Great Wolf narrows losses
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Indoor waterparks company Great Wolf Resorts has reported third quarter results showing total revenues up 5.6 per cent on the same time last year.
The period ending 30 September, 2010 saw a rise from US$76.8m (£47.2m) to US$81.1m (£50m) as consumer demand picked up during the stronger summer season. Adjusted EBITDA was up 3.5 per cent in the quarter to US$25.7m (£15.8m), compared with US$24.8m (£15.2m) in Q3 2009.
Same store total revenue per occupied room and same store average daily rate both increased by 2.2 per cent. The period also saw Great Wolf reducing its net loss to US$1m (£615,000), compared with a net loss $36.9m (£22.7m) at the same time last year. This was primarily due to the effect of higher year-on-year revenues, as well as an impairment charge of US$24m (£14.8m) in the 2009 results relating to the company's Blue Harbor Resort in Sheboygan, Wisconsin.
The period included - in August - the opening of the first Scooops Kid Spa outside of a Great Wolf Lodge resort. This was in Mall of America, a retail destination and entertainment complex in Bloomington, Minnesota. Scooops Kid Spa offers children aged 4-15 a range of specially designed packages including ice-cream themed manicures, pedicures and hair treatments
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