Vail Resorts (MTN) 10-Q 8 Jun 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Apr. 30, 2017	Jun. 05, 2017
Document And Entity Information [Abstract]
Entity Voluntary Filers	No
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	MTN
Entity Registrant Name	VAIL RESORTS INC
Entity Central Index Key	812,011
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		40,007,604
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2017	Jul. 31, 2016	Apr. 30, 2016
Assets
Cash and cash equivalents	$ 195,818	$ 67,897	$ 68,565
Restricted cash	8,648	6,046	5,934
Trade receivables, net	174,433	147,113	145,483
Inventories, net	77,332	74,589	68,882
Other current assets	42,488	27,220	57,455
Total current assets	498,719	322,865	346,319
Property, plant and equipment, net (Note 6)	1,647,004	1,363,814	1,370,374
Real estate held for sale and investment	108,217	111,088	116,874
Goodwill, net (Note 6)	1,430,008	509,037	509,083
Intangible assets, net	280,516	140,007	141,222
Other assets	44,403	35,207	35,303
Total assets	4,008,867	2,482,018	2,519,175
Liabilities
Accounts payable and accrued liabilities (Note 6)	403,285	397,488	338,089
Income taxes payable	48,702	95,639	20,059
Long-term debt due within one year (Note 4)	38,386	13,354	13,349
Total current liabilities	490,373	506,481	371,497
Long-term debt (Note 4)	1,168,210	686,909	613,704
Other long-term liabilities (Note 6)	280,203	270,168	249,298
Deferred income taxes	281,813	129,994	305,134
Total liabilities	2,220,599	1,593,552	1,539,633
Commitments and contingencies (Note 8)
Stockholders' Equity
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued and outstanding	0	0	0
Common stock, $0.01 par value, 100,000,000 shares authorized, 45,443,310, 41,614,432 and 41,595,420 shares issued, respectively	454	416	416
Exchangeable shares, $0.01 par value, 70,149, zero and zero shares issued and outstanding, respectively (Note 5)	1	0	0
Additional paid-in capital	1,217,820	635,986	632,148
Accumulated other comprehensive loss	(44,677)	(1,550)	(1,167)
Retained earnings	650,331	486,667	581,245
Treasury stock, at cost, 5,436,294, 5,434,977, and 5,434,977 shares, respectively (Note 10)	(247,189)	(246,979)	(246,979)
Total Vail Resorts, Inc. stockholders’ equity	1,576,740	874,540	965,663
Noncontrolling interests	211,528	13,926	13,879
Total stockholders’ equity	1,788,268	888,466	979,542
Total liabilities and stockholders’ equity	$ 4,008,867	$ 2,482,018	$ 2,519,175

Consolidated Condensed Balance3

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Apr. 30, 2017	Jul. 31, 2016	Apr. 30, 2016
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000	25,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	45,443,310	41,614,432	41,595,420
Exchangeable Shares, Par Value Per Share	$ 0.01	$ 0	$ 0
Exchangeable Shares, Shares, Issued	70,149	0	0
Treasury stock, shares	5,436,294	5,434,977	5,434,977

Consolidated Condensed Statemen

Consolidated Condensed Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Net revenue:
Mountain	$ 721,160	$ 572,805	$ 1,486,026	$ 1,206,610
Lodging	68,601	72,933	201,887	200,026
Real estate	4,870	1,734	10,181	14,766
Total net revenue	794,631	647,472	1,698,094	1,421,402
Segment operating expense (exclusive of depreciation and amortization shown separately below):
Mountain	340,390	281,968	863,882	729,382
Lodging	57,897	57,422	181,660	176,170
Real estate	9,818	3,085	17,144	17,043
Total segment operating expense	408,105	342,475	1,062,686	922,595
Other operating (expense) income:
Depreciation and amortization	(50,029)	(41,472)	(140,236)	(120,713)
Gain on sale of real property	0	19	6,466	1,810
Change in estimated fair value of contingent consideration (Note 7)	(14,500)	0	(15,100)	0
Loss on disposal of fixed assets and other, net	(1,924)	(164)	(4,705)	(3,149)
Income from operations	320,073	263,380	481,833	376,755
Mountain equity investment income, net	521	211	1,510	992
Investment income and other, net	210	150	5,881	509
Interest expense and other, net	(23,313)	(10,400)	(44,325)	(31,905)
Income before provision for income taxes	297,491	253,341	444,899	346,351
Provision for income taxes	(100,635)	(95,804)	(151,933)	(131,613)
Net income	196,856	157,537	292,966	214,738
Net (income) loss attributable to noncontrolling interests	(15,749)	95	(25,267)	289
Net income attributable to Vail Resorts, Inc.	$ 181,107	$ 157,632	$ 267,699	$ 215,027
Per share amounts (Note 3):
Basic net income per share attributable to Vail Resorts, Inc.	$ 4.52	$ 4.35	$ 6.87	$ 5.92
Diluted net income per share attributable to Vail Resorts, Inc.	4.40	4.23	6.68	5.76
Cash dividends declared per share	$ 1.053	$ 0.81	$ 2.673	$ 2.055

Consolidated Condensed Stateme5

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Net income	$ 196,856	$ 157,537	$ 292,966	$ 214,738
Foreign currency translation adjustments, net of tax	(48,690)	6,540	(47,452)	3,746
Comprehensive income	148,166	164,077	245,514	218,484
Comprehensive (income) loss attributable to noncontrolling interests	(10,822)	95	(20,942)	289
Comprehensive income attributable to Vail Resorts, Inc.	$ 137,344	$ 164,172	$ 224,572	$ 218,773

Consolidated Condensed Stateme6

Consolidated Condensed Statements of Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Exchangeable Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total Vail Resorts, Inc. Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Balance	$ 880,586	$ 415	$ 0	$ 623,510	$ (4,913)	$ 440,748	$ (193,192)	$ 866,568	$ 14,018
Net income attributable to Vail Resorts, Inc.	215,027					215,027		215,027
Net (income) loss attributable to noncontrolling interests	(289)								(289)
Net income	214,738
Foreign currency translation adjustments, net of tax	3,746				3,746			3,746
Comprehensive loss, Net of Tax, Attributable to Parent	218,773							218,773
Comprehensive (income) loss attributable to noncontrolling interests	(289)								(289)
Total comprehensive income (loss)	218,484
Stock-based compensation expense	12,665			12,665				12,665
Issuance of shares under share award plans, net of shares withheld for taxes	(8,520)	1		(8,521)				(8,520)
Tax benefit from share award plans	4,494			4,494				4,494
Repurchase of common stock (Note 10)	(53,787)						(53,787)	(53,787)
Dividends (Note 3)	(74,530)					(74,530)		(74,530)
Contributions from noncontrolling interests, net	150								150
Balance	979,542	416	0	632,148	(1,167)	581,245	(246,979)	965,663	13,879
Balance	888,466	416	0	635,986	(1,550)	486,667	(246,979)	874,540	13,926
Net income attributable to Vail Resorts, Inc.	267,699					267,699		267,699
Net (income) loss attributable to noncontrolling interests	25,267								25,267
Net income	292,966
Foreign currency translation adjustments, net of tax	(47,452)				(43,127)			(43,127)	(4,325)
Comprehensive loss, Net of Tax, Attributable to Parent	224,572							224,572
Comprehensive (income) loss attributable to noncontrolling interests	20,942								20,942
Total comprehensive income (loss)	245,514
Stock-based compensation expense	13,588			13,588				13,588
Shares issued for acquisition (Note 5)	574,645	33	4	574,608				574,645
Exchangeable share transfers		3	(3)
Issuance of shares under share award plans, net of shares withheld for taxes	(15,884)	2		(15,886)				(15,884)
Tax benefit from share award plans	9,524			9,524				9,524
Repurchase of common stock (Note 10)	(210)						(210)	(210)
Dividends (Note 3)	(104,035)					(104,035)		(104,035)
Acquisition of noncontrolling interest (Note 5)	182,579								182,579
Distributions to noncontrolling interests, net	(5,919)								(5,919)
Balance	$ 1,788,268	$ 454	$ 1	$ 1,217,820	$ (44,677)	$ 650,331	$ (247,189)	$ 1,576,740	$ 211,528

Consolidated Condensed Stateme7

Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Cash flows from operating activities:
Net income	$ 292,966	$ 214,738
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	140,236	120,713
Cost of real estate sales	8,017	10,508
Stock-based compensation expense	13,588	12,665
Deferred income taxes, net	151,933	131,741
Change in Fair Value of Contingent Consideration	15,100	0
Gain on sale of real property	(6,466)	(1,810)
Other non-cash income, net	(3,741)	(1,037)
Changes in assets and liabilities:
Restricted cash	3,557	7,078
Trade receivables, net	(26,375)	(27,973)
Inventories, net	13,648	4,857
Accounts payable and accrued liabilities	(66,999)	(4,641)
Income taxes payable	(56,128)	(19,083)
Other assets and liabilities, net	(1,023)	7,671
Net cash provided by operating activities	478,313	455,427
Cash flows from investing activities:
Capital expenditures	(111,836)	(88,307)
Acquisition of businesses, net of cash acquired	(512,348)	(20,245)
Cash received from the sale of real property	7,692	3,722
Other investing activities, net	6,543	(2,842)
Net cash used in investing activities	(609,949)	(107,672)
Cash flows from financing activities:
Proceeds from borrowings under Vail Holdings Credit Agreement term loan	509,375	0
Proceeds from borrowings under Vail Holdings Credit Agreement revolver	110,000	135,000
Proceeds from borrowings under Whistler Credit Agreement revolver	2,229	0
Repayments of borrowings under Vail Holdings Credit Agreement term loan	(18,750)	(6,250)
Repayments of borrowings under Vail Holdings Credit Agreement revolver	(185,000)	(320,000)
Repayments of borrowings under Whistler Credit Agreement revolver	(53,889)	0
Dividends paid	(104,035)	(74,530)
Other financing activities, net	917	4,499
Net cash provided by (used in) financing activities	260,637	(315,068)
Effect of exchange rate changes on cash and cash equivalents	(1,080)	419
Net increase in cash and cash equivalents	127,921	33,106
Repurchase of common stock (Note 10)	(210)	(53,787)
Cash and cash equivalents:
Beginning of period	67,897	35,459
End of period	195,818	68,565
Accrued capital expenditures	$ 9,127	$ 5,801

