Vail Resorts, Inc. was founded in 1997. Vail Resorts, Inc., through its subsidiaries, operates mountain resorts in the United States. The company operates in three segments: Mountain, Lodging, and Real Estate. The Mountain segment operates five ski resort properties, including Vail Mountain, Breckenridge Mountain, Keystone Resort, and Beaver Creek Resort located in the Colorado Rocky Mountains; and Heavenly Mountain Resort located in the Lake Tahoe area of California/Nevada, as well as ancillary businesses, including ski school, dining, and retail/rental operations. These resorts offer various recreational activities, including skiing, snowboarding, snowshoeing, sight-seeing, mountain biking, guided hiking, children's activities, and other recreational activities; ski and snowboard lessons, retail merchandise and equipment rentals, dining venues, and private club operations; real estate brokerage services; and leasing of restaurant, retail, and other commercial space. The Lodging segment owns and/or manages a collection of luxury hotels under its RockResorts brand; three destination resorts at Grand Teton National Park and golf courses; and various lodging properties and condominiums. The Real Estate segment owns and develops real estate properties.