FOR IMMEDIATE RELEASE
August 1, 2003


                      ILX ANNOUNCES SECOND QUARTER RESULTS

     PHOENIX-August 1, 2003--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 six
months ended June 30, 2003.

     Revenue for the second quarter of 2003 of $17.5 million and for the six
months ended June 30, 2003 of $32.2 million exceeded prior year by 8.7% and
15.5% respectively.  Net income for the second quarter of 2003 was $1.0 million,
and both basic and fully diluted earnings per share were $0.35.  Net income for
the six months ended June 30, 2003 was $1.5 million, and both basic and fully
diluted earnings per share were $0.51.  For the same quarter last year net
income, basic and diluted earnings per share were $1.2 million, $0.41, and
$0.40.  Net income, basic and fully diluted earnings per share for the six
months ended June 30, 2002 were $1.6 million, $0.54 and $0.52, excluding the
gain on a sale leaseback transaction in the first quarter, and $2.0 million,
$0.66 and $0.64, including that transaction.

     "Our second quarter results include continued strong performance in our
core business of sales of vacation ownership interests, including the successful
expansion of our marketing efforts to our existing owners," said Joe Martori,
Chairman and CEO.  "The flexibility, value and convenience of our primary
vacation ownership product, Premiere Vacation Club, holds tremendous appeal for
today's consumers seeking special vacations with their families comfortably,
affordably, and within a convenient drive of their homes, as reflected in our
sales for the second quarter and first half of 2003."

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 six resorts in
Arizona, one in Indiana, one in Colorado, one in San Carlos, Mexico, land
adjacent to an existing resort in northern Arizona and 44 acres of land one mile
from the Las Vegas Strip, to both of which the Company holds development rights.
It also, through Premiere Vacation Club, has acquired, and continues to acquire,
inventory at the Carriage House in Las Vegas.  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.