Organization and Business

Organization and Business	9 Months Ended
	Apr. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Vail Resorts, Inc. (“Vail Resorts”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the “Company”) operate in three business segments: Mountain, Lodging and Real Estate. In the Mountain segment, the Company operates ten world-class mountain resort properties and three urban ski areas including: Mountain Resorts: Location: 1. Vail Mountain Colorado 2. Breckenridge Colorado 3. Keystone Colorado 4. Beaver Creek Colorado 5. Park City Mountain Resort (“Park City”) Utah 6. Heavenly Lake Tahoe area of Nevada and California 7. Northstar Lake Tahoe area of California 8. Kirkwood Lake Tahoe area of California 9. Perisher Ski Resort (“Perisher”) New South Wales, Australia 10. Whistler Blackcomb Resort (“Whistler Blackcomb”) British Columbia, Canada Urban Ski Areas (“Urban”): Location: 1. Wilmot Mountain (“Wilmot”) Wisconsin 2. Afton Alps Minnesota 3. Mount Brighton Michigan Additionally, the Company operates ancillary services, primarily including ski school, dining and retail/rental operations, and for Perisher including lodging and transportation operations. The resorts located in the United States (“U.S.”), except for Northstar, Park City and the Urban ski areas, operate primarily on federal land under the terms of Special Use Permits granted by the U.S. Department of Agriculture Forest Service. The operations of Whistler Blackcomb are conducted on land owned by the government of the Province of British Columbia, Canada within the traditional territory of the Squamish and Lil’wat Nations. The operations of Perisher are conducted pursuant to a long-term lease and license on land owned by the government of New South Wales, Australia. In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand, as well as other strategic lodging properties and a large number of condominiums located in proximity to the Company’s North American mountain resorts; National Park Service (“NPS”) concessionaire properties including the Grand Teton Lodge Company (“GTLC”), which operates destination resorts in Grand Teton National Park; Colorado Mountain Express (“CME”), a Colorado resort ground transportation company; and mountain resort golf courses. Vail Resorts Development Company (“VRDC”), a wholly-owned subsidiary of the Company, conducts the operations of the Real Estate segment, which owns, develops and sells real estate in and around the Company’s resort communities. The Company’s mountain business and lodging properties at or around the Company’s mountain resorts are seasonal in nature with peak operating seasons primarily from mid-November through mid-April in North America. The Company’s operating season at Perisher, its NPS concessionaire properties and its golf courses generally occurs from June to early October.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Apr. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation Consolidated Condensed Financial Statements— In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality to the Company’s operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2016 . Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2016 was derived from audited financial statements. Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Fair Value Instruments— The recorded amounts for cash and cash equivalents, receivables, other current assets, and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Vail Holdings Credit Agreement revolver and term loan, Whistler Credit Agreement revolver and the Employee Housing Bonds (all as defined in Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with the debt. Recently Issued Accounting Standards Adopted Standards In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard was effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s first quarter of fiscal 2017). The Company adopted this new accounting standard as of July 31, 2016, which amended presentation and disclosure requirements concerning debt issuance costs but did not affect the Company’s overall financial position or results of operations and cash flows. As a result, approximately $2.1 million of debt issuance costs have been reclassified to Long-term debt as of April 30, 2016. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The standard eliminates the current requirement for companies to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, companies will be required to classify all deferred tax assets and liabilities as noncurrent on a jurisdiction by jurisdiction basis. The standard is effective for financial statements issued for annual periods beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018), with early adoption permitted, and may be applied prospectively or retrospectively. The Company adopted this new accounting standard as of July 31, 2016, which amended presentation requirements, but did not affect the Company’s overall financial position or results of operations and cash flows. The Company adopted this standard on a prospective basis, which reclassified the current deferred income tax asset to the noncurrent deferred income tax liability. Accordingly, the Consolidated Condensed Balance Sheet as of April 30, 2016 has not been retrospectively adjusted. Standards Being Evaluated The authoritative guidance listed below is currently being evaluated for its impact to Company policies upon adoption as well as any significant implementation matters yet to be addressed. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Accounting Standards Codification 605, “Revenue Recognition.” This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This standard will be effective for the first interim period within fiscal years beginning after December 15, 2017 (the Company’s first quarter of fiscal 2019 if it does not early adopt), using one of two retrospective application methods. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures and is determining the appropriate transition method. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes “Leases (Topic 840).” The standard requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and disclose key information about leasing arrangements. The standard also allows for an accounting policy election not to recognize on the balance sheet lease assets and liabilities for leases with a term of 12 months or less. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will be largely unchanged. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years (the Company’s first quarter of fiscal 2020), and must be applied using a modified retrospective transition approach to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures. Additionally, the Company is evaluating the impacts of the standard beyond accounting, including system, data and process changes required to comply with the standard. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The new guidance requires companies to record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement when the awards vest or are settled. The guidance also requires companies to present excess tax benefits as an operating activity and cash paid to a taxing authority to satisfy statutory withholding as a financing activity on the statement of cash flows. Additionally, the guidance allows companies to make a policy election to account for forfeitures either upon occurrence or by estimating forfeitures. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018), with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The standard provides guidance for eight targeted changes with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017 (the Company’s first quarter of fiscal 2019), with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s cash flows. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The standard simplifies interim and annual goodwill impairment testing by eliminating step two, a hypothetical purchase price allocation, from the goodwill impairment test and leaving step one unchanged. Under the new guidance, companies will continue to complete step one by comparing the estimated fair value of their reporting units with their respective carrying amounts, and will recognize an impairment charge, if any, for the amount by which the carrying amount exceeds the reporting unit’s estimated fair value. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2019 (the Company’s first quarter of fiscal 2021), with early adoption permitted. The Company is currently analyzing provisions of the standard to determine if early adoption is warranted for purposes of simplification.

Net Income Per Common Share

Net Income Per Common Share	9 Months Ended
	Apr. 30, 2017
Earnings Per Share Reconciliation [Abstract]
Net Income Per Common Share	Net Income per Share Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income attributable to Vail Resorts stockholders by the total weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then participate in the earnings of Vail Resorts. In connection with the Company’s acquisition of Whistler Blackcomb in October 2016 (see Note 5, Acquisitions), the Company issued consideration in the form of shares of Vail Resorts common stock (the “Vail Shares”), and shares of the Company’s wholly-owned Canadian subsidiary (“Exchangeco”). Whistler Blackcomb shareholders elected to receive 3,327,719 Vail Shares and 418,095 shares of Exchangeco (the “Exchangeco Shares”). Both Vail Shares and Exchangeco Shares have a par value of $ 0.01 per share and Exchangeco Shares, while outstanding, are substantially the economic equivalent of the Vail Shares and are exchangeable, at any time prior to the seventh anniversary of the closing of the acquisition, into Vail Shares. The Company’s calculation of weighted-average shares outstanding includes the Exchangeco Shares. The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. Presented below is basic and diluted EPS for the three months ended April 30, 2017 and 2016 (in thousands, except per share amounts): Three Months Ended April 30, 2017 2016 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 181,107 $ 181,107 $ 157,632 $ 157,632 Weighted-average Vail Resorts shares outstanding 39,996 39,996 36,217 36,217 Weighted-average Exchangeco shares outstanding 72 72 — — Total Weighted-average shares outstanding 40,068 40,068 36,217 36,217 Effect of dilutive securities — 1,113 — 1,051 Total shares 40,068 41,181 36,217 37,268 Net income per share attributable to Vail Resorts $ 4.52 $ 4.40 $ 4.35 $ 4.23 The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled 12,000 and 24,000 for the three months ended April 30, 2017 and 2016 , respectively. Presented below is basic and diluted EPS for the nine months ended April 30, 2017 and 2016 (in thousands, except per share amounts): Nine Months Ended April 30, 2017 2016 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 267,699 $ 267,699 $ 215,027 $ 215,027 Weighted-average Vail Resorts shares outstanding 38,871 38,871 36,312 36,312 Weighted-average Exchangeco shares outstanding 101 101 — — Total Weighted-average shares outstanding 38,972 38,972 36,312 36,312 Effect of dilutive securities — 1,097 — 1,016 Total shares 38,972 40,069 36,312 37,328 Net income per share attributable to Vail Resorts $ 6.87 $ 6.68 $ 5.92 $ 5.76 The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled 4,000 and 13,000 for the nine months ended April 30, 2017 and 2016 , respectively. Dividends During the three and nine months ended April 30, 2017 , the Company paid cash dividends of $1.053 and $2.673 per share ( $42.3 million and $104.0 million , respectively, in the aggregate). During the three and nine months ended April 30, 2016 , the Company paid cash dividends of $0.81 and $2.055 per share ( $29.3 million and $74.5 million , respectively, in the aggregate). On June 7, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $1.053 per share, for Vail Shares, payable on July 13, 2017 to stockholders of record as of June 28, 2017 . Additionally, a Canadian dollar equivalent dividend on the Exchangeco Shares will be payable on July 13, 2017 to the shareholders of record on June 28, 2017 .

Long-Term Debt

Long-Term Debt	9 Months Ended
	Apr. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt as of April 30, 2017 , July 31, 2016 and April 30, 2016 is summarized as follows (in thousands): Maturity April 30, 2017 July 31, 2016 April 30, 2016 Vail Holdings Credit Agreement term loan (a) 2021 $ 731,250 $ 240,625 $ 243,750 Vail Holdings Credit Agreement revolver (a) 2021 — 75,000 — Whistler Credit Agreement revolver (b) 2021 89,379 — — Employee housing bonds 2027-2039 52,575 52,575 52,575 Canyons obligation 2063 327,364 323,099 321,688 Other 2017-2028 10,316 11,021 11,165 Total debt 1,210,884 702,320 629,178 Less: Unamortized debt issuance costs (c) 4,288 2,057 2,125 Less: Current maturities (d) 38,386 13,354 13,349 Long-term debt $ 1,168,210 $ 686,909 $ 613,704 (a) On October 14, 2016 , in order to finance the cash portion of the consideration and payment of associated fees and expenses of the Whistler Blackcomb acquisition (see Note 5, Acquisitions), the Company’s wholly owned subsidiary, Vail Holdings, Inc., entered into the Second Amendment to the Seventh Amended and Restated Credit Agreement, dated as of May 1, 2015 (the “Vail Holdings Credit Agreement”), with Bank of America, N.A., as administrative agent, and other lenders named therein, through which these lenders provided an additional $509.4 million in incremental term loans and agreed, on behalf of all lenders, to extend the maturity date for the outstanding term loans and revolver facility under the Vail Holdings Credit Agreement to October 14, 2021 (the “Amendment”). The Vail Holdings Credit Agreement consists of a $400.0 million revolving credit facility and a $750.0 million term loan facility. The other material terms of the Vail Holdings Credit Agreement, including those disclosed in the Company’s Annual Report on Form 10-K filed on September 26, 2016, were not altered by the Amendment. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest at approximately 2.2% , as of April 30, 2017, and interest payments are due monthly. Additionally, the term loan facility is subject to quarterly principal payments of approximately $9.4 million, which began on January 31, 2017. Final payment of the remaining principle outstanding plus accrued and unpaid interest is due upon maturity in October 2021. (b) The WB Partnerships (as defined in Note 5, Acquisitions) are party to a credit agreement, dated as of November 12, 2013 (as amended, the “Whistler Credit Agreement”), by and among Whistler Mountain Resort Limited Partnership (“Whistler LP”), Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP”), certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors (the “Whistler Subsidiary Guarantors”), the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement consists of a C$300.0 million revolving credit facility which matures on November 12, 2021 . The WB Partnerships’ obligations under the Whistler Credit Agreement are guaranteed by the Whistler Subsidiary Guarantors and are collateralized by a pledge of the capital stock of the Whistler Subsidiary Guarantors and a pledge of substantially all of the assets of Whistler LP, Blackcomb LP and the Whistler Subsidiary Guarantors. In addition, pursuant to the terms of the Whistler Credit Agreement, the WB Partnerships have the ability to increase the commitment amount by up to C$75.0 million subject to lender approval. Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of April 30, 2017, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum . As of April 30, 2017 all borrowings under the Whistler Credit Agreement were made in Canadian dollars and by way of the issuance of bankers’ acceptances plus 1.75% (approximately 2.67% ). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of April 30, 2017 is equal to 0.3937% per annum. The Whistler Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the WB Partnerships’ ability to incur indebtedness and liens, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Whistler Credit Agreement includes the restrictive financial covenants (leverage ratios and interest coverage ratios) customary for facilities of this type. In connection with the Whistler Blackcomb transaction, the WB Partnerships obtained an amendment to the Whistler Credit Agreement to waive the change of control provision that otherwise would have required repayment in full of the facility as a result of the closing of the Whistler Blackcomb acquisition and to extend the maturity to November 12, 2021 . (c) The Company adopted ASU 2015-03 and ASU 2015-15 as of July 31, 2016 which alters the presentation of debt issuance costs. As a result, approximately $2.1 million of debt issuance costs have been reclassified to Long-term debt as of April 30, 2016. (d) Current maturities represent principal payments due in the next 12 months. Aggregate maturities of debt outstanding as of April 30, 2017 reflected by fiscal year (August through July) are as follows (in thousands): Total 2017 (May 2017 through July 2017) $ 9,525 2018 38,397 2019 38,455 2020 38,516 2021 38,580 Thereafter 1,047,411 Total debt $ 1,210,884 The Company incurred gross interest expense of $14.2 million and $10.4 million for the three months ended April 30, 2017 and 2016 , respectively, of which $0.3 million and $0.2 million , respectively, were amortization of deferred financing costs. The Company incurred gross interest expense of $40.4 million and $31.9 million for the nine months ended April 30, 2017 and 2016 , respectively, of which $0.8 million and $0.7 million , respectively, were amortization of deferred financing costs. In connection with the acquisition of Whistler Blackcomb, Vail Holdings, Inc. funded a portion of the purchase price through an intercompany loan to Whistler Blackcomb of $210.0 million requiring foreign currency remeasurement to Canadian dollars, the functional currency for Whistler Blackcomb. As a result, foreign currency fluctuations associated with the loan are recorded within the Company’s results of operations. The Company recognized approximately $9.1 million and $3.9 million , respectively, in foreign currency losses on the intercompany loan to Whistler Blackcomb for the three months and nine months ended April 30, 2017 within interest expense and other, net on the Company’s Consolidated Condensed Statements of Operations.

