Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Vail Resorts: Owning The Mountain, Shredding The Gnar

I am an admitted snow junkie, and I like winter just as much as summer. When it rains in the Pacific Northwest, it means Mother Nature is dumping powder in the mountains. While winter still seems like a long time away, the year's snow accumulation will start in the Cascades as early as late October. While I am waiting for the first snow, I wanted to examine Vail Resorts (NYSE:MTN) ("Vail" or "the Company"), which is the leading mountain resort operator in North America. Vail owns or has exclusive leases to 10 resorts in North America, including: Vail, Beaver Creek, Breckenridge, Keystone, Canyons, Heavenly, Northstar, Kirkwood, Afton Alps and Mt. Brighton.

The Business

Vail derives its revenues from...

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