Vail Resorts, Inc. is a holding company. The Company operates through its various subsidiaries in three business segments: Mountain, Lodging and Real Estate. The Company�s Mountain segment operates approximately eight mountain resort properties and two urban ski areas as well as ancillary services, primarily including ski school, dining and retail/rental operations. The Company�s Lodging segment owns and/or manages a collection of luxury hotels under its RockResorts brand; other lodging properties and a number of condominiums located in proximity to the Company�s mountain resorts, and certain National Park Service (NPS) concessionaire properties, including Grand Teton Lodge Company (GTLC). GTLC operates destination resorts at Grand Teton National Park, Colorado Mountain Express (CME), a Colorado resort ground transportation company, and mountain resort golf courses. The Company�s Real Estate segment owns and develops real estate in and around the Company�s resort communities.