Business

Great Wolf narrows loss in first quarter

The Great Wolf Lodge in Grand Mound is shown on Friday, October. 17, 2008. (Olympian File Photo)
The Great Wolf Lodge in Grand Mound is shown on Friday, October. 17, 2008. (Olympian File Photo) The Olympian

Great Wolf Resorts of Wisconsin, which operates Great Wolf Lodge in Grand Mound, narrowed its net loss in the first quarter to $6 million from a net loss of $8.1 million in the first quarter of 2010, the company announced Wednesday.

On a per share basis, the company reported a loss of 19 cents a share in the first quarter from a loss of 26 cents a share in the year-ago period. The Madison, Wis.-based company narrowed its loss partly because it sold its 182-room Blue Harbor Resort in Sheboygan, Wis., for an overall gain of $6.7 million.

Meanwhile, total revenue in the period rose to $71.8 million from $68.8 million.

Great Wolf Resorts opened Great Wolf Lodge in Grand Mound in 2008. The south Thurston County resort features a 398-room hotel, a 74,000-square-foot indoor water park and a convention center. It also co-owns the resort with the Confederated Tribes of the Chehalis. Great Wolf Resorts has a 49 percent stake in the business, while the Chehalis Tribe has a 51 percent stake, according to regulatory documents.

Occupancy rates for the company's generation two resorts, which includes the resort in Grand Mound, rose to 64.6 percent from 63.4 percent in the first quarter of 2010. The average daily room rate for those same resorts rose to $283.28 in the first quarter from $277.21 in the first quarter of 2010.

The stock, which trades under the ticker symbol WOLF, rose 41 cents Wednesday to close at $2.71 a share. In the past 52 weeks, the stock has traded between $3.35 and a $1.78 a share.

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