Great Wolf Resorts Announces Presentation at the Twelfth Annual ICR XChange Conference and Increases Guidance for Fourth Quarter 2009

Great Wolf Resorts, Inc. (NASDAQ: WOLF), North America’s leading family of indoor waterpark resorts, announced that the Company will be presenting at the Twelfth Annual ICR XChange Conference on Wednesday, January 13^th, 2010 at the St. Regis Monarch Beach Resort & Spa in Dana Point, CA. The presentation will begin at 8:00 AM Pacific time (11:00 AM Eastern time).

Investors and interested parties may access a live audio webcast and obtain a copy of the presentation in the Investor Relations section of Great Wolf Resorts website at www.greatwolf.com.

Updated Guidance

The Company is increasing its fourth quarter 2009 earnings guidance to a range of $8.0 million to $10.0 million from the prior range of $7.0 million to $10.0 million.

About Great Wolf Resorts, Inc.

Great Wolf Resorts, Inc.^® (NASDAQ: WOLF), Madison, Wis., is North America’s largest family of indoor waterpark resorts, and, through its subsidiaries and affiliates, owns, licenses and/or operates its family resorts under the Great Wolf Lodge^® and Blue Harbor Resort^™ brands. Great Wolf Resorts is a fully integrated resort company with Great Wolf Lodge locations in: Wisconsin Dells, Wis.; Sandusky, Ohio; Traverse City, Mich.; Kansas City, Kan.; Williamsburg, Va.; the Pocono Mountains, Pa.; Niagara Falls, Ontario; Mason, Ohio; Grapevine, Texas; Grand Mound, Wash.; and Concord, N.C.; and Blue Harbor Resort & Conference Center in Sheboygan, Wis. Through Great Wolf Resorts’ environmental sustainability program, Project Green Wolf^™, the Company is the first and only national hotel chain to have all US properties Green Seal^™ Certified – Silver.

The Company’s resorts are family-oriented destination facilities that generally feature 300 – 600 rooms and a large indoor entertainment area measuring 40,000 – 100,000 square feet. The all-suite properties offer a variety of room styles, arcade/game rooms, fitness rooms, themed restaurants, spas, supervised children’s activities and other amenities. Additional information may be found on the Company’s Web site at www.greatwolf.com.