NEW YORK (Standard & Poor's) Oct. 22, 2001--Standard & Poor's today revised its outlook on Vail Resorts Inc. to negative from stable. The outlook revision on Vail Resorts (BB-/Negative/--) reflects the weaker-than-expected operating environment and the increasingly challenging business fundamentals the company faces for the remainder of this year as well as into 2002. Material declines in leisure travel combined with economic uncertainty following the Sept. 11, 2001, attacks in the U.S., are expected to negatively affect financial performance in the near term. Longer term visibility is poor, as skier visitation trends--a key driver of profitability--could be pressured by slowing economic conditions, softening demand for discretionary leisure activities, and security issues related to travel. In addition, the company's financial performance
