VAIL RESORTS INC
EXHIBIT 10.34
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<p align="RIGHT"><b><a name="CGRCurrPG"></a>Exhibit 10.34</b></p>

<p align="CENTER">____________________</p>

<p align="CENTER">SUPPLEMENTAL INDENTURE</p>

<p align="CENTER">Dated as of March 10, 2006</p>

<p align="CENTER">to</p>

<p align="CENTER">INDENTURE</p>

<p align="CENTER">Dated as of January&nbsp;29, 2004</p>

<p align="CENTER">among</p>

<p align="CENTER">VAIL RESORTS, INC., as Issuer,</p>

<p align="CENTER">the Guarantors named therein, as Guarantors,</p>

<p align="CENTER">and</p>

<p align="CENTER">THE BANK OF NEW YORK, as Trustee</p>

<p align="CENTER">____________________</p>

<p align="CENTER">6&nbsp;3/4&nbsp;% Senior Subordinated Notes due 2014</p>

<p align="JUSTIFY">SUPPLEMENTAL INDENTURE, dated as of March 10, 2006, among Vail Resorts, Inc., a Delaware corporation (the "<u>Issuer</u>"), the Guarantors named on the signature pages hereto (the "<u>Guarantors</u>"), the Additional Guarantors named on the
signature pages hereto (collectively the "<u>Additional Guarantors</u>"), and The Bank of New York, as Trustee (the "<u>Trustee</u>").</p>

<p align="JUSTIFY">WHEREAS, the Issuer and the Guarantors have heretofore executed and delivered to the Trustee an Indenture dated as of January&nbsp;29, 2004 (the "<u>Indenture</u>") providing for the issuance of $390,000,000 aggregate principal amount of
6&nbsp;3/4% Senior Subordinated Notes due 2014 of the Company (the "<u>Notes</u>"); and</p>

<p align="JUSTIFY">WHEREAS, subsequent to the execution of the Indenture and the issuance of $390,000,000 aggregate principal amount of the Notes, each of the Additional Guarantors has become a guarantor under the Credit Agreement; and</p>

<p align="JUSTIFY">WHEREAS, pursuant to and as contemplated by Sections 4.18 and 9.01 of the Indenture, the parties hereto desire to execute and deliver this Supplemental Indenture for the purpose of providing for each Additional Guarantor to expressly assume all the
obligations of a Guarantor under the Notes and the Indenture;</p>

<p align="JUSTIFY">NOW, THEREFORE, in consideration of the above premises, each party agrees, for the benefit of the other and for the equal and ratable benefit of the Holders of the Notes, as follows:</p>

<p align="CENTER">I.<br>
<br>
ASSUMPTION OF GUARANTEES</p>

<p align="JUSTIFY">Each Additional Guarantor, as provided by Section 4.18 of the Indenture, jointly and severally, hereby unconditionally expressly assumes all of the obligations of a Guarantor under the Notes and the Indenture to the fullest as set forth in Article
12 of the Indenture; and each Additional Guarantor may expressly exercise every right and power of a Guarantor under the Indenture with the same effect as if it had been named a Guarantor therein.</p>

<p align="CENTER">II.<br>
<br>
MISCELLANEOUS PROVISIONS</p>

<p align="JUSTIFY">A.	<u>Terms Defined</u>.</p>

<p align="JUSTIFY">For all purposes of this Supplemental Indenture, except as otherwise defined or unless the context otherwise requires, terms used in capitalized form in this Supplemental Indenture and defined in the Indenture have the meanings specified in the
Indenture.</p>

<p align="JUSTIFY">B.	<u>Indenture</u>.</p>

<p align="JUSTIFY">Except as amended hereby, the Indenture and the Notes are in all respects ratified and confirmed and all the terms shall remain in full force and effect.</p>

<p align="JUSTIFY">C.	<b><u>Governing Law</u>.</b></p>

<p align="JUSTIFY"><b>THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICT OF LAWS.</b></p>

<p align="JUSTIFY">D.	<u>Successors</u>.</p>

<p align="JUSTIFY">All agreements of the Company, the Guarantors and the Additional Guarantors in this Supplemental Indenture, the Notes and the Guarantees shall bind their respective successors. All agreements of the Trustee in this Supplemental Indenture shall bind
its successors.</p>

<p align="JUSTIFY">E.	<u>Duplicate Originals</u>.</p>

<p align="JUSTIFY">The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together shall represent the same agreement.</p>

<p align="CENTER">SIGNATURES</p>

<p align="JUSTIFY">IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first written above.</p>

