Lake Tahoe, Calif./Nev. – March 14, 2011 - Vail Resorts, Inc. (NYSE: MTN) today announced its 2011/12 ski and snowboard season pass program that includes its Lake Tahoe resorts, Heavenly Mountain Resort (www.skiheavenly.com) and Northstar-at-TahoeTM (http://www.northstarattahoe.com), and features the return of the Epic Pass and the Epic 7-Day, as well as the addition of the Epic Local and Tahoe Value passes.

“We’ve created a variety of options for skiers and snowboarders to access Lake Tahoe’s two premier mountain resorts,” said Blaise Carrig, co-president of Vail Resorts’ Mountain Division. “Heavenly and Northstar have separated themselves from the other Lake Tahoe resorts in terms of capital improvements, service quality and the quality of their snow surfaces, and there’s now a season pass option that will create a tremendous amount of value for every type of skier or rider.”

The Epic PassTM ($649 adult/$329 child) offers the freedom of unlimited and unrestricted skiing and riding at any one of seven world-class resorts (Vail, Beaver Creek, Breckenridge, Keystone and Arapahoe Basin in Colorado, and Heavenly and Northstar-at-Tahoe in California/Nevada). The Epic Pass is most comparable to the former Double Whammy Unlimited Pass but with access to more mountains. This is the ultimate mountain pass with no blackout dates or restrictions.

The Epic Local PassTM ($499 adult/$379 teen/$249 child) also provides access to the same seven world-class mountains, but is restricted with holiday blackout dates – it is the perfect pass for skiers and riders who have flexibility at peak times. The Epic Local Pass is most comparable to the Double Whammy Limited Pass and Heavenly/Northstar Pass but with access to more mountains.

The Tahoe Value PassTM ($379 adult/$299 teen and senior/$179 child) presents the best value in snow sports – offering seven-day-a-week access to Heavenly, plus Sunday through Friday access to Northstar® Resort. Eleven holiday blackout dates apply to both Heavenly and Northstar-at-Tahoe. The Tahoe Value Pass is most comparable to the former Double Whammy Value Pass and Heavenly- or Northstar-only passes.

The Epic 7-DayTM ($499 adults/ $249 child) is ideal for people who don’t plan to ski more than seven days. The Epic 7-Day gives skiers and snowboarders a total of seven unrestricted days of skiing and riding at any one of Vail Resorts’ six mountain resorts plus Arapahoe Basin anytime during the season. The Epic 7-Day is most comparable to the former Northstar Six-Pack but with access to six more mountains.

The above prices are the guaranteed lowest prices for the passes. These prices will only be valid through May 30, 2011. A $49 down payment will hold the guaranteed lowest price until the balance is paid in full in mid-September. Pass use, benefits and incentives will not be awarded until the pass is paid in full. The remainder of the pass price will be charged to the purchaser’s credit card on or around September 15, 2011.

As an extra incentive to buy early, new buyers who purchase a 2011/12 season pass, paid in full, before the end of the current ski season will be rewarded with two free days of skiing or riding from April 1, 2011, through the end of the season – April 24, 2011 at Heavenly, and April 17, 2011 at Northstar Resort.

Season Pass Holder Benefits

  • Pass holders may purchase discounted $50 tickets on blackout dates.
  • Unlimited half-price tickets to any of Vail Resorts’ four Colorado resorts: Vail, Beaver Creek, Breckenridge, and Keystone (blackout dates apply).
  • Option to purchase four, single-day, $60 Buddy Tickets ($69 when used at any of our Colorado resorts) for friends and family during the 2011/12 season (if the pass is purchased prior to May 31, 2011).
  • Six (6) 2011-12 Ski-With-a-Friend varying discounted tickets.
  • Summer 2011 summer access.
  • Discounts on ski school, food & beverage, and retail.

Epic Local pass holders also receive unlimited skiing or riding at Breckenridge, Keystone and Arapahoe Basin, and 10 days at Vail and Beaver Creek, to which blackout dates do apply.

