Thunderbird Resorts Inc.: Group to Open New Venue in Costa Rica and Reduce Other Positions to Improve EBITDA
(Thomson Reuters ONE) -
Thunderbird Resorts Inc. /
Thunderbird Resorts Inc.: Group to Open New Venue in Costa Rica and Reduce Other
Positions to Improve EBITDA
. Ad hoc announcement according to § 15 WpHG. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
PANAMA, REPUBLIC OF PANAMA--(Marketwired - Oct 28, 2013) - Thunderbird Resorts
Inc. ("Thunderbird" or "Group") (FRANKFURT:4TR)(EURONEXT:TBIRD) reports the
following:
NEW VENUE WITH 146 POSITIONS
The Group is pleased to announce that its Costa Rica affiliate is opening a new
casino located in San Jose. This new Fiesta Casino is under construction and
will operate under a long-term lease. We expect to open by Q2 2014 with
approximately 118 slot machines, 28 table positions and 70 food and beverage
positions. The casino will implement our "Las Vegas" style casino format in an
area where no similar product offering exists. A Panamanian bank will loan the
Group's affiliate approximately USD 2.8 million to fund the project's capital
requirements including construction and equipment purchases.
The Group believes the new project will attract mid- to upper-end clients by
offering a more entertainment-oriented environment than other gaming facilities
in the area. The Group has operated in Costa Rica since 2003 and owns 50% of our
businesses there, except for the flagship casino located in the Holiday Inn
Express Hotel at the San Jose International Airport of which the Group owns 56%.
This new venue follows our strategy to build the Company in our current markets
where we can grow while only adding nominal country management and parent-level
expense. This is our second venue to open under this strategy, the first of
which was Chinandega in Nicaragua that opened in Q3 2012.
REDUCTION OF POSITIONS TO IMPROVE EBITDA
Management recently closed two slot parlor facilities in Costa Rica. These
properties opened in 2006 and due to a change in market conditions, the
properties had become misaligned with the current operating standards of our
Fiesta brand, whose primary objective is to provide better financial returns. We
have also reduced machines in certain ongoing operations. Besides lower revenue
from the changed market conditions, the reduction of 290 underperforming gaming
positions eliminates the associated fixed monthly gaming tax per gaming position
that has been in place since January 2013. The Group believes that the net
effect to EBITDA of the reduction of these positions will be positive as we
optimize EBITDA performance and provide better and more efficient service to our
customers. Management will also be re-deploying the best performing of these
slot machines into our new venue as announced above in order to reduce our
overall cash outlay and improve returns for that new business.
ABOUT THE COMPANY
We are an international provider of branded casino and hospitality services,
focused on 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.
Thunderbird Resorts Inc.
Peter LeSar
Chief Financial Officer
(507) 223-1234
plesar(at)thunderbirdresorts.com
www.thunderbirdresorts.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Thunderbird Resorts Inc. via Thomson Reuters ONE
[HUG#1738734]
Unternehmensinformation / Kurzprofil:
Datum: 28.10.2013 - 22:09 Uhr
Sprache: Deutsch
News-ID 310071
Anzahl Zeichen: 5282
contact information:
Town:
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Kategorie:
Business News
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