PANAMA, REPUBLIC OF PANAMA--(Marketwired - May 19,
2015) - Thunderbird Resorts Inc. ("Thunderbird" or "Group")
(EURONEXT:TBIRD)(FRANKFURT:4TR) announces its interim results for
the first quarter and three months ended March 31, 2015.
Group Overview for First Quarter 2015
Performance Under our Stated Goals1
In the Letter from the CEO in our 2014 Annual
Report, the Group stated certain goals that support achieving
profitability and building a healthy, growing company. Here is a
snapshot of our performance under these stated goals in Q1
2015:
Stated Goal |
|
Progress |
Develop in our existing markets where new revenues should
most efficiently grow our bottom line by leveraging existing
management overhead. |
|
On February 25, 2015, the Group sold its entire economic
interest and management rights in its seven casinos in Costa Rica.
The net cash received for the Group's approximate 50% share was
approximately $8.1 million. We entered into the transaction in part
to free up capital for debt reduction and new investment in our
remaining markets. See page 7 for more information.
On April 22, 2015, the Group opened a 1,200 square meters
entertainment venue in Nicaragua with 111 slot machines, 21 gaming
table positions and 110 F&B positions. See page 7 for more
information. |
Continue efforts to control and reduce country-level and
corporate expenses. |
|
Country-level promotional allowances and property marketing
and administration expenses combined were reduced by $413 thousand
in Q1 2015 as compared to Q1 2014.
Corporate expenses were reduced by $106 thousand in Q1 2015 as
compared to Q1 2014, and for the first time are at an annual run
rate below $4 million. |
Continue efforts to reduce debt and to refinance remaining
debt under more favorable terms |
|
Gross debt has been reduced to $37.7 million on March 31,
2015 as compared to $48.7 million on March 31, 2014. Net debt
(gross debt less cash and cash equivalents) has been reduced to
$27.2 million on March 31, 2015 as compared to $44.5 million on
March 31, 2014.
We have no material success to report on the refinancing of our
secured Peru debt at this time, but continue in those efforts. |
In the Letter from the CEO in our 2014 Annual
Report, we also stated that the Group is evaluating "strategic
alternatives" and this process continues. We refer the reader to
pages 6 and 7 of the 2014 Annual Report for more details on these
alternatives.
1. Unless otherwise stated, all figures reported
herein are in USD and report the results of those businesses that
were continuing as of March 31, 2015 as compared to those same
businesses through the three months ended March 31, 2014. The
purpose is for the reader to understand the performance of the
Group's continuing businesses.
Summary First Quarter 2015 Consolidated
P&L2,3:
Below is our consolidated profit / (loss) summary
for the three months ended March 31, 2015 as compared with the same
period of 2014. In summary, Group revenue is flat on a USD basis
(see "Forex" note below), but adjusted EBITDA has increased by
110.2% because of aggressive efficiency programs that have led to
material reduction of country-level and corporate expense. See
notes on certain key items below.
