Despite ongoing difficulties in Chile, where a recent unanimous Court of Appeals finding in the company’s favour has in turn been appealed by the Gaming Commission (SCJ), Thunderbird Resorts has reported strong revenue increases for the 2005 fourth quarter, up 108% to US$ 16 million from 2004. Full year revenue rose 85% to US$47.4 million. Significant development costs and operating losses were also reported.

Development in the Philippines has led to higher than normal costs and an operating loss. However, Thunderbird believes that the Philippines will become ‘a profit centre during 2006 and the development expenses incurred in 2005 will benefit the company for years to come.’ The opening of the Fiesta Resort Casino in Binangonan within suburban Manila represents the company’s evolution from casino operator to a recreational property developer and operator. This year has seen the opening of the Fiesta Casino at Poro Point.

In Panama, Nicaragua and Costa Rica, Thunderbird has positioned itself as market share leader. The company’s one operation in Venezuela was sold for a net gain of US$1.8 million, receiving US$740,000 in the fourth quarter from advance payment on the promissory note. In 2006 Thunderbird is seeing greater competition in Guatemala, which has impacted revenue slightly. In Mexico last week the company filed a Motion to Vacate the Arbitrators’ decision on the grounds that it was manifestly unjust and in total disregard of the law.

In Chile the Supreme Court’s ruling is pending on the SCJ appeal. The unanimous decision (3–0) in favour of Thunderbird’s petitions against the SCJ resolutions that had excluded it from the current casino bid process, found that the Gaming Commission’s resolutions were arbitrary and illegal. Should the Supreme Court uphold the Santiago Court of Appeals’ finding, then the Thunderbird projects for Algarrobo, Antofagasta, Rancagua and Talca will be reinstated in the bidding process.

Over eight years since 1998, Thunderbird Resorts has become a successful recreational property developer and operator in each of its markets. Its success is based upon creating genuine value for the community and for its employees and shareholders. Thunderbird Resorts achieves its mission by offering customers dynamic, themed and integrated venues anchored by casinos and gaming facilities. With over 3,500 employees, the company has developed and manages 23 operations in 6 countries. (E-05.02.06)

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