Solid operating record; Dominant share of the Colorado ski market; and Good revenue mix. Limited geographic diversity; High capital expenditure requirements; and Seasonal and cyclical industry. The ratings reflect Vail, Colo.-based Vail Resorts Inc.'s limited geographic diversity, high capital expenditures, and risks associated with a highly seasonal and cyclical industry. This is only partly offset by solid operating performance, a dominant market share in Colorado, and a good product revenue mix. The ski resort industry's escalating cost of capital improvements and infrastructure has induced a wave of consolidation. The number of ski resorts in the U.S. is the lowest in nearly 20 years because of consolidation and resort closures; however, the industry remains highly fragmented and competitive. Consolidation likely will
