REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Vail Resorts, Inc.:
We have audited the accompanying consolidated balance sheets of VAIL RESORTS,
INC. and subsidiaries as of July 31, 2000 and 1999 and the related consolidated
statements of operations, stockholders' equity and cash flows for the years
ended July 31, 2000 and 1999 and the ten-month period ended July 31, 1998.
These financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these consolidated financial
statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Vail Resorts, Inc. and
subsidiaries as of July 31, 2000 and 1999 and the results of their operations
and their cash flows for the years ended July 31, 2000 and 1999 and the
ten-month period ended July 31, 1998 in conformity with accounting principles
generally accepted in the United States.
/s/ Arthur Andersen LLP
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ARTHUR ANDERSEN LLP
Denver, Colorado
October 14, 2000
