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ILX RESORTS REPORTS THIRD QUARTER RESULTS

PHOENIX, ARIZONA – November14, 2008 ‑ ILX RESORTS INCORPORATED (AMEX: ILX) a leading developer,operator and marketer of upscale flexible‑stay vacation ownership resorts inthe western United States, announced a net loss for the third quarter of 2008. Third quarter results include the write offof consumer notes receivable in excess of 90 days delinquent and the increasein the allowance for doubtful accounts as a percentage of performing notesreceivable and performing notes sold with recourse to reflect a reduction inexpectations of collectability of delinquent and performing loans based onrecent economic, financial and credit conditions. $6.8 million or $1.85 per share both basic and diluted, of the$7.3 million or $2.01 per share both basic and diluted net loss for thequarter, results from the write off and increase in allowance. The net loss from operations exclusive ofthe increased allowance and write off was $580,000 or $0.16 per share bothbasic and diluted, which compares with a net loss of $290,000 or $0.09 pershare in the third quarter 2007. Revenuefrom operations exclusive of the increased allowance and write off for thethree months ended September 30, 2008 was $10.4 million as compared to $12.1million for the comparable period in 2007.

ILX Resorts acquires, develops, and operates premiertimeshare resorts primarily in the western United States that provide itsowners with extraordinary vacation experiences. ILX's portfolio of world-class properties includes eight resortsin Arizona, one in Indiana, one in Colorado, one in San Carlos, Mexico and landin Puerto Peñasco (“Rocky Point”), Mexico and Sedona, Arizona, both of whichare in the final planning stages. Italso, through Premiere Vacation Club, has acquired, and continues to acquire,inventory at the Carriage House in Las Vegas and in addition has acquiredinventory at the Scottsdale Camelback Resort in Scottsdale, Arizona. For more information, visit:www.ilxresorts.com.

For more information, contact Joseph P. Martori, Chairman or Margaret Eardley, Chief Financial Officer, at 602-957-2777.

Forward-Looking Statements, Risks and Uncertainties

Statements contained in this document that disclose theCompany’s or management’s intentions, expectations or predictions of the futureare forward-looking statements within the meaning of the Private SecuritiesLitigation Reform Act of 1995. TheCompany cautions that these statements involve risks anduncertainties and other factors that may cause results to differ materiallyfrom those anticipated at the time such statements are made. For example, future results, performance andachievements may be affected by our ability to successfully implement ourstrategic, operational and marketing plans, general economic conditions, theimpact of war and terrorist activity, business and financing conditions,governmental and regulatory actions, the cyclicality of the vacation ownershipindustry, relationships with key employees, domestic and internationalpolitical and geopolitical conditions, competition, downturns in leisure travelpatterns, risk associated with the level and structure of our indebtedness, andother circumstances and uncertainties. We believe the expectations reflected in such forward-looking statementsare based upon reasonable assumptions, but we can give no assurance that ourexpectations will be attained or that results will not materially differ. We undertake no obligation to publicly updateor revise any forward-looking statement, whether as a result of new information,future events or otherwise.

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