Vail Resorts, Inc., through its subsidiaries, operates mountain resorts and urban ski areas in the United States. The company operates through three segments: Mountain, Lodging, and Real Estate. The Mountain segment operates 10 mountain resorts, including the Vail, Beaver Creek, Breckenridge, and Keystone resorts in Colorado; Park City Mountain resort, as well as Canyons resort in Utah; Heavenly, Northstar, and Kirkwood in the Lake Tahoe area of California and Nevada; and Perisher in Australia, as well as two urban ski areas, such as Afton Alps in Minnesota and Mount Brighton in Michigan. Its resorts offer various winter and summer recreational activities, including skiing, snowboarding, snowshoeing, snowtubing, sightseeing, mountain biking, guided hiking, zip lines, challenge ropes courses, alpine slide and mountain coaster, children's activities, and other recreational activities; and ski and snowboard lessons, equipment rental and retail merchandise services, dining venues, private club operations, and other winter and summer recreational activities. This segment also leases its owned and leased commercial space to third party operators; and provides real estate brokerage services. The Lodging segment owns and/or manages various luxury hotels under the RockResorts brand, and other lodging properties; various condominiums located in proximity to the company’s mountain resorts; destination resorts; and golf courses, as well as offers resort ground transportation services. This segment operates approximately 5,000 owned and managed hotel and condominium rooms. The Real Estate segment owns, develops, markets, and sells real estate properties in and around the company’s resort communities. Vail Resorts, Inc. was founded in 1997 and is based in Broomfield, Colorado.