Tahoe Value Pass holders have no Colorado days built into the pass, but can purchase unlimited half-price tickets to any of Vail Resorts’ four Colorado resorts: Vail, Beaver Creek, Breckenridge, and Keystone (blackout dates apply).

Season Pass Insurance Option

Vail Resorts encourages its guests to purchase pass insurance. All of its pass products are non-refundable. Pass insurance covers pass holders in the event of unexpected events including sickness, injuries and job loss.  Pass insurance is $20 for adults and $10 for children (ages 5-12). Coverage applies for all season passes and the Epic 7-Day, valid for the 2011-2012 ski and snowboard season. For more information visit www.epicpass.com.

In addition to the season pass benefits, Heavenly has consistently improved the resort with capital investments. In the last five years, Heavenly has added a new lift, seven new trails, 25 grooming snowcats (including two winch cats), 22 automated snowmaking fan guns, a tubing hill, a zip line, an umbrella bar, expanded East Peak Lodge, and re-graded Skyline Trail as well as selectively widening numerous other runs. For 2010/11, the resort added Tamarack Lodge, a 14,000-square-foot, on-mountain restaurant at the top of the Heavenly Gondola near Tamarack Express.

At Northstar Resort, season pass holders will enjoy improvements both on the mountain and in the Village at NorthstarTM that will be completed in time for the winter 2011-2012 season. Plans include the installation of a new high-speed chairlift that will service expanded gladed terrain and additional ski trails on “The Backside” of the mountain, increasing the skiable terrain by 10 percent, construction of a new 500-seat on-mountain restaurant, and new national retail outlets and a signature restaurant in the Village at Northstar to bring additional energy and nightlife to the popular mountain village.

Season passes can currently be purchased in-person at the Heavenly and Northstar Resort season pass offices, by calling 1-800-HEAVENLY or 1-800-GO-NORTH, or by visiting www.epicpass.com, www.skiheavenly.com or www.northstarattahoe.com.

Prices for all 2011/2012 pass products are as follows (Vail Resorts reserves the right to change prices at any time):

Product/Pricing

Pricing through 5/30/11

Adult Epic Pass (13+)

$649

Child Epic Pass (5-12)

$329

Adult Epic Local Pass (19+)

$499

Teen Epic Local Pass (13-18)

$379

Child Epic Local Pass (5-12)

$249

Adult Epic 7-Day (13+)

$499

Child Epic 7-Day (5-12)

$249

Adult Tahoe Local Pass (19-64)

$379

Teen Tahoe Local Pass (13-18)

$299

Child Tahoe Local Pass (5-12)

$179

Senior Tahoe Local Pass (64+)

$299

Blackout Dates

The Epic Local Pass and Tahoe Value Pass have 11 blackout dates: Thanksgiving (November 25 and 26, 2011), Christmas/New Year’s (December 26 through 31, 2011), Martin Luther King Weekend (January 14, 2012) and Presidents’ Weekend (February 18 and 19, 2012).

About Vail Resorts

Vail Resorts, Inc., through its subsidiaries, is the leading mountain resort operator in the United States. The Company’s subsidiaries operate the mountain resort properties of Vail, Beaver Creek, Breckenridge and Keystone mountain resorts in Colorado, and the Heavenly Ski Resort and Northstar-at-Tahoe Resort in the Lake Tahoe area of California and Nevada, and the Grand Teton Lodge Company in Jackson Hole, Wyo. The Company’s subsidiary, RockResorts, a luxury resort hotel company, manages casually elegant properties across the United States and in the Caribbean. Vail Resorts Development Company is the real estate planning, development and construction subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN).  The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.

For more information on Heavenly, please visit www.skiheavenly.com or call 1-800-HEAVENLY.

For more information on Northstar-at-Tahoe, please visit www.northstarattahoe.com or call 1- 800-GO-NORTH.