FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * Emery John   2. Issuer Name and Ticker or Trading Symbol Great Wolf Resorts, Inc. [WOLF] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) CEO (Last) (First) (Middle) 122 WEST WASHINGTON AVENUE 3. Date of Earliest Transaction (Month/Day/Year) 12/20/2004 (Street) MADISON, WI 53703 4. If Amendment, Date Original Filed(Month/Day/Year) 12/20/2004 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 12/20/2004   C(1)   483,077 A (1) 483,077 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

LLC Interests

$ 1

12/20/2004

C(1)

483,077

12/20/2004

12/20/2004

Common Stock

483,077

(1)

0

D

Employee Stock Option

$ 17

12/20/2004

A

350,000

12/20/2005

12/20/2014

Common Stock

350,000

$ 0

350,000

D

Phantom Units

(2)

12/20/2004

A

117,647

(2)

(2)

Common Stock

117,647

$ 17

117,647

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Emery John 122 WEST WASHINGTON AVENUE MADISON, WI 53703	X		CEO

Signatures

John Emery		02/16/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	LLC interests in LLC's that held real estate were exchanged for Issuer common stock at the closing of the initial public offering which occurred on December 20, 2004. The number of shares allocated in exchange for the LLC Interests were based upon a formula set forth in the Issuer's Prospectus dated December 14, 2004. The initial public offering price was $17 per share.
(2)	Each unit is the economic eqivalent of one share of common stock. This amended report includes reporting person?s phantom units in the issuer?s Deferred Compensation Plan excluded from report originally filed. The phantom units derived from the reporting person?s election to have deferred compensation balances track the performance of the issuer?s common stock beginning on the date of the consummation of the issuer?s initial public offering, as disclosed in the issuer?s prospectus dated December 14, 2004 in the section entitled Deferred Compensation Plan and in footnote (2) of the section entitled Principal Stockholders.

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