Thunderbird Resorts Inc.: 2010 Annual Report Annual General and Special Meeting of Shareholders

PANAMA, REPUBLIC OF PANAMA--(Marketwire - April 29, 2011) - Thunderbird Resorts Inc. ("Thunderbird") (FRANKFURT:4TR)(EURONEXT:TBIRD) is pleased to announce that the annual Report for 2010 has been filed with the Euronext Amsterdam by NYSE Euronext ("Euronext Amsterdam") and the Netherlands Authority for Financial Markets ("AFM").

The Group posted the following results:

• 9.7 increase in revenues from continuing operations to $126.4 million.
• 34.8 percent increase in adjusted EBITDA to $26.9 million.
• Increase in annual profit (loss) from continuing operations to a loss of $1.8 million versus a loss of $17.3 million in 2009.
• Increase in annual profit (loss) attributable to the owners of the parent (including discontinued operations) to a gain of $15.8 million compared to a loss of $20.8 million in 2009.
• Reduction of gross debt at the end of 2010 (from continuing and discontinued operations) to $121 million as compared to $169 million at the end of 2009.

As a Designated Foreign Issuer with respect to Canadian securities regulations, this Annual Report is intended to comply with the rules and regulations set forth by the AFM and the Euronext Amsterdam. Thunderbird has also filed a Notice of Meeting and Information Circular with Sedar in Canada.

Thunderbird also announces that the Annual General and Special Meeting of Shareholders is being held on 25 May 2011 at 10:00 a.m. at 100 metros norte, 125 oeste del Rest El Chicote, Casa esquinera a mano derecha, 2 pios, Sabana Norte, San Jose, Costa Rica.

Document Availability

Copies of the Annual Report in the English language will be available at no cost at the Group's operational office in Panama and at the offices of our local paying agent ING Bank N.V., van Heenvlietlaan 220, 1083 CN Amsterdam, the Netherlands (tel: +31 20 7979 398, fax: +31 20 7979 607, email: iss.pas@mail.ing.nl) and they are available on the Group's website at www.thunderbirdresorts.com. Copies are also available on SEDAR at www.SEDAR.com and on the Euronext Amsterdam at www.euronext.com. Thunderbird is also required to file an Annual Document with links to all documents disseminated to shareholders during the past year. This Annual Document is available on our website at www.thunderbirdresorts.com.

ABOUT THE COMPANY

We are an international provider of branded casino and hospitality services, focused on markets in Central America, South America, Southeast Asia, India and Eastern Europe. Our mission is to "create extraordinary experiences for our guests." Additional information about the Group is available on its World Wide Web site atwww.thunderbirdresorts.com.

Cautionary Notice: Cautionary Notice: The Annual Report referred to in this release contains certain forward-looking statements within the meaning of the securities laws and regulations of various international, federal, and state jurisdictions. All statements, other than statements of historical fact, included in the Annual Report, including without limitation, statements regarding potential revenue and future plans and objectives of Thunderbird are forward-looking statements that involve risk and uncertainties. There can be no assurances that such statements will prove to be accurate and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Thunderbird's forward-looking statements include competitive pressures, unfavorable changes in regulatory structures, and general risks associated with business, all of which are disclosed under the heading "Risk Factors" and elsewhere in Thunderbird's documents filed from time-to-time with the NYSE Euronext Amsterdam and other regulatory authorities. Included in the Annual Report are certain "non-IFRS financial measures," which are measures of Thunderbird's historical or estimated future performance that are different from measures calculated and presented in accordance with IFRS, within the meaning of applicable Euronext Amsterdam rules, that are useful to investors. These measures include (i) Property EBITDA consists of income from operations before depreciation and amortization, write-downs, reserves and recoveries, project development costs, corporate expenses, corporate management fees, merger and integration costs, income/(losses) on interests in non-consolidated affiliates and amortization of intangible assets. Property EBITDA is a supplemental financial measure we use to evaluate our country-level operations. (ii) Adjusted EBITDA represents net earnings before interest expense, income taxes, depreciation and amortization, equity in earnings of affiliates, minority interests, development costs, and gain on refinancing and discontinued operations. Adjusted EBITDA is a supplemental financial measure we use to evaluate our overall operations. Property EBITDA and Adjusted EBITDA are supplemental financial measures used by management, as well as industry analysts, to evaluate our operations. However, Property and Adjusted EBITDA should not be construed as an alternative to income from operations (as an indicator of our operating performance) or to cash flows from operating activities (as a measure of liquidity) as determined in accordance with generally accepted accounting principles.