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ILX RESORTS REPORTS YEAR END AND FOURTH QUARTER RESULTS 

PHOENIX, ARIZONA - February 13, 2007 - ILX RESORTS INCORPORATED (AMEX: ILX) a leading developer, operator and marketer of upscale flexible-stay vacation ownership resorts in the western United States, announced today its results for the fourth quarter and year ended December 31, 2006.

Net income for the three and twelve months ended December 31, 2006 was $170,000 and $2,166,000. Net income for the twelve months ended December 31, 2005 included a one-time gain on the sale of a leasehold interest in Las Vegas, Nevada offset by the settlement of litigation. Net income excluding these one-time occurrences was $449,000 and $2,130,000 for the three and twelve months ended December 31, 2005. Net income including one-time occurrences was $454,000 and $6,244,000. Basic and fully diluted earnings per share, for the quarter and year ended December 31, 2006 was $0.05 and $0.61. Basic and fully diluted earnings per share excluding the one-time sale of leasehold interest and settlement of litigation, for the quarter and year ended December 31, 2005 was $0.13, $0.12 and $0.59 each. Basic and fully diluted earnings per share including the sale and settlement were $0.13 and $0.12 for the quarter and $1.77 and $1.76 respectively for the year. 2005 net income and per share amounts are inclusive of a gain on discontinued operations of $93,000 for the year or $0.03 per share.

As required, the Company adopted SFAS No. 152, "Accounting for Real Estate Time-Sharing Transactions" in January 2006. SFAS No. 152 prospectively revises the classification of certain revenue and expense activity.

Revenue for the quarter and year ended December 31, 2006 was $13.3 million and $54.5 million. Revenue for the same periods in 2005 was $14.5 million and $56.9 million. Revenue in the quarter and year ended December 31, 2006 is decreased by estimated and actual uncollectible revenue of $0.3 million and $1.4 million in accordance with SFAS No. 152. Had the Company not been required to implement the new accounting standard, 2006 revenue for the three and twelve months would have been $13.7 million and $55.9 million.

"The sale of the Las Vegas leasehold interest in 2005 allowed us to focus on our core operations in 2006 as evidenced by our 6.33% increase in annual net income (using 2005 net income from continuing operations and excluding the sale of the leasehold interest and the settlement of litigation)," said Joe Martori, Chairman and CEO. He continued, "We look forward to expanding our sales operations with the opening of a new sales office in Puerto Peñasco ("Rocky Point"), Mexico in mid-2007 and to completion of construction of additional units in South Bend in summer 2007 and at Bell Rock Inn in Sedona in late 2007."

ILX Resorts acquires, develops, and operates premier timeshare resorts primarily in the western United States that provide its owners with extraordinary vacation experiences. ILX's portfolio of world-class properties includes eight resorts in Arizona, one in Indiana (currently being expanded), one in Colorado, one in San Carlos, Mexico and land in Puerto Peñasco ("Rocky Point"), Mexico and Sedona, Arizona, both of which are in the final planning stages. It also, through Premiere Vacation Club, has acquired, and continues to acquire, inventory at the Carriage House in Las Vegas and in addition has acquired inventory 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.

This news release may include "forward-looking statements." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and many of which are beyond the Company's control. Actual results could differ materially from these forward-looking statements as a result of a number of factors, including, but not limited to, economic conditions, the Company's need for additional financing, intense competition in various aspects of its business, the risks of growth, its dependence on key personnel, and other risks detailed in ILX's Securities and Exchange Commission reports. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved. ILX Resorts Incorporated does not assume any duty to publicly update or revise the material contained herein.

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