Leading ski resort operator in the U.S.; Dominant market share in Colorado; and Low debt leverage and good covenant cushion. Heavily weather dependent, cyclical business; Geographic concentration; Volatility in cash flows due to timing of sales of cyclical real estate development; and High capital expenditures 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
