FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF 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 *   HOVDE ERIC D 2. Date of Event Requiring Statement (Month/Day/Year) 05/28/2008 3. Issuer Name and Ticker or Trading Symbol Great Wolf Resorts, Inc. [WOLF] (Last) (First) (Middle) 1826 JEFFERSON PLACE NW 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) WASHINGTON, DC 20036 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 Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Common Stock 7,067 (1) D   Common Stock 59,671 D   Common Stock 630,156 (2) I See Footnote 2 Common Stock 307,570 (3) I See Footnote 3 Common Stock 331,835 (4) I See Footnote 4 Common Stock 72,527 (5) I See Footnote 5 Common Stock 301,075 (6) I See Footnote 6 Common Stock 19,315 (7) I See Footnote 7 Common Stock 8,825 (8) I See Footnote 8

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
HOVDE ERIC D 1826 JEFFERSON PLACE NW WASHINGTON, DC 20036	  X	Â	Â	Â

Signatures

Eric D. Hovde		06/06/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(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)	These 7,067 shares represent a grant of restricted stock to Mr. Hovde in connection with his election to the Board of Directors on May 28, 2008. These shares vest in three equal annual installments beginning on May 28, 2009 and ending on May 28, 2011.
(2)	Eric D. Hovde is the Managing Member of Hovde Capital Advisors LLC, a registered investment advisor (HCA). HCA serves as the investment advisor to Financial Institution Partners, L.P., which directly owns the 630,156 shares of common stock of Great Wolf Resorts, Inc. Accordingly, Mr. Hovde may be deemed to beneficially own these shares.
(3)	Eric D. Hovde is the Managing Member of Hovde Capital Advisors LLC, a registered investment advisor (HCA). HCA serves as the investment advisor to Financial Institution Partners, Ltd., which directly owns the 307,570 shares of common stock of Great Wolf Resorts, Inc. Accordingly, Mr. Hovde may be deemed to beneficially own these shares.
(4)	Eric D. Hovde is the Managing Member of Hovde Capital Advisors LLC, a registered investment advisor (HCA). HCA serves as the investment advisor to Financial Institution Partners III, L.P., which directly owns the 331,835 shares of common stock of Great Wolf Resorts, Inc. Accordingly, Mr. Hovde may be deemed to beneficially own these shares.
(5)	Eric D. Hovde is the Managing Member of Hovde Capital Advisors LLC, a registered investment advisor (HCA). HCA serves as the investment advisor to Financial Institution Partners IV, L.P., which directly owns the 72,527 shares of common stock of Great Wolf Resorts, Inc. Accordingly, Mr. Hovde may be deemed to beneficially own these shares.
(6)	Eric D. Hovde is the Managing Member of Hovde Capital Advisors LLC, a registered investment advisor (HCA). HCA serves as the investment advisor to a separately managed account, which directly owns the 301,075 shares of common stock of Great Wolf Resorts, Inc. Accordingly, Mr. Hovde may be deemed to beneficially own these shares.
(7)	Eric D. Hovde is a Trustee of the Eric D. and Steven D. Hovde Foundation, which directly owns the 19,315 shares of common stock of Great Wolf Resorts, Inc. Accordingly, Mr. Hovde may be deemed to beneficially own these shares.
(8)	Eric D. Hovde is a Trustee of the Hovde Financial, Inc. Profit Sharing Plan and Trust, which directly owns the 8,825 shares of common stock of Great Wolf Resorts, Inc. Accordingly, Mr. Hovde may be deemed to beneficially own these shares.

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