Thunderbird Update

PANAMA CITY, REPUBLIC OF PANAMA -- (MARKET WIRE) -- 11/25/09 --
Thunderbird Resorts Inc. (the "Group "or "Thunderbird") (FRANKFURT:
4TR) (EURONEXT: TBIRD) announces:
 
Panama's Director of Gaming (the "Director") issued a non-public
"Directive" in late October ("the Directive") to the Group's Panama
subsidiary, International Thunderbird Gaming (Panama) Corporation
("Fiesta-Panama"). This Directive claims that Fiesta-Panama's board
of directors is not properly "certified". Additionally, the Director
claims that Fiesta-Panama's operations sustained operating losses and
alleged other incorrect statements relating to Fiesta-Panama and the
Group's financial condition. As disclosed in the Group's Q3 2009
Interim Management Statement filed on 11 November 2009, our financial
statements clearly set forth that these assertions are incorrect.
Fiesta-Panama is and has been profitable and is current in its debt
and vendor payments. In November, Fiesta-Panama presented a
"constitutional warning" which is now before the Supreme Court of
Panama challenging the constitutionality of the law relied upon by
the Director. According to the laws of Panama, the "constitutional
warning" requires the Directive to be held in abeyance pending review
by the Supreme Court. Furthermore, the "constitutional warning"
requires the Panama Gaming Control Board to "cease and desist" from
taking any and all actions that they have attempted to undertake with
respect to the Directive. The presently constituted board of
directors had submitted requests in a timely manner for certification
from the Gaming Control Board. As of 25 November 2009, the Director
sought to insert three appointed individuals as members of the board
of directors of Fiesta-Panama, despite such action being in clear
violation of Panama law as confirmed by our legal advisors.
 
The Panama General Revenue Office of the Economy and Finance
Department has recently issued a non-public resolution to
Fiesta-Panama relying on "circumstantial evidence" to conclude that a
preliminary tax assessment of $3.6 million is owed by Fiesta-Panama.
As a result of this "preliminary audit", a government administrator
was appointed to monitor the Fiesta-Panama operations while the
Group's six Fiesta-Panama casinos continue to operate the business as
normal. The "preliminary audit report" provided no support on how the
tax was calculated. This preliminary tax assessment is subject to
final audit findings. We believe these actions taken by the tax
authorities will be set aside once the final audit findings are
determined. Fiesta-Panama's audits and tax filings have always been
conducted by independent, internationally renowned audit and tax
preparer firms.
 
The above mentioned proceedings initiated by the Gaming Control Board
and the Panama General Revenue Office of the Economy and Finance
Department were believed to be non-public confidential matters under
Panama law as final outcomes have not been determined. Now, in light
of the recent news stories that have appeared in Panama containing
certain false information regarding the Group and the aforementioned
proceedings involving Fiesta-Panama, this press release is being
issued to explain the Group's position . Neither the Group nor
Fiesta-Panama will "litigate" its legal proceedings in the press.
While we are extremely disappointed by the actions of certain
misinformed government officials, we will continue to cooperate and
provide the government with all requested and relevant information
that supports our position. At the same time, Fiesta-Panama (as it
has for the past 11 years) will provide the same quality services to
our clients and will provide a secure place of employment for our
more than 1,200 valued Panama employees while maintaining our
excellent credit rating with lenders and providers. Thunderbird and
Fiesta-Panama will continue to challenge the aforementioned actions
but will not engage in responding to false rumors and
misrepresentations.
 
ABOUT THE COMPANY
 
Thunderbird Resorts Inc. is an international provider of branded
casino and hospitality services, focused on markets in Central and,
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 World Wide Web site
at www.thunderbirdresorts.com.
 
Cautionary Note with regard to "forward-looking statements"
 
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 sales and future
plans and objectives of the Thunderbird Resorts Inc. (the "Group" or
the "Company") 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 Euronext Amsterdam by NYSE Euronext ("Euronext Amsterdam"), the
regulated market of Euronext Amsterdam N.V. and with various Canadian
Securities commissions as well as other regulatory authorities.
 
Contacts:
Thunderbird Resorts Inc.
Kevin McDonald
Investor Relations
(858) 668-2503
kevin.mcdonald@thunderbirdresorts.com
 
Thunderbird Resorts Inc.
Michael G. Fox
Chief Financial Officer
mfox@thunderbirdresorts.com / info@thunderbirdresorts.com
www.thunderbirdresorts.com
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.