FOR: INTERNATIONAL THUNDERBIRD GAMING CORPORATION
VSE, TSE SYMBOL: INB
FEBRUARY 24, 1999
International Thunderbird Update
SAN DIEGO, CALIFORNIA--International Thunderbird Gaming
Corporation (TSE & VSE - INB) announces that its continuation as a
corporation governed by the laws of the Yukon Territories has been
completed effective February 5, 1999. In addition, Benny R.
Brower has been appointed as a director. Mr. Brower is from El
Dorado Springs, Missouri, and brings a well rounded business
background to the Company with a concentration on real estate
development. There are significant development aspects to the
Company's new projects.
The Company also announces that the Fiesta Casinos' venture in
which the Company has a 50 percent interest, had a 31-day net
pre-tax profit of USD$483,806 on USD$2,001,302 revenue for the
month ending January 31, 1999 for its four casinos in the Republic
of Panama. The Fiesta Casinos' revenue for the period February 1
through February 23, 1999 was USD$1,557,670. Fiesta is currently
planning to expand the gaming space in two of its casinos in its
Fiesta Operations.
The Company continues to pursue opportunities in certain regulated
markets in Central and South America.
As previously reported by the Company, the California State
Supreme Court is currently considering the constitutionality of
Proposition 5. The Company believes all legal and regulatory
issues on Indian gaming will be resolved with a fair compromise
between the state and Tribes. California's new Democratic
Governor Gray Davis, and its new Democratic Attorney General Bill
Lockyer, have been favorable to California's Native American
community, making it all the more likely that the Governor and the
Attorney General will work out a resolution regardless of the
outcome of Proposition 5. The Company is currently in advanced
negotiations with three tribes for the development of their gaming
opportunities in California , contingent upon the respective
tribes entering into compacts with the state when the legal and
regulatory issues are resolved.
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 |
