Great Wolf Resorts, Inc. Extends Consent Solicitation For 10.875% First Mortgage Notes Due 2017 And Amends Certain Terms

Great Wolf Resorts, Inc. (NASDAQ: WOLF) (“ Great Wolf”) announced today that it has further extended the expiration date of its previously announced consent solicitation (the “ Consent Solicitation”) with respect to the 10.875% First Mortgage Notes due 2017 (the “ Notes”) issued by its wholly-owned subsidiaries GWR Operating Partnership, L.L.L.P. and Great Wolf Finance Corp. (together, the “ Issuers”), seeking the consent of at least a majority of the aggregate principal amount of all outstanding Notes to (i) waive the obligation to make a “Change of Control Offer” under the indenture relating to the Notes (the “ Indenture”) with respect to, among other things, the previously announced transactions contemplated by the merger agreement dated as of March 12, 2012 (the “ Proposed COC Amendment”) and (ii) modify certain restrictive covenants in the Indenture (the “ Proposed Covenant Amendments”), in each case, subject to the terms and conditions described in the Consent Solicitation Statement, dated March 13, 2012 (as may be amended or supplemented from time to time), the accompanying Consent Letter and Supplement No. 1 to the Consent Solicitation Statement, dated April 2, 2012.

The Consent Solicitation was previously scheduled to expire at 5:00 p.m., New York City time, on April 13, 2012. The Issuers have extended the deadline for the Consent Solicitation to 5:00 p.m., New York City time, on Thursday, April 19, 2012, unless further extended.

In addition, the Issuers are amending the terms of the Consent Solicitation pursuant to a supplement to the Consent Solicitation Statement, dated April 16, 2012 (“ Supplement No. 2”) which reflects that the Issuers are no longer seeking to delete clause (5) from the definition of “Change of Control.”

Copies of Supplement No. 2 have been distributed to eligible holders of Notes. Except as set forth herein and in Supplement No. 2, the complete terms and conditions of the Consent Solicitation remain the same as set forth in the Consent Solicitation Statement, dated March 13, 2012 (as may be amended or supplemented from time to time), the accompanying Consent Letter and Supplement No. 1 to the Consent Solicitation Statement, dated April 2, 2012, copies of which were also previously distributed to eligible holders of Notes.

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