NEWS RELEASE FOR: INTERNATIONAL THUNDERBIRD GAMING CORPORATION
VSE, TSE SYMBOL: INB
JANUARY 11, 1999
Thunderbird Updates Operations and Development
SAN DIEGO, CALIFORNIA--International Thunderbird Gaming
Corporation (TSE and VSE - INB) announces that the Fiesta Casinos'
31-day revenue for the month ending December 1998 period was
USD$1,792,456 for its four Fiesta Casinos in the Republic of
Panama. This financial data covers the period beginning December
1 through December 31, 1998, when the El Panama Casino, Soloy
Casino, and Hotel Washington Casino- Colon operated for the entire
31-day period and the Hotel Nacional Casino-David operated for 19
days from its opening on December 13, 1998. The Fiesta Casino
revenue continues to exceed the Company's expectations. Business
activity continued to grow in December. Actual revenue in
December decreased due to a lower winning percentage on table
games. The winning percentage in November was above industry
norms while the December winning percentage is more consistent
with industry norms. This is evident by a comparison of the
patron dollars that flowed into the casinos in November and
December. Patrons played $305,529 of additional cash into the
slot and table games in the month of December over the amount in
November. The Company continues to increase its market share in
both table games and slots.
The Company also announces the signing of a lease agreement
between the Hotel Conquistador Ramada (The Ramada Hotel), a
premier hotel located in Guatemala City, and the Fundacion
Pediatrica de Guatemala. As operating contractor to the Fundacion
Pediatrica de Guatemala and ILAC, Thunderbird intends to pursue
the construction of a video gaming parlor and operate 100 video
lottery terminals within the Ramada. Tenant improvement will be
paid by the existing VLT operation in Guatemala as the Company
does not need to look to outside sources to fund the construction
costs. The 100-video lottery terminals are part of the Company's
existing inventory of machines. The Ramada Hotel site is the
Company's second VLT location in Guatemala. The existing site is
located in the Camino Real Hotel in Guatemala City and is
experiencing a steady amount of revenue.
The Company continues to pursue opportunities in Central and South
American licensed jurisdictions.
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
Cautionary Notice: This release contains forward-looking
statements reflecting the Company's expectations or beliefs
concerning future events which could materially affect Company
performance in the future. The Company cautions that these
similar statements involve risk and uncertainties and are
qualified by important factors, including competitive pressures,
unfavorable changes in regulatory structures, and general risks
associated with business, which could cause actual results to
differ materially from those in the forward looking statement.
Forward-looking statements are made in the context of information
available as of the date stated. The Company undertakes no
obligations to update or revise such statements to reflect new
circumstances or unanticipated events as they occur.
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FOR FURTHER INFORMATION PLEASE CONTACT:
International Thunderbird Gaming Corporation
Investor Relations
(619) 451-3637 or 1-888-451-3637
Website: www.intltbird.com
E-mail: info@intltbird.com
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