The location of an international ballet competition held annually in the month of January for dancers aged 12 to 18. It is one of the most established and prestigious competitions held in the world, and dancers who place in the top five are often offered postitions in a major ballet company of their choosing.
It's a big deal, but no competition is the end of the world--Julie Kent, for example, was cut in the first round of judging, and went on to become a Principle with American Ballet Theater (arguably the top american company, next to New York City Ballet. But really the two are like apples and oranges).