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"And yet, the company just continues to beat expectations and open new resorts."

I wouldn't say the company is exceeding expectations but it does seem to be doing a decent job of stable controlled growth. The new resorts they have opened have showed good performance. Expect several more resorts in the pipeline during the earnings release next week. I am from Wisconsin, and have known of this company long before they went public. I thought the public offering was a bit high, but I greedily bought shares about a year ago when they fell significantly below the book value. ~$9-$10 a share. I think Great Wolf has the potential for significant gains with limited downside due to the significant real value of the property.

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