Vail Resorts, Inc. is a holding company that operates resorts through its subsidiaries. The Company's operations are grouped into three segments, Resort, Real Estate and Technology, which represented approximately 94%, 6% and less than 1%, respectively, of the Company's revenues for the 2001 fiscal year. The Resort segment owns and operates resort properties that provide a comprehensive resort experience throughout the year to a diverse clientele with an attractive demographic profile. The Real Estate segment develops, buys and sells real estate in and around the Company's resort communities. The Technology segment is engaged in the development and sale of technology-based products and services for the hospitality and resort industries.