Great Wolf Resorts of Madison, Wis., which operates Great Wolf Lodge in Grand Mound, reported a deeper net loss in the fourth quarter of 2010 because of a noncash $18.7 million impairment charge tied to properties in Traverse City, Mich., and Kansas City, Kan.
The operator of waterpark resorts posted a $29.2 million net loss in the fourth quarter of 2010, compared with a loss of $10.2 million in the same quarter a year ago. Although the company reported a sharper net loss, total revenue rose to $63.9 million from $56.2 million in the year-over-year fourth-quarter period.
For the full year, the company’s net loss improved to $51 million for 2010, compared with a loss of $58.4 million for 2009. Total revenue for the year grew to $284.2 million in 2010 from $264 million in 2009.
Meanwhile, occupancy rates for the company’s Generation II resorts, which includes Grand Mound, rose to 54 percent in the fourth quarter of 2010 from 50.8 percent in the year ago period. Average daily room rates in the same period rose to $266.50 from $255.93.
Great Wolf’s stock, which trades under the ticker symbol WOLF, fell more than 4 percent or 14 cents to close at $2.86 a share Wednesday.