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.