Silverleaf Completes Construction of Section 2 At Fox River Resort

*Begins Construction on Sections 3 & 4

DALLAS, Texas, UNITED STATES


DALLAS, July 20, 2000 (PRIMEZONE) -- Silverleaf Resorts, Inc. (NYSE:SVR) today announced that it has completed the construction of Section 2 at the Company's Fox River Resort, outside Chicago, IL. Driven by dramatic sales of more than $70 million in just two years, Silverleaf's Fox River Resort has already completed its first two sections totaling 174 Lodge Getaway units and plans to begin construction on the next two sections, which will include the upscale Presidential units.

Silverleaf's Fox River Resort opened in November 1997. It is situated along the shores of the Fox River, and the area's gentle rolling hills and seven-acre stocked lake provide an ideal environment for outdoor activities such as canoeing, fishing, swimming, miniature golf and tennis.

"Fox River was Silverleaf's first drive-to resort outside of Texas, and it has become the most successful start-up in the Company's history," commented Sharon Brayfield, President. "With sales in excess of $70 million at this single site, we were right in choosing Fox River to be our showcase resort of what we can do in strategically chosen markets. In just two and a half years, it represents over 6,300 members of our total ownership base. Every indication is that Fox River will remain in demand, and the construction of additional units ensures that the Company will be able to accommodate a growing number of vacationers for years to come."

Silverleaf is now developing a second amenities area at Fox River. It will include a lighted tennis facility, an outdoor swimming pool and bathhouse, an all-season sport court that can be converted to an ice rink during the winter pool with a retractable all-season cover and making many improvements to the existing 7,000 square foot club house that will feature a video arcade, fitness center, family movie and entertainment center, snack bar and game room.

Based in Dallas, Texas, Silverleaf Resorts, Inc. currently owns and/or operates 22 resorts in various stages of development. Silverleaf resorts offer a wide array of country club-like amenities, such as golf, swimming, horseback riding, boating, and many organized activities forchildren and adults. Silverleaf has a managed ownership base of over 110,000. Further information on the Company may be found on itswebsite, www.silverleafresorts.com.

This release contains certain forward-looking statements which involve risks and uncertainties and actual results may differmaterially from those anticipated. The Company is subject to specific risks associated with the timeshare industry, the regulatory upon the Company's ability to identify and acquire or develop other operations under terms which are beneficial to the Company and its shareholders. Other risk factors are more fully discussed under "Cautionary Statements" in the Company's SEC reports, including the Company's 1999 annual report on Form 10K (pages 29 through 35).



        

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