Another casino to open in Rizal - Tuesday 12th of July 2005

GAMING facilities owner and manager International Thunder­bird Gaming Corp. will open its second casino in the Philippines by year’s end, the company said in a statement.

The Poway, a California-headquartered firm, said that a portion of the funds generated by a nonbrokered private placement of two-million common stock shares worth $0.90 each “will be used for general working capital and development costs including funding for development of a second casino and resort operation in the Philippines.?

In April Thunderbird opened its first casino in Southeast Asia with the Fiesta Casino and Hotel in Binangonan, Rizal. With 120 slot machines and 34 gaming tables, Fiesta Casino is part of a hotel, themed restaurants and golf resort complex. “Fiesta Resort Casino Manila has surpassed our expectations as an entry point into the region,? the company said.

Jack R. Mitchell, Thunder­bird president and chief executive, said the firm is proceeding with its due diligence and plans to open a second casino and resort in the Philippines by December 2005.

“It has received most approvals and the company expects to have the final permits by August,? Mitchell said. “If approved, it will be a favorable economic transaction and solidify the company’s operations in Southeast Asia.?

Mitchell added that the new site for Thunderbird’s casino in the country includes beautiful beaches and a hotel, has no competition within a four-hour driving radius, and near an airport “[that] can be used to develop regional charters for international business.?

The seven-year-old Thunder­bird has built a leading casino and entertainment company for the Latin American markets. The firm’s Philippine venture is the beginning of its “global presence to Asia.?

According to its unaudited interim consolidated balance sheet, Thunderbird’s total current assets stood at $9.595 million as of March 31, down from the $10.685 million it reported on December 31, 2004. The company, however, posted total gaming revenues of $8.6 million in the first quarter of this year, up from the $5.61 million it posted in the same period last year.

Thunderbird’s shares are traded at the Canadian and Frankfurt exchanges.

The company told its stockholders that the revenue generated by its casino in the Philippines “is materially lower than management’s projections and expectations.?

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