GWL Reports 3Q Results

...In the third quarter of 2009, adjusted EBITDA increased 7.7 percent to $24.8 million from $23.0 million in the third quarter of 2008. Total revenues increased 10.7 percent to $76.8 million from $69.4 million in the third quarter of 2008.

In light of the challenging economic environment, the Company remained focused

on minimizing controllable costs. The three categories that make up the majority

of controllable costs are resort departmental expenses, selling, general and

administrative (SG&A) costs and property operating costs. As a percentage of

revenues, these costs were 61.9 percent compared to 59.1 percent in the 2008

third quarter.

The slight year over year increase in costs was primarily due to

less capitalized labor and overhead costs for construction projects in 2009 as

compared to 2008, and the effect of the ramping up of operations at the

Company`s Concord, North Carolina resort that opened in March 2009....

ttp://www.reuters.com/article/pressRelease/idUS125715+04-Nov-2009+BW20091104