Thunderbird Resorts Inc. has announced that Merit Gaming, LLC is moving forward with its planned acquisition of the Group’s 63.63% ownership stake in International Thunderbird Gaming (Panama) Corporation, a Panama Corporation that owns six casinos in Panama.

The Thunderbird Group has accepted Merit’s exclusive Letter of Intent proposal and plan on entering into definitive agreements within 60 to 90 days, allowing for additional due diligence to be conducted by Merit and subject to certain first rights of refusal and the approval of the Gaming Control Board in Panama. While there can be no assurance of closing, the parties will move forward diligently to close this transaction.

Merit engages in the development, financing and operation of hotel-casino properties across the United States and internationally. Merit’s executives have successfully developed and operated casinos in markets across America including: Missouri, Louisiana, Mississippi, Indiana, California, Illinois, Washington and Nevada, as well as in Central and South America, including Gran Casino Mallorca in Colon, Republic of Panama.

In a statement, the Group said: “Thunderbird has had tremendous success in Panama for the last 11 years and is very appreciative of the hard work and dedication of our valued employees; however, this as an opportunity for the Group to repay certain Panamanian sourced debt and to improve the balance sheet of the Group, which reported total worldwide sales for the month ending November 2009 at UD $14.76 million.”

Thunderbird is an international provider of branded casino and hospitality services, focused on markets in Central and, South America, Southeast Asia and India, with a Mission to “create extraordinary experiences for our guests.” (E-01.08.10)

© Copyright 2010 CasinoCompendium



>>> return to archives
>>> return to frontpage