467

Total accounts payable and accrued liabilities	$	316,592	$	221,359	$	303,794

Components Of Other Long-Term Liabilities


	October 31, 2011		July 31, 2011		October 31, 2010
	October 31, 2011		July 31, 2011		October 31, 2010
Private club deferred initiation fee revenue and deposits	$	145,992	$	146,065	$	146,755
Unfavorable lease obligation, net		38,061		38,729		40,588
Other long-term liabilities		52,222		50,635		51,725

Total other long-term liabilities	$	236,275	$	235,429	$	239,068

Fair Value Measurements (Tables)

3 Months Ended

Oct. 31, 2011

Fair Value Measurements [Abstract]

Summary Of Cash Equivalents Measured At Fair Value


	Fair Value Measurement as of October 31, 2011
Description	Balance at October 31, 2011		Level 1		Level 2		Level 3
Description	Balance at October 31, 2011		Level 1		Level 2		Level 3
US Treasury	$	8,385	$	8,385	$	—	$	—
Certificates of Deposit	$	2,807	$	—	$	2,807	$	—

	Fair Value Measurement as of July 31, 2011
Description	Balance at July 31, 2011		Level 1		Level 2		Level 3
US Treasury	$	8,381	$	8,381	$	—	$	—
Certificates of Deposit	$	2,490	$	—	$	2,490	$	—

	Fair Value Measurement as of October 31, 2010
Description	Balance at October 31, 2010		Level 1		Level 2		Level 3
Money Market	$	399	$	399	$	—	$	—
US Treasury	$	8,297	$	8,297	$	—	$	—
Certificates of Deposit	$	300	$	—	$	300	$	—

Segment Information (Tables)

3 Months Ended

Oct. 31, 2011

Segment Information [Abstract]

Summary Of Financial Information By Reportable Segment


	Three Months Ended
	October 31,
	2011			2010
Net revenue:
Lift tickets	$	—		$	—
Ski school		—			—
Dining		5,647			4,106
Retail/rental		26,964			22,053
Other		17,059			14,620

Total Mountain net revenue		49,670			40,779
Lodging		53,594			51,117

Total Resort net revenue		103,264			91,896
Real Estate		13,109			149,261

Total net revenue	$	116,373		$	241,157

Operating expense:
Mountain	$	98,555		$	83,136
Lodging		55,301			49,574

Total Resort operating expense		153,856			132,710
Real estate		17,847			145,063

Total segment operating expense	$	171,703		$	277,773

Mountain equity investment income, net	$	430		$	780
Reported EBITDA:
Mountain	$	(48,455	)	$	(41,577	)
Lodging		(1,707	)		1,543

Resort		(50,162	)		(40,034	)
Real Estate		(4,738	)		4,198

Total Reported EBITDA	$	(54,900	)	$	(35,836	)

Real estate held for sale and investment	$	263,130		$	296,981
Reconciliation to net loss attributable to Vail Resorts, Inc:

Total Reported EBITDA	$	(54,900	)	$	(35,836	)
Depreciation and amortization		(28,930	)		(27,732	)
(Loss) gain on disposal of fixed assets, net		(114	)		92
Investment income		64			238
Interest expense, net		(8,241	)		(7,936	)

Loss before benefit from income taxes		(92,121	)		(71,174	)
Benefit from income taxes		36,387			28,114

Net loss	$	(55,734	)	$	(43,060	)
Net loss attributable to noncontrolling interests		25			37

Net loss attributable to Vail Resorts, Inc.	$	(55,709	)	$	(43,023	)

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Tables)

3 Months Ended

Oct. 31, 2011

Guarantor Subsidiaries And Non-Guarantor Subsidiaries [Abstract]

Supplemental Condensed Consolidating Balance Sheet

Supplemental Condensed Consolidating Balance Sheet

As of October 31, 2011

(in thousands)

(Unaudited)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—		$	38,060		$	6,678		$	—		$	44,738
Restricted cash		—			12,881			734			—			13,615
Trade receivables, net		—			28,664			963			—			29,627
Inventories, net		—			75,569			220			—			75,789
Other current assets		30,700			26,744			378			—			57,822

Total current assets		30,700			181,918			8,973			—			221,591
Property, plant and equipment, net		—			1,001,793			48,233			—			1,050,026
Real estate held for sale and investment		—			263,130			—			—			263,130
Goodwill, net		—			268,058			—			—			268,058
Intangible assets, net		—			73,205			18,155			—			91,360
Other assets		7,876			33,739			4,568			—			46,183
Investments in subsidiaries		1,633,628			(4,696	)		—			(1,628,932	)		—
Advances		(358,390	)		365,244			(6,854	)		—			—

Total assets	$	1,313,814		$	2,182,391		$	73,075		$	(1,628,932	)	$	1,940,348

Current liabilities:
Accounts payable and accrued liabilities	$	13,594		$	298,661		$	4,337		$	—		$	316,592
Income taxes payable		19,568			—			—			—			19,568
Long-term debt due within one year		—			855			208			—			1,063

Total current liabilities		33,162			299,516			4,545			—			337,223
Long-term debt		390,000			42,419			57,958			—			490,377
Other long-term liabilities		28,104			206,828			1,343			—			236,275
Deferred income taxes		99,118			—			—			—			99,118
Total Vail Resorts, Inc. stockholders' equity (deficit)		763,430			1,633,628			(4,696	)		(1,628,932	)		763,430
Noncontrolling interests		—			—			13,925			—			13,925

