Posted Friday, February 24, 2006 9:07 AM | Contributed by Jeff
Great Wolf Lodge posted a net loss of $38 million for its fourth quarter, but adjusted net income only shows an estimated $2 million loss, according to the company's treasurer. The adjusted numbers are the result of a $43 million write-off of goodwill in connection with the sale of 70 percent interests of the company's Wisconsin Dells and Sandusky Great Wolf Lodge resorts to the CNL Income properties joint venture. The company says the Ohio and Michigan properties are performing below historic levels.
Read more from The Sandusky Register via PointBuzz.
Uh...maybe we have to keep our prices a little lower...? :-)
That's different from cash losses from operations, where it cost you more to run the business than you actually made from it. Although, this release also shows a weakening in their operational performance. (That 50% occupancy rate must scare the heck out them...)
EDIT: Actually, it's even worse than that...I just took a better look at their release. Their comp numbers are at 47.3%!
*** This post was edited by JZarley 2/24/2006 4:41:57 PM ****** This post was edited by JZarley 2/24/2006 4:49:19 PM ***
Heres the deal, Great Wolf Leases the land for say 30 years, Builds a resort and if they don't stay in buisness for the whole time. The land owner gets gets full posession of resort.
A buddy of mine inherited his fathers Auto Garage. Pep Boys offered him a killer deal to lease the land, Tear down the 40 year old garage and build a new one with a store included.
Pep Boys went out three years into the thirty year clause. He's got a new garage out of it and is now leasing the garage to a Car X and the store is leased to a seven eleven type outfit.
You must be logged in to post