Great Wolf Resorts Reports Fourth Quarter 2008 Results Exceed Consensus Estimates

Company Beats Top End of Guidance for Adjusted EBITDA

MADISON, WI/PRNewswire-FirstCall/ -- Great Wolf Resorts, Inc. (Nasdaq: WOLF), North America's leading family of indoor waterpark resorts, reports results for the fourth quarter and year ended December 31, 2008.

Highlights

-- Achieved 2008 fourth quarter Adjusted EBITDA of $11.1 million, which was significantly above consensus analysts' estimates of $8.6 million and above the company's previously issued fourth quarter guidance range of $6.6- $10.6 million.

Adjusted EBITDA for the full year 2008 was $67.6 million, also above consensus estimates and guidance.

-- Reported a 7.9 percent decline in 2008 fourth quarter Great Wolf Lodge(R) brand same store revenue per available room (RevPAR), compared to a hotel industry average decline of 9.8 percent, according to Smith Travel Research data.

The company's same store RevPAR for the full year was up 0.8 percent, compared to an industry decline of 1.9 percent.

For a complete copy of the company's news release and full financials, please contact Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297, julie@dalygray.com