Exhibit 21

SUBSIDIARIES ¹ 

OF

VAIL RESORTS, INC.

NAME	STATE OF INCORPORATION / FORMATION	DOING BUSINESS AS
ALL MEDIA ASSOCIATES, INC.	California	MOUNTAIN NEWS CORPORATION MOUNTAIN NEWS
ALL MEDIA HOLDINGS, INC.	Colorado
ARRABELLE AT VAIL SQUARE, LLC	Colorado
AVON PARTNERS II LIMITED LIABILITY COMPANY	Colorado
BCRP, INC.	Delaware
BEAVER CREEK ASSOCIATES, INC.	Colorado	BEANO AT BEAVER CREEK, INC. HAY MEADOW AT BEAVER CREEK, INC. LATIGO AT BEAVER CREEK, INC. MCCOY PARK AT BEAVER CREEK, INC. RED TAIL AT BEAVER CREEK, INC. SPRUCE SADDLE RESTAURANT, INC. STRAWBERRY PARK AT BEAVER CREEK, INC.
BEAVER CREEK CONSULTANTS, INC.	Colorado
BEAVER CREEK FOOD SERVICES, INC.	Colorado	GUNDER’S BEANO’S CABIN
BLACK DIAMOND INSURANCE, INC.	Arizona
BOOTH CREEK SKI HOLDINGS, INC.	Delaware
BRECKENRIDGE RESORT PROPERTIES, INC.	Colorado	BRECKENRIDGE RESORT PROPERTIES
BRECKENRIDGE TERRACE, LLC	Colorado
BRYCE CANYON LODGE COMPANY	Colorado	BRYCE CANYON NATIONAL PARK LODGE COMPANY
COLORADO MOUNTAIN EXPRESS, INC. (F/K/A DELIVERY ACQUISITION, INC.)	Colorado	CME CMECOUPONS CMECOUPONS.COM CME DESTINATIONS WEST CME PARTNERS CME PREMIER COLORADO MOUNTAIN EXPRESS DESTINATIONS WEST PREMIER VIP TRANSPORTATION RESORT EXPRESS ROCKY MOUNTAIN ART GUIDE ROCKY MOUNTAIN DINING GUIDE SKIER'S CONNECTION TRANSPORTATION MANAGEMENT SYSTEMS WHEELS OF FORTUNE
COLTER BAY CAFÉ COURT, LLC	Wyoming
COLTER BAY CONVENIENCE STORE, LLC	Wyoming
COLTER BAY CORPORATION	Wyoming

NAME	STATE OF INCORPORATION / FORMATION	DOING BUSINESS AS
COLTER BAY GENERAL STORE, LLC	Wyoming
COLTER BAY MARINA, LLC	Wyoming
CRYSTAL PEAK LODGE OF BRECKENRIDGE, INC.	Colorado	CRYSTAL PEAK LODGE
EVER VAIL, LLC	Colorado
FIRST CHAIR HOUSING TRUSTEE LLC	Colorado
FLAGG RANCH COMPANY	Colorado
FOREST RIDGE HOLDINGS, INC.	Colorado
GILLETT BROADCASTING, INC.	Delaware
GORE CREEK PLACE, LLC	Colorado
GRAND TETON LODGE COMPANY	Wyoming
GROS VENTRE UTILITY COMPANY	Wyoming
HEAVENLY VALLEY, LIMITED PARTNERSHIP	Nevada	BUB'S PUB EXPEDITION KIRKWOOD HEAVENLY MOUNTAIN RESORT KIRKWOOD KIRKWOOD CENTRAL RESERVATIONS KIRKWOOD GENERAL STORE KIRKWOOD MOUNTAIN OUTFITTERS KIRKWOOD MOUNTAIN RESORT KIRKWOOD RESORT KIRKWOOD SERVICE CENTER KIRKWOOD SKI AND SUMMER RESORT KIRKWOOD SKI RESORT KIRKWOOD TOUR CENTER MONTE WOLFS MOUNTAIN KITCHEN OFF THE WALL BAR AND GRILL TIMBER CREEK
HUNKIDORI LAND COMPANY, LLC	Colorado
HVLP KIRKWOOD SERVICES, LLC	California
JACKSON HOLE GOLF AND TENNIS CLUB, INC.	Wyoming
JACKSON HOLE GOLF AND TENNIS CLUB SNACK SHACK, LLC	Wyoming
JACKSON LAKE LODGE CORPORATION	Wyoming
JENNY LAKE LODGE, INC.	Wyoming
JENNY LAKE STORE, LLC	Wyoming
JHL&S LLC	Wyoming
KEYSTONE CONFERENCE SERVICES, INC.	Colorado
KEYSTONE DEVELOPMENT SALES, INC.	Colorado