Total stockholders' equity		763,430			1,633,628			9,229			(1,628,932	)		777,355

Total liabilities and stockholders' equity	$	1,313,814		$	2,182,391		$	73,075		$	(1,628,932	)	$	1,940,348

Supplemental Condensed Consolidating Balance Sheet

As of July 31, 2011

(in thousands)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated
Current assets:
Cash and cash equivalents	$	—		$	63,365		$	6,778		$	—		$	70,143
Restricted cash		—			11,781			657			—			12,438
Trade receivables, net		—			57,746			783			—			58,529
Inventories, net		—			53,775			232			—			54,007
Other current assets		29,167			21,063			277			—			50,507

Total current assets		29,167			207,730			8,727			—			245,624
Property, plant and equipment, net		—			972,963			48,773			—			1,021,736
Real estate held for sale and investment		—			273,663			—			—			273,663
Goodwill, net		—			268,058			—			—			268,058
Intangible assets, net		—			72,943			18,155			—			91,098
Other assets		8,060			33,296			4,701			—			46,057
Investments in subsidiaries		1,721,269			(3,862	)		—			(1,717,407	)		—
Advances		(349,144	)		356,981			(7,837	)		—			—

Total assets	$	1,409,352		$	2,181,772		$	72,519		$	(1,717,407	)	$	1,946,236

Current liabilities:
Accounts payable and accrued liabilities	$	7,117		$	211,565		$	2,677		$	—		$	221,359
Income taxes payable		20,778			—			—			—			20,778
Long-term debt due within one year		—			848			197			—			1,045

Total current liabilities		27,895			212,413			2,874			—			243,182
Long-term debt		390,000			42,532			58,166			—			490,698
Other long-term liabilities		28,526			205,558			1,345			—			235,429
Deferred income taxes		133,208			—			—			—			133,208
Total Vail Resorts, Inc. stockholders' equity (deficit)		829,723			1,721,269			(3,862	)		(1,717,407	)		829,723
Noncontrolling interests		—			—			13,996			—			13,996

Total stockholders' equity		829,723			1,721,269			10,134			(1,717,407	)		843,719

Total liabilities and stockholders' equity	$	1,409,352		$	2,181,772		$	72,519		$	(1,717,407	)	$	1,946,236

Supplemental Condensed Consolidating Balance Sheet

As of October 31, 2010

(in thousands)

(Unaudited)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Eliminating Entries			Consolidated


Current assets:
Cash and cash equivalents	$	—		$	15,018		$	4,560		$	—		$	19,578
Restricted cash		—			12,324			588			—			12,912
Trade receivables, net		450			34,046			624			—			35,120
Inventories, net		—			64,027			203			—			64,230
Other current assets		24,076			21,427			279			—			45,782

Total current assets		24,526			146,842			6,254			—			177,622
Property, plant and equipment, net		—			1,010,251			36,293			—			1,046,544
Real estate held for sale and investment		—			296,981			—			—			296,981
Goodwill, net		—			271,732			—			—			271,732
Intangible assets, net		—			71,278			18,155			—			89,433
Other assets		2,338			29,405			4,735			—			36,478
Investments in subsidiaries		1,566,817			(16,656	)		—			(1,550,161	)		—
Advances		(321,822	)		326,327			(4,505	)		—			—

Total assets	$	1,271,859		$	2,136,160		$	60,932		$	(1,550,161	)	$	1,918,790

Current liabilities:
Accounts payable and accrued liabilities	$	5,887		$	294,599		$	3,308		$	—		$	303,794
Income taxes payable		32,424			—			—			—			32,424
Long-term debt due within one year		—			1,761			197			—			1,958

Total current liabilities		38,311			296,360			3,505			—			338,176
Long-term debt		390,000			64,841			58,166			—			513,007
Other long-term liabilities		29,203			208,142			1,723			—			239,068
Deferred income taxes		66,204			—			—			—			66,204
Total Vail Resorts, Inc. stockholders' equity		748,141			1,566,817			(16,656	)		(1,550,161	)		748,141
Noncontrolling interests		—			—			14,194			—			14,194

Total stockholders' equity		748,141			1,566,817			(2,462	)		(1,550,161	)		762,335

Total liabilities and stockholders' equity	$	1,271,859		$	2,136,160		$	60,932		$	(1,550,161	)	$	1,918,790

Supplemental Condensed Consolidating Statement Of Operations

Supplemental Condensed Consolidating Statement of Operations

For the three months ended October 31, 2011

(in thousands)

(Unaudited)


				100% Owned
	Parent			Guarantor			Other			Eliminating
	Company			Subsidiaries			Subsidiaries			Entries			Consolidated
Total net revenue	$	—		$	117,034		$	2,066		$	(2,727	)	$	116,373
Total operating expense		128			200,266			3,042			(2,689	)		200,747

Loss from operations		(128	)		(83,232	)		(976	)		(38	)		(84,374	)
Other expense, net		(6,599	)		(1,283	)		(333	)		38			(8,177	)
Equity investment income, net		—			430			—			—			430

Loss before benefit from income taxes		(6,727	)		(84,085	)		(1,309	)		—			(92,121	)
Benefit from income taxes		3,044			33,343			—			—			36,387

