Last week Thunderbird Resorts reported its un-audited fourth quarter results to 31 December 2007 with record fourth quarter revenues – up 47% to US$29.6 million. Net earnings decreased to a loss of US$4 million compared to a loss of US$3 million in the fourth quarter of 2006, primarily attributable to increases in one-time charges and financing costs.

The company’s first quarter un-audited revenues to 31 March 2008 have risen to a new record of US$42.37 million. Full-year audited results for 2007 will be released on 29 April 2008. Thunderbird is expanding its gaming operations in Panama, the Philippines, Costa Rica, Guatemala, Nicaragua and Peru. It has also agreed to purchase Centrum Casino in Lodz, Poland, has a joint venture in India to develop a 5-star resort in Daman, and has set up offices in Colombia with the intention of further expansion there.

Last year Thunderbird acquired a chain of six hotels in Peru, which it is in the process of upgrading. The flagship Fiesta Casino in the Thunderbird Hotel Las Americas Suites will include 422 slot machines and 269 table positions. It will also have Peru’s largest Texas Hold’em room. The casino is scheduled to open in the third quarter 2008 with two more casinos (Las Americas Pardo and El Pueblo) due to start construction in fourth quarter 2008.

The Tres Rios resort project in Costa Rica is expected to be completed by the first quarter of 2009. The company has also acquired land for a new hotel and casino project and is planning to deploy an additional 340 slot machines in existing operations and new locations over the next year. Recent statements made by the government of Costa Rica may alter some of these plans.

According to new decrees issued by the government, casinos will only be allowed to operate between the hours of 6pm and 2am and must be within hotels. The hotel proprietor will be granted the casino licence and this must be renewed each year with the Ministry of Health. The government has made it clear that it intends to prevent Costa Rica becoming a gaming destination. Thunderbird and other operators have yet to announce what adjustments they will be making to their plans in order to comply with the new regulations. (E-04.14.08)

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