Vail Resorts, Inc. has announced two senior officer appointments, effective immediately.

Jeffrey W. Jones, currently senior vice president and chief financial officer of Vail Resorts Development Company, will become senior vice president and chief financial officer of Vail Resorts, Inc. In this capacity, Jeff Jones will be responsible for all of Vail Resorts' finance, accounting, purchasing, internal audit, and investor relations functions, both for the parent, Vail Resorts, and its various subsidiaries.

James P. Donohue, currently senior vice president and chief financial officer of Vail Resorts, will instead become senior vice president and chief information officer, a position that is currently vacant. In his new
capacity, Jim Donohue will be responsible for the Company's information systems and telecommunications.

Both executives will report directly to Adam Aron, Vail Resorts' chairman
of the board and chief executive officer.

Jones, 41, has a long career in finance and accounting. Before joining
Vail Resorts Development Company in September 2003 he was EVP and chief
financial officer of Chicago-based Clark Retail Enterprises, Inc. from
1999-2003 and SVP and chief financial officer of Boston-based Lids Corporation
from 1998 to 1999. He has also worked in a variety of senior finance and
accounting positions at Premcor and Dairy Mart Convenience Stores. Jones is
an accredited CPA, and a member of the American Institute of Certified Public
Accountants. In his early career, from 1984 to 1988, he was a member of the
public accounting profession, serving as an auditor for Arthur Andersen & Co.
He graduated summa cum laude from Mercyhurst College in Pennsylvania, with
degrees in both accounting and American studies. Jones is an avid skier and
grew up vacationing at the Company's ski resorts. He currently resides with
his family in the Vail Valley of Colorado.

Donohue, 63, joined Vail Resorts in November 1996 as chief financial
officer. Throughout his tenure, he has also had extensive involvement with
the Company's information systems, programs and strategy.

In announcing these moves, Adam Aron, said, “Last week, I reiterated
publicly Vail Resorts' absolute commitment to take whatever actions we could
to ensure that Vail Resorts fulfills its obligations to provide complete,
accurate and timely financial statements to the investing public. In light of
the announcement by Vail Resorts that it was restating prior year earnings,
albeit by a modest but nonetheless material amount, it seems only prudent that
we have fresh leadership in command of our finance and accounting functions,
and fresh eyes assessing and addressing our financial processes.”

Aron added, “We are thrilled that someone with Jeff Jones' talent is
already in position with our Company, so that he can immediately step in to
assume the important duties of CFO for Vail Resorts. Jeff brings a wealth of
intelligence and drive to his new expanded role, and his background as a CPA
should be particularly invaluable. In the short time he has already been with
us, Jeff has impressed one and all with his professionalism, enthusiasm and
determination — all of which should be immensely helpful factors in his
leadership of the finance and accounting functions going forward.”

Aron continued, “We are also similarly and genuinely pleased that Jim
Donohue will continue as one of our most senior officers, in charge of our
technology efforts in which he is well versed. We are appreciative of Jim's
extensive experience and loyal service to Vail Resorts, and in particular we
have the highest degree of confidence in Jim's integrity and acumen. He has
contributed significantly to our Company over the past seven years, and we are
very fortunate we will be able to benefit from having his continued counsel.”