Thunderbird Resorts Inc.: Philippines Update

PANAMA, REPUBLIC OF PANAMA--(Marketwire - June 3, 2011) - Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT:4TR)(EURONEXT:TBIRD) announces that on 3 June 2011, Thunderbird's affiliates in the Philippines, Eastbay Resorts, Inc. ("ERI") and Thunderbird Pilipinas Hotels and Resorts, Inc. ("TPHR"), filed lawsuits in the Regional Trial Court, National Capital Judicial Region, City of Manila, Republic of the Philippines, against the Philippine Amusement & Gaming Corporation ("PAGCOR"). The lawsuits assert that PAGCOR is in breach of its contracts with ERI and TPHR, which are each in the form of an Authority to Operate ("ATO"). The lawsuits were filed in response to notifications by PAGCOR that it "would initiate cessation proceedings" unless by 3 June 2011 ERI and TPHR provided "written unconditional acceptance" of onerous new terms proposed by PAGCOR. The ATOs do not grant the right to PAGCOR to unilaterally impose new conditions and to threaten termination on this basis. The lawsuits seek both monetary damages and to cause PAGCOR to formally renew the ATOs to be co-terminus with the charter of PAGCOR, or until 11 July 2033, as provided for in the existing ATOs and related letter agreements. Upon presentation of the ERI and TPHR lawsuits, the Court granted 72-hour temporary restraining orders ("TROs") enjoining PAGCOR from initiating the threatened cessation proceedings. The Court also scheduled hearings for 6 June 2011during which ERI and TPHR will seek preliminary injunctions to extend the TROs for an additional 20 days.

ABOUT THE COMPANY

We are an international provider of branded casino and hospitality services, focused on markets in Central America, South America, Southeast Asia, India and Eastern Europe. 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 NYSE Euronext Amsterdam and other regulatory authorities.