Leading ski resort operator in the U.S.; Dominant market share in Colorado; and Low debt leverage and good covenant cushion. Geographic concentration; High capital expenditures; and Seasonal and cyclical industry. The ratings on Vail Resorts Inc. reflect the company's geographically concentrated operations, high capital expenditures, and the risks associated with a highly seasonal, weather-dependent, and economically sensitive business. The company's quality ski resort assets and dominant market share in Colorado only slightly offset these factors. Vail, Colo.-based 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 is also engaged in real estate activities. Vail Resorts' operations are concentrated in Colorado,
