We see Vail shares as a value opportunity in light of a solid outlook for the 2005/2006 ski season and real-estate sales that should break records in terms of price per square foot.

The shares have reacted to an outlook that was more cautious than anticipated.

We had our greatest single opportunity in the summer of 2002,

This gives our season pass holders an extra opportunity to ski. All the Nevada schools will be out next week. It's more of a benefit for the community than tourists.

I think it's been a solid season. I wouldn't say it's been extraordinary, mainly because I haven't putted well. To have won once here in the U.S., had quite a lot of top-10s and be performing quite well in the majors, and being 190th or something like that in putting ... still a pretty good effort.

The hiring of Rob Katz is a sign of business as usual. He is familiar with the business more so than anyone but perhaps Adam Aron.