Financial

Thunderbird Resorts Inc. 2011 Full-Year Revenue Report

Same-store revenue in 2011 increased by $1.4 million despite challenging conditions both globally and in certain of our markets.

Thunderbird Resorts

Thunderbird Resorts Inc. (EURONEXT:TBIRD)(FRANKFURT:4TR) is pleased to announce its 2011 full year consolidated same store revenue as compared to 2010.

Thunderbird Resorts

Consolidated same store revenue by country

(unaudited, in USD thousands)

YTD 2011 YTD 2010 % Increase / (Decrease)
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%
Total Consolidated Revenues 116,132 114,767 1.2%

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.



Logos, product and company names mentioned are the property of their respective owners.