Great Wolf Lodge in Kansas City Sustains Minor Tornado Damage
Resort Remains Open Despite Damage to Skylight Area on the Roof of the Waterpark
MADISON, WI, March 14, 2006. 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."
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