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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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  	July 28, 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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  	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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  	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>
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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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  On July 28, 2006, Great Wolf Lodge of Grapevine, LLC (the "Borrower"), an entity that is a wholly owned, indirect subsidiary of Great Wolf Resorts, Inc. (the "Company") entered into a loan agreement (the "Loan Agreement"), pursuant to which the Borrower agreed to borrow up to $79.5 million (the "Loan") from between Merrill Lynch Capital and HSH Nordbank.  The Loan proceeds will be used to fund a portion of the construction of the Great Wolf Lodge in Grapevine, Texas (the "Resort").  The Loan is secured by, among other things, a first mortgage lien on the Resort.<br><br>The Loan matures in July 2009, with two one-year extension options available upon payment of an extension fee for each extension. Debt service payments are monthly, in arrears.  The interest rate is variable, floating at 260 basis points over 30-day LIBOR.  The Borrower is required to provide interest rate protection agreements beginning December 1, 2007.  Interest only is payable during the initial 3-year period; interest plus principal, in the amount of $100,000.00 per month, is payable during any extension term.   The Company provides a completion guarantee during construction and a guarantee on debt service payments until the Resort achieves a trailing cash flow threshold or eighteen (18) months after the Resort opens, whichever is first.  <br><br>Under the terms of the Loan Agreement, and event of default may occur upon, among other things: <br>- non-payment of interest and/or principal <br>- the Borrower's failure to comply with the terms of the Loan Agreement, which failure continues for five days with respect to a monetary default and 30 days (plus up to an additional 60 days if reasonably necessary to cure) with respect to a non-monetary default after notice (or, in certain cases, without notice or with shorter notice)<br>- failure of the Company to meet certain financial tests<br>- the occurrence of bankruptcy or insolvency events with respect to the Borrower <br>- the occurrence of an event of default under any ancillary loan document<br>- the revocation of the liquor license applicable to the resort, which revocation is not reversed for a period of 60 days<br><br>
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  	Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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  See the description contained in Item 1.01 above, which is incorporated herein by reference.
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  	Item 9.01 Financial Statements and Exhibits.
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  (c)<br><br>The following exhibit is attached to this report:<br><br>1.1 Loan Agreement dated July 28, 2006, between Great Wolf Lodge of Grapevine, LLC, as borrower and Merrill Lynch Capital and HSH Nordbank, as lender.<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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  	&nbsp;&nbsp;
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  <I>
  	July 31, 2006
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  <I>
  	J. Michael Schroeder
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  	&nbsp;
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  <I>
  	Name: J. Michael Schroeder
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  <I>
  	Title: General Counsel & Corporate Secretary
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	99.1
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  	&nbsp;
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  Loan Agreement
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_14020.htm", "description": "LIVE FILING", "secsgml_size_bytes": 12410}]
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": "06990700"}, "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):
  July 28, 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.
  On July 28, 2006, Great Wolf Lodge of Grapevine, LLC (the "Borrower"), an entity that is a wholly owned, indirect subsidiary of Great Wolf Resorts, Inc. (the "Company") entered into a loan agreement (the "Loan Agreement"), pursuant to which the Borrower agreed to borrow up to $79.5 million (the "Loan") from between Merrill Lynch Capital and HSH Nordbank.  The Loan proceeds will be used to fund a portion of the construction of the Great Wolf Lodge in Grapevine, Texas (the "Resort").  The Loan is secured by, among other things, a first mortgage lien on the Resort.
  The Loan matures in July 2009, with two one-year extension options available upon payment of an extension fee for each extension. Debt service payments are monthly, in arrears.  The interest rate is variable, floating at 260 basis points over 30-day LIBOR.  The Borrower is required to provide interest rate protection agreements beginning December 1, 2007.  Interest only is payable during the initial 3-year period; interest plus principal, in the amount of $100,000.00 per month, is payable during any extension term.   The Company provides a completion guarantee during construction and a guarantee on debt service payments until the Resort achieves a trailing cash flow threshold or eighteen (18) months after the Resort opens, whichever is first.
  Under the terms of the Loan Agreement, and event of default may occur upon, among other things:
  - non-payment of interest and/or principal
  - the Borrower's failure to comply with the terms of the Loan Agreement, which failure continues for five days with respect to a monetary default and 30 days (plus up to an additional 60 days if reasonably necessary to cure) with respect to a non-monetary default after notice (or, in certain cases, without notice or with shorter notice)
  - failure of the Company to meet certain financial tests
  - the occurrence of bankruptcy or insolvency events with respect to the Borrower
  - the occurrence of an event of default under any ancillary loan document
  - the revocation of the liquor license applicable to the resort, which revocation is not reversed for a period of 60 days
  Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
  See the description contained in Item 1.01 above, which is incorporated herein by reference.
  Item 9.01 Financial Statements and Exhibits.
  (c)
  The following exhibit is attached to this report:
  1.1 Loan Agreement dated July 28, 2006, between Great Wolf Lodge of Grapevine, LLC, as borrower and Merrill Lynch Capital and HSH Nordbank, as lender.
  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.
  July 31, 2006
  By:
  J. Michael Schroeder
  Name: J. Michael Schroeder
  Title: General Counsel & Corporate Secretary
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  99.1
  Loan Agreement