(In thousands) |
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
March 31 |
|
|
% |
|
|
2015 |
|
2014 |
|
Variance |
|
change |
|
Net
gaming wins |
$ |
8,473 |
|
$ |
8,329 |
|
$ |
144 |
|
1.7 |
% |
Food
and beverage sales |
|
821 |
|
|
757 |
|
|
64 |
|
8.5 |
% |
Hospitality and other sales |
|
1,191 |
|
|
1,423 |
|
|
(232) |
|
-16.3 |
% |
Total
revenues |
|
10,485 |
|
|
10,509 |
|
|
(24) |
|
-0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Promotional allowances |
|
1,112 |
|
|
1,113 |
|
|
(1) |
|
-0.1 |
% |
Property, marketing and administration |
|
7,473 |
|
|
7,885 |
|
|
(412) |
|
-5.2 |
% |
Property EBITDA |
|
1,900 |
|
|
1,511 |
|
|
389 |
|
25.7 |
% |
Corporate Expenses |
|
956 |
|
|
1,062 |
|
|
(106) |
|
-10.0 |
% |
Adjusted EBITDA |
|
944 |
|
|
449 |
|
|
495 |
|
110.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Property EBITDA as a percentage of revenues |
|
9.0 |
% |
|
4.3 |
% |
|
|
|
|
|
Depreciation and amortization |
|
914 |
|
|
997 |
|
|
(83) |
|
-8.3 |
% |
Interest and financing costs, net |
|
1,067 |
|
|
1,045 |
|
|
22 |
|
2.1 |
% |
Management fee attributable to non-controlling interest |
|
(18) |
|
|
(133) |
|
|
115 |
|
-86.5 |
% |
Project development |
|
1 |
|
|
- |
|
|
1 |
|
0.0 |
% |
Foreign exchange (gain) / loss |
|
64 |
|
|
(229) |
|
|
293 |
|
-127.9 |
% |
Other
(gains) / losses |
|
(146) |
|
|
(33) |
|
|
(113) |
|
342.4 |
% |
Income
taxes |
|
92 |
|
|
82 |
|
|
10 |
|
12.2 |
% |
Loss
for the period from continuing operations |
$ |
(1,030) |
|
$ |
(1,280) |
|
$ |
250 |
|
-19.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Forex: The strengthening of the US dollar versus
our operating currencies continues to have a material impact on our
business as compared to the same period in 2014. Under a currency
neutral analysis (in which the same exchange rate would be applied
to both periods), Group revenue would have grown by $716 thousand
(versus -$24 thousand above) and adjusted EBITDA would have
increased by $598 thousand (versus $495 thousand above).
Interest and Financing costs, net: There was no
material change in interest and financing costs, net in Q1 2015 as
compared to Q1 2014 primarily because in Q1 2014 the Group
benefitted from material interest income from the financed portion
of its sale of Philippines assets, which loan has since been fully
repaid. It should be noted that our remaining principal balance is
forecasted to be approximately $31 million by year-end 2015 (see
page 4 below) and our average weighted borrowing cost as of March
31, 2015 was just 8.71%. Interest and financing costs, net
therefore should materially reduce in the periods ahead.
2. Effective January 1, 2013, under IFRS 11
proportional consolidation is no longer the appropriate method to
present investments in joint ventures and that equity accounting
should be applied. To better compare results with previous periods,
the Group has elected to present the joint venture of the two
remaining Costa Rican land-related entities (King Lyon Network, S.A
and Importadores del Yukon, S.A.) proportionally when discussing
financial performance in this Q1 2015 Interim Management Statement.
Regardless, our income statement movement is minimally impacted by
these joint venture entities and all related expenses are post
EBITDA.
3. "EBITDA" is not an accounting term under IFRS,
and refers to earnings before net interest expense, income taxes,
depreciation and amortization, equity in earnings of affiliates,
minority interests, development costs, other gains and losses, and
discontinued operations. "Property EBITDA" is equal to EBITDA at
the country level(s). "Adjusted EBITDA" is equal to property EBITDA
less "Corporate expenses", which are the expenses of operating the
parent company and its non-operating subsidiaries and
affiliates.
Below is the Group's Gross debt and Net Debt on
March 31, 2015.
(In thousands; proportional consolidation) |
|
|
|
|
Mar-15 |
Dec-14 |
Sep-14 |
Borrowings |
$ |
37,088 |
$ |
43,485 |
$ |
43,848 |
Borrowings associated with assets held for sale |
|
- |
|
1,890 |
|
1,817 |
Obligations under leases and hire purchase contracts |
|
684 |
|
780 |
|
829 |
Gross
Debt |
$ |
37,773 |
$ |
46,155 |
$ |
46,494 |
|
|
|
|
|
|
|
Less:
cash and cash equivalents (excludes restricted cash) |
|
10,525 |
|
4,885 |
|
7,148 |
Net
Debt |
$ |
27,248 |
$ |
41,270 |
$ |
39,346 |
|
|
|
|
|
|
|
Note: Gross debt above is presented net of debt
issuance costs (costs of debt at time of issuance, which are
currently non-cash and amortize over time) which is why there is an
approximate $0.5 million variance with the total Principal balance
below. Our reduction in gross debt of approximately $8 million
since December 2014 is the result of the deconsolidation of our
disposed Costa Rica asset, of extraordinary debt pay down made with
proceeds and of our normal scheduled amortization of debt at
country and Group levels.
The Group estimates its debt schedule as follows
starting in April 2015:
|
|
|
|
|
|
|
|
Principal Balance |
2015 |
2016 |
2017 |
2018 |
2019 |
Thereafter |
Total |
|
Corporate |
$ |
5,987,767 |
$ |
5,685,139 |
$ |
4,910,903 |
$ |
2,513,506 |
$ |
1,375,026 |
$ |
3,397,095 |
$ |
23,869,436 |
|
|
Corporate |
|
5,109,200 |
|
5,685,139 |
|
4,910,903 |
|
2,513,506 |
|
1,375,026 |
|
3,397,095 |
|
22,990,869 |
|
|
Guatemala |
|
878,567 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
878,567 |
|
Peru |
|
1,284,691 |
|
1,499,871 |
|
1,288,697 |
|
1,395,824 |
|
6,810,756 |
|
- |
|
12,279,838 |
|
Nicaragua |
|
207,324 |
|
300,406 |
|
237,962 |
|
294,887 |
|
759,512 |
|
329,593 |
|
2,165,683 |
Total |
$ |
7,479,782 |
$ |
7,485,416 |
$ |
6,473,562 |
$ |
4,204,217 |
$ |
8,945,294 |
$ |
3,726,687 |
$ |
38,314,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Payment |
|
2015 |
|
2016 |
|
2017 |
|
2018 |
|
2019 |
|
Thereafter |
|
Total |
|
Corporate |
$ |
1,669,770 |
$ |
1,676,919 |
$ |
908,049 |
$ |
619,272 |
$ |
456,979 |
$ |
419,584 |
$ |
5,750,573 |
|
|
Corporate |
|
1,669,770 |
|
1,676,919 |
|
908,049 |
|
619,272 |
|
456,979 |
|
419,584 |
|
5,750,573 |
|
|
Guatemala |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
Peru |
|
758,619 |
|
842,558 |
|
729,552 |
|
620,176 |
|
223,950 |
|
- |
|
3,174,855 |
|
Nicaragua |
|
164,309 |
|
176,435 |
|
147,028 |
|
120,439 |
|
92,985 |
|
30,880 |
|
732,076 |
Total |
$ |
2,592,699 |
$ |
2,695,912 |
$ |
1,784,630 |
$ |
1,359,886 |
$ |
773,914 |
$ |
450,464 |
$ |
9,657,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Peru Update
Summary Peru First Quarter 2015 Consolidated
P&L:
Below is our Peru profit / (loss) summary for the
three months ended March 31, 2015 as compared with the same period
of 2014. In summary, Peru revenue is flat on a USD basis (see
"Forex" note below), but property EBITDA has increased by 61%
because of aggressive efficiency programs that have led to material
reduction of country-level and corporate expense. See notes on
certain key items below.
(In thousands) |
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
March 31 |
|
|
% |
|
|
2015 |
|
2014 |
|
Variance |
|
change |
|
Net
gaming wins |
$ |
5,656 |
|
$ |
5,395 |
|
$ |
261 |
|
4.8 |
% |
Food
and beverage sales |
|
409 |
|
|
396 |
|
|
13 |
|
3.3 |
% |
Hospitality and other sales |
|
1,148 |
|
|
1,367 |
|
|
(219) |
|
-16.0 |
% |
Total
revenues |
|
7,213 |
|
|
7,158 |
|
|
55 |
|
0.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Promotional allowances |
|
698 |
|
|
722 |
|
|
(24) |
|
-3.3 |
% |
Property, marketing and administration |
|
5,016 |
|
|
5,505 |
|
|
(489) |
|
-8.9 |
% |
Property EBITDA |
|
1,499 |
|
|
931 |
|
|
568) |
|
61.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Property EBITDA as a percentage of revenues |
|
20.8 |
% |
|
13.0 |
% |
|
|
|
|
|
Depreciation and amortization |
|
756 |
|
|
833 |
|
|
(77) |
|
-9.2 |
% |
Interest and financing costs, net |
|
305 |
|
|
327 |
|
|
(22) |
|
-6.7 |
% |
Management fee attributable to non-controlling interest |
|
(14) |
|
|
(22) |
|
|
8 |
|
-36.4 |
% |
Foreign exchange (gain) / loss |
|
304 |
|
|
13 |
|
|
291 |
|
2238.5 |
% |
Other
(gains) / losses |
|
(123) |
|
|
(12) |
|
|
(111) |
|
925.0 |
% |
Profit
/ (loss) for the period from continuing operations |
$ |
271 |
|
$ |
(208) |
|
$ |
479 |
|
-230.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Forex: Under a currency neutral analysis (in which
the same exchange rate would be applied to both periods), Peru
revenue would have grown by $638 thousand (versus $55 thousand
above) and property EBITDA would have increased by $644 thousand
(versus $568 thousand above).
Profit for the period in Peru is $271 thousand (an
improvement of approximately $480 thousand), which primarily is the
result of efficiency programs the Group has implemented that have
led to the reduction in property, marketing and administration
expense.
Key business drivers: a) During Q3 and Q4 2014,
the Group opened 24 electronic roulette and 56 new table positions,
and 2015 is the first full year of operation of these positions; b)
The move of our Peru office complex to increase space for third
party rentals is now expected to have an impact in late 2015; c)
Effective April 30, 2015, the Group's contract to manage the El
Pueblo resort expired when the parties could not agree on terms for
renewal, thus reducing revenue on an annualized basis by
approximately $730 thousand; and d) The Group announced in its 2014
Annual Report that it has reduced payroll by approximately $1.5
million (annualized) between September 2014 and approximately April
2015. These reductions were achieved primarily in Peru and are
being offset in our reported results in the first half of 2015 by
related, material severance expenses. The full impact of these
reductions should be visible in our Q3 and Q4 2015 results.
Nicaragua Update
Summary Nicaragua First Quarter 2015 Consolidated
P&L:
Below is our Nicaragua profit / (loss) summary for
the three months ended March 31, 2015 as compared with the same
period of 2014. In summary, Nicaragua revenue is flat on a USD
basis (see "Forex" note below) and property EBITDA has decreased by
30.9% partially due to an increase in property, marketing and
administration from: a) The growth of lower margin food and
beverage revenue, which has replaced declining table revenue; and
b) A one-time increase in marketing expense of approximately $19
thousand related to the opening of our new casino property
(described below). See notes on certain key items below.
(In thousands) |
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
March 31 |
|
|
% |
|
|
2015 |
|
2014 |
|
Variance |
|
change |
|
Net
gaming wins |
$ |
2,817 |
|
$ |
2,934 |
|
$ |
(117) |
|
-4.0 |
% |
Food
and beverage sales |
|
412 |
|
|
361 |
|
|
51 |
|
14.1 |
% |
Hospitality and other sales |
|
43 |
|
|
1 |
|
|
42 |
|
4200.0 |
% |
Total
revenues |
|
3,272 |
|
|
3,296 |
|
|
(24) |
|
-0.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Promotional allowances |
|
414 |
|
|
391 |
|
|
23 |
|
5.9 |
% |
Property, marketing and administration |
|
2,457 |
|
|
2,325 |
|
|
132 |
|
5.7 |
% |
Property EBITDA |
|
401 |
|
|
580 |
|
|
(179) |
|
-30.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Property EBITDA as a percentage of revenues |
|
12.3 |
% |
|
17.6 |
% |
|
|
|
|
|
Depreciation and amortization |
|
148 |
|
|
139 |
|
|
9 |
|
6.5 |
% |
Interest and financing costs, net |
|
27 |
|
|
37 |
|
|
(10) |
|
-27.0 |
% |
Management fee attributable to non-controlling interest |
|
- |
|
|
8 |
|
|
(8) |
|
-100.0 |
% |
Project Development |
|
1 |
|
|
- |
|
|
1 |
|
0.0 |
% |
Foreign exchange (gain) / loss |
|
47 |
|
|
47 |
|
|
- |
|
0.0 |
% |
Other
(gains) / losses |
|
- |
|
|
(9) |
|
|
9 |
|
-100.0 |
% |
Income
taxes |
|
70 |
|
|
72 |
|
|
(2) |
|
-2.8 |
% |
Profit
for the period from continuing operations |
$ |
108 |
|
$ |
286 |
|
$ |
(178) |
|
-62.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Forex: Under a currency neutral analysis (in which
the same exchange rate would be applied to both periods), Nicaragua
revenue would have grown by $133 thousand (versus -$24 thousand
above) and property EBITDA would have decreased by $151 thousand
(versus -$179 thousand above).
