*Begins Construction on Sections 3 & 4
Company Press Release: Silverleaf Resorts, Inc.
July 21,2000
DALLAS, TX -- Silverleaf Resorts, Inc. (NYSE:SVR) yesterday announced that it has completed the construction of
Section 2 at the Company's Fox River Resort, outside Chicago, IL. Driven by dramatic sales of more than $70 million
in just two years, Silverleaf's Fox River Resort has already completed its first two sections totaling 174 Lodge
Getaway units and plans to begin construction on the next two sections, which will include the upscale Presidential
units.
Silverleaf's Fox River Resort opened in November 1997. It is situated along the shores of the Fox River, and the
area's gentle rolling hills and seven-acre stocked lake provide an ideal environment for outdoor activities such
as canoeing, fishing, swimming, miniature golf and tennis.
``Fox River was Silverleaf's first drive-to resort outside of Texas, and it has become the most successful start-up
in the Company's history,'' commented Sharon Brayfield, President. ``With sales in excess of $70 million at this
single site, we were right in choosing Fox River to be our showcase resort of what we can do in strategically chosen
markets. In just two and a half years, it represents over 6,300 members of our total ownership base. Every indication
is that Fox River will remain in demand, and the construction of additional units ensures that the Company will
be able to accommodate a growing number of vacationers for years to come.''
Silverleaf is now developing a second amenities area at Fox River. It will include a lighted tennis facility, an
outdoor swimming pool and bathhouse, an all-season sport court that can be converted to an ice rink during the
winter pool with a retractable all-season cover and making many improvements to the existing 7,000 square foot
club house that will feature a video arcade, fitness center, family movie and entertainment center, snack bar and
game room.
Based in Dallas, Texas, Silverleaf Resorts, Inc. currently owns and/or operates 22 resorts in various stages of
development. Silverleaf resorts offer a wide array of country club-like amenities, such as golf, swimming, horseback
riding, boating, and many organized activities forchildren and adults. Silverleaf has a managed ownership base
of over 110,000. Further information on the Company may be found on itswebsite, www.silverleafresorts.com.
This release contains certain forward-looking statements which involve risks and uncertainties and actual results
may differmaterially from those anticipated. The Company is subject to specific risks associated with the timeshare
industry, the regulatory upon the Company's ability to identify and acquire or develop other operations under terms
which are beneficial to the Company and its shareholders. Other risk factors are more fully discussed under ``Cautionary
Statements'' in the Company's SEC reports, including the Company's 1999 annual report on Form 10K (pages 29 through
35).
SOURCE: Silverleaf Resorts, Inc.