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News and Information Article
AVON, Colo., April 26 /-FirstCall/ -- Vail Resorts, Inc.
(NYSE: MTN) stated today that its wholly-owned subsidiary, Vail Associates,
operator of the Vail ski area, has completed the land exchange with the
USDA Forest Service as part of the Companys proposed "Front Door" project
near the Vista Bahn at the base of Vail Mountain. The land exchange
involved the exchange of approximately 5.13 acres of Federal land for
approximately 493 acres of non-Federal lands, both within the White River
National Forest in Eagle County, Colorado. In a simultaneous and related
closing, the Forest Service also received an additional approximately 120
acres from The Conservation Fund.
The closing of the land exchange followed the Forest Service decision,
issued April 5, 2006, rejecting the appeal of the Forest Services original
decision approving the land exchange. The appeal was filed by Ms. Luanne
Wells, a Vail property owner, and a California-based advocacy group/law
firm. On April 21, 2006, Ms. Wells, as the only plaintiff, filed a
complaint against the USDA Forest Service in federal district court for the
district of Colorado further appealing the Forest Service decision to
reject her appeal. The Company is not a named defendant in the lawsuit,
which is pending. The complaint seeks reversal of the Forest Services
approval on the basis that the exchange parcel was undervalued or that
limits should have been placed by the USDA Forest Service on the use of the
exchange parcel to correlate with the approved appraised value.
"We are extremely pleased that we have completed the exchange with the
Forest Service for the five-acre Federal parcel," said Rob Katz, CEO of
Vail Resorts. "It allows us to proceed to the next steps in the Front Door
project."
About Vail Resorts
Vail Resorts, Inc. is the leading mountain resort operator in the
United States. The Companys subsidiaries operate the mountain resorts of
Vail, Beaver Creek, Breckenridge and Keystone in Colorado, Heavenly in
California and Nevada, and the Grand Teton Lodge Company in Jackson Hole,
Wyo. The Companys subsidiary, RockResorts, a luxury resort hotel company,
manages casually elegant properties across the United States. Vail Resorts
Development Company is the real estate planning, development and
construction subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly
held company traded on the New York Stock Exchange (NYSE: MTN). The Vail
Resorts company website is http://www.vailresorts.com and consumer website is
http://www.snow.com.
About Vail Resorts Development Company
As a subsidiary of Vail Resorts, Inc., Vail Resorts Development Company
designs, builds and manages the Companys luxury communities, private ski
clubs, golf courses, retail spaces, and employee housing. Projects in
various stages currently exist in the Colorado mountain resort communities
of Beaver Creek(R), Breckenridge, Keystone(R) and Vail, as well as in
Jackson, Wyoming. The Vail Resorts Development Company website is
http://www.vrdc.com.
Statements in this press release, other than statements of historical
information, are forward-looking statements that are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are subject to certain risks and
uncertainties, including the risk of not commencing or completing the Front
Door development project on time or at all, or achieving the anticipated
benefits of the project. Readers are cautioned not to place undue reliance
on these forward-looking statements which speak only as of the date hereof.
Investors are also directed to other risks discussed in the Companys
Annual Report on Form 10-K for the fiscal year ended July 31, 2005 and
other documents filed by the Company with the Securities and Exchange
Commission.
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