Profit for the period in Nicaragua is $108
thousand (a reduction of approximately $180 thousand), which is
primarily the result of the increased property, marketing and
administration expense as described above.
Key business driver - new Pharaohs Bolonia Casino:
On April 22, 2015, the Group opened a 1,200 square meters
entertainment venue with 111 slot machines, 21 gaming table
positions and 110 F&B positions. This property is located in a
premium area in the heart of Managua in which the government is
investing heavily to promote tourism. The Group has moved its
Pharaohs Holiday Inn property to this new location which is owned
by the Company and which has far superior market visibility,
parking and space distribution for our business. The facility is
also larger and has expansion possibilities. To start, we have
added 29 slot machine positions as compared to the existing
venue.
Other Group Updates
In Q1 2015 the Group announced material events and
entered into material contracts as follows:
Sale of Costa Rica Operations: On February 25,
2015, the Group sold its entire economic interest and management
rights in its seven casinos in Costa Rica to CIRSA International
Gaming Corporation, S.A. ("CIRSA"). The enterprise valuation for
the entire operations was $33.5 million and after adjusting for
cash, debt assumption and certain required debt pay down in Costa
Rica, and other standard working capital adjustments, the net cash
received for the Group's approximate 50% share was approximately
$8.1 million. Additionally, Thunderbird sold its share of the hotel
and underlying real estate at Perez - Zeledon, owned by the Costa
Rica operations. Finally, as part of the sale, Thunderbird entered
into a 36-month non-compete agreement in Costa Rica. In the event
there is any tax refund granted to its former Costa Rica operations
for taxes already paid and under appeal, Thunderbird will be
entitled to its share of such taxes already paid. Currently,
approximately $3.1 million of taxes paid by Thunderbird Gran
Entretenimiento de Costa Rica, S.A. ("TGE") are under appeal. There
is no assurance that a refund (if any) will be granted. Finally,
Thunderbird's share of a holdback (if any) in case of unknown
pre-closing liabilities is $1,062,500. There is no assurance that a
holdback (if any) will be released to Thunderbird. The Group will
include its analysis of the value of net assets disposed of in
Costa Rica, and of the resulting gain on disposal, as well as any
additional disclosures required by IFRS 5 Non-current Assets held
for sale and Discontinued operation, in its 2015 Half-year Report.
Thunderbird retains its 50% share of two parcels of real estate in
San Jose, Costa Rica (approximately 8.2 hectares -Tres Rios and 2.7
hectares -Escazu). The Group continues its efforts to sell these
now debt-free properties. A fuller description of these two
properties is contained in previous press releases as well as in
our annual reports and interim management statements.
Opening of Pharaohs Casino Bolonia in Nicaragua:
On April 22, 2015, the Group opened a 1,200 square meters
entertainment venue with 111 slot machines, 21 gaming table
positions and 110 F&B positions. See the previous page for more
information.
Loan Extension: The Group has entered into
agreements for new ($350 thousand) and refinanced ($950 thousand)
loans in Q1 2015 at rates of approximately 8% to 9% and terms of
approximately 12-36 months.
"Global Settlement" on Daman, India project: On
April 8, 2015, for purposes of avoiding legal costs and creating
certainty, the Group entered into separate, simultaneous
comprehensive settlements with Maravege, MIREF, DHPL and Delta
pursuant to the following terms as summarized below:
The Group settled a possible $6 million or greater
exposure arising from a guarantee it provided in 2009 to a
mezzanine lender (Maravege Holding Limited) to the Daman, India
project. The total consideration for settlement is $2.425 million
consisting of a cash payment of $1.325 million to be paid over 23
months and an offsetting credit for the $1.1 million to be paid by
Maravege for the remaining 5.5% of shares the Group has in DHPL.
