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  <TITLE> Great Wolf Resorts, Inc. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	February 13, 2006
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  	Great Wolf Resorts, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	&nbsp;
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  	Delaware
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  	000-51064
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  	51-0510250
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	122 West Washington Ave, Madison, Wisconsin
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  	53703
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	608-661-4700
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
  </P>
  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  Effective February 13, 2006, the Compensation Committee of the Great Wolf Resorts, Inc. (the "Company") Board of Directors (the "Compensation Committee") took the actions described below.<br><br>2006 Annual Base Salary<br><br>The Compensation Committee approved the 2006 annual base salaries for the Chief Executive Officer and the four next most highly compensated executive officers of the Company (the "Named Executive Officers"), effective on January 1, 2006.<br><br>2006 Short-Term Incentive Compensation<br><br>The Compensation Committee approved maximum short-term cash incentive award amounts for 2006, determined as a percentage of base salary, for each Named Executive Officer.  The actual short-term incentive award to each officer will be subject to a number of factors, including:<br><br>&#183;	The Company achieving certain levels of Adjusted EBITDA (as defined  by the Company) for 2006;<br>&#183;	The Company achieving certain levels of Adjusted EPS (as defined by the Company) for 2006; and<br>&#183;	The individuals achieving certain individual and/or departmental performance goals in 2006, as determined by the Compensation Committee.<br><br>2006 Long-Term Incentive Compensation<br><br>The Compensation Committee approved maximum long-term stock-based incentive compensation amounts for 2006 for certain of the Company&#x2019;s Named Executive Officers.  The stock-based compensation amounts will consist of performance-based shares of the Company&#x2019;s common stock.  The actual long-term incentive compensation award to each officer will be subject to a number of factors, including:<br><br>&#183;	Up to 75% of the award amount may be earned based on the Company&#x2019;s common stock performance in calendar year 2006 relative to a small cap stock index, as designated by the Compensation Committee, total return in calendar year 2006.  Under this performance criterion, an individual may earn up to 75% of his or her total potential award amount if the Company&#x2019;s stock performance for 2006 is equal to or exceeds 120% of the performance of a small cap stock index designated by the Compensation Committee.  The individual will earn less than 75% of his or her award amount if the Company&#x2019;s stock performance for 2006 is less than 120% of the designated index's performance, but will earn no award under this performance criterion if the Company&#x2019;s stock performance for 2006 does not equal at least 80% of the designated index's performance.<br>&#183;	Up to 25% of the award amount may be earned based on the individuals achieving certain individual and/or departmental performance goals in 2006, as determined by the Compensation Committee.<br><br>The maximum number of shares that may be earned under this award is 109,093.  Based on the February 13, 2006 closing price of GWR&#x2019;s common stock of $10.75, the maximum value of those shares as of the grant date is $1,172,750.<br><br>All 2006 long-term incentive stock-based compensation awards for the Company&#x2019;s Named Executive Officers will be made pursuant to the Company&#x2019;s 2004 Incentive Stock Plan, which has previously been filed with the Securities and Exchange Commission.<br><br><br>
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Great Wolf Resorts, Inc.
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  <I>
  	February 17, 2006
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  	By:
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  <I>
  	J. Michael Schroeder
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  <I>
  	Name: J. Michael Schroeder
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  	Title: Corporate Secretary
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_10346.htm", "description": "LIVE FILING", "secsgml_size_bytes": 11442}]
metadata_filer: {"company-data": {"conformed-name": "Great Wolf Resorts, Inc.", "cik": "0001294538", "assigned-sic": "7011", "irs-number": "510510250", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51064", "film-number": "06630158"}, "business-address": {"street1": "122 WEST WASHINGTON AVENUE", "city": "MADISON", "state": "WI", "zip": "53703", "phone": "608-661-4700"}, "mail-address": {"street1": "122 WEST WASHINGTON AVENUE", "city": "MADISON", "state": "WI", "zip": "53703"}}
text: Great Wolf Resorts, Inc. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  February 13, 2006
  Great Wolf Resorts, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  000-51064
  51-0510250
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  122 West Washington Ave, Madison, Wisconsin
  53703
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  608-661-4700
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  Effective February 13, 2006, the Compensation Committee of the Great Wolf Resorts, Inc. (the "Company") Board of Directors (the "Compensation Committee") took the actions described below.
  2006 Annual Base Salary
  The Compensation Committee approved the 2006 annual base salaries for the Chief Executive Officer and the four next most highly compensated executive officers of the Company (the "Named Executive Officers"), effective on January 1, 2006.
  2006 Short-Term Incentive Compensation
  The Compensation Committee approved maximum short-term cash incentive award amounts for 2006, determined as a percentage of base salary, for each Named Executive Officer.  The actual short-term incentive award to each officer will be subject to a number of factors, including:
  ·	The Company achieving certain levels of Adjusted EBITDA (as defined  by the Company) for 2006;
  ·	The Company achieving certain levels of Adjusted EPS (as defined by the Company) for 2006; and
  ·	The individuals achieving certain individual and/or departmental performance goals in 2006, as determined by the Compensation Committee.
  2006 Long-Term Incentive Compensation
  The Compensation Committee approved maximum long-term stock-based incentive compensation amounts for 2006 for certain of the Company's Named Executive Officers.  The stock-based compensation amounts will consist of performance-based shares of the Company's common stock.  The actual long-term incentive compensation award to each officer will be subject to a number of factors, including:
  ·	Up to 75% of the award amount may be earned based on the Company's common stock performance in calendar year 2006 relative to a small cap stock index, as designated by the Compensation Committee, total return in calendar year 2006.  Under this performance criterion, an individual may earn up to 75% of his or her total potential award amount if the Company's stock performance for 2006 is equal to or exceeds 120% of the performance of a small cap stock index designated by the Compensation Committee.  The individual will earn less than 75% of his or her award amount if the Company's stock performance for 2006 is less than 120% of the designated index's performance, but will earn no award under this performance criterion if the Company's stock performance for 2006 does not equal at least 80% of the designated index's performance.
  ·	Up to 25% of the award amount may be earned based on the individuals achieving certain individual and/or departmental performance goals in 2006, as determined by the Compensation Committee.
  The maximum number of shares that may be earned under this award is 109,093.  Based on the February 13, 2006 closing price of GWR's common stock of $10.75, the maximum value of those shares as of the grant date is $1,172,750.
  All 2006 long-term incentive stock-based compensation awards for the Company's Named Executive Officers will be made pursuant to the Company's 2004 Incentive Stock Plan, which has previously been filed with the Securities and Exchange Commission.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Great Wolf Resorts, Inc.
  February 17, 2006
  By:
  J. Michael Schroeder
  Name: J. Michael Schroeder
  Title: Corporate Secretary