VAIL RESORTS INC — Director's Dealing 2011

Oct 3, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VAIL RESORTS INC (MTN)
CIK: 0000812011
Period of Report: 2011-09-30

Reporting Person: KATZ ROBERT A (Director, Chief Exec.Officer & Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-09-30	Common Stock	M	52966	—	Acquired	159637	Direct
2011-09-30	Common Stock	F	20376	$37.79	Disposed	139261	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-09-30	Restricted Share Unit	$0	M	52966	Disposed	2011-09-30	Common Stock (52966)	Direct

Footnotes

F1: Each Restricted Share Unit represents a contingent right to receive one share of common stock.

F2: On March 1, 2009, Reporting Person was granted 52,966 Restricted Share Units which vest in one installment on September 30, 2011.

F3: 20,376 shares of common stock were withheld from the issuance of common stock to Reporting Person upon vesting of Restricted Share Units in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith.