BOCA RATON, Fla.--(BUSINESS WIRE)--May 24, 2006--Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play(R), today announced it has purchased approximately 10 acres of land in Las Vegas near the intersection of Tropicana Avenue and Paradise Road where it plans to build a new resort, preview center and retail complex. The company plans to begin construction of this new resort property and open its initial timeshare sales operations in Las Vegas during the third quarter of 2006.

"Establishing a presence in a mega-market like Las Vegas is a key strategic growth initiative for Bluegreen Resorts," noted George F. Donovan, president and chief executive officer of Bluegreen. "Las Vegas attracts approximately 43 million visitors a year and is one of the top three prime western markets for timeshare sales. We are confident that the introduction of Bluegreen Resorts into Las Vegas will allow us to reach a broader pool of potential Bluegreen owners. At the same time, this project reflects our continued commitment to serving our current customer base by providing access to one of the nation's popular and sought after vacation destinations."

Bluegreen(R) plans to construct a seven-story resort featuring approximately 240 two-bedroom timeshare units for availability through the Bluegreen Vacation Club(R) in the fourth quarter of 2007. Bluegreen(R) has also negotiated an option to purchase an additional 4 acres of adjacent land, which has already been entitled for the development of an added 240 luxury timeshare units. Bluegreen also plans to develop approximately 48,000 square feet of commercial space for a restaurant, retail center, and an 18,000 square foot preview center. Planned resort amenities include a pool, spa, game room, pool bar and a heath club.

Bluegreen Resorts' initial sales operations in Las Vegas are expected to open in July 2006 and will be located in the Akita Plaza directly across the street from the Mandalay Bay Hotel. It is planned to feature a welcome center for tour guests, as well as a theater, interactive kiosks, and plasma screen televisions broadcasting footage from several Bluegreen resorts. The sales and marketing operations are expected to initially employ approximately 45 associates. Bluegreen is currently pursuing marketing opportunities with a variety of local businesses.

ABOUT BLUEGREEN CORPORATION

Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful Places to Live and Play(R) through two principal operating divisions. Bluegreen Resorts markets a flexible, real-estate based vacation ownership plan that provides over 150,000 owners access to over 40 resorts, an exchange network of over 3,700 resorts and other vacation experiences such as cruises. Bluegreen Communities has sold over 51,000 planned residential and golf community homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, Fla., and employs approximately 5,400 associates. In 2005, Bluegreen ranked No. 57 on Forbes' list of The 200 Best Small Companies and No. 48 on FORTUNE's list of America's 100 Fastest Growing Companies.

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. 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 there will be delays in the initial timeshare sales operation in Las Vegas or in the construction of the Las Vegas resort, that the resort will not be constructed as anticipated, the risk that sales and marketing strategies will not be as successful as anticipated, that the option to purchase the additional parcel will not be exercised 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 16, 2006, and the Quarterly Report on Form 10Q filed May 10, 2006.

    CONTACT: Investors:
             Bluegreen Corporation
             Tony Puleo, 561-912-8270
             Chief Financial Officer
             tony.puleo@bluegreencorp.com
              or
             The Equity Group Inc.
             Devin Sullivan, 212-836-9608
             dsullivan@equityny.com
              or
             Media:
             Bluegreen Corporation
             Lisa Thornhill, 561-912-8251
             Director, Corporate Communications
             lisa.thornhill@bluegreencorp.com

    SOURCE: Bluegreen Corporation