SVL News Update
Silverleaf Resorts, Inc. Provides Update on Hurricane Rita Impact
Business Wire - September 28, 2005 08:36
DALLAS, Sep 28, 2005 (BUSINESS WIRE) -- Silverleaf Resorts, Inc. (AMEX:SVL) today provided the following update on the effects of Hurricane Rita.
As previously reported, two of Silverleaf's resorts were affected by Hurricane Rita. The Company's Seaside Resort near Galveston was evacuated, and the sales operations were suspended at the Piney Shores Resort, northeast of Houston. The Company also reported that the timing of the reopening of these two resorts was largely dependant on the restoration of utility services.
The Company is pleased to report that initial on site inspections at the resorts indicate that damage was minimal. All utility services were fully restored by Tuesday, September 27, 2005. As a result, both resorts will be reopened on Friday, September 30, 2005.
The Company continues to assess the additional impact of the storm, if any, on its business assets and results of operations.
Based in Dallas, Texas, Silverleaf Resorts, Inc. currently owns and operates 13 timeshare resorts in various stages of development. Silverleaf Resorts offers a wide array of country club-like amenities, such as golf, swimming, horseback riding, boating, and many organized activities for children and adults.
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