<div style="margin-left: 20em">
<p align="JUSTIFY">ISSUER:</p>

<p align="JUSTIFY">VAIL RESORTS, INC.<a name="SendFinalTemp"></a></p>

<p>By:	<u>	Martha D. Rehm	</u><br>
	Name:	Martha Dugan Rehm<br>
	Title:	Executive Vice President</p>

<div style="margin-left: 4em">
<p align="JUSTIFY">GUARANTORS:</p>
</div>

<p>BEAVER CREEK ASSOCIATES, INC.</p>

<p>BEAVER CREEK CONSULTANTS, INC.</p>

<p>BEAVER CREEK FOOD SERVICES, INC.</p>

<p>BRECKENRIDGE RESORT PROPERTIES, INC.</p>

<p>COMPLETE TELECOMMUNICATIONS, INC.</p>

<p>GILLETT BROADCASTING, INC.</p>

<p>GRAND TETON LODGE COMPANY</p>

<p>HEAVENLY VALLEY, LIMITED PARTNERSHIP</p>

<p>JACKSON HOLE GOLF AND TENNIS CLUB, INC.</p>

<p>JHL&amp;S LLC</p>

<p>KEYSTONE CONFERENCE SERVICES, INC.</p>

<p>KEYSTONE DEVELOPMENT SALES, INC.</p>

<p>KEYSTONE FOOD AND BEVERAGE COMPANY</p>

<p>KEYSTONE RESORT PROPERTY MANAGEMENT</p>

<p>COMPANY</p>

<p>LODGE PROPERTIES, INC.</p>

<p>LODGE REALTY, INC.</p>

<p>PROPERTY MANAGEMENT ACQUISITION CORP.,</p>

<p>INC.</p>

<p>ROCKRESORTS CASA MADRONA, LLC</p>

<p>ROCKRESORTS CHEECA, LLC</p>

<p>ROCKRESORTS EQUINOX, INC.</p>

<p>ROCKRESORTS INTERNATIONAL, LLC</p>

<p>ROCKRESORTS, LLC</p>

<p>ROCKRESORTS LA POSADA, LLC</p>

<p>ROCKRESORTS ROSARIO, LLC</p>

<p>ROCKRESORTS WYOMING, LLC</p>

<p>TETON HOSPITALITY SERVICES, INC.</p>

<p>THE VAIL CORPORATION</p>

<p>THE VILLAGE AT BRECKENRIDGE ACQUISITION</p>

<p>CORP., INC.</p>

<p>VAIL ASSOCIATES HOLDINGS, LTD.</p>

<p>VAIL ASSOCIATES REAL ESTATE, INC.</p>

<p>VAIL FOOD SERVICES, INC.</p>

<p>VAIL HOLDINGS, INC.</p>

<p>VAIL RESORTS DEVELOPMENT COMPANY</p>

<p>VAIL SUMMIT RESORTS, INC.</p>

<p>VAIL TRADEMARKS, INC.</p>

<p>VAIL/ARROWHEAD, INC.</p>

<p>VAIL/BEAVER CREEK RESORT PROPERTIES,</p>

<p>INC.</p>

<p>VAMHC, INC.</p>

<p>VAIL RR, INC.</p>

<p>VA RANCHO MIRAGE I, INC.</p>

<p>VA RANCHO MIRAGE II, INC.</p>

<p>VA RANCHO MIRAGE RESORT, L.P.</p>

<p>VR HEAVENLY I, INC.</p>

<p>VR HEAVENLY II, INC.</p>

<p>Each by its authorized officer or signatory:</p>

<p>By:<u>		Martha D. Rehm	</u><br>
	Name:	Martha D. Rehm<br>
	Title:	Senior Vice President of each<br>
		Guarantor listed above</p>

<p align="JUSTIFY">&nbsp;</p>

<p align="JUSTIFY">ADDITIONAL GUARANTORS:</p>

<p><font face="Times New (W1),Times New Roman">Rockresorts Cordillera Lodge</font></p>

<p><font face="Times New (W1),Times New Roman">Company, LLC</font></p>

<p>SOHO DEVELOPMENT, LLC</p>

<p>SSV HOLDINGS, INC.</p>

<p>VAIL HOTEL MANAGEMENT COMPANY, LLC</p>

<p>&nbsp;</p>

<p>By:<u>		Martha D. Rehm	</u><br>
	Name:	Martha D. Rehm<br>
	Title:	Senior Vice President of each Additional<br>
		Guarantor listed above</p>

<p align="JUSTIFY">&nbsp;</p>

<div style="margin-left: 2em">
<p align="JUSTIFY">TRUSTEE:</p>

<p align="JUSTIFY">THE BANK OF NEW YORK, as Trustee</p>

<p align="JUSTIFY">By:	__<u>_/Sandee Parks__</u>_______________<u><br>
</u>	Name:	Sandee Parks<br>
	</p>
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