Net loss before equity in loss of consolidated subsidiaries		(3,683	)		(50,742	)		(1,309	)		—			(55,734	)
Equity in loss of consolidated subsidiaries		(52,026	)		(1,284	)		—			53,310			—

Net loss		(55,709	)		(52,026	)		(1,309	)		53,310			(55,734	)
Net loss attributable to noncontrolling interests		—			—			25			—			25

Net loss attributable to Vail Resorts, Inc.	$	(55,709	)	$	(52,026	)	$	(1,284	)	$	53,310		$	(55,709	)

Supplemental Condensed Consolidating Statement of Operations

For the three months ended October 31, 2010

(in thousands)

(Unaudited)


				100% Owned
	Parent			Guarantor			Other			Eliminating
	Company			Subsidiaries			Subsidiaries			Entries			Consolidated
Total net revenue	$	—		$	241,694		$	1,960		$	(2,497	)	$	241,157
Total operating expense		164			304,807			2,901			(2,459	)		305,413

Loss from operations		(164	)		(63,113	)		(941	)		(38	)		(64,256	)
Other expense, net		(6,759	)		(688	)		(289	)		38			(7,698	)
Equity investment income, net		—			780			—			—			780

Loss before benefit from income taxes		(6,923	)		(63,021	)		(1,230	)		—			(71,174	)
Benefit from income taxes		3,324			24,790			—			—			28,114

Net loss before equity in loss of consolidated subsidiaries		(3,599	)		(38,231	)		(1,230	)		—			(43,060	)
Equity in loss of consolidated subsidiaries		(39,424	)		(1,193	)		—			40,617			—

Net loss		(43,023	)		(39,424	)		(1,230	)		40,617			(43,060	)
Net loss attributable to noncontrolling interests		—			—			37			—			37

Net loss attributable to Vail Resorts, Inc.	$	(43,023	)	$	(39,424	)	$	(1,193	)	$	40,617		$	(43,023	)

Supplemental Condensed Consolidating Statement Of Cash Flows

Supplemental Condensed Consolidating Statement of Cash Flows

For the three months ended October 31, 2011

(in thousands)

(Unaudited)


	Parent Company			100% Owned Guarantor Subsidiaries			Other Subsidiaries			Consolidated


Net cash (used in) provided by operating activities	$	(34,685	)	$	73,005		$	15		$	38,335
Cash flows from investing activities:
Capital expenditures		—			(50,893	)		(110	)		(51,003	)
Acquisition of business		—			342			—			342
Other investing activities, net		—			(478	)		—			(478	)

Net cash used in investing activities		—			(51,029	)		(110	)		(51,139	)
Cash flows from financing activities:
Payments of long-term debt		—			(106	)		(197	)		(303	)
Repurchases of common stock		(7,869	)		—			—			(7,869	)
Dividends paid		(5,429	)		—			—			(5,429	)
Other financing activities, net		994			(186	)		192			1,000
Advances		46,989			(46,989	)		—			—

Net cash provided by (used in) financing activities		34,685			(47,281	)		(5	)		(12,601	)

Net decrease in cash and cash equivalents		—			(25,305	)		(100	)		(25,405	)
Cash and cash equivalents:
Beginning of period		—			63,365			6,778			70,143

End of period	$	—		$	38,060		$	6,678		$	44,738

Supplemental Condensed Consolidating Statement of Cash Flows

For the three months ended October 31, 2010

(in thousands)

(Unaudited)


				100% Owned
	Parent			Guarantor			Other
	Company			Subsidiaries			Subsidiaries			Consolidated
Net cash (used in) provided by operating activities	$	(39,120	)	$	156,959		$	334		$	118,173
Cash flows from investing activities:
Capital expenditures		—			(36,598	)		(303	)		(36,901	)
Acquisition of business		—			(60,528	)		—			(60,528	)
Other investing activities, net		—			74			—			74

Net cash used in investing activities		—			(97,052	)		(303	)		(97,355	)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt		—			100,000			—			100,000
Payments of long-term debt		—			(116,511	)		(187	)		(116,698	)
Other financing activities, net		85			(658	)		1,286			713
Advances		39,035			(39,035	)		—			—

Net cash provided by (used in) financing activities		39,120			(56,204	)		1,099			(15,985	)

Net increase in cash and cash equivalents		—			3,703			1,130			4,833
Cash and cash equivalents:
Beginning of period		—			11,315			3,430			14,745

End of period	$	—		$	15,018		$	4,560		$	19,578

Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($)
$ in Thousands

3 Months Ended

Oct. 31, 2011

Oct. 31, 2010

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Revenue and expenses from payroll cost reimbursement

$ 7,700

Lodging net revenue

53,594

$ 51,117

Lodging expenses

$ 55,301

49,574

Debt instrument, stated percentage

6.50%

Scenario, Previously Reported [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Lodging net revenue

44,400

Lodging expenses

$ 42,800

6.50% Notes [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Debt instrument, stated percentage

6.50%

Year of maturity

^[1],[2]

2019

[1]

Maturities are based on the Company's July 31 fiscal year end.