NAME	STATE OF INCORPORATION / FORMATION	DOING BUSINESS AS
KEYSTONE FOOD AND BEVERAGE COMPANY	Colorado	9280' ALPENTOP DELI, INC. KEYSTONE CORPORATE CENTER CORPORATION KEYSTONE LODGE & SPA ONE SKI HILL PLACE THE CROW'S NEST, INC.
KEYSTONE RESORT PROPERTY MANAGEMENT COMPANY	Colorado	KEYSTONE CENTRAL RESERVATIONS, INC. KEYSTONE MOUNTAIN RESERVATIONS, INC. KEYSTONE PROPERTY MANAGEMENT, INC.
KEYSTONE/INTRAWEST, LLC	Delaware	KEYSTONE REAL ESTATE DEVELOPMENTS
KEYSTONE/INTRAWEST REAL ESTATE, LLC	Colorado
LA POSADA BEVERAGE SERVICE, LLC	Delaware
LAKE TAHOE LODGING COMPANY	Colorado	ACCOMMODATION STATION
LARKSPUR RESTAURANT & BAR, LLC	Colorado
LODGE PROPERTIES, INC.	Colorado	THE LODGE AT VAIL
LODGE REALTY, INC.	Colorado
MESA VERDE LODGE COMPANY	Colorado
MOUNTAIN NEWS GmbH	Austria
MOUNTAIN NEWS GmbH	Germany
MOUNTAIN THUNDER, INC.	Colorado
NATIONAL PARK HOSPITALITY COMPANY	Colorado
NORTHSTAR GROUP COMMERCIAL PROPERTIES, LLC	Delaware
NORTHSTAR GROUP RESTAURANT PROPERTIES, LLC	Delaware
ONE RIVER RUN, LLC	Colorado
ONE SKI HILL PLACE, LLC	Colorado
PROPERTY MANAGEMENT ACQUISITION CORP., INC.	Tennessee	ROCKY MOUNTAIN RESORT LODGING COMPANY
RCR VAIL, LLC	Colorado	ROCKY MOUNTAIN RESIDENCES, LLC
ROCKRESORTS ARRABELLE, LLC	Colorado
ROCKRESORTS BAHAMAS, LLC	Bahamas
ROCKRESORTS CHEECA, LLC	Delaware
ROCKRESORTS CORDILLERA LODGE COMPANY, LLC	Colorado
ROCKRESORTS COSTA RICA S.R.L.	Costa Rica
ROCKRESORTS DR, LLC	Delaware
ROCKRESORTS EQUINOX, INC.	Vermont

NAME	STATE OF INCORPORATION / FORMATION	DOING BUSINESS AS
ROCKRESORTS HOTEL JEROME, LLC	Colorado
ROCKRESORTS INTERNATIONAL, LLC	Delaware
ROCKRESORTS INTERNATIONAL MANAGEMENT COMPANY	Colorado	ROCKRESORTS INTERNATIONAL MANAGEMENT COMPANY, LLC
ROCKRESORTS JAMAICA LIMITED	Jamaica
ROCKRESORTS LAPOSADA, LLC	Delaware
ROCKRESORTS ROSARIO, LLC	Delaware
ROCKRESORTS SKI TIP, LLC	Colorado
ROCKRESORTS (ST. LUCIA) INC.	St. Lucia
ROCKRESORTS TEMPO, LLC	Florida
ROCKRESORTS THIRD TURTLE, LTD.	Turks & Caicos Islands
ROCKRESORTS WYOMING, LLC	Wyoming
ROCKRESORTS, LLC	Delaware
SKIINFO AS	Norway
SKIINFO.FR S.A.R.L.	France
SKIINFO ITALY S.R.L.	Italy
SKIINFO S.R.O.	Slovakia
SLIFER SMITH & FRAMPTON/VAIL ASSOCIATES REAL ESTATE, LLC	Colorado	SLIFER, SMITH & FRAMPTON REAL ESTATE SLIFER, SMITH & FRAMPTON/VAIL ASSOCIATES SLIFER, SMITH & FRAMPTON/VAIL ASSOCIATES LLC VAIL LIONSHEAD REAL ESTATE BROKERS VAIL-LIONSHEAD REAL ESTATE BROKERS VAIL-LIONSHEAD REAL ESTATE CO.
SOHO DEVELOPMENT, LLC	Colorado
SSI VENTURE, LLC	Colorado	ALL MOUNTAIN SPORTS ALTERNATIVE EDGE ANY MOUNTAIN ASPEN SPORTS AT SNOWMASS LLC ASPEN SPORTS LLC BICYCLE VILLAGE OF COLORADO BOARDER CROSS BOULDER SKI DEALS LLC BRECKENRIDGE SPORTS BREEZE, INC. BREEZE SKI RENTALS, INC. BREEZE SKI & SPORT BUTTERBOX BUYSKIS.COM COLORADO SKI & GOLF LLC COLORADO SNOWBOARDS LLC COPPER MOUNTAIN SPORTS COPPER VILLAGE SPORTS DEPOT

NAME	STATE OF INCORPORATION / FORMATION	DOING BUSINESS AS
SSI VENTURE, LLC (continued)	Colorado	DEPOT SKI RENTALS EFLIN SPORTS FRISCO SPORTS GONDOLA SPORTS GORE CREEK FLY FISHERMAN GRAND WEST OUTFITTERS LLC HAPPY THOUGHTS LLC HEAVENLY EYES HEAVENLY GIFTS HEAVENLY SPORTS KEYSTONE SPORTS KIRKWOOD MOUNTAIN SPORTS LIONSHEAD SPORTS LLC MAX SNOWBOARD, INC. MINE CHILDREN’S MOUNTAIN ADVENTURE CENTER MOUNTAIN BASICS LLC MOUNTAIN SPORTS OUTLET LLC MOUNTAINSPORT TELLURIDE LLC NORTHSTAR LOGO NORTHSTAR SPORTS ONE TRACK MIND LLC PEAK SPORTS RENTBOARDS.COM RENTSKIS.COM RENTSKIS GOLD RIVER RUN SPORTS LLC ROCKY MOUNTAIN EYES AND TEES ROCKY MOUNTAIN EYES AND T'S ROCKY MOUNTAIN EYEWEAR ROCKY MOUNTAIN EYEWEAR LTD. SAN MIGUEL ANGLERS SKI DEPOT SKI DEPOT RENTALS SKI DEPOT SPORTS SNOWMASS SPORT STALKER LLC SPECIALTY SPORTS NETWORK LLC SPECIALTY SPORTS VENTURE LLC STEAMBOAT SPORTS TAYLOR CREEK TAYLOR CREEK ANGLING SERVICES TAYLOR CREEK FLY SHOPS TAYLOR CREEK SPORTS TELLURIDE ADVENTURES LLC TELLURIDE SPORTS LLC TEN MILE SPORTS THE BOARDING HOUSE THE DEPOT THE SKI DOCTOR LLC TRUE NORTH VAIL FISHING GUIDES VAIL FLY-FISHING VAIL FLY-FISHING OUTFITTERS WINTER PARK SKI RENTALS WINTER PARK SKI SWAP WINTER PARK SPORTS WINTER PARK SWAP SHOP
SSV HOLDINGS, INC.	Colorado	NEVE SPORTS

NAME	STATE OF INCORPORATION / FORMATION	DOING BUSINESS AS
SSV ONLINE LLC	Wisconsin	OUTDOOR OUTLET O2 GEAR
SSV ONLINE HOLDINGS, INC.	Colorado
STAGECOACH DEVELOPMENT, LLC	Nevada
STAMPEDE CANTEEN, LLC	Wyoming
TCRM COMPANY	Delaware
TENDERFOOT SEASONAL HOUSING, LLC	Colorado
TETON HOSPITALITY SERVICES, INC.	Wyoming
THE CHALETS AT THE LODGE AT VAIL, LLC	Colorado	THE LODGE AT VAIL CHALETS
THE VAIL CORPORATION	Colorado	ARROWHEAD ALPINE CLUB AVAIL ADVENTURE OUTFITTERS, LTD. BACHELOR GULCH CLUB BACHELOR GULCH, INC. BEAVER CREEK CLUB PASSPORT CLUB PRATER LANE PLAY SCHOOL RED SKY GOLF CLUB RED SKY GOLF CLUB GUEST CLUBHOUSE PRO SHOP RED SKY GOLF CLUB MEMBER PRO SHOP THE ARRABELLE CLUB THE OSPREY AT BEAVER CREEK THE PASSPORT CLUBHOUSE AT GOLDEN PEAK THE YOUNGER GENERATION, INC. VAIL ASSOCIATES, INC. VAIL CONSULTANTS, INC. VAIL RESORTS MANAGEMENT COMPANY VAIL SNOWBOARD SUPPLY
THE VILLAGE AT BRECKENRIDGE ACQUISITION CORP., INC.	Tennessee	BRECKENRIDGE MOUNTAIN LODGE MAGGIE CAFETERIA MOUNTAIN THUNDER PROPERTY MANAGEMENT COMPANY ROCKY MOUNTAIN RESORT LODGING THE VILLAGE AT BRECKENRIDGE THE VILLAGE AT BRECKENRIDGE RESORT VILLAGE PUB
TRIMONT LAND COMPANY	California	NORTHSTAR AT TAHOE RESORT NORTHSTAR CALIFORNIA
VA RANCHO MIRAGE I, INC.	Colorado
VA RANCHO MIRAGE II, INC.	Colorado
VA RANCHO MIRAGE RESORT, L.P.	Delaware
VAIL ASSOCIATES HOLDINGS, LTD.	Colorado
VAIL ASSOCIATES INVESTMENTS, INC.	Colorado	WARREN LAKES VENTURE, LTD.
VAIL ASSOCIATES REAL ESTATE, INC.	Colorado

NAME	STATE OF INCORPORATION / FORMATION	DOING BUSINESS AS
VAIL FOOD SERVICES, INC.	Colorado	BISTRO 14 EXTRA EXTRA FOX HOLLOW GOLF COURSE CLUBHOUSE, INC. GOLDEN PEAK GRILL GOLDEN PEAK RESTAURANT AND CANTINA, INC. IN THE DOG HAUS INC. ONE ELK RESTAURANT, INC. SALSA'S, INC. THE LIONS DEN BAR & GRILL TWO ELK RESTAURANT, INC. VAIL MOUNTAIN DINING COMPANY WILDWOOD EXPRESS WILDWOOD SMOKEHOUSE, INC.
VAIL HOLDINGS, INC.	Colorado	APRES LOUNGE, INC. AVON AT BEAVER CREEK, INC. AVON-VAIL COMPANY BEAVER CREEK ADVERTISING AGENCY, INC. BEAVER CREEK EQUESTRIAN CENTER, INC. BEAVER CREEK GOLF AND TENNIS CLUB, INC. BEAVER CREEK GOLF CLUB BAR & GRILL, INC. BEAVER CREEK GOLF CLUB, INC. BEAVER CREEK GUIDES, INC. BEAVER CREEK JEEP GUIDES, INC. BEAVER CREEK MERCHANTS ASSOCIATION, INC. BEAVER CREEK RESERVATION SERVICE, INC. BEAVER CREEK RESORT AND TENNIS CLUB, INC. BEAVER CREEK RESORT ASSOCIATION, INC. BEAVER CREEK SECURITY, INC. BEAVER CREEKSIDE, INC. BEAVER CREEK SKI AND SPORTS, INC. BEAVER CREEK SKI AREA, INC. BEAVER CREEK SKI CORPORATION BEAVER CREEK SKIING CORPORATION BEAVER CREEK SKI PATROL, INC. BEAVER CREEK SKI RENTAL, INC. BEAVER CREEK SKI REPAIR, INC. BEAVER CREEK SKI RESORT, INC. BEAVER CREEK SKI SCHOOL, INC. BEAVER CREEK SKI SERVICE, INC. BEAVER CREEK SKI SHOPS, INC. BEAVER CREEK SPORTING GOODS, INC. BEAVER CREEK SPORT SHOP, INC. BEAVER CREEK SPORTS, INC. BEAVER CREEK TENNIS CLUB, INC. BEAVER CREEK VACATION RESORT, INC.

