-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 L5V/tDQToRqMtRkdVSfCsRD19U+lUPRn7Sf4iCHkr5fgFPj9i1LgBxCJtByuRCJi
 L3ZrH3DZbo04PdhZ7nKRkA==

<SEC-DOCUMENT>0000950162-04-001126.txt : 20040930
<SEC-HEADER>0000950162-04-001126.hdr.sgml : 20040930
<ACCEPTANCE-DATETIME>20040930163823
ACCESSION NUMBER:		0000950162-04-001126
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040928
FILED AS OF DATE:		20040930
DATE AS OF CHANGE:		20040930

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			APOLLO SKI PARTNERS L P
		CENTRAL INDEX KEY:			0000916148
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09614
		FILM NUMBER:		041055606

	BUSINESS ADDRESS:	
		STREET 1:		C/O APOLLO ADVISORS LP
		STREET 2:		10250 CONSTELLATION BLVD SUITE 2900
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		9146948000

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VAIL RESORTS INC
		CENTRAL INDEX KEY:			0000812011
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				510291762
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	BUSINESS ADDRESS:	
		STREET 1:		137 BENCHMARK ROAD
		STREET 2:		C/O ANACONDA TOWER
		CITY:			AVON
		STATE:			CO
		ZIP:			81620
		BUSINESS PHONE:		9708452950

	MAIL ADDRESS:	
		STREET 1:		137 BENCHMARK ROAD
		CITY:			AVON
		STATE:			CO
		ZIP:			81620

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			APOLLO INVESTMENT FUND L P
		CENTRAL INDEX KEY:			0000916145
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09614
		FILM NUMBER:		041055605

	BUSINESS ADDRESS:	
		STREET 1:		C/O APOLLO ADVISORS LP
		STREET 2:		1999 AVENUE OF THE STARS SUITE 1900
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		2136122630

	MAIL ADDRESS:	
		STREET 1:		C/O APOLLO ADVISORS LP
		STREET 2:		TWO MANHATTANVILLE ROAD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			APOLLO ADVISORS L P /NY
		CENTRAL INDEX KEY:			0000919525
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09614
		FILM NUMBER:		041055607

	BUSINESS ADDRESS:	
		STREET 1:		1999 AVENUE OF THE STARS
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		3102014122

	MAIL ADDRESS:	
		STREET 1:		1999 AVENUE OF THE STARS
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>apolloskiform4093004_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-09-28</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000812011</issuerCik>
        <issuerName>VAIL RESORTS INC</issuerName>
        <issuerTradingSymbol>MTN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000916148</rptOwnerCik>
            <rptOwnerName>APOLLO SKI PARTNERS L P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O APOLLO ADVISORS LP</rptOwnerStreet1>
            <rptOwnerStreet2>TWO MANHATTANVILLE ROAD</rptOwnerStreet2>
            <rptOwnerCity>PURCHASE</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10577</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000916145</rptOwnerCik>
            <rptOwnerName>APOLLO INVESTMENT FUND L P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O APOLLO ADVISORS LP</rptOwnerStreet1>
            <rptOwnerStreet2>TWO MANHATTANVILLE ROAD</rptOwnerStreet2>
            <rptOwnerCity>PURCHASE</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10577</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000919525</rptOwnerCik>
            <rptOwnerName>APOLLO ADVISORS L P /NY</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>TWO MANHATTANVILLE ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PURCHASE</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10577</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-09-28</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6114542</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, $0.01 par value per share</value>
            </securityTitle>
            <transactionDate>
                <value>2004-09-28</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6114542</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6114542</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Shares of the Issuer's common stock, $0.01 par value per share (&quot;Common Stock&quot;), converted from shares of the Issuer's Class
 A common stock (&quot;Class A Stock&quot;) previously held for the account of Apollo Ski Partners, L.P., a Delaware limited
 partnership (&quot;Ski Partners&quot;). Each share of Class A Stock is convertible into one share of Common Stock at any time at the
 option of the holder.</footnote>
        <footnote id="F2">At the end of the reporting period Ski Partners may be deemed to beneficially own 6,114,542 shares of Common Stock.</footnote>
        <footnote id="F3">These shares of Common Stock are held for the account of Ski Partners. Apollo Investment Fund, L.P., a Delaware limited
 partnership (&quot;Investment Fund&quot;), serves as general partner of Ski Partners. Apollo Advisors, L.P., a Delaware limited
partnership (&quot;Advisors&quot;), serves as managing general partner of the Investment Fund. Apollo Capital Management, Inc., a
 Delaware corporation (&quot;Capital Management&quot;), is the general partner of Advisors. Messrs. Leon Black and John Hannan are the
directors and principal executive officers of Capital Management; each of Messrs. Black and Hannan disclaim beneficial
 ownership of the Common Stock held for the account of Ski Partners.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Patricia M. Navis, as Vice President of Apollo Capital Management, Inc., as General Partner of Apollo Advisors, L.P., as Managing General Partner of Apollo Investment Fund, L.P., as General Partner of Apollo Ski Partners, L.P.</signatureName>
        <signatureDate>2004-09-30</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Patricia M. Navis, as Vice President of Apollo Capital Management, Inc., as General Partner of Apollo Advisors, L.P., as Managing General Patner of Apollo Investment Fund, L.P.</signatureName>
        <signatureDate>2004-09-30</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Patricia M. Navis, as Vice President of Apollo Capital Management, Inc., as General Partner of Apollo Advisors, L.P.</signatureName>
        <signatureDate>2004-09-30</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----