MADISON, Wis., Dec. 3 WI-Great-Wolf-Resorts
MADISON, Wis., Dec. 3 /PRNewswire-FirstCall/ -- Great Wolf Resorts, Inc.
(Nasdaq: WOLF), North America's leading family of indoor waterpark resorts,
today announced that it has negotiated a 30-day extension of the November 30,
2008 maturity date on the company's $76.8 million non-recourse mortgage loan
on its Mason, Ohio resort property. During the 30-day extension period, the
company will continue discussions with the lender to obtain a longer-term
extension of the loan's maturity date. Also, the terms of the loan are
unchanged during the extension period.
Forward-Looking Statements
This press release may contain forward-looking statements within the
meaning of the federal securities laws. All statements, other than statements
of historical facts, including, among others, statements regarding Great Wolf
Resorts' future financial position, business strategy, projected levels of
growth, projected costs and projected performance and financing needs, are
forward-looking statements. Those statements include statements regarding the
intent, belief or current expectations of Great Wolf Resorts, Inc. and members
of its management team, as well as the assumptions on which such statements
are based, and generally are identified by the use of words such as "may,"
"will," "seeks," "anticipates," "believes," "estimates," "expects," "plans,"
"intends," "should" or similar expressions. Forward-looking statements are
not guarantees of future performance and involve risks and uncertainties that
actual results may differ materially from those contemplated by such
forward-looking statements. Many of these factors are beyond the company's
ability to control or predict. Such factors include, but are not limited to,
competition in the company's markets, changes in family vacation patterns and
consumer spending habits, regional or national economic downturns, the
company's ability to attract a significant number of guests from its target
markets, economic conditions in its target markets, the impact of fuel costs
and other operating costs, the company's ability to develop new resorts in
desirable markets or further develop existing resorts on a timely and cost
efficient basis, the company's ability to manage growth, including the
expansion of the company's infrastructure and systems necessary to support
growth, the company's ability to manage cash and obtain additional cash
required for growth, the general tightening in the U.S. lending markets as a
result of the subprime loan crisis, potential accidents or injuries at its
resorts, its ability to achieve or sustain profitability, downturns in its
industry segment and extreme weather conditions, increases in operating costs
and other expense items and costs, uninsured losses or losses in excess of the
company's insurance coverage, the company's ability to protect its
intellectual property, trade secrets and the value of its brands, current and
possible future legal restrictions and requirements, and other factors
discussed under Item IA (Risk Factors) in Great Wolf Resorts' 2007 Form 10-K.
We assume no duty to update these statements.
Management believes these forward-looking statements are reasonable;
however, undue reliance should not be placed on any forward-looking
statements, which are based on current expectations. All written and oral
forward-looking statements attributable to Great Wolf Resorts or persons
acting on its behalf are qualified in their entirety by these cautionary
statements. Further, forward-looking statements speak only as of the date
they are made, and the company undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over time unless
otherwise required by law.
About Great Wolf Resorts, Inc.
Great Wolf Resorts, Inc.(R) (Nasdaq: WOLF), Madison, Wis., is North
America's largest family of indoor waterpark resorts, and, through its
subsidiaries and affiliates, owns and operates its family resorts under the
Great Wolf Lodge(R) and Blue Harbor Resort(TM) brands. Great Wolf Resorts is
a fully integrated resort company and owns and/or manages Great Wolf Lodge
locations in: Wisconsin Dells, Wis.; Sandusky, Ohio; Traverse City, Mich.;
Kansas City, Kan.; Williamsburg, Va.; the Pocono Mountains, Pa.; Niagara
Falls, Ontario; Mason, Ohio; Grapevine, Texas; and Grand Mound, Wash.; and
Blue Harbor Resort & Conference Center in Sheboygan, Wis. Great Wolf Lodge in
Concord, N.C. is currently under construction and a 203-suite expansion is
currently under construction at the company's Grapevine resort.
The company's resorts are family-oriented destination facilities that
generally feature 300-400 rooms and a large indoor entertainment area
measuring 40,000-100,000 square feet. The all-suite properties offer a
variety of room styles, arcade/game rooms, fitness rooms, themed restaurants,
spas, supervised children's activities and other amenities. Additional
information may be found on the company's Web site at www.greatwolf.com.
Contact: Alex Lombardo Steve Shattuck
Investors Media
(703) 573-9317(608) 661-4731
SOURCE Great Wolf Resorts, Inc.
