812011--10/5/2006--VAIL_RESORTS_INC

related topics
{acquisition, growth, future}
{operation, natural, condition}
{condition, economic, financial}
{stock, price, share}
{debt, indebtedness, cash}
{loan, real, estate}
{cost, contract, operation}
{provision, law, control}
{financial, litigation, operation}
{personnel, key, retain}
{regulation, change, law}
{cost, regulation, environmental}
{stock, price, operating}
{competitive, industry, competition}
Risks Related to the Company s Business The Company s business is seasonal. The Company is vulnerable to the risk of unfavorable weather conditions. The Company is subject to the risk of economic downturns. The Company depends on a seasonal workforce. Terrorist acts upon the United States and acts of war (actual or threatened) could have a material adverse effect on the Company. The Company faces significant competition. The Company s future acquisitions might not be successful. The Company s future development plans might not be successful. The Company may not be able to fund development plans. The Company relies on government permits. The Company is subject to extensive environmental laws and regulations in the ordinary course of business. The Company is subject to litigation in the ordinary course of business. The Company is subject to the risks of brand concentration. The Company s future growth and real estate development requires additional capital whose availability is not assured. Future changes in the real estate market could affect the value of the Company s investments. If the Company does not retain its key personnel, its business may suffer. The Company is subject to accounting regulations and uses certain accounting estimates and judgments that may differ significantly from actual results. Risks Relating to The Company s Capital Structure Future sales of shares of the Company s common stock could depress the price of the common stock. The Company s stock price is highly volatile. The Company has not historically paid cash dividends to its common stockholders. Anti-takeover provisions affecting the Company could prevent or delay a change of control that is beneficial to its shareholders. The Company s indebtedness could adversely affect its financial health and prevent the Company from fulfilling its obligations. There are restrictions imposed by the terms of the Company s indebtedness.

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