Vail Resorts Closes Its Acquisition of Kirkwood Mountain Resort at Lake Tahoe, Calif., Creating an Unparalleled Offering for Skiers and Riders in the Tahoe Region with the Combination with Heavenly and Northstar

BROOMFIELD, Colo.—April 12, 2012—Vail Resorts, Inc.  (NYSE: MTN) today announced that the Company has closed on its acquisition of Kirkwood Mountain Resort  at Lake Tahoe, Calif., recognized by skiers and snowboarders as offering some of the best high alpine advanced terrain in North America. Vail Resorts now operates three world-class mountain resorts in the Lake Tahoe region and together with Heavenly Mountain Resort and Northstar California, provides guests and pass holders unparalleled value with the very best that Lake Tahoe has to offer. The transaction, which included the ski resort and undeveloped sites at the center of the base area, closed for total consideration of approximately US$18.0 million. The seller retains a participation interest in the base area parcels and continues to own the remainder of the real estate development sites.

Vail Resorts also announced that the power plant which the Kirkwood Meadows Public Utility broke ground on last May is now fully operational and should provide reliable power service to Kirkwood for many years to come.