Today the AGM of Thunderbird Resorts is being held and last Friday the company reported its unaudited financial results for the first quarter ended 31 March 2008. Thunderbird’s casino operations in Panama, Guatemala, Nicaragua, Costa Rica, Philippines and Peru produced a record US$39 million, up 100% on the previous year’s quarter. The increase in Property EBITDA, which increased 130% to US$11.9 million for the quarter, was generated by strong results from existing operations, from the 100% consolidation of the Panama operation, and from an increase from new operations.

Thunderbird is now seeking to expand into the ‘gaming friendly’ environment of Colombia and with this aim has set up offices in the country with a full development team to assess opportunities. Beyond Latin America the company will own 50% of a local company in India to develop a resort that will take advantage of the 1976 Gambling Act of Goa and operate under a gaming licence. Thunderbird has also consummated agreements to purchase the company, Centrum Casino in Lodz, Poland and is awaiting approval from the Ministry of Finance.

In Peru the company continues its project to upgrade six hotels for an estimated investment of US$10 million. This upgrade of hotels is projected to be fully completed by the fourth quarter of 2008. The flagship Fiesta Casino in Miraflores, Lima is scheduled to open in the third quarter of 2008 with a total estimated investment of US$23 million. In Guatemala a fourth location slots operation due to open in the first quarter 2008 is now expected to open later this month. In Panama Thunderbird has plans to expand two existing properties and is now planning the expansion of a third property, creating 350 new gaming positions.

Thunderbird Resorts states that it is focused on being the most successful recreational property developer and operator in each of its markets by creating genuine value for the community, employees and shareholders. It intends to achieve this mission by offering customers dynamic, themed and integrated resort venues anchored by casinos. (E-06.02.08)

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