Great Wolf Lodge in Kansas City Sustains Minor Tornado Damage

Resort Remains Open; Waterpark Area Expected to Re-open March 15

MADISON, Wis., March 14 /PRNewswire-FirstCall/ — Great Wolf Resorts, Inc. (NASDAQ:WOLF) , the nation’s largest owner, operator and developer of drive-to family resorts featuring indoor waterparks and other family-oriented entertainment activities, today announced that, according to initial assessments, its Kansas City, Kan. Great Wolf Lodge sustained only minor tornado-wind damage following severe weather that struck the Kansas City area over the weekend.

“A preliminary engineering survey indicates that the damage appears to be limited to the skylight area on the roof of the indoor waterpark,” said John Emery, Great Wolf Resorts chief executive officer. “Most importantly, no staff or guests were injured. Engineers are at our property assessing the total extent of the damage, but the initial conclusion is that there was no serious structural damage to the resort. The resort remains open, although the waterpark will be closed until the skylight is repaired.”

Emery noted that, weather permitting, temporary repairs to the waterpark roof should be completed and the waterpark reopened by Wednesday, March 15th. “Based on our initial review, we expect lost revenue and property repairs to total between $500,000 and $700,000. The property is covered by insurance, including coverage for business interruption. We will bear the cost of any insurance deductibles, and we currently are determining property repair and lost business estimates with our insurance carrier. The permanent replacement of the skylight will take several days and will be scheduled to occur during a slower business period in the late spring. We anticipate minimal disruption to our business at this time. We expect to have a full report from engineers within several days. At this point, we expect that the tornado-related events will have a minor impact on our first quarter 2006 results. We will provide an update when the assessment is complete.”

About Great Wolf Resorts, Inc.

Madison, Wis.-based Great Wolf Resorts, Inc. is the nation’s leader in indoor water park destination resorts and owns and operates its family resorts under the Great Wolf Lodge(R) and Blue Harbor Resort 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.; and Blue Harbor Resort & Conference Center in Sheboygan, Wis. Great Wolf Resorts also has projects currently under construction or in pre-development in: Niagara Falls, Ontario; Mason, Ohio; Chehalis, Wash.; and Grapevine, Texas.

The company’s resorts are family-oriented destination facilities that generally feature 300 to 400 rooms and a large indoor entertainment area measuring 40,000 to 100,000 square feet. The all-suite properties offer a variety of room styles, arcade/game rooms, fitness centers, themed restaurants, spas, supervised children’s activities and other amenities. Additional information may be found on the company’s website at http://www.greatwolf.com/.

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 level 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, the company’s ability to attract a significant number of guests from their target markets, the company’s ability to develop new resorts or further develop existing resorts on a timely or cost-efficient basis, the company’s ability to manage growth, 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, resolution of recently filed securities class action litigation against us and other defendants, and the company’s ability to protect its intellectual property and the value of its brands.

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.

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