Item 8.01. Other Events.

As previously announced, Jeffrey W. Jones, Chief Financial Officer and President
- Lodging, Retail, Real Estate of Vail Resorts, Inc. (the "Company"), notified the Company of his retirement, effective December 31, 2012. In connection with his pending retirement and the related expiration of his vested stock options and share appreciation rights, on September 27, 2012, upon the opening of the trading window under the Company's insider trading policy, Mr. Jones exercised and held all vested options and share appreciation rights, including 180,000 options and 210,916 share appreciation rights.

Mr. Jones elected to pay the exercise price for 50,000 options by a broker-assisted cashless exercise which involved the sale of 16,245 shares of common stock underlying the options to pay the exercise price for the options. With respect to the exercise of the remaining securities, Mr. Jones utilized a net exercise procedure whereby shares of common stock were withheld from shares otherwise issuable upon exercise to pay the exercise prices. Additionally, the Company withheld shares of common stock upon all of the exercises to satisfy Mr. Jones' obligations for withholding and other taxes due. In the aggregate, a total of 272,545 shares were withheld to pay the exercise prices and statutory tax withholdings.

Other than in connection with the broker-assisted cashless exercise, these transactions did not involve a sale of shares in the open market. Mr. Jones will receive no proceeds in connection with these transactions, but will receive the net shares of stock underlying the exercised options and share appreciation rights.