VAIL RESORTS POSTS FIRST QUARTER NET LOSS OF $20.8M

          Vail Resorts posted a net loss of $20.8M for the first
     quarter, "the slowest period for the ski company under a new
     reporting system," according to Erika Gonzalez of the ROCKY
     MOUNTAIN NEWS.  Vail recently changed its FY-end from
     September 30 to July 31, pushing the majority of the season
     into the second and third quarters.  Net revenue during the
     quarter declined "slightly" to $28.5M from $29M during the
     1Q of '96.  The company's $20.8M loss during the quarter
     represents a 2.5% increase over the $16.5M loss reported in
     the first quarter of '96 (ROCKY MOUNTAIN NEWS, 12/11).  Vail
     Resorts operates Vail, Beaver Creek, Keystone and
     Breckenridge ski resorts (GAZETTE TELEGRAPH, 12/11).
          AGENCY NEWS: Vail Resorts has selected Dallas-based
     Brierley & Partners to handle its direct marketing and
     interactive account, previously handled in-house.  Billings
     were estimated at $4M (N.Y. TIMES, 12/11).