Thunderbird Resorts Inc.: September 2011 Revenue Report and Update on Refinancing Debt

PANAMA, REPUBLIC OF PANAMA--(Marketwire - Oct. 12, 2011) - Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT:4TR)(EURONEXT:TBIRD) reports the following revenues for September 2011:

Update on Efforts to Refinance Existing Debt and Improve Cash Flow

As has been previously announced, the Group has been deleveraging over the past 2 years as a means to improve free cash flow. Through June 2011, we reduced our total debt from continuing and discontinued operations to $83.4 million as compared to $121 million at year-end 2010 and $169 million at year-end of 2009.

Since June 2011, the Group has executed on the following strategies to further enhance cash flow:

• Paid down approximately $2.8 million of high-amortizing debt service with 1,039,856 Thunderbird common shares.
• Entered into negotiations with certain lenders to refinance the majority of Peru-related debt with the intent to improve cash flow from the Peru operations. There can be no assurances that such amended financing terms will be obtained.
• Borrowed approximately $2 million to purchase approximately 200 additional slot machines in Costa Rica with the intent of improving the financial performance of the Costa Rica operations.
• Begun negotiations to purchase 200 to 300 slot machines in Peru to replace existing slot machines that are underperforming our floor averages. Management believes that each new machine may generate incremental revenue in excess of $35 per day as compared to the machines to be replaced. There are no assurances as to the actual results nor that such machine financing will be obtained.

The Group will continue to seek opportunities to enhance cash flow as one of a number of strategies being worked on to increase value for shareholders.

ABOUT THE COMPANY

We are an international provider of branded casino and hospitality services, focused on markets in Asia and Latin America. Our mission is to "create extraordinary experiences for our guests." Additional information about the Group is available on its World Wide Web site 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.