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en The company has a magnificent group of resorts and real estate assets. We're interested in developments that can showcase our resorts.
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en They come from a background of resorts and understanding resorts and lodging. They are also one of the strongest real estate players in North America.
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en With the opening of these developments, we will have more than doubled the size of our operating resort portfolio in about three years. With the cash we recently received from the sale of two resorts to the joint venture with CNL and our strong operating cash flow, we are well-positioned to stay on track to begin at least two new projects a year, as well as selectively add condominiums and/or additional rooms and expanded facilities at existing resorts.
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en We're so proud to have all of the impressive Gaylord resorts as members. It's a perfect match since all of the Gaylord resorts are truly luxurious, and each offers a wealth of extraordinary meeting space options for planners. Since Associated Luxury Hotels is the luxury market's national sales specialist, each of the Gaylord resorts fits in perfectly with our exclusive portfolio.
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en Our strategy of making targeted capital expenditures in our resorts continues to be validated by our resorts' outstanding financial performance. We will continue to strategically invest in high-return projects that generate increased operating income at our resorts. We will also be making continued investments in key domestic and international growth projects which will enhance our overall growth rate for years to come. Our strong cash flow and superior access to low-cost debt financing will allow us to maintain our financial strength even while growing the company significantly.
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en Oddly, it took a while, but resorts discovered that it's a service industry over the last few years. It's likely a product of the aging baby boomers, and as they get older, they expect more. Resorts have followed suit by adding more frills and service.
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en Some resorts have a 'develop at all costs' attitude regardless of environmental impacts or public opposition. Others rely on more caring environmental management decisions. The scorecard clearly delineates which resorts fall into each category.
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en (The waiver) says that if Vail Resorts or its employees are negligent or if they harm you, you cannot recover against Vail Resorts.
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en We're a very popular company locally. We have our critics, but everyone in the community has benefited from how well we run these ski resorts.
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en Our theme parks and resorts division continued to lead the company forward during the second quarter.
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  Michael Eisner

en Based on these announcements, we do not believe that Vail is on the selling block. However, we are confident that Mr. Katz, with his deep knowledge of Vail and extensive private equity real estate background, will actively work to maximize shareholder value through balance sheet management, cost cutting (cheaper Denver office space for one), and through the continued monetization of the company's valuable real estate assets.
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en There's a real trickle down effect when there isn't much snow. Resorts, restaurants, ski shops - we're all impacted.
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en Not many people want to come and work three jobs so they can ski one afternoon a week. A lot of the Mexicans aren't interested in skiing, they're just making a better wage than where they're coming from. At this point most resorts couldn't live without them.
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en [Fazio's case is a window into] the dark side of the real estate business, ... Real estate agents go from company to company. They do it on a regular basis, and they back-stab each other.
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en We are extremely excited to combine CPI with our company. It is the country's most productive aggregation of retail real estate assets.
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