Acquisitions

Acquisitions	9 Months Ended
	Apr. 30, 2017
Business Combinations [Abstract]
Acquisitions	Acquisitions Whistler Blackcomb On August 5, 2016 , the Company entered into an Arrangement Agreement (the “Arrangement Agreement”) to acquire 100% of the outstanding common shares of Whistler Blackcomb (the “Arrangement”). On October 17, 2016 , the Company, through Exchangeco, acquired all of the outstanding common shares of Whistler Blackcomb, for aggregate purchase consideration paid to Whistler Blackcomb shareholders of $1.09 billion . The consideration paid consisted of (i) approximately C$673.8 million ( $512.6 million ) in cash (or C$17.50 per Whistler Blackcomb share), (ii) 3,327,719 Vail Shares and (iii) 418,095 Exchangeco Shares. Each Exchangeco Share is exchangeable by the holder thereof for one Vail Share (subject to customary adjustments for stock splits or other reorganizations). In addition, the Company may require all outstanding Exchangeco Shares to be exchanged into an equal number of Vail Shares upon the occurrence of certain events and at any time following the seventh anniversary of the closing of the Arrangement. While outstanding, holders of Exchangeco Shares are entitled to cast votes on matters for which holders of Vail Shares are entitled to vote and are entitled to receive dividends economically equivalent to the dividends declared by the Company with respect to the Vail Shares.` Whistler Blackcomb owns a 75% interest in each of Whistler LP and Blackcomb LP (the “WB Partnerships”), which together operate Whistler Blackcomb resort, a year round mountain resort in British Columbia, Canada with a comprehensive offering of recreational activities, including both snow sports and summer activities. The remaining 25% limited partnership interest in each of the WB Partnerships is owned by Nippon Cable Co. Ltd. (“Nippon Cable”), an unrelated party to the Company. The WB Partnerships hold land leases and rights-of-way under long-term agreements with the government of the province of British Columbia, Canada within the traditional territory of the Squamish and Lil’wat Nations, which provide for the use of land at Whistler Mountain and Blackcomb Mountain. The Company executed forward contracts for the underlying Canadian dollar cash consideration to economically hedge the risk associated with the U.S. dollar to Canadian dollar exchange rates. The Company’s total cost was $509.2 million to accumulate C$673.8 million which was required for the cash component of the purchase consideration. The estimated fair value of the Canadian dollars was approximately $512.6 million upon settlement. Accordingly, the Company realized a gain of $3.4 million on foreign currency exchange rate changes. The gain on foreign currency is a separate transaction as it primarily benefited the Company and therefore the Company recorded this gain within Investment income and other, net in its Consolidated Condensed Statements of Operations. The estimated fair value of $512.6 million is considered the cash component of the purchase consideration. The Company held shares of Whistler Blackcomb common stock prior to the acquisition and, as such, the acquisition-date estimated fair value of this previously held investment was a component of the purchase consideration. Based on the acquisition-date estimated fair value of this investment of $4.3 million , the Company recorded a gain of $0.8 million within Investment income and other, net in its Consolidated Condensed Statements of Operations. Nippon Cable’s 25% limited partnership interest is a noncontrolling economic interest containing certain protective rights and no ability to participate in the day to day operations of the WB Partnerships. The WB Partnership agreements provide that distributions made out of the partnerships be made on the basis of 75% to Whistler Blackcomb and 25% to Nippon Cable. In addition, based upon the terms of the WB Partnership agreements, the annual distribution rights are non-transferable and transfer of the limited partnership interest is limited to Nippon Cable’s entire interest. Accordingly, the estimate of fair value associated with the noncontrolling interest at the date of acquisition has been determined based on expected underlying cash flows of the WB Partnerships discounted at a rate commensurate with a market participant’s expected rate of return for an equity instrument with these associated restrictions. The following summarizes the purchase consideration and the preliminary estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands, except exchange ratio and share price): (in thousands, except exchange ratio and share price amounts) Acquisition Date Estimated Fair Value Total Whistler Blackcomb shares acquired 38,500 Exchange ratio as of October 14, 2016 0.097294 Total Vail Resorts shares issued to Whistler Blackcomb shareholders 3,746 Vail Resorts closing share price on October 14, 2016 $ 153.41 Total value of Vail Resorts shares issued $ 574,645 Total cash consideration paid at C$17.50 ($13.31 on October 17, 2016) per Whistler Blackcomb share 512,558 Total purchase consideration to Whistler Blackcomb shareholders 1,087,203 Estimated fair value of previously held investment in Whistler Blackcomb 4,308 Estimated fair value of Nippon Cable’s 25% interest in Whistler Blackcomb 182,579 Total estimated purchase consideration $ 1,274,090 Allocation of total estimated purchase consideration: Estimated fair values of assets acquired: Current assets $ 37,567 Property, plant and equipment 332,609 Real estate held for sale and investment 8,216 Goodwill 956,876 Identifiable intangibles 152,035 Deferred income taxes, net 8,138 Other assets 1,907 Current liabilities (75,175 ) Assumed long-term debt (144,922 ) Other long-term liabilities (3,161 ) Net assets acquired $ 1,274,090 During the nine months ended April 30, 2017, the Company recorded adjustments in the measurement period to its purchase price allocation of $7.7 million , net, which primarily increased the deferred income taxes, net asset with a corresponding decrease to goodwill. The estimated fair values of assets acquired and liabilities assumed in the acquisition of Whistler Blackcomb are preliminary and are based on the information that was available as of the acquisition date. The Company believes that information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, the Company is obtaining additional information necessary to finalize those estimated fair values. Therefore, the preliminary measurements of estimated fair values reflected are subject to change. The Company expects to finalize the valuation and complete the purchase consideration allocation no later than one year from the acquisition date. The estimated fair values of definite-lived and indefinite-lived identifiable intangible assets were determined using significant estimates and assumptions. The estimated fair value and estimated useful lives of identifiable intangible assets, where applicable, are as follows. Estimated Fair Value Weighted Average Amortization Period ($ in thousands) (in years) (1) Trademarks and trade names $ 139,977 n/a Season pass holder relationships 7,950 5 Property management contracts 4,108 n/a Total acquired identifiable intangible assets $ 152,035 (1) Trademarks and trade names and property management contracts are indefinite-lived intangible assets. The excess of the purchase consideration over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected cost efficiencies from the elimination of certain public company costs as well as other select areas of general and administrative functions, synergies, including utilization of the Company’s yield management strategies at Whistler Blackcomb and increased season pass sales and visitation across the Company’s resort portfolio, the assembled workforce of Whistler Blackcomb and other factors. The goodwill is not expected to be deductible for income tax purposes. The operating results of Whistler Blackcomb, which are primarily recorded in the Mountain segment, contributed $229.7 million of net revenue for the nine months ended April 30, 2017, prospectively from the acquisition date of October 17, 2016. The Company recognized $0.2 million and $3.2 million of Whistler Blackcomb transaction related expenses in Mountain operating expense in the Consolidated Condensed Statements of Operations for the three and nine months ended April 30, 2017, respectively. The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisition of Whistler Blackcomb was completed on August 1, 2015. The following unaudited pro forma financial information includes adjustments for (i) depreciation on acquired property, plant and equipment; (ii) amortization of intangible assets recorded at the date of the transactions; (iii) transaction and business integration related costs; (iv) interest expense associated with financing the cash portion of the transaction; and (v) total weighted average shares outstanding. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2015 (in thousands, except per share amounts). Three Months Ended April 30, 2016 Pro forma net revenue $ 752,462 Pro forma net income attributable to Vail Resorts, Inc. $ 184,064 Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 4.61 Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 4.49 Nine Months Ended April 30, 2017 2016 Pro forma net revenue $ 1,720,758 $ 1,631,813 Pro forma net income attributable to Vail Resorts, Inc. $ 270,418 $ 248,187 Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 6.76 $ 6.20 Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 6.58 $ 6.04 On February 23, 2017, Whistler LP, by its general partner Whistler Blackcomb Holdings Inc. (“WBHI”), a wholly-owned subsidiary of the Company, entered into a master development agreement (the “Whistler MDA”) with Her Majesty, the Queen in Right of British Columbia (the “Province”) with respect to the operation and development of Whistler Mountain. Additionally, on February 23, 2017 , Blackcomb LP, by its general partner WBHI, entered into a master development agreement (the “Blackcomb MDA” and together with the Whistler MDA, the “MDAs”) with the Province with respect to the operation and development of Blackcomb Mountain. Each of Whistler LP and Blackcomb LP were operating under existing master development agreements that terminated upon execution of the new MDAs. The MDAs grant a general license to the WB Partnerships to use the Whistler Mountain lands and the Blackcomb Mountain lands for the operation and development of the Whistler Blackcomb Resort. Each WB Partnership is permitted to develop new improvements to Whistler Mountain or Blackcomb Mountain, as the case may be, within standard municipal type development control conditions. The MDAs each have a term of 60 years and are replaceable for an additional 60 years by option exercisable by the WB Partnerships after the first 30 years of the initial term. In accordance with the MDAs, each WB Partnership is obligated to pay annual fees to the Province at a rate of 2% of certain gross revenues related to the Whistler Blackcomb Resort. Wilmot Mountain On January 19, 2016 , the Company, through a wholly-owned subsidiary, acquired all of the assets of Wilmot, a ski area located in Wisconsin near the Illinois state line, for total cash consideration of $20.2 million . The purchase price was allocated to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair value at the acquisition date. The Company has completed its purchase price allocation and has recorded $12.5 million in property, plant and equipment, $0.2 million in other assets, $0.4 million in other intangible assets (with a weighted-average amortization period of 10 years ) and $0.3 million of assumed liabilities on the date of acquisition. The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was $7.4 million and was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Wilmot and other factors. The goodwill is expected to be deductible for income tax purposes. The operating results of Wilmot are reported within the Mountain segment.

