Thunderbird Resorts Inc.
FRANKFURT : 4TR
EURONEXT : TBIRD

Thunderbird Resorts Inc.

September 17, 2014 14:10 ET

Thunderbird Resorts Inc.: August 2014 Revenue Report

PANAMA, REPUBLIC OF PANAMA--(Marketwired - Sept. 17, 2014) - Thunderbird Resorts Inc. ("Thunderbird" or "Group") (EURONEXT:TBIRD) (FRANKFURT:4TR) reports the following revenues for August 2014. For a more detailed analysis of August 2014 revenue, please visit www.thunderbirdresorts.com and click on "August 2014 Revenue Report - Analysis" located on the home page under "News and Releases."

Group revenue on as reported basis for August 2014 vs. August 2013.

Thunderbird Resorts Inc. - Group-wide sales results by country - as reported (unaudited, in millions)(1) August
2014
August
2013
Year-over-year
increase/(decrease)
Peru(2) $2.67 $2.73 -2.20%
Costa Rica(3)(4) 1.03 1.15 -10.43%
Nicaragua 1.09 1.23 -11.38%
Total Consolidated Operating Revenues $4.79 $5.11 -6.26%

Group revenue on a currency neutral basis for August 2014 vs. August 2013. In this analysis, we apply the average exchange rate for August 2014 to the August 2013 revenues in order to compare the two periods as if there was no impact from foreign exchange whatsoever.

Thunderbird Resorts Inc. - Group-wide sales results by country - currency neutral (unaudited, in millions)(1) August
2014
August
2013
Year-over-year
increase/(decrease)
Peru(2) $2.67 $2.60 2.69%
Costa Rica(3)(4) 1.03 1.07 -3.74%
Nicaragua 1.09 1.17 -6.84%
Total Consolidated Operating Revenues $4.79 $4.84 -1.03%
1 Revenues reported are based on monthly average exchange rates, report same store revenues and are in USD millions. From month to month, exchange rate fluctuations could cause an impact on revenues as compared to the previous year.
2 2014 and 2013 revenues consist of all gaming revenue in the country plus revenue from our fully-owned Fiesta Hotel and management fees for the Thunderbird Hotel - Pardo, Thunderbird Hotel - Carrera and Thunderbird Hotel - El Pueblo, which are owned by third parties.
3 Effective January 1, 2013, IFRS 11 changed the way that joint ventures are accounted for whereby proportional consolidation is no longer allowed and equity accounting should be applied to joint ventures. Until further notice and for the convenience of the reader and for the illustrative purposes of this monthly revenue report, the Group has elected to continue to show the Costa Rican joint venture proportional revenues, which vary from the way that the Group accounts for these revenues in our Interim and Annual Financial Statements.
4 In October 2013, we reduced 290 gaming positions in Costa Rica that cost more to maintain on the floor (because of per position gaming taxes) than their respective revenue. As a result, period revenue has dropped, but should be reflected in enhanced EBITDA from the related properties. In late June, the Group soft opened the Casino Fiesta Aurola in downtown San Jose with 122 slot machines (expanding to 148 slot machines), 27 gaming table positions (non poker), 3 poker tables, and 36 F&B seats. Our formal inauguration took place in August 2014.

ABOUT THE COMPANY

We are an international provider of branded casino and hospitality services, focused on markets in Latin America. Our mission is to "create extraordinary experiences for our guests." Additional information about the Group is available at www.thunderbirdresorts.com.

Cautionary Notice: 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 herein, including without limitation, statements regarding potential revenue and future plans and objectives of the Group 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 the Group'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 the Group's documents filed from time-to-time with the AFM and other regulatory authorities.

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