<PAGE>
Exhibit 21
SUBSIDIARIES
OF
VAIL RESORTS, INC.
<TABLE>
<CAPTION>
State of
Name Incorporation Trade Names
------------------------------------------------ ------------- -------------------------------------------
<S> <C> <C>
Gillett Group Management, Inc. Delaware
Gillett Broadcasting of Maryland, Inc. Delaware
GHTV, Inc. Delaware
Gillett Broadcasting, Inc. Delaware
Vail Holdings, Inc. Colorado
The Vail Corporation Colorado "Vail Associates, Inc." and "Vail Resorts
Management Company"
Avon Partners, LLC Colorado
Beaver Creek Associates, Inc. Colorado
Beaver Creek Food Services, Inc. Colorado "Beaver Creek Mountain Dining Company"
Boulder/Beaver, LLC Colorado
Beaver Creek Consultants, Inc. Colorado
BC Housing, LLC Colorado
Eagle Park Reservoir Company Colorado
Eclipse Television & Sports Marketing, LLC Colorado
Forest Ridge Holdings, Inc. Colorado
Grand Teton Lodge Company Wyoming
Colter Bay Corporation Wyoming
Gros Ventre Utility Company Wyoming
Jackson Hole Golf & Tennis Club Wyoming
Jackson Lake Lodge Corporation Wyoming
Jenny Lake Lodge, Inc. Wyoming
Larkspur Restaurant & Bar, LLC Colorado
Lodge Properties, Inc. Colorado "The Lodge at Vail"
Lodge Realty, Inc. Colorado
perfectresorts.com, inc. Delaware
SSI Venture, LLC Colorado "Specialty Sports Venture LLC" and
"Specialty Sports Network"
Vail/Arrowhead, Inc. Colorado
Vail Resorts Holdings, Inc. Colorado
Vail Associates Investments, Inc. Colorado
Vail/Beaver Creek Resort Properties, Inc. Colorado
</TABLE>
29
<PAGE>
<TABLE>
<CAPTION>
State of
Name Incorporation Trade Names
------------------------------------------------ ------------- -------------------------------------------
<S> <C> <C>
Vail Food Services, Inc. Colorado "Vail Mountain Dining Company"
Vail Resorts Development Company Colorado
Vail Associates Consultants, Inc. Colorado
Vail Associates Holdings, Ltd. Colorado
Vail Associates Management Company Colorado
Vail Associates Real Estate, Inc. Colorado
Slifer Smith & Frampton/Vail Associates Real Estate, Colorado
LLC
Vail/Battle Mountain, Inc. Colorado
Vail Summit Resorts, Inc. Colorado "Breckenridge Ski Resort, Inc." and
"Keystone Resort, Inc." and "Ralston
Resorts, Inc."
Keystone Conference Services, Inc. Colorado
Keystone Development Sales, Inc. Colorado
Keystone Food and Beverage Company Colorado
Keystone/Intrawest, LLC Colorado
Keystone Resort Property Management Company Colorado
Property Management Acquisition Corp., Inc. Tennessee
The Village at Breckenridge Acquisition Corp., Inc. Tennessee
Clinton Ditch & Reservoir Company Colorado
Vail Trademarks, Inc. Colorado
</TABLE>
30