Supplementary Balance Sheet Inf

Supplementary Balance Sheet Information	9 Months Ended
	Apr. 30, 2017
Balance Sheet Related Disclosures [Abstract]
Supplementary Balance Sheet Information	Supplementary Balance Sheet Information The composition of property, plant and equipment follows (in thousands): April 30, 2017 July 31, 2016 April 30, 2016 Land and land improvements $ 531,058 $ 440,300 $ 439,815 Buildings and building improvements 1,170,700 1,025,515 1,028,408 Machinery and equipment 967,157 866,008 878,730 Furniture and fixtures 275,235 284,959 305,159 Software 105,352 103,754 112,551 Vehicles 61,415 58,159 62,166 Construction in progress 34,029 39,396 28,019 Gross property, plant and equipment 3,144,946 2,818,091 2,854,848 Accumulated depreciation (1,497,942 ) (1,454,277 ) (1,484,474 ) Property, plant and equipment, net $ 1,647,004 $ 1,363,814 $ 1,370,374 The composition of accounts payable and accrued liabilities follows (in thousands): April 30, 2017 July 31, 2016 April 30, 2016 Trade payables $ 51,305 $ 72,658 $ 47,144 Deferred revenue 206,534 182,506 164,927 Accrued salaries, wages and deferred compensation 36,162 43,086 34,403 Accrued benefits 36,401 29,175 29,625 Deposits 22,117 23,307 21,641 Other liabilities 50,766 46,756 40,349 Total accounts payable and accrued liabilities $ 403,285 $ 397,488 $ 338,089 The composition of other long-term liabilities follows (in thousands): April 30, 2017 July 31, 2016 April 30, 2016 Private club deferred initiation fee revenue $ 120,260 $ 121,750 $ 123,341 Unfavorable lease obligation, net 25,254 27,322 28,005 Other long-term liabilities 134,689 121,096 97,952 Total other long-term liabilities $ 280,203 $ 270,168 $ 249,298 The changes in the net carrying amount of goodwill allocated between the Company’s segments for the nine months ended April 30, 2017 are as follows (in thousands): Mountain Lodging Goodwill, net Balance at July 31, 2016 $ 441,138 $ 67,899 $ 509,037 Whistler Blackcomb acquisition 956,876 — 956,876 Effects of changes in foreign currency exchange rates (35,905 ) — (35,905 ) Balance at April 30, 2017 $ 1,362,109 $ 67,899 $ 1,430,008

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Apr. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The FASB issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes. The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value. Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows: Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities; Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs which are supported by little or no market activity. The table below summarizes the Company’s cash equivalents, Contingent Consideration and Interest Rate Swap measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands). Estimated Fair Value Measurement as of April 30, 2017 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 3,005 $ 3,005 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,404 $ — $ 2,404 $ — Liabilities: Contingent Consideration $ 26,200 $ — $ — $ 26,200 Interest Rate Swap $ 1,181 $ — $ 1,181 $ — Estimated Fair Value Measurement as of July 31, 2016 Description Total Level 1 Level 2 Level 3 Assets: Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,403 $ — $ 2,403 $ — Liabilities: Contingent Consideration $ 11,100 $ — $ — $ 11,100 Estimated Fair Value Measurement as of April 30, 2016 Description Total Level 1 Level 2 Level 3 Assets: Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,402 $ — $ 2,402 $ — Liabilities: Contingent Consideration $ 6,900 $ — $ — $ 6,900 The Company’s cash equivalents and Interest Rate Swap are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. The Interest Rate Swap is an instrument assumed in the Whistler Blackcomb acquisition that expires in September 2020 , and is a C$125.0 million ( $91.6 million ) as of April 30, 2017) fixed swap on the floating interest rate on the assumed Whistler Credit Agreement. Interest Rate Swap settlements and changes in estimated fair value are recognized in interest expense and other, net on the Consolidated Condensed Statement of Operations. The changes in Contingent Consideration during the nine months ended April 30, 2017 and 2016 were as follows (in thousands): Balance as of July 31, 2016 and 2015, respectively $ 11,100 $ 6,900 Change in estimated fair value 15,100 — Balance as of April 30, 2017 and 2016, respectively $ 26,200 $ 6,900 The lease for Park City provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceed approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company. The fair value of Contingent Consideration includes the estimated future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 10.2%, volatility of 16.0%, and future period Park City EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs. The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $2.0 million to $5.5 million. As Contingent Consideration is classified as a liability, the liability is remeasured to fair value at each reporting date until the contingency is resolved. During the three and nine months ended April 30, 2017 , the Company increased the estimated fair value of the participating contingent payments by approximately $15.1 million , resulting in an estimated fair value of the Contingent Consideration of $26.2 million reflected in accounts payable and accrued liabilities and other long-term liabilities in the Consolidated Condensed Balance Sheets. The increase in the estimated fair value of participating contingent payments is primarily attributable to a change in assumptions for future period EBITDA of Park City.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Apr. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Metropolitan Districts The Company credit-enhances $6.3 million of bonds issued by Holland Creek Metropolitan District (“HCMD”) through a $6.4 million letter of credit issued under the Vail Holdings Credit Agreement. HCMD’s bonds were issued and used to build infrastructure associated with the Company’s Red Sky Ranch residential development. The Company has agreed to pay capital improvement fees to the Red Sky Ranch Metropolitan District (“RSRMD”) until RSRMD’s revenue streams from property taxes are sufficient to meet debt service requirements under HCMD’s bonds. The Company has recorded a liability of $2.0 million , $2.0 million and $1.8 million primarily within “other long-term liabilities” in the accompanying Consolidated Condensed Balance Sheets, as of April 30, 2017 , July 31, 2016 and April 30, 2016 , respectively, with respect to the estimated present value of future RSRMD capital improvement fees. The Company estimates it will make capital improvement fee payments under this arrangement through the fiscal year ending July 31, 2031 . Guarantees/Indemnifications As of April 30, 2017 , the Company had various other letters of credit totaling $67.4 million , consisting of $53.4 million to support the Employee Housing Bonds and $14.0 million for workers’ compensation, general liability construction related deductibles and other activities. The Company also had surety bonds of $9.3 million as of April 30, 2017 , primarily to provide collateral for its workers compensation self-insurance programs. In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities related to licensees in connection with third-parties’ use of the Company’s trademarks and logos, liabilities associated with the infringement of other parties’ technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Company’s use of trustees, and liabilities associated with the Company’s use of public lands and environmental matters. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make. As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any amounts paid. Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Condensed Financial Statements, either because the Company has recorded on its Consolidated Condensed Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the estimated fair value of the indemnification or guarantee to be immaterial based on the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications, it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material. As noted above, the Company makes certain indemnifications to licensees for their use of the Company’s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications. Self-Insurance The Company is self-insured for claims under its U.S. health benefit plans and for the majority of workers’ compensation claims in the U.S. Workers compensation claims in the U.S. are subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s U.S. health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 6, Supplementary Balance Sheet Information). Legal The Company is a party to various lawsuits arising in the ordinary course of business. Management believes the Company has adequate insurance coverage and/or has accrued for all loss contingencies for asserted and unasserted matters deemed to be probable losses and estimable. As of April 30, 2017 , July 31, 2016 and April 30, 2016 , the accruals for the above loss contingencies were not material individually and in the aggregate.

Segment Information

Segment Information	9 Months Ended
	Apr. 30, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three reportable segments: Mountain, Lodging and Real Estate. The Mountain segment includes the operations of the Company’s mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company’s owned hotels, RockResorts, NPS concessionaire properties, condominium management, CME and mountain resort golf operations. The Real Estate segment owns, develops and sells real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of the others, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately. The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus or minus segment equity investment income or loss, and for the Real Estate segment, plus gain or loss on sale of real property). The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (Chief Executive Officer) for purposes of evaluating segment performance. Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income (loss), net change in cash and cash equivalents or other financial statement data presented in the consolidated condensed financial statements as indicators of financial performance or liquidity. The Company utilizes Reported EBITDA in evaluating the performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus or minus Mountain equity investment income or loss. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense plus gain or loss on sale of real property. All segment expenses include an allocation of corporate administrative expense. Assets are not allocated between segments, or used to evaluate performance, except as shown in the table below. The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands): Three Months Ended April 30, Nine Months Ended April 30, 2017 2016 2017 2016 Net revenue: Lift $ 419,647 $ 334,789 $ 799,324 $ 642,627 Ski school 91,704 74,279 173,674 139,703 Dining 65,618 51,000 133,352 108,093 Retail/rental 102,104 79,384 261,816 214,748 Other 42,087 33,353 117,860 101,439 Total Mountain net revenue $ 721,160 $ 572,805 $ 1,486,026 $ 1,206,610 Lodging 68,601 72,933 201,887 200,026 Total Resort net revenue 789,761 645,738 1,687,913 1,406,636 Real estate 4,870 1,734 10,181 14,766 Total net revenue $ 794,631 $ 647,472 $ 1,698,094 $ 1,421,402 Operating expense: Mountain 340,390 281,968 863,882 729,382 Lodging 57,897 57,422 181,660 176,170 Total Resort operating expense 398,287 339,390 1,045,542 905,552 Real estate 9,818 3,085 17,144 17,043 Total segment operating expense $ 408,105 $ 342,475 $ 1,062,686 $ 922,595 Gain on sale of real property $ — $ 19 $ 6,466 $ 1,810 Mountain equity investment income, net $ 521 $ 211 $ 1,510 $ 992 Reported EBITDA: Mountain $ 381,291 $ 291,048 $ 623,654 $ 478,220 Lodging 10,704 15,511 20,227 23,856 Resort 391,995 306,559 643,881 502,076 Real estate (4,948 ) (1,332 ) (497 ) (467 ) Total Reported EBITDA $ 387,047 $ 305,227 $ 643,384 $ 501,609 Real estate held for sale and investment $ 108,217 $ 116,874 $ 108,217 $ 116,874 Reconciliation to net income attributable to Vail Resorts, Inc.: Total Reported EBITDA $ 387,047 $ 305,227 $ 643,384 $ 501,609 Depreciation and amortization (50,029 ) (41,472 ) (140,236 ) (120,713 ) Change in estimated fair value of contingent consideration (14,500 ) — (15,100 ) — Loss on disposal of fixed assets and other, net (1,924 ) (164 ) (4,705 ) (3,149 ) Investment income and other, net 210 150 5,881 509 Interest expense and other, net (23,313 ) (10,400 ) (44,325 ) (31,905 ) Income before provision for income taxes 297,491 253,341 444,899 346,351 Provision for income taxes (100,635 ) (95,804 ) (151,933 ) (131,613 ) Net income 196,856 157,537 292,966 214,738 Net (income) loss attributable to noncontrolling interests (15,749 ) 95 (25,267 ) 289 Net income attributable to Vail Resorts, Inc. $ 181,107 $ 157,632 $ 267,699 $ 215,027

Share Repurchase Program

Share Repurchase Program	9 Months Ended
	Apr. 30, 2017
Payments for Repurchase of Equity [Abstract]
Share Repurchase Program	Share Repurchase Program On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 Vail Shares. On July 16, 2008, the Company’s Board of Directors increased the authorization by an additional 3,000,000 Vail Shares, and on December 4, 2015, the Company’s Board of Directors increased the authorization by an additional 1,500,000 Vail Shares for a total authorization to repurchase up to 7,500,000 total shares. The Company repurchased zero Vail Shares and 1,317 Vail Shares (at a total cost of $0.2 million ), respectively, during the three and nine months ended April 30, 2017. The Company repurchased 108,036 Vail Shares (at a total cost of $13.8 million ) and 485,866 Vail Shares (at a total cost of $53.8 million ), respectively, during the three and nine months ended April 30, 2016. Since inception of its share repurchase program through April 30, 2017 , the Company has repurchased 5,436,294 Vail Shares for $247.2 million . As of April 30, 2017 , 2,063,706 Vail Shares remained available to repurchase under the existing share repurchase program which has no expiration date. Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of Vail Shares under the Company’s employee share award plan.

Subsequent Events (Notes)

Subsequent Events (Notes)	9 Months Ended
	Apr. 30, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	11. Subsequent Event Stowe Mountain Resort On June 7, 2017 , the Company, through a wholly-owned subsidiary, acquired Stowe Mountain Resort (“Stowe”) in Stowe, Vermont, from Mt. Mansfield Company, Inc., a wholly-owned subsidiary of American International Group, Inc., for a cash purchase price of approximately $41.0 million , subject to certain adjustments as provided in the purchase agreement. The Company acquired all of the assets related to the mountain operations of the resort, including base area skier services (food and beverage, retail and rental, lift ticket offices and ski and snowboard school facilities).

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Apr. 30, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Standards Being Evaluated The authoritative guidance listed below is currently being evaluated for its impact to Company policies upon adoption as well as any significant implementation matters yet to be addressed. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Accounting Standards Codification 605, “Revenue Recognition.” This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This standard will be effective for the first interim period within fiscal years beginning after December 15, 2017 (the Company’s first quarter of fiscal 2019 if it does not early adopt), using one of two retrospective application methods. The Company is evaluating the impacts, if any, the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures and is determining the appropriate transition method. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which supersedes “Leases (Topic 840).” The standard requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and disclose key information about leasing arrangements. The standard also allows for an accounting policy election not to recognize on the balance sheet lease assets and liabilities for leases with a term of 12 months or less. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset on their balance sheets, while lessor accounting will be largely unchanged. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years (the Company’s first quarter of fiscal 2020), and must be applied using a modified retrospective transition approach to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows and related disclosures. Additionally, the Company is evaluating the impacts of the standard beyond accounting, including system, data and process changes required to comply with the standard. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The new guidance requires companies to record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement when the awards vest or are settled. The guidance also requires companies to present excess tax benefits as an operating activity and cash paid to a taxing authority to satisfy statutory withholding as a financing activity on the statement of cash flows. Additionally, the guidance allows companies to make a policy election to account for forfeitures either upon occurrence or by estimating forfeitures. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018), with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s financial position or results of operations and cash flows. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The standard provides guidance for eight targeted changes with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017 (the Company’s first quarter of fiscal 2019), with early adoption permitted. The Company is currently evaluating the impacts the adoption of this accounting standard will have on the Company’s cash flows. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The standard simplifies interim and annual goodwill impairment testing by eliminating step two, a hypothetical purchase price allocation, from the goodwill impairment test and leaving step one unchanged. Under the new guidance, companies will continue to complete step one by comparing the estimated fair value of their reporting units with their respective carrying amounts, and will recognize an impairment charge, if any, for the amount by which the carrying amount exceeds the reporting unit’s estimated fair value. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2019 (the Company’s first quarter of fiscal 2021), with early adoption permitted. The Company is currently analyzing provisions of the standard to determine if early adoption is warranted for purposes of simplification.
Consolidated Financial Statements Policy [Table Text Block]	Consolidated Condensed Financial Statements— In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality to the Company’s operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2016 . Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2016 was derived from audited financial statements.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Instruments— The recorded amounts for cash and cash equivalents, receivables, other current assets, and accounts payable and accrued liabilities approximate fair value due to their short-term nature. The fair value of amounts outstanding under the Vail Holdings Credit Agreement revolver and term loan, Whistler Credit Agreement revolver and the Employee Housing Bonds (all as defined in Note 4, Long-Term Debt) approximate book value due to the variable nature of the interest rate associated with the debt.
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Recently Issued Accounting Standards Adopted Standards In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard was effective for the first interim period within fiscal years beginning after December 15, 2015 (the Company’s first quarter of fiscal 2017). The Company adopted this new accounting standard as of July 31, 2016, which amended presentation and disclosure requirements concerning debt issuance costs but did not affect the Company’s overall financial position or results of operations and cash flows. As a result, approximately $2.1 million of debt issuance costs have been reclassified to Long-term debt as of April 30, 2016. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The standard eliminates the current requirement for companies to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, companies will be required to classify all deferred tax assets and liabilities as noncurrent on a jurisdiction by jurisdiction basis. The standard is effective for financial statements issued for annual periods beginning after December 15, 2016 (the Company’s first quarter of fiscal 2018), with early adoption permitted, and may be applied prospectively or retrospectively. The Company adopted this new accounting standard as of July 31, 2016, which amended presentation requirements, but did not affect the Company’s overall financial position or results of operations and cash flows. The Company adopted this standard on a prospective basis, which reclassified the current deferred income tax asset to the noncurrent deferred income tax liability. Accordingly, the Consolidated Condensed Balance Sheet as of April 30, 2016 has not been retrospectively adjusted.

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	9 Months Ended
	Apr. 30, 2017
Earnings Per Share Reconciliation [Abstract]
Summary of Calculation of Basic And Diluted EPS	Presented below is basic and diluted EPS for the three months ended April 30, 2017 and 2016 (in thousands, except per share amounts): Three Months Ended April 30, 2017 2016 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 181,107 $ 181,107 $ 157,632 $ 157,632 Weighted-average Vail Resorts shares outstanding 39,996 39,996 36,217 36,217 Weighted-average Exchangeco shares outstanding 72 72 — — Total Weighted-average shares outstanding 40,068 40,068 36,217 36,217 Effect of dilutive securities — 1,113 — 1,051 Total shares 40,068 41,181 36,217 37,268 Net income per share attributable to Vail Resorts $ 4.52 $ 4.40 $ 4.35 $ 4.23 The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled 12,000 and 24,000 for the three months ended April 30, 2017 and 2016 , respectively. Presented below is basic and diluted EPS for the nine months ended April 30, 2017 and 2016 (in thousands, except per share amounts): Nine Months Ended April 30, 2017 2016 Basic Diluted Basic Diluted Net income per share: Net income attributable to Vail Resorts $ 267,699 $ 267,699 $ 215,027 $ 215,027 Weighted-average Vail Resorts shares outstanding 38,871 38,871 36,312 36,312 Weighted-average Exchangeco shares outstanding 101 101 — — Total Weighted-average shares outstanding 38,972 38,972 36,312 36,312 Effect of dilutive securities — 1,097 — 1,016 Total shares 38,972 40,069 36,312 37,328 Net income per share attributable to Vail Resorts $ 6.87 $ 6.68 $ 5.92 $ 5.76 The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled 4,000 and 13,000 for the nine months ended April 30, 2017 and 2016 , respectively.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Apr. 30, 2017
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	Long-term debt as of April 30, 2017 , July 31, 2016 and April 30, 2016 is summarized as follows (in thousands): Maturity April 30, 2017 July 31, 2016 April 30, 2016 Vail Holdings Credit Agreement term loan (a) 2021 $ 731,250 $ 240,625 $ 243,750 Vail Holdings Credit Agreement revolver (a) 2021 — 75,000 — Whistler Credit Agreement revolver (b) 2021 89,379 — — Employee housing bonds 2027-2039 52,575 52,575 52,575 Canyons obligation 2063 327,364 323,099 321,688 Other 2017-2028 10,316 11,021 11,165 Total debt 1,210,884 702,320 629,178 Less: Unamortized debt issuance costs (c) 4,288 2,057 2,125 Less: Current maturities (d) 38,386 13,354 13,349 Long-term debt $ 1,168,210 $ 686,909 $ 613,704 (a) On October 14, 2016 , in order to finance the cash portion of the consideration and payment of associated fees and expenses of the Whistler Blackcomb acquisition (see Note 5, Acquisitions), the Company’s wholly owned subsidiary, Vail Holdings, Inc., entered into the Second Amendment to the Seventh Amended and Restated Credit Agreement, dated as of May 1, 2015 (the “Vail Holdings Credit Agreement”), with Bank of America, N.A., as administrative agent, and other lenders named therein, through which these lenders provided an additional $509.4 million in incremental term loans and agreed, on behalf of all lenders, to extend the maturity date for the outstanding term loans and revolver facility under the Vail Holdings Credit Agreement to October 14, 2021 (the “Amendment”). The Vail Holdings Credit Agreement consists of a $400.0 million revolving credit facility and a $750.0 million term loan facility. The other material terms of the Vail Holdings Credit Agreement, including those disclosed in the Company’s Annual Report on Form 10-K filed on September 26, 2016, were not altered by the Amendment. Borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest at approximately 2.2% , as of April 30, 2017, and interest payments are due monthly. Additionally, the term loan facility is subject to quarterly principal payments of approximately $9.4 million, which began on January 31, 2017. Final payment of the remaining principle outstanding plus accrued and unpaid interest is due upon maturity in October 2021. (b) The WB Partnerships (as defined in Note 5, Acquisitions) are party to a credit agreement, dated as of November 12, 2013 (as amended, the “Whistler Credit Agreement”), by and among Whistler Mountain Resort Limited Partnership (“Whistler LP”), Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP”), certain subsidiaries of Whistler LP and Blackcomb LP party thereto as guarantors (the “Whistler Subsidiary Guarantors”), the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement consists of a C$300.0 million revolving credit facility which matures on November 12, 2021 . The WB Partnerships’ obligations under the Whistler Credit Agreement are guaranteed by the Whistler Subsidiary Guarantors and are collateralized by a pledge of the capital stock of the Whistler Subsidiary Guarantors and a pledge of substantially all of the assets of Whistler LP, Blackcomb LP and the Whistler Subsidiary Guarantors. In addition, pursuant to the terms of the Whistler Credit Agreement, the WB Partnerships have the ability to increase the commitment amount by up to C$75.0 million subject to lender approval. Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of April 30, 2017, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum . As of April 30, 2017 all borrowings under the Whistler Credit Agreement were made in Canadian dollars and by way of the issuance of bankers’ acceptances plus 1.75% (approximately 2.67% ). The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of April 30, 2017 is equal to 0.3937% per annum. The Whistler Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the WB Partnerships’ ability to incur indebtedness and liens, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Whistler Credit Agreement includes the restrictive financial covenants (leverage ratios and interest coverage ratios) customary for facilities of this type. In connection with the Whistler Blackcomb transaction, the WB Partnerships obtained an amendment to the Whistler Credit Agreement to waive the change of control provision that otherwise would have required repayment in full of the facility as a result of the closing of the Whistler Blackcomb acquisition and to extend the maturity to November 12, 2021 . (c) The Company adopted ASU 2015-03 and ASU 2015-15 as of July 31, 2016 which alters the presentation of debt issuance costs. As a result, approximately $2.1 million of debt issuance costs have been reclassified to Long-term debt as of April 30, 2016. (d) Current maturities represent principal payments due in the next 12 months.
Schedule Of Aggregate Maturities For Debt Outstanding	Aggregate maturities of debt outstanding as of April 30, 2017 reflected by fiscal year (August through July) are as follows (in thousands): Total 2017 (May 2017 through July 2017) $ 9,525 2018 38,397 2019 38,455 2020 38,516 2021 38,580 Thereafter 1,047,411 Total debt $ 1,210,884

