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