Vail Invests $57-million In Improvements

VAIL, Colo. — Vail Resorts Inc. (NYSE: MTN) today announced plans to invest approximately $57 million in resort improvements during calendar year 2000 for its Colorado resorts of Vail, Breckenridge, Keystone and Beaver Creek as well as for the Grand Teton Lodge Company in Jackson, Wyoming.

“This $57-million capital investment program reflects our continuing commitment to make our resorts among the highest-quality destinations in the world,” commented Chairman and Chief Executive Officer Adam Aron. “When visitors join us at Vail, Breckenridge, Keystone, Beaver Creek and Grand Teton, they deserve and will receive the finest in resort facilities, services and amenities.”

The following is a breakdown of selected projects:

VAIL – $12 MILLION IN PLANNED IMPROVEMENTSà'•Continued development of Blue Sky Basin, Vail’s award-winning expansion that opened on Jan. 6, 2000. This year’s plans include the installation of a high-speed quad chairlift (Vail’s fifteenth high-speed lift) and the expansion of Pete’s Bowl, the second of Blue Sky Basin’s two bowls, increasing the area’s available terrain by nearly 25 percent. Pete’s Bowl is named for Vail’s founder Pete Seibert.à'•New activities at and renovations of Adventure Ridge, Vail’s popular on-mountain non-skiing activity center. à'•The Lodge at Vail, one of the Company’s premier hotel properties, will undergo a complete renovation of guestrooms.à'•Additional capital investments include a 25 percent increase in snowmaking capabilities and the continued upgrade of snowgrooming equipment.

BRECKENRIDGE – $4 MILLION IN PLANNED IMPROVEMENTSà'•Land acquisitions for future amenities and more base village parking.à'•New snowcats and base area infrastructure improvements.

KEYSTONE – $21 MILLION IN PLANNED IMPROVEMENTSà'•A new, six-person high-speed chairlift will replace the Ruby Lift, a fixed-grip three-person chairlift located on the back side of Keystone Mountain.à'•Completion of the new 18-hole championship River Course at Keystone, which opened on May 31, 2000.à'•Completion of an extensive expansion of the Keystone Conference Center, effectively doubling its size. The grand opening of the Conference Center will take place June 30, 2000.à'•Improvements to and expansion of snowboarding halfpipes and terrain parks.

BEAVER CREEK – $3 MILLION IN PLANNED IMPROVEMENTS à'•Significant upgrades of the snowcat fleet to maintain the high grooming standards for which Beaver Creek is known.à'•Base area amenity and parking improvements.à'•Renovations and improvements to the Beaver Creek Golf Course clubhouse and course.

SPECIALTY SPORTS VENTURE – $4 MILLION IN PLANNED IMPROVEMENTSà'•Improvements will be made to the rental ski fleet, store fronts, furniture and fixtures, and information systems across the 70-plus retail and rental stores controlled by Specialty Sports, Vail Resorts’ retail joint venture.

VAIL RESORTS COMPANY-WIDE IMPROVEMENTS – $10 MILLION IN PLANNED IMPROVEMENTSà'•Upgrades to central reservations systems to enhance online reservations capability.à'•Design and first-phase implementation of a PeopleSoft? enterprise resource planning (ERP) system.à'•Improvements and upgrades to information systems infrastructure, allowing better guest service through point of sale systems.

GRAND TETON LODGE COMPANY ¿ $3 MILLION IN PLANNED IMPROVEMENTSà'•Renovation and improvements to Jenny Lake Lodge.à'•Colter Bay Village facilities renovations.à'•Golf course infrastructure improvements.

REAL ESTATEà'•Separately, Vail Resorts Development Company plans to invest an additional $53 million in real estate development, including:à'•Groundbreaking of Red Sky Ranch, a golf community that will include approximately 80 single-family homesites and a championship golf course designed by Tom Fazio.

à'•Additional planning and development of projects in Vail, Bachelor Gulch, Arrowhead, Avon, Breckenridge, Keystone, and Jackson Hole, Wyoming.