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Thunderbird Resorts Inc.: May 2014 Revenue Report

PANAMA, REPUBLIC OF PANAMA -- (Marketwired) -- 06/10/14 -- Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT: 4TR)(EURONEXT: TBIRD) reports the following revenues for May 2014. For a more detailed analysis of May 2014 revenue, please visit www.thunderbirdresorts.com and click on "May 2014 Revenue Report - Analysis" located on the home page under "News and Releases."

Thunderbird Resorts Inc. - Group-wide                        Year-over-year
 sales results by country (unaudited,                             increase/
 in millions)(1)                         May 2014  May 2013      (decrease)
Peru(2)                                 $    2.51 $    2.56           -1.95%
Costa Rica(3)(4)                             0.96      1.10          -12.73%
Nicaragua                                    1.24      1.19            4.20%
Total Consolidated Operating Revenues   $    4.71 $    4.85           -2.89%
(1)  Revenues reported are based on monthly average exchange rates, report
     same store revenues and are in USD millions. From month to month,
     exchange rate fluctuations could cause an impact on revenues as
     compared to the previous year.
(2)  2014 and 2013 revenues consist of all gaming revenue in the country
     plus revenue from our fully-owned Fiesta Hotel and management fees for
     the Thunderbird Hotel - Pardo, Thunderbird Hotel - Carrera and
     Thunderbird Hotel - El Pueblo, which are owned by third parties.
(3)  Effective January 1, 2013, IFRS 11 changed the way that joint ventures
     are accounted for whereby proportional consolidation is no longer
     allowed and equity accounting should be applied to joint ventures.
     Until further notice and for the convenience of the reader and for the
     illustrative purposes of this monthly revenue report, the Group has
     elected to continue to show the Costa Rican joint venture proportional
     revenues, which vary from the way that the Group accounts for these
     revenues in our Interim and Annual Financial Statements.
(4)  In October 2013, we reduced 290 gaming positions in Costa Rica that
     cost more to maintain on the floor (because of per position gaming
     taxes) than their respective revenue. As a result, period revenue has
     dropped, but should be reflected in enhanced EBITDA from the related


We are an international provider of branded casino and hospitality services, focused on markets in Latin America. Our mission is to "create extraordinary experiences for our guests." Additional information about the Group is available on its website 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 AFM and other regulatory authorities.

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