Thunderbird Resorts Inc.: Sales Report for July 2009 Guatemala andCorporate Liquidity Update

Thunderbird Resorts Inc.: Sales Report for July 2009 Guatemala and
Corporate Liquidity Update
 
PANAMA, REPUBLIC OF PANAMA -- (MARKET WIRE) -- 08/05/09 --
Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT:
4TR)(EURONEXT: TBIRD) reports the following sales for July 2009 along
with an update on the Guatemala operation and corporate
liquidity:
 
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Thunderbi
rd Resorts Inc. -
Group-wide sales results by country
(unaudited) (in thousands)                          July 2009
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Panama                                                $ 5,072
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Costa Rica (1)                                          1,324
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Nicaragua                                               1,056
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Guatemala                                                 393
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Philippines                                             3,900
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Poland                                                    269
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Peru Gaming                                             1,880
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Peru Hotel                                              1,109
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Total net gaming wins and other sales                $ 15,003
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(1) During the third quarter of 2008, the Group acquired a controlling
    interest in the entity that holds the Fiesta Casino Holiday Inn Express
    (formerly Garden Court) operation, and as a result began consolidating
    that operation at 100 percent beginning 1 September 2008. The balance
    of the Costa Rican operation is a joint venture of the Group and its
    results of operations are proportionally consolidated into the Group's
    financial statements, therefore the table above represents the Group's
    50 percent share in all the operations other than the Holiday Inn
    Express property which is reported at 100 percent. The Group owns
    controlling interest in all other countries and accordingly sales are
    reported at 100 percent. For details of Group ownership at the country
    level please refer to the Group's Annual Report 2008.
 
Guatemala Update
 
In July 2009, Thunderbird reported the voluntary closure of the Gran
Plaza property in Guatemala City due to numerous factors including
continuing underperformance caused by decreased customer visitation
resulting from a degradation of security in the area surrounding the
property. On 3 August 2009, Thunderbird's two remaining properties,
Fiesta Intercontinental Guatemala and Video Suerte Mazatenango, were
ordered closed under the authority of a Guatemalan federal legal
proceeding in Guatemala City. Thunderbird's Guatemalan lawyers are
reviewing the basis of the closure and assessing a course of action
to re-open the facilities. Thunderbird has been operating legally in
Guatemala since 1997 and we intend to vigorously defend our legal
rights. These two facilities represent approximately 5.1 percent of
the Group's gaming positions worldwide and only approximately 2.3
percent of our total sales. Due to these recent events, the Group has
been working with various lenders to our Guatemala operations to
extend repayment terms while we seek to re-open the two locations.
 
Capital resources and liquidity
 
As previously reported, in response to the effects of the worldwide
economic slowdown and in light of our high short term principal debt
payments, the Group continues to renegotiate payment terms with
certain of our lenders to extend amortization periods. While there
can be no assurances that we will reach accommodations with all of
our lenders, during April, May and June of 2009, the Group negotiated
a deferment of principal debt payments with more than 25 private
lenders who held over 50 separate loans. This set of deferred
principal payments totals approximately $6.3 million on approximately
$24.0 million of aggregate principal amount of loans. These principal
payments were deferred for approximately 12 months from the date of
deferral. The Group also recently obtained six month extensions on
the maturity dates for $4 million in debt that matured during July
2009. In addition, effective 1 August 2009 the Group's Board of
Directors and senior executives elected to defer monthly Board fees
and 20 percent of executive salaries until the Group's cash flow is
stabilized. The Group will provide a complete business update in the
half-yearly financial report 2009 which will be filed by 27 August
2009.
 
ABOUT THE COMPANY
 
Thunderbird Resorts Inc. is an international provider of branded
casino and hospitality services, focused on markets in Central and,
South America, Southeast Asia and India. Our mission is to "create
extraordinary experiences for our guests." Additional information
about the Group is available on its World Wide Web site 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 NYSE Euronext
Amsterdam and other regulatory authorities.
 
Contacts:
Thunderbird Resorts Inc.
Kevin McDonald
Investor Relations
(858) 668-2503
kevin.mcdonald@thunderbirdresorts.com
 
Thunderbird Resorts Inc.
Michael G. Fox
Chief Financial Officer
mfox@thunderbirdresorts.com / info@thunderbirdresorts.com
www.thunderbirdresorts.com
 
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