Acquisitions Acquisitions (Tabl

Acquisitions Acquisitions (Tables)	9 Months Ended
	Apr. 30, 2017
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Information [Table Text Block]	The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisition of Whistler Blackcomb was completed on August 1, 2015. The following unaudited pro forma financial information includes adjustments for (i) depreciation on acquired property, plant and equipment; (ii) amortization of intangible assets recorded at the date of the transactions; (iii) transaction and business integration related costs; (iv) interest expense associated with financing the cash portion of the transaction; and (v) total weighted average shares outstanding. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on August 1, 2015 (in thousands, except per share amounts). Three Months Ended April 30, 2016 Pro forma net revenue $ 752,462 Pro forma net income attributable to Vail Resorts, Inc. $ 184,064 Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 4.61 Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 4.49 Nine Months Ended April 30, 2017 2016 Pro forma net revenue $ 1,720,758 $ 1,631,813 Pro forma net income attributable to Vail Resorts, Inc. $ 270,418 $ 248,187 Pro forma basic net income per share attributable to Vail Resorts, Inc. $ 6.76 $ 6.20 Pro forma diluted net income per share attributable to Vail Resorts, Inc. $ 6.58 $ 6.04
Whistler Blackcomb [Member]
Business Acquisition [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Whistler Blackcomb On August 5, 2016 , the Company entered into an Arrangement Agreement (the “Arrangement Agreement”) to acquire 100% of the outstanding common shares of Whistler Blackcomb (the “Arrangement”). On October 17, 2016 , the Company, through Exchangeco, acquired all of the outstanding common shares of Whistler Blackcomb, for aggregate purchase consideration paid to Whistler Blackcomb shareholders of $1.09 billion . The consideration paid consisted of (i) approximately C$673.8 million ( $512.6 million ) in cash (or C$17.50 per Whistler Blackcomb share), (ii) 3,327,719 Vail Shares and (iii) 418,095 Exchangeco Shares. Each Exchangeco Share is exchangeable by the holder thereof for one Vail Share (subject to customary adjustments for stock splits or other reorganizations). In addition, the Company may require all outstanding Exchangeco Shares to be exchanged into an equal number of Vail Shares upon the occurrence of certain events and at any time following the seventh anniversary of the closing of the Arrangement. While outstanding, holders of Exchangeco Shares are entitled to cast votes on matters for which holders of Vail Shares are entitled to vote and are entitled to receive dividends economically equivalent to the dividends declared by the Company with respect to the Vail Shares.` Whistler Blackcomb owns a 75% interest in each of Whistler LP and Blackcomb LP (the “WB Partnerships”), which together operate Whistler Blackcomb resort, a year round mountain resort in British Columbia, Canada with a comprehensive offering of recreational activities, including both snow sports and summer activities. The remaining 25% limited partnership interest in each of the WB Partnerships is owned by Nippon Cable Co. Ltd. (“Nippon Cable”), an unrelated party to the Company. The WB Partnerships hold land leases and rights-of-way under long-term agreements with the government of the province of British Columbia, Canada within the traditional territory of the Squamish and Lil’wat Nations, which provide for the use of land at Whistler Mountain and Blackcomb Mountain. The Company executed forward contracts for the underlying Canadian dollar cash consideration to economically hedge the risk associated with the U.S. dollar to Canadian dollar exchange rates. The Company’s total cost was $509.2 million to accumulate C$673.8 million which was required for the cash component of the purchase consideration. The estimated fair value of the Canadian dollars was approximately $512.6 million upon settlement. Accordingly, the Company realized a gain of $3.4 million on foreign currency exchange rate changes. The gain on foreign currency is a separate transaction as it primarily benefited the Company and therefore the Company recorded this gain within Investment income and other, net in its Consolidated Condensed Statements of Operations. The estimated fair value of $512.6 million is considered the cash component of the purchase consideration. The Company held shares of Whistler Blackcomb common stock prior to the acquisition and, as such, the acquisition-date estimated fair value of this previously held investment was a component of the purchase consideration. Based on the acquisition-date estimated fair value of this investment of $4.3 million , the Company recorded a gain of $0.8 million within Investment income and other, net in its Consolidated Condensed Statements of Operations. Nippon Cable’s 25% limited partnership interest is a noncontrolling economic interest containing certain protective rights and no ability to participate in the day to day operations of the WB Partnerships. The WB Partnership agreements provide that distributions made out of the partnerships be made on the basis of 75% to Whistler Blackcomb and 25% to Nippon Cable. In addition, based upon the terms of the WB Partnership agreements, the annual distribution rights are non-transferable and transfer of the limited partnership interest is limited to Nippon Cable’s entire interest. Accordingly, the estimate of fair value associated with the noncontrolling interest at the date of acquisition has been determined based on expected underlying cash flows of the WB Partnerships discounted at a rate commensurate with a market participant’s expected rate of return for an equity instrument with these associated restrictions. The following summarizes the purchase consideration and the preliminary estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands, except exchange ratio and share price): (in thousands, except exchange ratio and share price amounts) Acquisition Date Estimated Fair Value Total Whistler Blackcomb shares acquired 38,500 Exchange ratio as of October 14, 2016 0.097294 Total Vail Resorts shares issued to Whistler Blackcomb shareholders 3,746 Vail Resorts closing share price on October 14, 2016 $ 153.41 Total value of Vail Resorts shares issued $ 574,645 Total cash consideration paid at C$17.50 ($13.31 on October 17, 2016) per Whistler Blackcomb share 512,558 Total purchase consideration to Whistler Blackcomb shareholders 1,087,203 Estimated fair value of previously held investment in Whistler Blackcomb 4,308 Estimated fair value of Nippon Cable’s 25% interest in Whistler Blackcomb 182,579 Total estimated purchase consideration $ 1,274,090 Allocation of total estimated purchase consideration: Estimated fair values of assets acquired: Current assets $ 37,567 Property, plant and equipment 332,609 Real estate held for sale and investment 8,216 Goodwill 956,876 Identifiable intangibles 152,035 Deferred income taxes, net 8,138 Other assets 1,907 Current liabilities (75,175 ) Assumed long-term debt (144,922 ) Other long-term liabilities (3,161 ) Net assets acquired $ 1,274,090 During the nine months ended April 30, 2017, the Company recorded adjustments in the measurement period to its purchase price allocation of $7.7 million , net, which primarily increased the deferred income taxes, net asset with a corresponding decrease to goodwill. The estimated fair values of assets acquired and liabilities assumed in the acquisition of Whistler Blackcomb are preliminary and are based on the information that was available as of the acquisition date. The Company believes that information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, the Company is obtaining additional information necessary to finalize those estimated fair values. Therefore, the preliminary measurements of estimated fair values reflected are subject to change. The Company expects to finalize the valuation and complete the purchase consideration allocation no later than one year from the acquisition date. The estimated fair values of definite-lived and indefinite-lived identifiable intangible assets were determined using significant estimates and assumptions. The estimated fair value and estimated useful lives of identifiable intangible assets, where applicable, are as follows. Estimated Fair Value Weighted Average Amortization Period ($ in thousands) (in years) (1) Trademarks and trade names $ 139,977 n/a Season pass holder relationships 7,950 5 Property management contracts 4,108 n/a Total acquired identifiable intangible assets $ 152,035 (1) Trademarks and trade names and property management contracts are indefinite-lived intangible assets. The excess of the purchase consideration over the aggregate estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected cost efficiencies from the elimination of certain public company costs as well as other select areas of general and administrative functions, synergies, including utilization of the Company’s yield management strategies at Whistler Blackcomb and increased season pass sales and visitation across the Company’s resort portfolio, the assembled workforce of Whistler Blackcomb and other factors. The goodwill is not expected to be deductible for income tax purposes. The operating results of Whistler Blackcomb, which are primarily recorded in the Mountain segment, contributed $229.7 million of net revenue for the nine months ended April 30, 2017, prospectively from the acquisition date of October 17, 2016. The Company recognized $0.2 million and $3.2 million of Whistler Blackcomb transaction related expenses in Mountain operating expense in the Consolidated Condensed Statements of Operations for the three and nine months ended April 30, 2017, respectively.
Wilmot [Member]
Business Acquisition [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Wilmot Mountain On January 19, 2016 , the Company, through a wholly-owned subsidiary, acquired all of the assets of Wilmot, a ski area located in Wisconsin near the Illinois state line, for total cash consideration of $20.2 million . The purchase price was allocated to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair value at the acquisition date. The Company has completed its purchase price allocation and has recorded $12.5 million in property, plant and equipment, $0.2 million in other assets, $0.4 million in other intangible assets (with a weighted-average amortization period of 10 years ) and $0.3 million of assumed liabilities on the date of acquisition. The excess of the purchase price over the aggregate estimated fair values of assets acquired and liabilities assumed was $7.4 million and was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of Wilmot and other factors. The goodwill is expected to be deductible for income tax purposes. The operating results of Wilmot are reported within the Mountain segment.

Supplementary Balance Sheet I23

Supplementary Balance Sheet Information (Tables)	9 Months Ended
	Apr. 30, 2017
Balance Sheet Related Disclosures [Abstract]
Composition Of Property, Plant And Equipment	The composition of property, plant and equipment follows (in thousands): April 30, 2017 July 31, 2016 April 30, 2016 Land and land improvements $ 531,058 $ 440,300 $ 439,815 Buildings and building improvements 1,170,700 1,025,515 1,028,408 Machinery and equipment 967,157 866,008 878,730 Furniture and fixtures 275,235 284,959 305,159 Software 105,352 103,754 112,551 Vehicles 61,415 58,159 62,166 Construction in progress 34,029 39,396 28,019 Gross property, plant and equipment 3,144,946 2,818,091 2,854,848 Accumulated depreciation (1,497,942 ) (1,454,277 ) (1,484,474 ) Property, plant and equipment, net $ 1,647,004 $ 1,363,814 $ 1,370,374
Components Of Accounts Payable And Accrued Liabilities	The composition of accounts payable and accrued liabilities follows (in thousands): April 30, 2017 July 31, 2016 April 30, 2016 Trade payables $ 51,305 $ 72,658 $ 47,144 Deferred revenue 206,534 182,506 164,927 Accrued salaries, wages and deferred compensation 36,162 43,086 34,403 Accrued benefits 36,401 29,175 29,625 Deposits 22,117 23,307 21,641 Other liabilities 50,766 46,756 40,349 Total accounts payable and accrued liabilities $ 403,285 $ 397,488 $ 338,089
Components Of Other Long-Term Liabilities	The composition of other long-term liabilities follows (in thousands): April 30, 2017 July 31, 2016 April 30, 2016 Private club deferred initiation fee revenue $ 120,260 $ 121,750 $ 123,341 Unfavorable lease obligation, net 25,254 27,322 28,005 Other long-term liabilities 134,689 121,096 97,952 Total other long-term liabilities $ 280,203 $ 270,168 $ 249,298
Schedule of Goodwill [Table Text Block]	The changes in the net carrying amount of goodwill allocated between the Company’s segments for the nine months ended April 30, 2017 are as follows (in thousands): Mountain Lodging Goodwill, net Balance at July 31, 2016 $ 441,138 $ 67,899 $ 509,037 Whistler Blackcomb acquisition 956,876 — 956,876 Effects of changes in foreign currency exchange rates (35,905 ) — (35,905 ) Balance at April 30, 2017 $ 1,362,109 $ 67,899 $ 1,430,008

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Apr. 30, 2017
Fair Value Disclosures [Abstract]
Summary Of Cash Equivalents Measured At Fair Value	The table below summarizes the Company’s cash equivalents, Contingent Consideration and Interest Rate Swap measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands). Estimated Fair Value Measurement as of April 30, 2017 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 3,005 $ 3,005 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,404 $ — $ 2,404 $ — Liabilities: Contingent Consideration $ 26,200 $ — $ — $ 26,200 Interest Rate Swap $ 1,181 $ — $ 1,181 $ — Estimated Fair Value Measurement as of July 31, 2016 Description Total Level 1 Level 2 Level 3 Assets: Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,403 $ — $ 2,403 $ — Liabilities: Contingent Consideration $ 11,100 $ — $ — $ 11,100 Estimated Fair Value Measurement as of April 30, 2016 Description Total Level 1 Level 2 Level 3 Assets: Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 2,402 $ — $ 2,402 $ — Liabilities: Contingent Consideration $ 6,900 $ — $ — $ 6,900

