Thunderbird Resorts Inc.

Thunderbird Resorts Inc.

March 16, 2005 09:44 ET

Thunderbird Update




MARCH 16, 2005 - 09:44 ET

Thunderbird Update

POWAY, CALIFORNIA--(CCNMatthews - March 16, 2005) - International
Thunderbird Gaming Corporation (CNQ:ITGC.U) announces the following
update in the Company's operations and business development:

Costa Rica: The Company recently held its grand opening of the Fiesta
Casino Costa Rica at the Garden Court Hotel adjacent to the San Jose
International Airport and on the Hampton Hotel Property. The
entertainment center includes our second Pirates Bar & Restaurant that
overlooks the casino floor of 160 state-of-the-art slot machines, 121
table positions as well as a VIP room catering to high-end players. The
San Jose area has a population of 3.9 million, a GDP of $32 billion and
a per capita GDP of $8,300. This is compared to Panama, Thunderbird's
flagship market, which has a population of 2.9 million, a GDP of $18.1
billion and a per capita GDP of $6,200. Costa Rica's economy is stable,
diverse and relatively free of the country risks inherent in other
developing markets. The Fiesta Casino at the Presidente Hotel is
continuing to show great progress.

Philippines: The Company expects its Fiesta Casino Manila to have a
grand opening on April 12, 2005. The Casino, unlike any other in the
Philippines, will be a part of a hotel and golf resort complex. Located
on the edge of Metro Manila, the property offers a scenic lake view that
is a perfect getaway for both local Filipinos and Asians seeking an
urban resort retreat with luxury hotel, international-caliber golf, fine
dining and thematic gaming experience.

Honduras: The Company is advancing its development efforts in Honduras
with a plan to open and operate a slot parlor business in various
locations throughout the country. The trademarked "Video Suerte" will be
a welcomed addition to the Company's base of businesses throughout
Central America. The Company has agreed to terms with a local partner
who has a license to operate 5 slot parlors with up to 80 machines at
each location.

Chile: The Chilean Casino Law was approved on January 7, 2005. Under the
law, bidding is expected to take place between July and August of this
year, and we hope to have results between Q4 of this year and Q1 2006.
The law allows for 17 casino licenses, each of which will have market
exclusivity within a 70 km radius. Winning bids are those that maximize
economic and tourism impact.

Thunderbird is developing approximately 6 to 8 projects designed to
secure the maximum number of impact points possible, while at the same
time remain within our profit expectations. We fully expect to win
$30-$50 million in gaming revenues and an additional $10-$15 million in
non-gaming revenues. We expect most of the gaming revenues to come
on-line between Q3 and Q4 of 2006.

In relation to the specifics of our projects, the Company is engaged in
an intense "bid preparation period" for our final bids. Markets in which
we are heavily focused include, but are not limited to, Rancagua,
Concepcion, Antofagasta and Talca. We expect to publicly announce all of
our proposed locations in June 2005, as required under the new Chilean

Thunderbird is currently structuring its financing for these projects.
Negotiations are pending, but indications are that financing will be
attainable given the value of the licenses and the relative low risk of
the Chilean market.

More information on our projects and financing will be disclosed over
the next two months.

Panama: Operations in Panama continue to be a leader in the market,
despite the opening of large competitors. The Majestic Casino recently
opened with approximately 478 slot machines. Crown Casino in the
Intercontinental Hotel opened its expansion in December introducing 150
new slots. While both properties will be a factor in future market
conditions, results show that El Panama Fiesta Casino has maintained its
position as the leader in the market. The Panama operations have
employed a strategy of diversification throughout the country. The
Company's four casinos outside Panama City continue to show good growth
year over year, a trend that has been consistent for 5 years. The
operations in Panama City have been able to maintain revenue streams in
the face of quite formidable competition. However, two additional large
Casinos will be opening in the same market area as the El Panama.

Nicaragua: The Fiesta Casino and Pharaoh's Casino in Managua have shown
impressive results over the past several months. The Company is planning
to open a third casino in May 2005 located at the Camino Real hotel at
the airport in Managua. The casino will open with 154 slot machines and
49 table positions.

Guatemala: The Company's expansion plans in Guatemala are underway. It
will open a video lotteria parlor in April, 2005 in Matzatenango. It
will have 85 video gaming positions. There are plans to open 3
additional facilities this year.

NAFTA: The Company continues to await the decision of the arbitration
tribunal concerning its claim against the government of Mexico for the
closure of its Skill Game operations.

Listing on the Frankfurt Stock Exchange: The Company has been pleased
with the progress that has been accomplished with the listing on the
Canadian Network Quotation; however, in order to allow the Company's
European shareholders to have greater access to purchasing and selling
the Company's shares, the Company is now pursuing a listing with the
Frankfurt Stock Exchange. The Frankfurt Stock Exchange is one of the
world's largest trading centers for securities. It is the largest of the
8 German stock exchanges. Deutsche Borse AG operates the Frankfurt Stock
Exchange which is an entity under public law. In this capacity, it
ensures the smooth functioning of exchange trading. The Frankfurt Stock
Exchange is an international trading center. This is certainly reflected
in its member structure in which approximately 140 of its more than 320
market participants come from abroad. The Company hopes to obtain
approval of its listing in late April 2005. To support this effort the
Company has retained two experienced public relations firms to educate
the European markets concerning the Company. It is also negotiating with
a Canadian firm for similar representation.

International Thunderbird Gaming Corporation is an owner and manager of
international gaming facilities. Additional information about the
Company is available on its World Wide Web site at The Company moved its corporate offices to a
new location just north of San Diego, California.

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 section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included herein, including without
limitation, statements regarding potential revenue and future plans and
objectives of the Company 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 Company'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 Company's documents filed from time-to-time with
the CNQ and other regulatory authorities.


Contact Information