Thunderbird Resorts Inc.: February 2011 Revenue-Updates on Poland-Peru-Philippines
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Thunderbird Resorts Inc. /
Thunderbird Resorts Inc.: February 2011 Revenue-Updates on
Poland-Peru-Philippines
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PANAMA, REPUBLIC OF PANAMA--(Marketwire - March 10, 2011) - Thunderbird Resorts
Inc. (FRANKFURT: 4TR)(EURONEXT: TBIRD) ("Thunderbird" or "Group") reports the
following revenues for February 2011:
------------------------------------------------------------------------------------------------------------
Year-over-
Thunderbird year
Resorts Inc.
- Group-wide
sales February February increase/
results by
country
(unaudited,
in 2011 2010 (decrease)
thousands)
------------------------------------------------------------------------------------------------------------
Costa Rica 1,586 1,755 (9.6%)
Nicaragua 950 786 20.9%
Philippines 3,929 3,617 8.6%
Poland 126 231 (45.5%)
Peru Gaming 1,849 1,621 14.1%
Peru Hotel 1,372 1,191 15.2%
------------------------------------------------------------------------------------------------------------
Total 9,812 9,201 6.6%
Consolidated
Revenues
------------------------------------------------------------------------------------------------------------
Closure of Polish Operations
In 2010, Thunderbird executed on a strategy to improve financial performance by
deleveraging through the sale of the Panama casinos and two Peru hotels and by
exiting non-performing businesses in Guatemala. To this end, we previously
announced:
* The sale of our Panama operations in August 2010, which were used to reduce
consolidated Group debt by $46.8 million.
* The sale of the Pardo Hotel in February 2010 and the Carrera Hotel in June
2010, which were used to reduce Peruvian secured debt by $13.6 million.
* The sale of underperforming assets in Guatemala effective December
31, 2010, which have been a drag on 2010 earnings and EBITDA of ($3.8)
million and ($0.6) million, respectively.
Continuing with our strategy, we now announce that, effective today, the Group
is shutting down its Polish operations. Because our Polish operations had
negative EBITDA (estimated ($366,000) in 2010), this closure is expected to be a
net positive contributor to Group EBITDA and earnings in 2011. Poland
represented less than 2% of the Group's worldwide revenues last year and as of
31 December 2010 our entire investment of $2.0 million had been written off.
Thunderbird has advanced approximately $150K USD to support this closure. The
operations will be liquidated in accordance with the Polish Commercial Companies
Law.
Opening of Casino in Peru
Thunderbird is pleased to announce the opening of the Luxor Casino in the city
of San Pedro de Tacna, Peru. Tacna is a city in southern Peru and the regional
capital of the Tacna Region. It is located on the border with Chile, inland from
the Pacific Ocean and in the valley of the Caplina River. Tacna is a very
commercially active city, located only 35 km (22 mi) north of the border with
Chile. Today, Tacna is a mostly commercial city with many immigrants from the
Puno Region living there. Its economy is based on mercantile activities with the
north of Chile (Arica and Iquique). Since it is part of a duty free zone, Tacna
has come to rival Arequipa as southern Peru's main business area. The city has
one of the largest artifact markets in the world with imports from Japan and
China, and traditional Peruvian handicrafts. The Luxor Casino opened with a mix
of 10 casino gaming tables and is the only casino located in the province
department of Tacna. Thunderbird had been operating the facility in Tacna as a
"slot parlor" with 147 slot machines since 2008 and with the addition of these
tables will operate as a full casino.
Event Center in the Philippines
We are pleased to announce the opening of a 950 square meter event center at our
Thunderbird Resorts - Rizal property in the Philippines. The purpose of the
event center is to:
* attract more customers for our casino and hotel facilities by renting the
event center and by hosting our own events;
* increase demand for our food and beverage business through event catering
and increased property traffic;
* continue to position the property as a recreational venue for the east side
of Metro Manila; and
* drive earnings growth because we forecast revenue growth to outpace growth
in expenses.
We have also expanded the casino by adding an additional 100 slot machines and
28 table positions. We are awaiting final regulatory approval to open these new
gaming positions to the public and expect an announcement on the same in the
near future.
ABOUT THE COMPANY
We are 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(at)thunderbirdresorts.com
Thunderbird Resorts Inc.
Peter LeSar
Interim Chief Financial Officer
plesar(at)thunderbirdresorts.com / info(at)thunderbirdresorts.com
www.thunderbirdresorts.com
--- End of Message ---
Thunderbird Resorts Inc.
Calle Alberto Navarro El Cangrejo, Apartado Panama, Republic of Panama
Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
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Source: Thunderbird Resorts Inc. via Thomson Reuters ONE
[HUG#1496219]
Unternehmensinformation / Kurzprofil:
Datum: 10.03.2011 - 22:06 Uhr
Sprache: Deutsch
News-ID 52353
Anzahl Zeichen: 8948
contact information:
Town:
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Kategorie:
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