[2]

Summary Of Significant Accounting Policies (Summary Of Changes In Stockholders Equity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2011	Oct. 31, 2010
Schedule of Capitalization, Equity [Line Items]
Balance, beginning of period	$ 843,719	$ 802,387
Net loss	(55,734)	(43,060)
Stock-based compensation expense	4,032	3,290
Issuance of shares under share award plans, net of shares withheld for taxes	(2,245)	(788)
Tax benefit (expense) from share award plans	927	(108)
Cash dividends paid on common stock	(5,429)
Repurchases of common stock	(7,869)
(Distributions) contributions to/from noncontrolling interests, net	(46)	614
Balance, end of period	777,355	762,335
Vail Resorts Stockholders' Equity [Member]
Schedule of Capitalization, Equity [Line Items]
Balance, beginning of period	829,723	788,770
Net loss	(55,709)	(43,023)
Stock-based compensation expense	4,032	3,290
Issuance of shares under share award plans, net of shares withheld for taxes	(2,245)	(788)
Tax benefit (expense) from share award plans	927	(108)
Cash dividends paid on common stock	(5,429)
Repurchases of common stock	(7,869)
Balance, end of period	763,430	748,141
Noncontrolling Interests [Member]
Schedule of Capitalization, Equity [Line Items]
Balance, beginning of period	13,996	13,617
Net loss	(25)	(37)
(Distributions) contributions to/from noncontrolling interests, net	(46)	614
Balance, end of period	$ 13,925	$ 14,194

Summary Of Significant Accounting Policies (Summary Of Estimated Fair Value Of Financial Instruments) (Details) - USD ($)
$ in Thousands

Oct. 31, 2011

Jul. 31, 2011

Oct. 31, 2010

Debt Instrument [Line Items]

Carrying Value

$ 491,440

$ 491,743

$ 514,965

6.50% Notes [Member]

Debt Instrument [Line Items]

Carrying Value

^[1]

390,000

Fair Value

393,900

6.75% Notes [Member]

Debt Instrument [Line Items]

Carrying Value

390,000

Industrial Development Bonds [Member]

Debt Instrument [Line Items]

Carrying Value

41,200

$ 41,200

Fair Value

46,421

Other Long-Term Debt [Member]

Debt Instrument [Line Items]

Carrying Value

7,665

Fair Value

$ 8,049

[1]

Net Loss Per Common Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Dec. 02, 2011	Jun. 07, 2011	Oct. 31, 2011
Cash dividends declared per share		$ 0.60	$ 0.15
Cash dividend estimated per share			$ 0.15
Cash dividends paid on common stock			$ 5,429
Quarterly cash dividend payable per share	$ 0.15
Dividend payable declaration date	Dec. 02, 2011
Dividend payable date	Jan. 06, 2012
Dividend payable record date	Dec. 22, 2011
Parent Company [Member]
Cash dividends paid on common stock			$ 5,429

Net Loss Per Common Share (Summary Of Calculation Of Basic And Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 31, 2011	Oct. 31, 2010
Net Loss Per Common Share [Abstract]
Net loss attributable to Vail Resorts	$ (55,709)	$ (43,023)
Weighted-average shares outstanding, Basic	36,066	35,938
Effect of dilutive securities, Diluted
Weighted-average shares outstanding, Diluted	36,066	35,938
Basic net loss per share attributable to Vail Resorts	$ (1.54)	$ (1.20)
Diluted net loss per share attributable to Vail Resorts	$ (1.54)	$ (1.20)
Anti-dilutive securities	1,500	1,400

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 36, 37, 38
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 20

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 7
-Paragraph 18

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.23)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 19

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

+ Details

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References + Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1448-109256

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2011	Oct. 31, 2010
Long-Term Debt [Abstract]
Gross interest expense	$ 8.4	$ 8.5
Amortization of financing costs	0.5	0.4
Interest costs incurred, capitalized	$ 0.1	$ 0.5

Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($)

3 Months Ended

12 Months Ended

Oct. 31, 2011

Jul. 31, 2011

Apr. 25, 2011

Oct. 31, 2010

Schedule of Capitalization, Long-term Debt [Line Items]

Total debt

$ 491,440,000

$ 491,743,000

$ 514,965,000

Less: Current maturities

^[1]

1,063,000

1,045,000

1,958,000

Long-term debt

$ 490,377,000

490,698,000

513,007,000

Debt instrument, stated percentage

6.50%

Credit Facility Revolver [Member]

Schedule of Capitalization, Long-term Debt [Line Items]

Total debt

20,000,000

Year of maturity

^[2]

2016

Industrial Development Bonds [Member]

Schedule of Capitalization, Long-term Debt [Line Items]

Total debt

$ 41,200,000

41,200,000

Year of maturity

^[2]

2020

Employee Housing Bonds [Member]

Schedule of Capitalization, Long-term Debt [Line Items]

Total debt

$ 52,575,000

52,575,000

6.50% Notes [Member]

Schedule of Capitalization, Long-term Debt [Line Items]

Total debt

^[3]

$ 390,000,000

Year of maturity

^[2],[3]

2019

Debt instrument, stated percentage

6.50%

Issuance of 6.50% senior subordinated notes

$ 390,000,000

Long-term debt interest rate

6.50%

6.75% Notes [Member]

Schedule of Capitalization, Long-term Debt [Line Items]

Total debt

390,000,000

Debt instrument, stated percentage

6.75%

Other [Member]

Schedule of Capitalization, Long-term Debt [Line Items]

