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Vail Resorts Announces Extension of Exchange Offer

Press Release: Vail Resorts, Inc.
May 24, 2004
VAIL, CO -- Vail Resorts, Inc. (NYSE: MTN; "Vail") May 21 announced the extension of its offer (the "Exchange Offer") to exchange up to $390,000,000 aggregate principal amount of its 63/4% Senior Subordinated Notes due 2014 (the "Exchange Notes"), which have been registered under the Securities Act of 1933, as amended, for a like principal amount of its 63/4% Senior Subordinated Notes due 2014 (the "Outstanding Notes"), which have not been so registered.

The Exchange Offer has been extended through 5:00 p.m., New York City time, on Friday, May 28, 2004. The extension was made for the purpose of allowing the holders of the Outstanding Notes an additional opportunity to exchange their notes. The previous expiration date of the Exchange Offer was 5:00 p.m., New York City time, on Friday, May 21, 2004.

As of May 21, 2004 at 5:00 p.m., New York City time, $388,730,000 aggregate principal amount of Outstanding Notes had been tendered in the Exchange Offer.

Except for the extension of the expiration date, all other terms, conditions and provisions of the Exchange Offer remain effective as of the date hereof. Vail reserves the right to further extend the Exchange Offer prior to the termination of the extended expiration date. Vail does not contemplate any such additional extensions of the Exchange Offer at this time. The Bank of New York is the exchange agent for the Exchange Offer.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

Vail Resorts, Inc. is the premier mountain resort operator in North America. The Company's subsidiaries operate the mountain resorts of Vail, Beaver Creek, Breckenridge and Keystone in Colorado, Heavenly Resort in California and Nevada and the Grand Teton Lodge Company in Jackson Hole, Wyoming. In addition, the Company's RockResorts luxury resort hotel company operates 10 resort hotels throughout the United States. The Vail Resorts corporate website is http://www.vailresorts.com and the consumer websites are http://www.snow.com and http://www.rockresorts.com. Vail Resorts, Inc. is a publicly held company traded on the New York Stock Exchange (NYSE: MTN).

Statements in this press release, other than statements of historical information, are forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. Investors are also directed to other risks discussed in the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2003 and other documents filed by the Company with the Securities and Exchange Commission.

Source: Vail Resorts, Inc.