Vail Resorts, Inc. is a public holding company. The Company’s operations are grouped into three business segments: Mountain, Lodging and Real Estate. The Company's Mountain segment owns and operates five ski resort properties, as well as ancillary businesses, including ski school, dining and retail/rental operations, which provide a resort experience to the clients. The Company's Lodging segment owns and/or manages a collection of luxury hotels under its RockResorts brand, as well as other lodging properties and a number of condominiums located in proximity to the Company's ski resorts, the Grand Teton Lodge Company (GTLC), which operates three destination resorts at Grand Teton National Park (the Park), Colorado Mountain Express (CME), a resort ground transportation company, and golf courses. The Company’s Real Estate segment owns and develops real estate in and around the Company’s resort communities.