Total debt

$ 7,665,000

$ 7,968,000

$ 11,190,000

Maximum [Member] | Employee Housing Bonds [Member]

Schedule of Capitalization, Long-term Debt [Line Items]

Fiscal year maturity, end

^[2]

2039

Maximum [Member] | Other [Member]

Schedule of Capitalization, Long-term Debt [Line Items]

Fiscal year maturity, end

^[2]

2029

Minimum [Member] | Employee Housing Bonds [Member]

Schedule of Capitalization, Long-term Debt [Line Items]

Fiscal year maturity, start

Minimum [Member] | Other [Member]

Schedule of Capitalization, Long-term Debt [Line Items]

Fiscal year maturity, start

[1]	Current maturities represent principal payments due in the next 12 months.
[2]	Maturities are based on the Company's July 31 fiscal year end.
[3]	On April 25, 2011, the Company completed an offering for $390.0 million of 6.50% Notes. Pursuant to the registration rights agreement executed as part of the offering of the 6.50% Notes, the Company agreed to file an exchange offer registered under the Securities Act of 1933 on or prior to 210 days after the closing of the offering, with such registration statement being declared effective on or prior to 270 days after the closing of the offering, and to exchange the notes for a new issue of substantially identical debt securities and guarantees. The registration statement was declared effective on November 16, 2011, and on November 17, 2011, the Company commenced its offer to exchange up to $390.0 million principal amount of newly issued 6.50% notes, registered under the Securities Act of 1933, for a like principal amount of its outstanding privately priced 6.50% Notes.

Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands	Oct. 31, 2011	Jul. 31, 2011	Oct. 31, 2010
Long-Term Debt [Abstract]
2012	$ 855
2013	836
2014	509
2015	533
2016	244
Thereafter	488,463
Total debt	$ 491,440	$ 491,743	$ 514,965

Acquisition (Narrative) (Details) $ in Thousands	3 Months Ended
Acquisition (Narrative) (Details) $ in Thousands	Oct. 31, 2011	Oct. 25, 2010 USD ($)
Business Acquisition [Line Items]
Effective date of business acquisition	October 25, 2010
Weighted-average amortization period (in years)	4.6
Booth Creek Resort Properties LLC [Member]
Business Acquisition [Line Items]
Membership interest		100.00%
Total consideration paid for the acquisition		$ 60,186

- Definition

Month, date and year in which the acquirer obtains control of the acquiree.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 3
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 10, 11
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 25
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6909708&loc=d3e848-128460

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1392-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 25
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6909708&loc=d3e845-128460

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Acquisition Date
-URI http://asc.fasb.org/extlink&oid=6919109

+ Details

Acquisition (Summary Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - Booth Creek Resort Properties LLC [Member] $ in Thousands	Oct. 25, 2010 USD ($)
Accounts receivable, net	$ 2,499
Inventory, net	1,894
Other assets	1,422
Property, plant and equipment	9,612
Deferred income tax assets, net	15,087
Intangible Assets	2,470
Goodwill	85,446
Total identifiable assets acquired	118,430
Accounts payable and accrued liabilities	6,671
Deferred revenue	5,281
Capital lease obligations	2,892
Unfavorable lease obligations, net	43,400
Total liabilities assumed	58,244
Total purchase price	$ 60,186

Acquisition (Summary Pro Forma Financial Information) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 31, 2010 USD ($) $ / shares
Acquisition [Abstract]
Pro forma net revenue \| $	$ 245,570
Pro forma net loss attributable to Vail Resorts, Inc. \| $	$ (44,891)
Pro forma basic net loss per share attributable to Vail Resorts, Inc. \| $ / shares	$ (1.25)
Pro forma diluted net loss per share attributable to Vail Resorts, Inc. \| $ / shares	$ (1.25)

- Definition

The pro forma basic net income per share for a period as if the business combination or combinations had been completed at the beginning of a period.

+ References + Details

- Definition

The pro forma diluted net income per share for a period as if the business combination or combinations had been completed at the beginning of a period.

+ References + Details

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Oct. 31, 2011	Jul. 31, 2011	Oct. 31, 2010
Supplementary Balance Sheet Information [Abstract]
Land and land improvements	$ 271,777	$ 271,742	$ 270,556
Buildings and building improvements	802,431	801,582	775,687
Machinery and equipment	540,492	539,983	516,932
Furniture and fixtures	216,608	215,862	199,016
Software	66,577	64,408	58,230
Vehicles	41,111	40,627	40,547
Construction in progress	83,808	34,638	57,065
Gross property, plant and equipment	2,022,804	1,968,842	1,918,033
Accumulated depreciation	(972,778)	(947,106)	(871,489)
Property, plant and equipment, net	$ 1,050,026	$ 1,021,736	$ 1,046,544

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Oct. 31, 2011	Jul. 31, 2011	Oct. 31, 2010
Supplementary Balance Sheet Information [Abstract]
Trade payables	$ 93,922	$ 55,456	$ 78,404
Real estate development payables	2,885	3,360	22,315
Deferred revenue	123,364	66,044	103,403
Deferred real estate and other deposits	9,163	11,741	21,682
Accrued salaries, wages and deferred compensation	18,365	26,350	17,349
Accrued benefits	21,525	22,107	23,836
Accrued interest	13,933	8,511	6,338
Other accruals	33,435	27,790	30,467
Total accounts payable and accrued liabilities	$ 316,592	$ 221,359	$ 303,794

Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Oct. 31, 2011	Jul. 31, 2011	Oct. 31, 2010
Supplementary Balance Sheet Information [Abstract]
Private club deferred initiation fee revenue and deposits	$ 145,992	$ 146,065	$ 146,755
Unfavorable lease obligation, net	38,061	38,729	40,588
Other long-term liabilities	52,222	50,635	51,725
Total other long-term liabilities	$ 236,275	$ 235,429	$ 239,068

Variable Interest Entities (Details) $ in Millions	Oct. 31, 2011 USD ($)
Employee Housing Entities [Member]
Variable Interest Entity [Line Items]
Number of Variable Interest Entities	4
Carrying amount of consolidated VIE assets	$ 33.2
Carrying amount of consolidated VIE liabilities	63.2
Amount outstanding in letters of credit	53.4
Avon Partners II LLC [Member]
Variable Interest Entity [Line Items]
Carrying amount of consolidated VIE assets	4.5
Carrying amount of consolidated VIE liabilities	$ 0.0

Fair Value Measurements (Details) - USD ($) $ in Thousands	Oct. 31, 2011	Jul. 31, 2011	Oct. 31, 2010
Money Market [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents measured at fair value			$ 399
Money Market [Member] \| Level 1 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents measured at fair value			399
Money Market [Member] \| Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents measured at fair value
US Treasury [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents measured at fair value	$ 8,385	$ 8,381	8,297
US Treasury [Member] \| Level 1 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents measured at fair value	8,385	8,381	8,297
US Treasury [Member] \| Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents measured at fair value
Certificates Of Deposit [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents measured at fair value	2,807	2,490	300
Certificates Of Deposit [Member] \| Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents measured at fair value	2,807	2,490	300
Certificates Of Deposit [Member] \| Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents measured at fair value

- Definition

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Company may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months.

+ References + Details

Commitments And Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2011	Jul. 31, 2011	Oct. 31, 2010
Holland Creek Metropolitan District [Member]
Loss Contingencies [Line Items]
Credit-enhanced bonds issued amount	$ 8.0
Amount outstanding in letters of credit	8.1
Red Sky Ranch Metropolitan District [Member]
Loss Contingencies [Line Items]
Other long-term liabilities	$ 1.8	$ 1.8	$ 1.8
Estimated cessation date of capital improvement fee payment obligation	July 31, 2028
Various Other [Member]
Loss Contingencies [Line Items]
Amount outstanding in letters of credit	$ 59.5
Employee Housing Bonds [Member]
Loss Contingencies [Line Items]
Amount outstanding in letters of credit	53.4
Workers' Compensation And General Liability Related To Construction And Development Activities [Member]
Loss Contingencies [Line Items]
Amount outstanding in letters of credit	$ 4.3

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Oct. 31, 2011	Oct. 31, 2010	Jul. 31, 2011
Segment Reporting Information [Line Items]
Total Mountain net revenue	$ 49,670	$ 40,779
Lodging	53,594	51,117
Total Resort net revenue	103,264	91,896
Real estate	13,109	149,261
Total net revenue	116,373	241,157
Mountain	98,555	83,136
Lodging	55,301	49,574
Total Resort operating expense	153,856	132,710
Real estate	17,847	145,063
Total segment operating expense	171,703	277,773
Mountain equity investment income, net	430	780
Total Reported EBITDA	(54,900)	(35,836)
Real estate held for sale and investment	263,130	296,981	$ 273,663
Depreciation and amortization	(28,930)	(27,732)
(Loss) gain on disposal of fixed assets, net	(114)	92
Investment income	64	238
Interest expense, net	(8,241)	(7,936)
Loss before benefit from income taxes	(92,121)	(71,174)
Benefit from income taxes	36,387	28,114
Net loss	(55,734)	(43,060)
Net loss attributable to noncontrolling interests	25	37
Net loss attributable to Vail Resorts, Inc.	(55,709)	(43,023)
Dining [Member]
Segment Reporting Information [Line Items]
Total Mountain net revenue	5,647	4,106
Retail/Rental [Member]
Segment Reporting Information [Line Items]
Total Mountain net revenue	26,964	22,053
Other Mountain Revenue [Member]
Segment Reporting Information [Line Items]
Total Mountain net revenue	17,059	14,620
Resort [Member]
Segment Reporting Information [Line Items]
Total Reported EBITDA	(50,162)	(40,034)
Mountain [Member]
Segment Reporting Information [Line Items]
Total Reported EBITDA	(48,455)	(41,577)
Lodging [Member]
Segment Reporting Information [Line Items]
Total Reported EBITDA	(1,707)	1,543
Real Estate [Member]
Segment Reporting Information [Line Items]
Total Reported EBITDA	$ (4,738)	$ 4,198

Stock Repurchase Plan (Details) - USD ($) $ in Millions	3 Months Ended	68 Months Ended
Stock Repurchase Plan (Details) - USD ($) $ in Millions	Oct. 31, 2011	Oct. 31, 2011	Jul. 16, 2008	Mar. 09, 2006
Stock Repurchase Plan [Abstract]
Number of shares authorized to repurchase				3,000,000
Additional number of shares authorized to repurchase			3,000,000
Number of repurchased common shares	203,377	4,468,181
Value of repurchased common stock	$ 7.9	$ 170.7
Remaining shares available for repurchase under existing program	1,531,819	1,531,819

