The ratings on Vail Resorts Inc. reflect the company's geographically concentrated operations, its high maintenance capital expenditures, and the risks associated with a highly seasonal and somewhat cyclical industry. The company's quality ski resort assets and dominant market share in Colorado only slightly offset these factors. Vail, Colo.-based Vail Resorts operates five ski resorts, the Grand Teton Lodge Co. in Jackson Hole, Wyo., and various lodging properties, mostly near its ski resorts. The company is also engaged in real estate activities. Vail Resorts' operations are concentrated in Colorado, with four of its five ski resorts in that state. Although this exposes Vail Resorts to climate fluctuations in Colorado, the state has one of the most consistent snowfall rates in the
