Vail Resorts, Inc. is a holding company. The Company operates through three segments: Mountain, Lodging and Real Estate. The Mountain segment operates approximately 37 destination mountain resorts and regional ski areas. Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining, and retail/rental operations. In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand; other strategic lodging properties and a number of condominiums located in proximity to its North American mountain resorts; National Park Service (NPS) concessionaire properties including the Grand Teton Lodge Company (GTLC), which operates destination resorts in Grand Teton National Park; a Colorado resort ground transportation company and mountain resort golf courses. The Real Estate segment owns, develops, and sells real estate in and around its resort communities.