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Apr. 30, 2017
Segment Reporting [Abstract]
Summary Of Financial Information By Reportable Segment	The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands): Three Months Ended April 30, Nine Months Ended April 30, 2017 2016 2017 2016 Net revenue: Lift $ 419,647 $ 334,789 $ 799,324 $ 642,627 Ski school 91,704 74,279 173,674 139,703 Dining 65,618 51,000 133,352 108,093 Retail/rental 102,104 79,384 261,816 214,748 Other 42,087 33,353 117,860 101,439 Total Mountain net revenue $ 721,160 $ 572,805 $ 1,486,026 $ 1,206,610 Lodging 68,601 72,933 201,887 200,026 Total Resort net revenue 789,761 645,738 1,687,913 1,406,636 Real estate 4,870 1,734 10,181 14,766 Total net revenue $ 794,631 $ 647,472 $ 1,698,094 $ 1,421,402 Operating expense: Mountain 340,390 281,968 863,882 729,382 Lodging 57,897 57,422 181,660 176,170 Total Resort operating expense 398,287 339,390 1,045,542 905,552 Real estate 9,818 3,085 17,144 17,043 Total segment operating expense $ 408,105 $ 342,475 $ 1,062,686 $ 922,595 Gain on sale of real property $ — $ 19 $ 6,466 $ 1,810 Mountain equity investment income, net $ 521 $ 211 $ 1,510 $ 992 Reported EBITDA: Mountain $ 381,291 $ 291,048 $ 623,654 $ 478,220 Lodging 10,704 15,511 20,227 23,856 Resort 391,995 306,559 643,881 502,076 Real estate (4,948 ) (1,332 ) (497 ) (467 ) Total Reported EBITDA $ 387,047 $ 305,227 $ 643,384 $ 501,609 Real estate held for sale and investment $ 108,217 $ 116,874 $ 108,217 $ 116,874 Reconciliation to net income attributable to Vail Resorts, Inc.: Total Reported EBITDA $ 387,047 $ 305,227 $ 643,384 $ 501,609 Depreciation and amortization (50,029 ) (41,472 ) (140,236 ) (120,713 ) Change in estimated fair value of contingent consideration (14,500 ) — (15,100 ) — Loss on disposal of fixed assets and other, net (1,924 ) (164 ) (4,705 ) (3,149 ) Investment income and other, net 210 150 5,881 509 Interest expense and other, net (23,313 ) (10,400 ) (44,325 ) (31,905 ) Income before provision for income taxes 297,491 253,341 444,899 346,351 Provision for income taxes (100,635 ) (95,804 ) (151,933 ) (131,613 ) Net income 196,856 157,537 292,966 214,738 Net (income) loss attributable to noncontrolling interests (15,749 ) 95 (25,267 ) 289 Net income attributable to Vail Resorts, Inc. $ 181,107 $ 157,632 $ 267,699 $ 215,027

Summary of Significant Accoun26

Summary of Significant Accounting Policies Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Jul. 31, 2016	Apr. 30, 2016
Recently Issued Accounting Standards [Abstract]
Unamortized Debt Issuance Expense	$ 4,288	$ 2,057	$ 2,125

Net Income Per Common Share Net

Net Income Per Common Share Net Income per Common Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 07, 2017	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Anti-dilutive securities (in shares)		12,000	24,000	4,000	13,000
Cash dividends declared per share		$ 1.053	$ 0.81	$ 2.673	$ 2.055
Payments of Dividends		$ 42,300	$ 29,300	$ 104,035	$ 74,530
Dividends Payable, Date to be Paid		Jul. 13, 2017
Dividends Payable, Date of Record		Jun. 28, 2017
Scenario, Forecast [Member]
Cash dividends declared per share	$ 1.053
Common Stock [Member]
Stock Issued During Period, Shares, New Issues				3,327,719
Exchangeable Shares [Member]
Stock Issued During Period, Shares, New Issues				418,095

Net Income Per Common Share (Su

Net Income Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Net income attributable to Vail Resorts, Inc.	$ 181,107	$ 157,632	$ 267,699	$ 215,027
Weighted-average Vail Resorts shares outstanding	39,996	36,217	38,871	36,312
Weighted-average Exchangeco shares outstanding	72	0	101	0
Total Weighted-average shares outstanding	40,068	36,217	38,972	36,312
Effect of dilutive securities	1,113	1,051	1,097	1,016
Weighted Average Number of Shares Outstanding, Diluted	41,181	37,268	40,069	37,328
Basic net income per share attributable to Vail Resorts, Inc.	$ 4.52	$ 4.35	$ 6.87	$ 5.92
Diluted net income per share attributable to Vail Resorts, Inc.	$ 4.40	$ 4.23	$ 6.68	$ 5.76

Long-Term Debt Long-Term Debt (

Long-Term Debt Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016	Jul. 31, 2016
Gross interest expense	$ 14,200	$ 10,400	$ 40,400	$ 31,900
Long-term Debt	1,210,884	629,178	1,210,884	629,178	$ 702,320
Amortization of deferred financing costs	300	200	800	700
Intercompany Foreign Currency Balance, Amount	210,000		210,000
Unamortized Debt Issuance Expense	4,288	2,125	4,288	2,125	2,057
Foreign Currency Transaction Gain (Loss), before Tax	9,100		$ 3,900
Term Loan [Member]
Line of Credit Facility, Initiation Date			Oct. 14, 2016
Line of Credit Facility, Increase (Decrease), Net			$ 509,400
Debt Instrument, Maturity Date			Oct. 14, 2021
Long-term Line of Credit	750,000		$ 750,000
Long-term Debt	$ 731,250	243,750	$ 731,250	243,750	240,625
Debt Instrument, Interest Rate, Stated Percentage	2.20%		2.20%
Long-term Debt, Description			the term loan facility is subject to quarterly principal payments of approximately $9.4 million, which began on January 31, 2017. Final payment of the remaining principle outstanding plus accrued and unpaid interest is due upon maturity in October 2021.
Credit Facility Revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 400,000		$ 400,000
Long-term Debt	0	0	$ 0	0	75,000
Whistler Credit Agreement revolver [Member]
Line of Credit Facility, Initiation Date			Nov. 12, 2013
Debt Instrument, Maturity Date			Nov. 12, 2021
Long-term Debt	$ 89,379	$ 0	$ 89,379	$ 0	$ 0
Debt Instrument, Interest Rate, Stated Percentage	2.67%		2.67%
Long-term Debt, Description			Borrowings under the Whistler Credit Agreement are available in Canadian or U.S. dollars and bear interest annually, subject to an applicable margin based on the WB Partnerships’ Consolidated Total Leverage Ratio (as defined in the Whistler Credit Agreement), with pricing as of April 30, 2017, in the case of borrowings (i) in Canadian dollars, at the WB Partnerships’ option, either (a) at the Canadian Prime Rate plus 0.75% per annum or (b) by way of the issuance of bankers’ acceptances plus 1.75% per annum; and (ii) in U.S. dollars, at the WB Partnerships option, either at (a) the U.S. Base Rate plus 0.75% per annum or (b) Bankers Acceptance Rate plus 1.75% per annum
Debt Instrument, Unused Borrowing Capacity, Fee			0.3937%
Canada, Dollars | Whistler Credit Agreement revolver [Member]
Line of Credit Facility, Remaining Borrowing Capacity	$ 75,000		$ 75,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 300,000		$ 300,000

Long-Term Debt (Schedule Of Deb

Long-Term Debt (Schedule Of Debt Instruments) (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 30, 2017	Jul. 31, 2016	Apr. 30, 2016
Total debt	$ 1,210,884	$ 702,320	$ 629,178
Unamortized Debt Issuance Expense	4,288	2,057	2,125
Long-term debt due within one year (Note 4)	38,386	13,354	13,349
Long-term debt (Note 4)	1,168,210	686,909	613,704
Credit Facility Revolver [Member]
Total debt	$ 0	75,000	0
Fiscal year maturity	2,021
Whistler Credit Agreement revolver [Member]
Total debt	$ 89,379	0	0
Fiscal year maturity	2,021
Debt Instrument, Interest Rate, Stated Percentage	2.67%
Term Loan [Member]
Total debt	$ 731,250	240,625	243,750
Fiscal year maturity	2,021
Debt Instrument, Interest Rate, Stated Percentage	2.20%
Employee Housing Bonds [Member]
Total debt	$ 52,575	52,575	52,575
Canyons Obligation [Member]
Total debt	$ 327,364	323,099	321,688
Fiscal year maturity	2,063
Other [Member]
Total debt	$ 10,316	$ 11,021	$ 11,165
Maximum [Member] | Employee Housing Bonds [Member]
Fiscal year maturity, end	May 1, 2039
Maximum [Member] | Other [Member]
Fiscal year maturity, end	Jul. 31, 2028
Minimum [Member] | Employee Housing Bonds [Member]
Fiscal year maturity, start	Jun. 1, 2027
Minimum [Member] | Other [Member]
Fiscal year maturity, start	Jul. 31, 2017

Long-Term Debt (Schedule Of Agg

Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Jul. 31, 2016	Apr. 30, 2016
Debt Instrument [Line Items]
2017 (May 2017 through July 2017)	$ 9,525
2,018	38,397
2,019	38,455
2,020	38,516
2,021	38,580
Thereafter	1,047,411
Total debt	$ 1,210,884	$ 702,320	$ 629,178

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ / shares in Units, $ in Thousands, CAD in Millions	3 Months Ended				9 Months Ended
	Apr. 30, 2017USD ($)	Oct. 31, 2016USD ($)$ / sharesshares	Oct. 31, 2016CADshares	Apr. 30, 2016USD ($)	Apr. 30, 2017USD ($)	Apr. 30, 2016USD ($)	Oct. 17, 2016USD ($)	Oct. 14, 2016$ / shares	Jan. 19, 2016USD ($)
Development Agreement Date					Feb. 23, 2017
Payments to Acquire Businesses, Net of Cash Acquired					$ 512,348	$ 20,245
Noncontrolling Interest, Increase from Business Combination					182,579
Goodwill Acquired During Period					$ 956,876
Description of Development Agreement					The MDAs each have a term of 60 years and are replaceable for an additional 60 years by option exercisable by the WB Partnerships after the first 30 years of the initial term. In accordance with the MDAs, each WB Partnership is obligated to pay annual fees to the Province at a rate of 2% of certain gross revenues related to the Whistler Blackcomb Resort.
Whistler Blackcomb [Member]
Business Acquisition, Date of Acquisition Agreement		Aug. 5, 2016	Aug. 5, 2016
Shares Purchased to Acquire Business | shares		38,500,000	38,500,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares		3,746,000	3,746,000
Business Acquisition, Effective Date of Acquisition		Oct. 17, 2016	Oct. 17, 2016
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		5 years	5 years
Noncontrolling Interest, Ownership Percentage by Parent		75.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		25.00%
Wilmot [Member]
Business Acquisition, Effective Date of Acquisition				Jan. 19, 2016
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				10 years
Business Combination, Consideration Transferred				$ 20,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment									$ 12,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill									400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets									200
Goodwill Acquired During Period				$ 7,400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable									$ 300
United States of America, Dollars | Whistler Blackcomb [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables							$ 37,567
Business Combination, Consideration Transferred		$ 1,087,203
Business Acquisition, Share Price | $ / shares		$ 13.31
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual					$ 229,700
Business Combination, Consideration Transferred		$ 512,558
Business Combination, Consideration Transferred, Other		4,308
Total Estimated Purchase Consideration							1,274,090
Realized Investment Gains (Losses)		800
Goodwill, Purchase Accounting Adjustments					7,700
Payments to Acquire Businesses, Gross		509,200
Foreign Currency Transaction Gain (Loss), Realized		$ 3,400
Business Acquisition, Transaction Costs	$ 200				3,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment							332,609
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill							152,035
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets							1,907
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets							144,922
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities							75,175
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned							574,645
Share Price | $ / shares								$ 153.41
Business Acquisition, Purchase Price Allocation, Real estate held for sale and investment							$ 8,216
Canada, Dollars | Whistler Blackcomb [Member]
Business Acquisition, Share Price | $ / shares		$ 17.50
Business Combination, Consideration Transferred | CAD			CAD 673.8
Noncontrolling Interests [Member]
Noncontrolling Interest, Increase from Business Combination		$ 182,579			182,579
Common Stock [Member] | Whistler Blackcomb [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares		3,327,719	3,327,719
Exchangeable Shares [Member] | Whistler Blackcomb [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares		418,095	418,095
Mountain [Member] | United States of America, Dollars | Whistler Blackcomb [Member]
Goodwill Acquired During Period					$ 956,876