NAME	STATE OF INCORPORATION / FORMATION	DOING BUSINESS AS
VAIL HOLDINGS, INC. (continued)	Colorado	EAGLE RESIDENCES, INC. GAME CREEK CLUB, INC. LODGE AT BEAVER CREEK, INC. PLAZA LODGE AT BEAVER CREEK, INC. THE ENCLAVE RESTAURANT, INC. THE INN AT BEAVER CREEK, INC. TRAIL'S END BAR, INC. VAIL ASSOCIATES DEVELOPMENT CORPORATION VAIL/BEAVER CREEK CENTRAL RESERVATIONS VAIL-BEAVER CREEK COMPANY VAIL BEAVER CREEK REAL ESTATE, INC. VAIL MOUNTAIN CLUB, INC. VAIL MOUNTAIN RESORT AND CONFERENCE CENTER, INC. VAIL MOUNTAIN RESORT, INC. VAIL PRODUCTIONS, INC. WILDWOOD SHELTER, INC.
VAIL HOTEL MANAGEMENT COMPANY, LLC	Colorado
VAIL RESORTS DEVELOPMENT COMPANY	Colorado	VAIL ASSOCIATES REAL ESTATE GROUP, INC.
VAIL RESORTS LODGING COMPANY	Delaware	VAIL RESORTS HOSPITALITY
VAIL RR, INC.	Colorado
VAIL SUMMIT RESORTS, INC.	Colorado	BEAVER CREEK VILLAGE TRAVEL, INC. BRECKENRIDGE HOSPITALITY BRECKENRIDGE LODGING & HOSPITALITY BRECKENRIDGE MOUNTAIN RESORT, INC. BRECKENRIDGE PROPERTY MANAGEMENT BRECKENRIDGE SKI RESORT BRECKENRIDGE SKI RESORT CORPORATION BRECKENRIDGE SKI RESORT, INC. COLORADO VACATIONS, INC. KEYSTONE CONFERENCE CENTER KEYSTONE LODGE & SPA KEYSTONE LODGING AND HOSPITALITY KEYSTONE RESORT KEYSTONE RESORT, INC. KEYSTONE TRAVEL RESERVATIONS FOR THE SUMMIT ROCKY MOUNTAIN RESORT RESERVATIONS ROCKY MOUNTAIN RESORT VACATIONS ROCKY MOUNTAIN SKI CONSOLIDATORS VAIL/BEAVER CREEK CENTRAL RESERVATIONS, INC. VAIL/BEAVER CREEK RESERVATIONS, INC. VAIL/BEAVER CREEK TRAVEL, INC.

NAME	STATE OF INCORPORATION / FORMATION	DOING BUSINESS AS
VAIL TRADEMARKS, INC.	Colorado
VAIL/ARROWHEAD, INC.	Colorado
VAIL/BEAVER CREEK RESORT PROPERTIES, INC.	Colorado	ARROWHEAD PROPERTY MANAGEMENT COMPANY, INC. BACHELOR GULCH PROPERTY MANAGEMENT COMPANY, INC. BEAVER CREEK RESORT PROPERTIES BEAVER CREEK TENNIS CENTER, INC. TRAPPER'S CABIN, INC. VAIL ASSOCIATES PROPERTY MANAGEMENT COMPANY, INC. VAIL PROPERTY MANAGEMENT
VAMHC, INC.	Colorado
VR ACQUISITION, INC.	California
VR HEAVENLY CONCESSIONS, INC.	California
VR HEAVENLY I, INC.	Delaware
VR HEAVENLY II, INC.	Delaware
VR HOLDINGS, INC.	Colorado
ZION LODGE COMPANY	Colorado

Includes only those entities owned 50% or greater.