Thunderbird Resorts Inc.: 2011 Full-Year Revenue Report
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Thunderbird Resorts Inc.: 2011 Full-Year Revenue Report
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PANAMA, REPUBLIC OF PANAMA--(Marketwire - January 13, 2012) - Thunderbird
Resorts Inc. ("Thunderbird" or "Group") (EURONEXT: TBIRD)(FRANKFURT: 4TR) is
pleased to announce its 2011 full year consolidated same store revenue as
compared to 2010.
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Thunderbird Resorts
Consolidated same store revenue by
Country % Increase /
(unaudited, in USD thousands) YTD 2011 YTD 2010 (Decrease)
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Nicaragua 12,112 11,787 2.8%
Costa Rica 19,634 21,151 -7.2%
Peru 34,420 33,096 4.0%
Philippines 49,967 48,734 2.5%
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Total Consolidated Revenues 116,132 114,767 1.2%
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Note: Same store revenues represent revenues from our gaming, lodging and F&B
operations. Same store revenues account for properties owned and/or managed in
Peru as of December 2011, and not those properties sold during 2011. Annual
figures shown above will vary from our 2011 audited annual figures due to the
exclusion of real estate sales in our resort properties in the Philippines,
exchange rate calculations and IFRS reporting requirements.
Same-store revenue in 2011 increased by $1.4 million despite challenging
conditions both globally and in certain of our markets. Below is a review of
revenue trends and initiatives on a country-by-country basis:
Nicaragua: Revenues in 2011 increased by over $300 thousand despite being a
presidential election year. There have been no material changes in the number of
gaming positions in 2011. Management anticipates opening one new gaming location
during the first half of 2012 which would increase gaming positions by
approximately 20% or approximately 115 new gaming positions in total.
Costa Rica: Revenues in 2011 decreased by $1.5 million due to a flat economy and
tourism sector. Management believes that there is an opportunity to grow revenue
by updating our gaming floors. In this regard, in October 2011 we announced that
we had secured approximately $2 million in financing to purchase slot machines
for Costa Rica, which financing was subsequently increased to approximately $2.5
million, allowing for the installation of approximately 240 machines to replace
existing machines that were under performing floor averages.
Peru: Revenues in 2011 increased by $1.3 million despite a national smoking ban
going into effect midyear. Revenue per gaming position decreased by 12%, which
Management believes is largely due to this ban. Hotel revenue per room increased
by approximately 50% as the travel sector improved coming out of the global
financial crisis. In our Q3 Interim Management Statement, the Group announced
that it was seeking to upgrade its gaming positions. In December 2011, we re-
opened 56 table positions that had been idled for remodeling. During February
2012, Management anticipates upgrading 44 machines in our Peru flagship casino
with 26 new machines and 18 new kits for machines.
Philippines: Revenues in 2011 increased by $1.2 million despite: a) our
Philippines operations having 11% fewer positions as compared to 2010 due to
pending regulatory issues discussed in detail in prior announcements; and b) a
smoking ban that went into effect in the first half of 2011. Revenue per gaming
position in the Philippines increased 12% during 2011. While there can be no
assurances, Management believes that if regulatory approvals are granted,
revenue growth should accelerate once these idled 128 positions become
operational.
ABOUT THE COMPANY
We are an international provider of branded casino and hospitality services,
focused on markets in Asia and Latin America. 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 AFM and other regulatory
authorities.
Contacts:
Thunderbird Resorts Inc.
Kevin McDonald
Investor Relations
(858) 668-2503
kevin.mcdonald(at)thunderbirdresorts.com
Thunderbird Resorts Inc.
Peter LeSar
Chief Financial Officer
(507) 223-1234
plesar(at)thunderbirdresorts.com
www.thunderbirdresorts.com
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Source: Thunderbird Resorts Inc. via Thomson Reuters ONE
[HUG#1577647]
Unternehmensinformation / Kurzprofil:
Datum: 13.01.2012 - 20:18 Uhr
Sprache: Deutsch
News-ID 104132
Anzahl Zeichen: 6945
contact information:
Town:
El Cangrejo, Apartado
Kategorie:
Business News
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