Great Wolf Provides Update on Mason Mortgage Loan

MADISON, WI, Dec. 29, 2008—Great Wolf Resorts, Inc. (NASDAQ: WOLF), North America’s leading family of indoor waterpark resorts, today announced the company is still in discussions with its lenders regarding an extension of the December 30, 2008 maturity date on the company’s $76.8 million non-recourse mortgage loan on its Mason, Ohio resort property.

Until those discussions conclude in a definitive decision of whether the loan’s maturity date will be extended, the company expects to continue to operate the property normally. The company also advised that it will provide a further update on the status of the discussions regarding an extension of the maturity date as circumstances warrant.

Contacts:

Alex Lombardo, Investors, (703) 573-9317

Steve Shattuck, Media, (608) 661-4731