Thunderbird Resorts Inc.: Philippines Update
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Thunderbird Resorts Inc.: Philippines Update
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PANAMA, REPUBLIC OF PANAMA--(Marketwire - June 10, 2011) - Thunderbird Resorts
Inc. (FRANKFURT: 4TR)(EURONEXT: TBIRD) ("Thunderbird" or "Group") previously
announced on 3 June 2011 and on 8 June 2011, that its affiliates in the
Philippines, Eastbay Resorts, Inc. ("ERI") and Thunderbird Pilipinas Hotels and
Resorts, Inc. ("TPHR") (collectively "Thunderbird Resorts Philippines"), filed
lawsuits against the Philippine Amusement & Gaming Corporation ("PAGCOR"). The
lawsuits were filed in response to notifications by PAGCOR that it "would
initiate cessation proceedings" unless by 3 June 2011 ERI and TPHR provided
"written unconditional acceptance" of onerous new Authority to Operate ("ATO")
terms proposed by PAGCOR. The ATOs do not grant the right to PAGCOR to
unilaterally impose new conditions and to threaten termination on this basis.
Upon presentation of the ERI and TPHR lawsuits, the Court granted 72-hour
temporary restraining orders ("TROs") enjoining PAGCOR from initiating the
threatened cessation proceedings. On 7 June 2011 and 8 June 2011, the Court
granted extensions of the TROs to both TPHR and ERI for an additional 17 days.
The Court also consolidated the TPHR and ERI cases and set hearings before the
17-day period lapses to rule on motions for Temporary Injunctions enjoining
PAGCOR from initiating the threatened cessation proceedings during the entire
trial proceedings.
Thunderbird Resorts Philippines is obligated to set the record straight with
respect to recent comments made by PAGCOR. First and foremost, ERI and TPHR have
current written contracts with licensing rights in place with PAGCOR, which
allow these companies to operate so that any statement that ERI and TPHR
contracts, including licensing rights, expired in August 2009 is incorrect.
Pursuant to the existing contracts, PAGCOR has accepted our tax/licensing fees
and payments continuously since our opening in 2005 to date, which amounts to
over PHP 2.5 Billion in gaming taxes. PAGCOR has had its casino monitoring teams
located within our facilities since their inception and has continuously treated
our facilities as validly operating casinos. Also, pursuant to our long-term
contractual commitments, we have invested over PHP 2.6 billion to build two
hotels and entertainment centers, all in reliance upon the currently active and
binding contracts with PAGCOR. Second, we take seriously our responsibilities to
our employees, to the communities where we operate, and to the provincial
economies of those communities. Currently, we employ over 1,300 people,
providing good wages and benefits. We continuously support Rizal and La Union
municipalities through various community activities. Our facilities also support
over 1,700 local vendors, spending with them over PHP 5.2 billion in the last 6
years. We have spent over PHP 27 million on various social responsibility
initiatives, including monthly medical missions where we distribute medical care
to the local areas in Rizal and Poro Point to over 10,000 constituents, an
adopted school program affecting over 3,500 students in 2010, typhoon relief
programs and donations to various other charities. Third, in order to protect
our employees and our business, ERI and TPHR had no choice but to seek the
protection of the courts when we received written notice that we would be shut
down in 3 days unless we agreed to change our existing contracts.
ABOUT THE COMPANY
We are an international provider of branded casino and hospitality services,
focused on markets in Central America, South America, Southeast Asia, India and
Eastern Europe. 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
Chief Financial Officer
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#1522921]
Unternehmensinformation / Kurzprofil:
Datum: 12.06.2011 - 22:25 Uhr
Sprache: Deutsch
News-ID 55492
Anzahl Zeichen: 6642
contact information:
Town:
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Kategorie:
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