Good Vibes from Panama
Thunderbird Announces Certain Financial Information on its Panama Operations
SAN DIEGO, CALIFORNIA--International Thunderbird Gaming
Corporation (TSE and VSE - INB) is pleased to announce certain
financial data for three of its four Fiesta Casinos located in the
Republic of Panama. The Company previously announced the opening
of the three casinos located within the Hotel Soloy in Panama City
(August 25, 1998); the Hotel El Panama in Panama City (September
8, 1998) and the Hotel Washington in Colon (October 16, 1998). The
Company plans to open an additional casino (located at Hotel
Nacional in David, Republic of Panama) in early December of 1998.
The financial data covers the revenue and pre-tax income for the
period beginning October 1, 1998 through October 31, 1998 when the
El Panama Casino and Soloy Casino operated for the entire 31 day
period and the Colon Casino operated from its opening date on
October 16, 1998 (14 days). The November financial data provides
revenue for the first 23 days of November when all three casinos
operated for the entire period.
The Fiesta Casinos revenue for October 1998 period was
USD$1,370,000 and pre-tax income was USD$240,000. The Fiesta
Casinos revenue for the period beginning November 1, 1998 through
November 23, 1998 was USD$1,514,000, with an additional 7 days
remaining in the month. These revenues have exceeded the Company's
expectations.
The Company previously announced that one-half of the funding for
the Panama project was financed by a local Panamanian group that
was granted the right to a 50 percent equity position in the
Thunderbird-Panama subsidiary subject to approval of the Panama
Gaming Control Board. The local Panamanian group has not yet
received this approval, although application for approval has been
submitted and the process is ongoing. Therefore, the final revenue
and pre-tax income data for the Company's financials will reflect
50 percent of the revenue and pre-tax numbers disclosed above,
upon approval of the Panama Gaming Control Board.
The Company's Guatemalan operations remain profitable.
International Thunderbird Gaming Corporation is an owner and
manager of international gaming facilities. Additional
information about the Company is available on its World Wide Web
site at www.intltbird.com.
On behalf of the Board of Directors
Jack R. Mitchell, President and CEO |
