Vail Resorts Inc. is a holding company. The Company, through its subsidiaries, operates in three business segments: Mountain, Lodging and Real Estate. Its Mountain segment operates ten mountain resort properties, two urban ski areas and ancillary services, such as ski school, dining and retail/rental operations. Its Lodging segment owns and/or manages various hotels under its RockResorts brand, as well as other strategic lodging properties and a range of condominiums, National Park Service (NPS) properties, including the Grand Teton Lodge Company (GTLC), which operates destination resorts in the Grand Teton National Park, Colorado Mountain Express (CME), a Colorado resort ground transportation company and mountain resort golf courses. Its wholly owned subsidiary, Vail Resorts Development Company, owns and develops real estate across the Company's resort communities. The Company, through its subsidiary, VR CPC Holdings Inc., also owns Park City Mountain Resort (PCMR) in Park City Utah.