The share transfer is subject to a certain first right process with
an existing DHPL shareholder as described below.
The Group will go through a process with KP Group,
another shareholder of DHPL, giving them an opportunity to purchase
the subject shares for the same $1.1 million. In the event KP Group
matches the $1.1 million Maravege offer and does in fact purchase
and pay for the shares, then the Group will sell its shares to KP
Group and transfer cash to Maravege as part of the settlement. The
Group obtained full release from DHPL and from its controlling
shareholder Delta Corp Limited ("Delta") for any potential
liabilities and claims.
The Group received from Delta and DHPL proof that
all senior lenders, whose loans totalled approximately $25 million
and had been guaranteed by the Group, have been paid in full by
DHPL/Delta.
The Group obtained a full release from Madison
India Real Estate Fund Limited ("MIREF"), whose mezzanine loan to
DHPL of approximately $7.2 million had been guaranteed by
Thunderbird.
APRIL 2015 REVENUE REPORT
Below is the Group's preliminary revenue report
for April 2015 as compared with April 2014:
Group-wide
sales by country - (unaudited, in millions)(1) |
April
2015 |
April
2014 |
Year-over-year
increase/(decrease) |
|
Peru(2) |
$ |
2.25 |
$ |
2.43 |
-7.41 |
% |
Nicaragua |
|
1.08 |
|
1.03 |
4.85 |
% |
Total Consolidated Operating Revenues |
$ |
3.33 |
$ |
3.46 |
-3.76 |
% |
1 Revenues reported are based on monthly average exchange
rates, are same store and are in USD millions. |
|
2 Revenues are generated primarily from gaming, and
secondarily from our fully-owned Fiesta Hotel and from 3 hotels
under management. |
|
Forex: On a currency neutral basis, our revenues
would have improved as follows:
Peru revenue for April 2015 as compared to April
2014 would have increased by approximately $30 thousand or
$1.35%.
Nicaragua revenue for April 2015 as compared to
April 2014 would have increased by approximately $100 thousand or
$10.2%.
Total revenue for April 2015 as compared to April
2014 would have increased by approximately $130 thousand or
$4.06%.
For more detail on these developments, please
visit www.thunderbirdresorts.com to find our press releases dated
January to April 2015.
Capital Resources and Liquidity
The Group measures its liquidity needs by:
Monitoring short-term obligations on a
country-by-country and global, consolidated basis, with short-term
inflows and outflows forecasted for the financial year, updated
weekly.
Monitoring long-term, scheduled debt servicing
payments.
Rolling forward 5-year cash flow models each month
based on the financial results year-to-date through the previous
month.
The Group has the capacity to manage liquidity
with different tools at its disposal, including:
Raising of debt or equity capital at both the
operations and Group levels.
Selling of non-strategic assets.
Restructuring or deferral of unsecured
lenders.
Restructuring of salaries of key personnel.
Deferral or aging of accounts payables.
Cost management programs at both the operations
and Group levels.
Based upon our current expectations, we anticipate
that our available cash balances, our cash flow from operations and
available borrowing capacity under our existing credit arrangements
will be sufficient to fund our liquidity requirements for at least
the next 18 months.
Document Availability: Copies of the First Quarter
Interim Management Statement in the English language will be
available at no cost at the Group's website at
www.thunderbirdresorts.com. Copies in the English language are
available at no cost at the Group's operational office in Panama
and at the offices of our local paying agent ING Commercial
Banking, Paying Agency Services, Location Code TRC 01.013,
Foppingadreef 7, 1102 BD Amsterdam, the Netherlands (tel: +31 20
563 6619, fax: +31 20 563 6959, email: iss.pas@ing.nl). Copies are
also available on SEDAR at www.SEDAR.com.
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.
Contact Information
Thunderbird Resorts Inc.
Peter LeSar
Chief Financial Officer
(507) 223-1234
plesar@thunderbirdresorts.com