Vail Resorts' Gore Creek Townhome Sales Top $40 Million

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Vail, Colo. August 20, 2004 -- Vail Resorts announced today that its subsidiary Vail Resorts Development Company has now topped the $40 million mark on total sales for the Gore Creek Place Townhome development, with sales of 11 townhomes totaling $43.8 million. The Gore Creek Place project includes 16 townhomes, ranging in size from 3,500 to 4,400 square feet, and is located immediately adjacent to the Vail Mountain Marriott in Vail's LionsHead Village.

The eight townhomes in phase I sold within a week at the end of July for total expected real estate revenue of $32.1. Since then, three additional townhomes have been put under contract, bringing the total sales to $43.8 million. All 11 townhomes have been sold at the full list price without discount and have averaged in excess of $1,000 per square foot.

"We're off to a tremendously successful start with $43.8 million in sales of the Gore Creek Place Townhome project, that is strong testament to Vail Resorts Development Company's ability to deliver a high-quality real estate product. More importantly, it builds confidence in our plans for the rest of the redevelopment of Vail's LionsHead Village," said Adam Aron, chairman and CEO of Vail Resorts.

For more information on the five remaining townhomes, contact the listing broker, Slifer Smith & Frampton, at (866) 639-8245 or online at www.gorecreekplace.com.