The ratings on Vail, Colo.-based Vail Resorts Inc. reflect the company's weather dependence, geographic concentration, high capital expenditures, and cyclicality. The company's quality ski resort assets and dominant market share in Colorado are positive factors that do not offset these risks. Vail Resorts owns and operates five ski resorts; the Grand Teton Lodge Co. in Jackson Hole, Wyo.; and various lodging properties, mostly adjacent to its ski resorts. The company also owns and develops real estate around its resorts. Vail Resorts' operations are concentrated in Colorado, with four of its five ski resorts having a leading 43% share in that market. Although this exposes Vail Resorts to climate fluctuations in Colorado, the state has had one of the most consistent
