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Great Wolf Resorts, Inc. Announces Initial Public Offering of Common Stock at $17.00 Per Share

Press Release: Great Wolf Resorts, Inc.
December 17, 2004
MADISON, WI -- Great Wolf Resorts, Inc. (NASDAQ:WOLF) Dec. 15 announced the pricing of its initial public offering of 14,000,000 shares of its common stock at a price of $17.00 per share. The Company has granted the underwriters an option to purchase up to 2,100,000 additional shares of common stock from the Company to cover over-allotments, if any. The offering is expected to close on December 20, 2004.

Citigroup Global Markets Inc. is the sole book-running manager, with A.G. Edwards & Sons, Inc., Raymond James & Associates, Inc., Calyon Securities (USA) Inc., Societe Generale and ThinkEquity Partners LLC acting as co-managers for the offering.

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of these securities is made only by means of a prospectus, copies of which may be obtained by contacting the prospectus department of Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, Brooklyn, NY 11220.

About Great Wolf Resorts, Inc.

Upon the completion of the initial public offering, Great Wolf Resorts, Inc. will be the largest owner, operator and developer in the United States of drive-to family resorts featuring indoor waterparks and other family-oriented entertainment activities. Great Wolf Resorts will own and operate its family resorts under the Great Wolf Lodge® and Blue Harbor Resort® brands. Great Wolf Resorts will be a fully integrated resort company with in-house expertise and resources in resort and indoor waterpark development, management, marketing and financing.

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Contact: 
     Great Wolf Resorts, Inc.
     Erin Payne, 608-661-4775
     email: epayne@greatlakesco.com


Source: Great Wolf Resorts, Inc.