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VAIL, CO-For more than two years, Vail Resorts has been under the shadow of a Securities and Exchange Commission investigation. The investigation was launched in February 2003. But the SEC now tells the ski mountain operator, resort hotel and mountain development company that it has terminated the investigation to review accounting errors, financial reporting irregularities and questionable compensation practices.

No enforcement action has been recommended against Vail. The company also was told by the SEC that no enforcement action has been recommended with respect to any present or former directors, officers or employees of the company in regard to the matters that had been under investigation. The SEC had subpoenaed various documents, as part of the investigation, which officials said they had fully cooperated with from the beginning.

Vail Resorts Inc.’s subsidiaries operate the mountain resorts of Vail, Beaver Creek, Breckenridge and Keystone in Colorado, Heavenly in California and Nevada, and the Grand Teton Lodge Co. in Jackson Hole, WY. The company’s subsidiary, RockResorts, a luxury-resort hotel company, manages properties across the US. Vail Resorts Development Co. is the real estate planning, development and construction subsidiary of Vail Resorts Inc.

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