Thunderbird Update
(Thomson Reuters ONE) - PANAMA CITY, REPUBLIC OF PANAMA--(Marketwire - July 24, 2009) -Thunderbird Resorts Inc. (the "Group") (FRANKFURT: 4TR)(EURONEXT:TBIRD) announces that it closed its Gran Plaza location in Guatemalaon 15 July 2009 due to continuing underperformance. The Groupbelieves the underperformance was caused by decreased customervisitation resulting from a degradation of security in the areasurrounding the property. The Group will transfer approximately 30 ofthe total 116 video lottery games from this location to its two otherlocations in Guatemala. The balance of video lottery games will berelocated to other new locations currently being considered by theGroup. Any surplus furniture, fixtures and equipment will be utilizedin other Group locations or sold. The new properties will be designedto require low capital investment in locations with identified stronggaming demographics. With the closing of Gran Plaza, our Guatemalawork force was reduced by approximately 90 persons. Our totalinvestment in property, plant and equipment in the Gran Plaza projectwas approximately $5.1 million of which $3.8 million was written downas of 31 March 2009.In the Philippines, we are improving the facilities at our twocasinos with multi-stage expansion projects ongoing for eachproperty. The Group previously announced that the expansions of theFiesta Casino and Resort at Rizal and the Fiesta Casino at Poro Pointwould be completed in the first quarter of 2009. Due to delays insecuring financing for each of the projects, the completion date forboth is now scheduled to be completed within 90 to 120 days from whenthe final financing is available. However, in July and August 2009,we will deploy a total of 72 of the slot machines which were slatedfor the expansion areas of these projects. These slot machines willbe placed in available spaces in our existing facilities, in areassuch as former hotel suites at Rizal and adjacent to our existingcabana bar at Poro Point, 50 of which were placed in service on 11July 2009.Half-yearly financial report 2009 and conference callThunderbird will file its half-yearly financial report 2009 by 28August 2009 and host a conference call within 48 hours following therelease of the report. The Group will issue a press release withupdated information on the half-yearly financial report 2009 and theconference call in due course.ABOUT THE COMPANYThunderbird Resorts Inc. is an international provider of brandedcasino and hospitality services, focused on markets in Central and,South America, Southeast Asia, India and Eastern Europe. Our missionis to "create extraordinary experiences for our guests". Additionalinformation about the Group is available on its World Wide Web siteat www.thunderbirdresorts.com.Cautionary Notice: This release contains certain forward-lookingstatements within the meaning of the securities laws and regulationsof various international, federal, and state jurisdictions. Allstatements, other than statements of historical fact, includedherein, including without limitation, statements regarding potentialrevenue and future plans and objectives of the Group areforward-looking statements that involve risk and uncertainties. Therecan be no assurances that such statements will prove to be accurateand actual results could differ materially from those anticipated insuch statements. Important factors that could cause actual results todiffer materially from the Group's forward-looking statements includecompetitive pressures, unfavorable changes in regulatory structures,and general risks associated with business, all of which aredisclosed under the heading "Risk Factors" and elsewhere in theGroup's documents filed from time-to-time with the NYSE EuronextAmsterdam and other regulatory authorities.Contacts:Thunderbird Resorts Inc.Kevin McDonaldInvestor Relations(858) 668-2503kevin.mcdonald(at)thunderbirdresorts.comThunderbird Resorts Inc.Michael G. FoxChief Financial Officermfox(at)thunderbirdresorts.com / info(at)thunderbirdresorts.comwww.thunderbirdresorts.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 24.07.2009 - 18:55 Uhr
Sprache: Deutsch
News-ID 3970
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 278 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Thunderbird Update"
steht unter der journalistisch-redaktionellen Verantwortung von
Thunderbird Resorts Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
