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Bluegreen Corporation Enters Atlantic City Vacation Ownership Market

Acquires Inventory at Royal Suites at Atlantic Palace and Plans to

              Establish New Sales Presence in New Jersey

BOCA RATON, Fla.--(BUSINESS WIRE)--April 22, 2008--Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play(R), today announced it has acquired vacation ownership inventory at Royal Suites at Atlantic Palace (also known as Fantasea Resorts Atlantic Palace) located at 1507 Boardwalk in Atlantic City, NJ. Bluegreen(R) will also manage the Interval Owner Association and establish a new sales office at the 31-story ocean-front resort. Terms of the deal were not disclosed.

Atlantic Palace features approximately 197 studio, one-bedroom, and two-bedroom timeshare units, of which Bluegreen purchased approximately 1,200 intervals (weeks). Bluegreen will manage the Interval Owner Association at the resort which has approximately 9,000 owners. Atlantic Palace is located beachfront on the Atlantic City Boardwalk and features an outdoor pool, hot tub, game room, exercise room, steam room and sauna.

Bluegreen plans to renovate approximately 16,000 square feet of the resort in order to establish a sales preview center. Bluegreen Vacation Club sales in Atlantic City are expected to begin in the second quarter of 2008 contingent upon meeting all applicable registration requirements.

"This new property expands our vacation destination portfolio and establishes Bluegreen's sales and marketing presence in a location that is within easy driving distance of a third of the population of the United States, " noted John M. Maloney, Jr., president and chief executive officer of Bluegreen. "This vacation ownership resort is situated in the heart of the casino district and bordered by Atlantic City's world renowned beach and boardwalk. Shopping, gambling, top-name entertainment, and world-class golf and fishing are just a few of the reasons that more than 37 million people visit Atlantic City each year."

Bluegreen expects to contribute to the local economy through increased tourism and employment. Forty-two personnel previously employed in guest services at the resort are expected to become Bluegreen employees, and the company expects to hire sales and marketing professionals for its new sales preview center. Bluegreen will also be looking to develop marketing alliances with area vendors to provide additional incentives to its guests, including admission tickets to local attractions, and restaurant and merchandise certificates.


Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful Places to Live and Play(R) through two principal operating divisions. With more than 185,000 owners, Bluegreen Resorts markets a flexible, real estate-based vacation ownership plan that provides access to over 40 resorts and an exchange network of over 3,700 resorts and other vacation experiences such as cruises and hotel stays. Bluegreen Communities has sold over 56,300 planned residential and golf community homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, Fla., and currently employs over 6,000 associates. More information about Bluegreen is available at www.bluegreencorp.com.

Statements in this release may constitute forward-looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities and Litigation Reform Act of 1995. Use of words such as "plan", "plans", "expects", "will," and other forward-looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with economic, competitive and other factors affecting the Company and its operations, markets, products and services, that the new resort will not be as attractive a destination as anticipated, there will be delays in the renovation, that the renovation will not be completed as anticipated, the risk that sales and marketing will not be as successful as anticipated, that marketing alliances will not be identified or as successful as anticipated, and the risk factors and other issues detailed in the Company's SEC filings, including its most recent Annual Report on Form 10-K filed on March 3, 2008.

    CONTACT: Investor:
             Bluegreen Corporation
             Tony Puleo, 561-912-8270
             Chief Financial Officer
             The Equity Group Inc.
             Devin Sullivan, 212-836-9608
             Bluegreen Corporation
             Lisa Thornhill, 561-912-8251
             Director, Corporate Communications

    SOURCE: Bluegreen Corporation
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