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References + Details

Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Narrative) (Details)	Oct. 31, 2011
Condensed Financial Statements, Captions [Line Items]
Debt instrument, interest rate, stated percentage	6.50%
6.50% Notes [Member]
Condensed Financial Statements, Captions [Line Items]
Debt instrument, interest rate, stated percentage	6.50%
6.75% Notes [Member]
Condensed Financial Statements, Captions [Line Items]
Debt instrument, interest rate, stated percentage	6.75%

Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Supplemental Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands	Oct. 31, 2011	Jul. 31, 2011	Oct. 31, 2010	Jul. 31, 2010
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 44,738	$ 70,143	$ 19,578	$ 14,745
Restricted cash	13,615	12,438	12,912
Trade receivables, net	29,627	58,529	35,120
Inventories, net	75,789	54,007	64,230
Other current assets	57,822	50,507	45,782
Total current assets	221,591	245,624	177,622
Property, plant and equipment, net	1,050,026	1,021,736	1,046,544
Real estate held for sale and investment	263,130	273,663	296,981
Goodwill, net	268,058	268,058	271,732
Intangible assets, net	91,360	91,098	89,433
Other assets	46,183	46,057	36,478
Total assets	1,940,348	1,946,236	1,918,790
Accounts payable and accrued liabilities	316,592	221,359	303,794
Income taxes payable	19,568	20,778	32,424
Long-term debt due within one year	1,063	1,045	1,958
Total current liabilities	337,223	243,182	338,176
Long-term debt	490,377	490,698	513,007
Other long-term liabilities	236,275	235,429	239,068
Deferred income taxes	99,118	133,208	66,204
Total Vail Resorts, Inc. stockholders' equity (deficit)	763,430	829,723	748,141
Noncontrolling interests	13,925	13,996	14,194
Total stockholders' equity (Note 2)	777,355	843,719	762,335	802,387
Total liabilities and stockholders' equity	1,940,348	1,946,236	1,918,790
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Trade receivables, net			450
Other current assets	30,700	29,167	24,076
Total current assets	30,700	29,167	24,526
Other assets	7,876	8,060	2,338
Investments in subsidiaries	1,633,628	1,721,269	1,566,817
Advances	(358,390)	(349,144)	(321,822)
Total assets	1,313,814	1,409,352	1,271,859
Accounts payable and accrued liabilities	13,594	7,117	5,887
Income taxes payable	19,568	20,778	32,424
Total current liabilities	33,162	27,895	38,311
Long-term debt	390,000	390,000	390,000
Other long-term liabilities	28,104	28,526	29,203
Deferred income taxes	99,118	133,208	66,204
Total Vail Resorts, Inc. stockholders' equity (deficit)	763,430	829,723	748,141
Total stockholders' equity (Note 2)	763,430	829,723	748,141
Total liabilities and stockholders' equity	1,313,814	1,409,352	1,271,859
100% Owned Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	38,060	63,365	15,018	11,315
Restricted cash	12,881	11,781	12,324
Trade receivables, net	28,664	57,746	34,046
Inventories, net	75,569	53,775	64,027
Other current assets	26,744	21,063	21,427
Total current assets	181,918	207,730	146,842
Property, plant and equipment, net	1,001,793	972,963	1,010,251
Real estate held for sale and investment	263,130	273,663	296,981
Goodwill, net	268,058	268,058	271,732
Intangible assets, net	73,205	72,943	71,278
Other assets	33,739	33,296	29,405
Investments in subsidiaries	(4,696)	(3,862)	(16,656)
Advances	365,244	356,981	326,327
Total assets	2,182,391	2,181,772	2,136,160
Accounts payable and accrued liabilities	298,661	211,565	294,599
Long-term debt due within one year	855	848	1,761
Total current liabilities	299,516	212,413	296,360
Long-term debt	42,419	42,532	64,841
Other long-term liabilities	206,828	205,558	208,142
Total Vail Resorts, Inc. stockholders' equity (deficit)	1,633,628	1,721,269	1,566,817
Total stockholders' equity (Note 2)	1,633,628	1,721,269	1,566,817
Total liabilities and stockholders' equity	2,182,391	2,181,772	2,136,160
Other Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	6,678	6,778	4,560	$ 3,430
Restricted cash	734	657	588
Trade receivables, net	963	783	624
Inventories, net	220	232	203
Other current assets	378	277	279
Total current assets	8,973	8,727	6,254
Property, plant and equipment, net	48,233	48,773	36,293
Intangible assets, net	18,155	18,155	18,155
Other assets	4,568	4,701	4,735
Advances	(6,854)	(7,837)	(4,505)
Total assets	73,075	72,519	60,932
Accounts payable and accrued liabilities	4,337	2,677	3,308
Long-term debt due within one year	208	197	197
Total current liabilities	4,545	2,874	3,505
Long-term debt	57,958	58,166	58,166
Other long-term liabilities	1,343	1,345	1,723
Total Vail Resorts, Inc. stockholders' equity (deficit)	(4,696)	(3,862)	(16,656)
Noncontrolling interests	13,925	13,996	14,194
Total stockholders' equity (Note 2)	9,229	10,134	(2,462)
Total liabilities and stockholders' equity	73,075	72,519	60,932
Eliminating Entries [Member]
Condensed Financial Statements, Captions [Line Items]
Investments in subsidiaries	(1,628,932)	(1,717,407)	(1,550,161)
Total assets	(1,628,932)	(1,717,407)	(1,550,161)
Total Vail Resorts, Inc. stockholders' equity (deficit)	(1,628,932)	(1,717,407)	(1,550,161)
Total stockholders' equity (Note 2)	(1,628,932)	(1,717,407)	(1,550,161)
Total liabilities and stockholders' equity	$ (1,628,932)	$ (1,717,407)	$ (1,550,161)

Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Supplemental Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2011	Oct. 31, 2010
Condensed Financial Statements, Captions [Line Items]
Total net revenue	$ 116,373	$ 241,157
Total operating expense	200,747	305,413
Loss from operations	(84,374)	(64,256)
Other expense, net	(8,177)	(7,698)
Equity investment income, net	430	780
Loss before benefit from income taxes	(92,121)	(71,174)
Benefit from income taxes	36,387	28,114
Net loss before equity in loss of consolidated subsidiaries	(55,734)	(43,060)
Net loss	(55,734)	(43,060)
Net loss attributable to noncontrolling interests	25	37
Net loss attributable to Vail Resorts, Inc.	(55,709)	(43,023)
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Total operating expense	128	164
Loss from operations	(128)	(164)
Other expense, net	(6,599)	(6,759)
Loss before benefit from income taxes	(6,727)	(6,923)
Benefit from income taxes	3,044	3,324
Net loss before equity in loss of consolidated subsidiaries	(3,683)	(3,599)
Equity in loss of consolidated subsidiaries	(52,026)	(39,424)
Net loss	(55,709)	(43,023)
Net loss attributable to Vail Resorts, Inc.	(55,709)	(43,023)
100% Owned Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Total net revenue	117,034	241,694
Total operating expense	200,266	304,807
Loss from operations	(83,232)	(63,113)
Other expense, net	(1,283)	(688)
Equity investment income, net	430	780
Loss before benefit from income taxes	(84,085)	(63,021)
Benefit from income taxes	33,343	24,790
Net loss before equity in loss of consolidated subsidiaries	(50,742)	(38,231)
Equity in loss of consolidated subsidiaries	(1,284)	(1,193)
Net loss	(52,026)	(39,424)
Net loss attributable to Vail Resorts, Inc.	(52,026)	(39,424)
Other Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Total net revenue	2,066	1,960
Total operating expense	3,042	2,901
Loss from operations	(976)	(941)
Other expense, net	(333)	(289)
Loss before benefit from income taxes	(1,309)	(1,230)
Net loss before equity in loss of consolidated subsidiaries	(1,309)	(1,230)
Net loss	(1,309)	(1,230)
Net loss attributable to noncontrolling interests	25	37
Net loss attributable to Vail Resorts, Inc.	(1,284)	(1,193)
Eliminating Entries [Member]
Condensed Financial Statements, Captions [Line Items]
Total net revenue	(2,727)	(2,497)
Total operating expense	(2,689)	(2,459)
Loss from operations	(38)	(38)
Other expense, net	38	38
Equity in loss of consolidated subsidiaries	53,310	40,617
Net loss	53,310	40,617
Net loss attributable to Vail Resorts, Inc.	$ 53,310	$ 40,617

Guarantor Subsidiaries And Non-Guarantor Subsidiaries (Supplemental Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2011	Oct. 31, 2010
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ 38,335	$ 118,173
Capital expenditures	(51,003)	(36,901)
Acquisition of business	342	(60,528)
Other investing activities, net	(478)	74
Net cash used in investing activities	(51,139)	(97,355)
Proceeds from borrowings under long-term debt		100,000
Payments of long-term debt	(303)	(116,698)
Repurchases of common stock	(7,869)
Dividends paid	(5,429)
Other financing activities, net	1,000	713
Net cash used in financing activities	(12,601)	(15,985)
Net (decrease) increase in cash and cash equivalents	(25,405)	4,833
Beginning of period	70,143	14,745
End of period	44,738	19,578
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(34,685)	(39,120)
Repurchases of common stock	(7,869)
Dividends paid	(5,429)
Other financing activities, net	994	85
Advances	46,989	39,035
Net cash used in financing activities	34,685	39,120
100% Owned Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	73,005	156,959
Capital expenditures	(50,893)	(36,598)
Acquisition of business	342	(60,528)
Other investing activities, net	(478)	74
Net cash used in investing activities	(51,029)	(97,052)
Proceeds from borrowings under long-term debt		100,000
Payments of long-term debt	(106)	(116,511)
Other financing activities, net	(186)	(658)
Advances	(46,989)	(39,035)
Net cash used in financing activities	(47,281)	(56,204)
Net (decrease) increase in cash and cash equivalents	(25,305)	3,703
Beginning of period	63,365	11,315
End of period	38,060	15,018
Other Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	15	334
Capital expenditures	(110)	(303)
Net cash used in investing activities	(110)	(303)
Payments of long-term debt	(197)	(187)
Other financing activities, net	192	1,286
Net cash used in financing activities	(5)	1,099
Net (decrease) increase in cash and cash equivalents	(100)	1,130
Beginning of period	6,778	3,430
End of period	$ 6,678	$ 4,560