Yikes. Is the ski area on Mt Maurice?
No, it's a drainage or two over.
The ski area is not in imminent danger, nor is the town, but some of the outlying areas have been evacuated and some structures have burnt up. Bear Creek (home of the pig races) was evacuated; that order has been lifted, but the folks I know who live there aren't planning on hanging around right now.
There's a public info meeting currently on Facebook Live via the Custer-Gallatin National Forest page (and I think the Red Lodge Fire page). Expectation is that the fire will not be done for a while, as it got big enough to smolder for a long time, but the hope is that the change in the weather will allow containment.
Inciweb details at
https://inciweb.nwcg.gov/incident/7537. The fire went from 20 -> 200 -> 2000 acres really quickly, but with the winds shifting and the weather cooling, it may not keep growing. The biggest concern identified in the meeting was the possibility that it could jump from the drainage it's currently in into the Main Fork drainage, which has both a number of structures, a lot of fuel, and US-212 in it.