Acquisitions (Summary Of Estima

Acquisitions (Summary Of Estimate Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2016USD ($)shares	Apr. 30, 2016USD ($)	Apr. 30, 2017USD ($)	Apr. 30, 2016USD ($)	Oct. 17, 2016USD ($)	Oct. 14, 2016$ / shares	Jan. 19, 2016USD ($)
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired			$ 512,348	$ 20,245
Goodwill Acquired During Period			956,876
Noncontrolling Interest, Increase from Business Combination			182,579
Whistler Blackcomb [Member]
Business Acquisition [Line Items]
Shares Purchased to Acquire Business | shares	38,500
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
Foreign Currency Exchange Rate, Translation						0.097294
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	3,746
Wilmot [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment							$ 12,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill							400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets							200
Goodwill Acquired During Period		$ 7,400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable							$ 300
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		10 years
Business Combination, Cash Consideration Transferred		$ 20,200
United States of America, Dollars | Whistler Blackcomb [Member]
Business Acquisition [Line Items]
Indefinite-Lived Trademarks					$ 139,977
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables					37,567
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					332,609
Business Acquisition, Purchase Price Allocation, Real estate held for sale and investment					8,216
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill					152,035
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent					8,138
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets					1,907
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					(75,175)
Business Combination, Consideration Transferred	$ 1,087,203
Finite-Lived Customer Relationships, Gross					7,950
Payments to Acquire Management Contract Rights	4,108
Share Price | $ / shares						$ 153.41
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned					574,645
Business Combination, Cash Consideration Transferred	512,558
Business Combination, Consideration Transferred, Other	4,308
Total Estimated Purchase Consideration					1,274,090
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt					(144,922)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other					$ (3,161)
Noncontrolling Interests [Member]
Business Acquisition [Line Items]
Noncontrolling Interest, Increase from Business Combination	$ 182,579		182,579
Mountain [Member] | United States of America, Dollars | Whistler Blackcomb [Member]
Business Acquisition [Line Items]
Goodwill Acquired During Period			$ 956,876

Acquisitions (Summary Pro Forma

Acquisitions (Summary Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Pro Forma Financial Information [Line Items]
Pro forma net revenue	$ 752,462	$ 1,720,758	$ 1,631,813
Pro forma net income attributable to Vail Resorts, Inc.	$ 184,064	$ 270,418	$ 248,187
Pro forma basic net income per share attributable to Vail Resorts, Inc.	$ 4.61	$ 6.76	$ 6.20
Pro forma diluted net income per share attributable to Vail Resorts, Inc.	$ 4.49	$ 6.58	$ 6.04

Supplementary Balance Sheet I35

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Jul. 31, 2016	Apr. 30, 2016
Property, Plant and Equipment [Line Items]
Land and land improvements	$ 531,058	$ 440,300	$ 439,815
Buildings and building improvements	1,170,700	1,025,515	1,028,408
Machinery and equipment	967,157	866,008	878,730
Furniture and fixtures	275,235	284,959	305,159
Software	105,352	103,754	112,551
Vehicles	61,415	58,159	62,166
Construction in progress	34,029	39,396	28,019
Gross property, plant and equipment	3,144,946	2,818,091	2,854,848
Accumulated depreciation	(1,497,942)	(1,454,277)	(1,484,474)
Property, plant and equipment, net	$ 1,647,004	$ 1,363,814	$ 1,370,374

Supplementary Balance Sheet I36

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Jul. 31, 2016	Apr. 30, 2016
Balance Sheet Related Disclosures [Abstract]
Trade payables	$ 51,305	$ 72,658	$ 47,144
Deferred revenue	206,534	182,506	164,927
Accrued salaries, wages and deferred compensation	36,162	43,086	34,403
Accrued benefits	36,401	29,175	29,625
Deposits	22,117	23,307	21,641
Other liabilities	50,766	46,756	40,349
Total accounts payable and accrued liabilities	$ 403,285	$ 397,488	$ 338,089

Supplementary Balance Sheet I37

Supplementary Balance Sheet Information (Components Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Jul. 31, 2016	Apr. 30, 2016
Balance Sheet Related Disclosures [Abstract]
Private club deferred initiation fee revenue	$ 120,260	$ 121,750	$ 123,341
Unfavorable lease obligation, net	25,254	27,322	28,005
Other long-term liabilities	134,689	121,096	97,952
Total other long-term liabilities	$ 280,203	$ 270,168	$ 249,298

Supplementary Balance Sheet I38

Supplementary Balance Sheet Information Changes in Goodwill Amount (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 30, 2017	Jul. 31, 2016	Apr. 30, 2016
Goodwill [Line Items]
Balance at July 31, 2016	$ 1,430,008	$ 509,037	$ 509,083
Whistler Blackcomb acquisition	956,876
Effects of changes in foreign currency exchange rates	(35,905)
Mountain [Member]
Goodwill [Line Items]
Balance at July 31, 2016	1,362,109	441,138
Effects of changes in foreign currency exchange rates	(35,905)
Lodging [Member]
Goodwill [Line Items]
Balance at July 31, 2016	67,899	$ 67,899
Whistler Blackcomb acquisition	0
Effects of changes in foreign currency exchange rates	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands, CAD in Millions	9 Months Ended
	Apr. 30, 2017USD ($)	Apr. 30, 2016USD ($)	Apr. 30, 2017CAD	Jul. 31, 2016USD ($)	Jul. 31, 2015USD ($)
Contingent Consideration	$ 26,200	$ 6,900		$ 11,100	$ 6,900
Business Combination, Contingent Consideration Arrangements, Description	The lease for Park City provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceed approximately $35 million, as established at the transaction date, with such threshold amount subsequently increased annually by an inflation linked index and a 10% adjustment for any capital improvements or investments made under the lease by the Company.
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Adverse Change in Other Assumption, Description	The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance would result in a change in the estimated fair value within the range of approximately $2.0 million to $5.5 million.
Contingent Consideration, Key Assumptions for Valuation	The fair value of Contingent Consideration includes the estimated future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed growth factor. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. Key assumptions included a discount rate of 10.2%, volatility of 16.0%, and future period Park City EBITDA and capital expenditures, which are unobservable inputs and thus are considered Level 3 inputs.
Derivative, Maturity Date	Sep. 1, 2020
Money Market	$ 3,005
Interest Rate Swap	1,181
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	15,100	0
Level 1 [Member]
Contingent Consideration	0	0		0
Interest Rate Swap	0
Level 2 [Member]
Contingent Consideration	0	0		0
Money Market	0
Interest Rate Swap	1,181
Fair Value, Inputs, Level 3 [Member]
Contingent Consideration	26,200	6,900		11,100
Money Market	0
Interest Rate Swap	0
Money Market Funds [Member] | Level 1 [Member]
Money Market	3,005
Commercial Paper [Member]
Commercial Paper	2,401	2,401		2,401
Commercial Paper [Member] | Level 2 [Member]
Commercial Paper	2,401	2,401		2,401
Certificates of Deposit [Member]
Commercial Paper	2,404	2,402		2,403
Certificates of Deposit [Member] | Level 2 [Member]
Commercial Paper	2,404	$ 2,402		$ 2,403
Canada, Dollars
Interest Rate Swap | CAD			CAD 125
United States of America, Dollars
Interest Rate Swap	$ 91,600

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Apr. 30, 2017	Jul. 31, 2016	Apr. 30, 2016
Amount outstanding in letters of credit	$ 67.4
Surety Bonds Outstanding	9.3
Holland Creek Metropolitan District [Member]
Credit-enhanced bonds issued amount	6.3
Amount outstanding in letters of credit	6.4
Red Sky Ranch Metropolitan District [Member]
Other long-term liabilities	$ 2	$ 2	$ 1.8
Estimated cessation date of capital improvement fee payment obligation	Jul. 31, 2031
Employee Housing Bonds [Member]
Amount outstanding in letters of credit	$ 53.4
Workers' Compensation and General Liability Related to Construction and Development Activities [Member]
Amount outstanding in letters of credit	$ 14

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016	Jul. 31, 2016
Total Mountain net revenue	$ 721,160	$ 572,805	$ 1,486,026	$ 1,206,610
Lodging	68,601	72,933	201,887	200,026
Total Resort net revenue	789,761	645,738	1,687,913	1,406,636
Real estate	4,870	1,734	10,181	14,766
Total net revenue	794,631	647,472	1,698,094	1,421,402
Mountain	340,390	281,968	863,882	729,382
Lodging	57,897	57,422	181,660	176,170
Total Resort operating expense	398,287	339,390	1,045,542	905,552
Real estate	9,818	3,085	17,144	17,043
Total segment operating expense	408,105	342,475	1,062,686	922,595
Gain on sale of real property	0	19	6,466	1,810
Mountain equity investment income, net	521	211	1,510	992
Total Reported EBITDA	387,047	305,227	643,384	501,609
Real estate held for sale and investment	108,217	116,874	108,217	116,874	$ 111,088
Depreciation and amortization	(50,029)	(41,472)	(140,236)	(120,713)
Change in estimated fair value of contingent consideration (Note 7)	(14,500)	0	(15,100)	0
Loss on disposal of fixed assets and other, net	(1,924)	(164)	(4,705)	(3,149)
Investment income and other, net	210	150	5,881	509
Interest expense and other, net	(23,313)	(10,400)	(44,325)	(31,905)
Income before provision for income taxes	297,491	253,341	444,899	346,351
Provision for income taxes	(100,635)	(95,804)	(151,933)	(131,613)
Net income	196,856	157,537	292,966	214,738
Net (income) loss attributable to noncontrolling interests	(15,749)	95	(25,267)	289
Net income attributable to Vail Resorts, Inc.	181,107	157,632	267,699	215,027
Lift Tickets [Member]
Total Mountain net revenue	419,647	334,789	799,324	642,627
Ski School [Member]
Total Mountain net revenue	91,704	74,279	173,674	139,703
Dining [Member]
Total Mountain net revenue	65,618	51,000	133,352	108,093
Retail/Rental [Member]
Total Mountain net revenue	102,104	79,384	261,816	214,748
Other [Member]
Total Mountain net revenue	42,087	33,353	117,860	101,439
Resort [Member]
Total Reported EBITDA	391,995	306,559	643,881	502,076
Mountain [Member]
Total Reported EBITDA	381,291	291,048	623,654	478,220
Lodging [Member]
Total Reported EBITDA	10,704	15,511	20,227	23,856
Real Estate [Member]
Total Reported EBITDA	$ (4,948)	$ (1,332)	$ (497)	$ (467)

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016	Jul. 31, 2016	Dec. 04, 2015	Jul. 16, 2008	Mar. 09, 2006
Accelerated Share Repurchases [Line Items]
Number of shares authorized to repurchase	7,500,000		7,500,000					3,000,000
Additional number of shares authorized to repurchase						1,500,000	3,000,000
Treasury Stock, Shares, Acquired	0	108,036	1,317	485,866
Payments for Repurchase of Common Stock		$ 13,800	$ 210	$ 53,787
Number of shares repurchased since inception	5,436,294	5,434,977	5,436,294	5,434,977	5,434,977
Value of stock repurchased since inception	$ 247,189	$ 246,979	$ 247,189	$ 246,979	$ 246,979
Remaining shares available for repurchase under existing program	2,063,706		2,063,706

Subsequent Events (Details)

Subsequent Events (Details) - Stowe [Member] $ in Millions	9 Months Ended
	Apr. 30, 2017USD ($)
Subsequent Event [Line Items]
Business Acquisition, Effective Date of Acquisition	Jun. 7, 2017
Business Combination, Consideration Transferred	$ 41