Thunderbird Resorts Inc.

Thunderbird Resorts Inc.

April 05, 2006 16:10 ET

Thunderbird Resorts, Inc.: Update on Chile and on Over-all Operations

POWAY, CALIFORNIA--(CCNMatthews - April 5, 2006) - Thunderbird Resorts, Inc. ("Thunderbird") (CNQ:BIRD.U)(FWB:OSJ) announces:

Chile: In Chile, the Santiago Court of Appeals unanimously ruled (3-0) in favor of Thunderbird's petitions against the Chilean Gaming Commission's resolutions that had excluded Thunderbird from the current casino bid process. The Court found that the Gaming Commission's resolutions were arbitrary and illegal. The Company is pleased that the litigation process was swift and favorable. The Commission may appeal the decision to the Supreme Court. If the Commission does not appeal, or if the Supreme Court upholds today's rulings, the Company's projects for Algarrobo, Antofagasta, Rancagua and Talca shall be quickly reinserted into the bidding process. Bids are expected to be awarded by early Q4-2006.

Total Revenues for Q1-2006: Thunderbird's gaming and casino revenues throughout Central America and the Philippines continued to perform well in Q1-2006. Our revenues at 100% for Q1-2005 totaled $14,462,000. The Q1-2006 revenues totaled $22,849,000, which is a 58% increase from Q-1 2005

Panama: The Panama operations, of which the Issuer owns 50%, posted revenue of $11,652,000 in Q1-2006. The revenue for the Panama operations continues to hold firm despite greater competion. Thunderbird is remodelling its Fiesta Casino in Colon.

Philippines: Thunderbird's single casino in the Philippines, where Thunderbird controls 60% of the operation, generated revenue of $2,818,000 in Q1-2006 which is a 33% increase over the revenue in Q4-2005. The Fiesta Casino at the Eastbay Resorts (Manila) produced a record month of revenue of $1,128,000 million in the month of March. Management is pleased with the continued growth in revenue since the operation opened in April 2005. The casino and resort project at Poro Point is scheduled to open in April 2006.

Nicaragua: In Nicaragua, the two operating casinos of which Thunderbird owns 52.6% generated $2,973,000 in Q1-2006. Thunderbird's subsidiary operation, Buena Esperanza Ltd. S.A. successfully completed the financing and acquisition of real estate located in Managua where Thunderbird intends to build its fourth Managua casino with an expected opening in September of 2006. Buena Esperanza has also signed an agreement with the Holiday Inn-Select in Managua to open a casino within the hotel. That casino is expected to open in April of 2006.

Guatemala: In Guatemala, the operations generated revenue of $1,666,000 in Q1-2006. Thunderbird is pursuing the opening of the Fiesta Video Loteria Coatepeque which is designed to be one of Thunderbird's typical video lottery operations in Central America. The project is scaled to the economics and demographics of the city of Coatepeque and targets the local population. The Fiesta Video Loteria Coatepeque will be one of the only gaming venues in this city. It will be the closest entertainment center to over 90,000 Guatemalans, many of whom are middle to upper class. The Fiesta Video Loteria Coatepeque, a 400 square meter gaming space, will offer 100 gaming positions. The entertainment facility will also offer a full bar, music, food and entertainment. Thunderbird is also expanding its Video Loteria at the Camino Real in Guatemala City by adding 100 machines to the existing 294 machines.

Costa Rica: In Costa Rica, of which Thunderbird owns 50%, the operation generated $3,742,000 of revenue in Q1-2006. Thunderbird has successfully raised $3 million for the expansion of operations to include 4 new slot parlors to be operated under the new Thunderbird brand name "Lucky's". In addition, the investment will be used to open at least 4 new "slot route" locations. These activities will be administrated under a new entity called "Operation Banshai". The new operation will own and operate approximately 300 slot machines throughout Costa Rica. With the addition of Operation Banshai, Thunderbird will now be the largest slot machine operator in Costa Rica. Thunderbird-owned locations are outside the San Jose metropolitan area in small cities that currently have no casino product. These locations do not offer the full range of amenities found in the Fiesta Casino product. Therefore, Thunderbird has developed the new brand name "Lucky's" to differentiate this product from the Fiesta brand. The slot route operations involve the installation and operation of slot machines on a revenue share basis with a casino operator in strategic, high traffic, locations within various hotels. The location owner and Banshai split gaming revenue. Slot route locations only require machine investment and the purchase of the license. Estimated revenue participation for Thunderbird de Costa Rica will be 40% of the machine's gross revenues with 60% going to the property owner. Thunderbird also has a large casino/hotel/convention center resort site located in San Jose, Costa Rica under contract. Thunderbird is undertaking due diligence and if the due diligence is successful, construction on this project will commence this summer.

Thunderbird Resorts is a successful recreational property developer and operator in each of its markets. Thunderbird Resorts' 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. Additional information about Thunderbird is available on its World Wide Web site at

On behalf of the Board of Directors,

Jack R. Mitchell, President and CEO

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 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 CNQ and other regulatory authorities.

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