-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HykupFx3l5lJGtUMDgQOff3rkgeZBgX++lq72C1ya9zX8XrAosVWCaiOcSHGSRwV
 v4RM8PIJ3Md3DM+LJ2gRUQ==

<SEC-DOCUMENT>0001179110-09-004824.txt : 20090311
<SEC-HEADER>0001179110-09-004824.hdr.sgml : 20090311
<ACCEPTANCE-DATETIME>20090311192035
ACCESSION NUMBER:		0001179110-09-004824
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090310
FILED AS OF DATE:		20090311
DATE AS OF CHANGE:		20090311

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JONES JEFFREY W
		CENTRAL INDEX KEY:			0001265321

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09614
		FILM NUMBER:		09673805

	MAIL ADDRESS:	
		STREET 1:		P O BOX 7
		CITY:			VAIL
		STATE:			CO
		ZIP:			81658

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:		390 INTERLOCKEN CRESCENT
		STREET 2:		SUITE 1000
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021
		BUSINESS PHONE:		303-404-1800

	MAIL ADDRESS:	
		STREET 1:		390 INTERLOCKEN CRESCENT
		STREET 2:		SUITE 1000
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-03-10</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001265321</rptOwnerCik>
            <rptOwnerName>JONES JEFFREY W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O VAIL RESORTS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>390 INTERLOCKEN CRESCENT</rptOwnerStreet2>
            <rptOwnerCity>BROOMFIELD</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80021</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Sr. Exec. VP and CFO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Share Appreciation Rights</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>16.51</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2009-03-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5777</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>16.51</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2010-03-10</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2019-03-10</value>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5777</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5777</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each Share Appreciation Right (each, a &quot;SAR&quot;) represents a contingent right to receive, upon vesting, an amount of shares of Issuer's common stock equal to the positive difference (if any) between the fair market value of Issuer's common stock on the exercise date and the SAR exercise price, divided by the fair market value of Issuer's common stock on the exercise date.</footnote>
        <footnote id="F2">On March 10, 2009, Reporting Person was granted 5,777 SAR's which vest in three equal annual installments commencing on the first anniversary of the grant date and expire 10 years from the grant date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Fiona E. Arnold, by Power of Attorney</signatureName>
        <signatureDate>2009-03-11</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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