Vail Resorts President Daly To Leave Company

VAIL, Colo. – Oct. 22, 2002 – Vail Resorts (NYSE: MTN) issued thefollowing announcement today.

Andrew P. Daly will be leaving his position as president of VailResorts at the end of this month. The Company stated that, given thedifficult external climate in the entire U.S. travel industry and theU.S. economy, as well as the prospects of war and terrorism, the Companymust evaluate every position to ensure that every employee is in anecessary role to contribute to the Company’s ultimate success. Thetimes require the Company to streamline its cost structure, wherever itlogically can, and operate as leanly as possible – of course, stillcontinuing to take great care of our guests and living up to theworld-class reputations of our resorts.

The Company also noted it believes that the effort to operatecost-effectively is taking place throughout the organization, and ifsacrifice is required for Vail Resorts to prosper, then that sacrificewill take place fairly up and down the line, including at the highestlevels of the company.

“I know that I speak for all of us at Vail Resorts that we extend oursincerest appreciation to Andy for his long-standing service to ourcompany. Andy has served with distinction as president of Vail Resortsand Vail Associates since 1992. He has made many contributions to ourcompany, and has received industry accolades, including being namedchairman of Colorado Ski Country USA and inducted into the Colorado SkiHall of Fame. As important, we wish him well as he begins a new chapterin his professional career,” said Adam Aron, chairman and chiefexecutive officer of Vail Resorts.

Vail Resorts, Inc. is the leading mountain resort operator in theUnited States. The Company’s subsidiaries operate the mountain resortsof Vail, Beaver Creek, Breckenridge and Keystone in Colorado, Heavenlyin California and Nevada, and the Grand Teton Lodge Company in JacksonHole, Wyo. The Company’s subsidiary RockResorts, a luxury resort hotelcompany, operates 10 distinctive properties across the United States. Vail Resorts Development Company is the real estate planning,development, construction, retail leasing and management subsidiary ofVail Resorts, Inc. Vail Resorts is a publicly held company traded on theNew York Stock Exchange (NYSE: MTN). The Vail Resorts company websiteis www.vailresorts.com and consumer website is www.snow.com.

Statements in this press release, other than statements of historicalinformation, are forward looking statements that are made pursuant tothe safe harbor provisions of the Private Securities Litigation ReformAct of 1995. Such forward-looking statements are subject to certainrisks and uncertainties that could cause actual results to differmaterially from those projected. Readers are cautioned not to placeundue reliance on these forward-looking statements which speak only asof the date hereof. Such risks and uncertainties include but are notlimited to general business and economic conditions, competitive factorsin the ski and resort industries, failure to successfully integrateacquisitions, failure to achieve the expected benefits of cost-savingsmeasures, the impact of the September 11 terrorist attacks on the travelindustry and the company and/or misinterpretation of same, thepossibility of additional terrorist attacks; and the weather. Investorsare also directed to other risks discussed in documents filed by theCompany with the Securities and Exchange Commission.###