Figures for the first quarter ended 31 March 2006 show that revenue from Thunderbird Resorts’ continuing operations rose 76% over 2005 revenue, to US$15.1 million. Net income was US$194,000, compared to $146,000 in 2005, impacted by increased financing costs and amortization costs along with continuing development efforts. A working capital deficiency increased slightly but management is working to improve it by pursuing various equity financings.

Thunderbird first quarter revenue for its Panama casinos saw a 33% increase to US$6 million. The expansion of the operation in 2005 has led to a 166% increase in net income to US$516,000 from US$194,000 for the same period last year. The company now has an estimated 30% share in a Panama gaming market valued at US$150 million.

New competition from the expansion of video lottery venues in Guatemala has impacted slightly on revenue but Thunderbird remains the market share leader with its three video lottery locations. First quarter revenue rose 25% to US$1.2 million. The Guatemala Government is at present investigating illegal operations but Thunderbird venues remain open and fully sanctioned pursuant to Guatemala law.

In Nicaragua, the Camino Real and Pharaohs casinos generated strong revenues of $3 million for the quarter compared to the $2.2 million generated from Camino Real and Fiesta casino, which was destroyed in a fire in 2005. The Company opened a new Pharaoh's Casino in the Holiday Inn-Select in Managua on May 10, 2006. The Company is also constructing a new Fiesta Casino in Managua which is scheduled to open in the 4th quarter of 2006.

The company’s operation in Costa Rica has significantly increased in size and first quarter revenue was US$1.9 million compared to $800,000 in 2005. As of May 15, 2006 the operation has 4 casinos, 2 slot parlors, a slot route division resulting in 234 table positions and 931 slot machines compared to 555 slot machines and 222 table positions for the same period last year. Total revenue for the Costa Rican gaming market is estimated at US$50 million and Thunderbird has an estimated 35% market share.

In the Philippines the company began operations in April 2005. Revenue for the first quarter 2006 was US$2.9 million. The Fiesta Casino Manila-Eastridge is located in Metro Manila and is the first private casino that can service both the local and foreign markets. The operation, which has 165 table positions and 128 machines, generated a loss of US$97,000 for the quarter but is on track to be profitable during 2006. The Fiesta Casino and Resort at Manila-Eastridge continues to set record revenues. The new Fiesta Casino at Poro Point opened on April 28 2006 and revenue is exceeding management expectations.

Thunderbird Resorts bases its success on creating genuine value for the community, employees and shareholders. It offers customers dynamic, themed and integrated facilities anchored by gaming activities. The company has become a successful recreational property developer and operator in each of the markets where it has a presence. (E-05.31.06)

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