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International Thunderbird Gaming Corporation: Thunderbird Resorts, Inc. to be Trading as BIRD.U; Update of Projects Under Development.

POWAY, Calif. -- Thunderbird Resorts, Inc. (CNQ:BIRD.U)(FWB:OSJ) (formerly International Thunderbird Gaming Corporation (CNQ:ITGC)(FWB:OSJ)): As was reported in a June 27, 2005 press release, at the Annual and Special meeting held on June 24, 2005, the shareholders unanimously approved a name change to "Thunderbird Resorts, Inc." Effective September 30, 2005 this name change will officially go into effect and the new trading symbol on the CNQ will be BIRD.U.

Costa Rica:

Hotel Tioga Project. Thunderbird has begun development of a new casino in the Pacific Coast port town of Puntarenas that furthers the overall market penetration and complements existing properties. This location is in the burgeoning city of Puntarenas located on the Pacific coast of Costa Rica. The project is located in the historic Hotel Tioga on the main oceanfront drive of the lively port city of Puntarenas. The area surrounding Puntarenas has nearly 250,000 inhabitants located within minutes of the project. Thunderbird has signed a long term lease and engineering plans are being finalized with construction to begin in the fourth quarter 2005. The casino will have 425m2 of gaming space with 100 machines and 42 table positions. Opening is scheduled for the first quarter 2006.

Hotel Balmoral Project. Thunderbird has signed a lease to put in a gaming facility at the Hotel Balmoral in downtown San Jose, Costa Rica.


2005 has been a record breaking year in revenues for the company despite considerable influx of competition in the Panama City market. We remain focused on continuously upgrading the entertainment product. This November we will open the doors of our new expansions in El Panama Hotel with an additional 1,200 square meters of gaming space and adding 73 table positions and 78 slot machines to the current operation. The Fiesta casino at El Panama will also be the first casino to implement "coinless" chip cash technology in the Central American market. The organization continuously strives to stay on the cutting edge of technology to provide the best product available on the market. Working closely with Atronic systems, we expect to have Chip Cash implemented in early 2006. The Hotel Nacional in David is also expanding its Fiesta Casino by 1,000 square meters adding 21 table positions and 32 slot machines. This casino will offer multiple VIP gaming spaces, lounges and a restaurant bar in the showroom area. The total costs for both expansion projects are approximately $4.8 million.


The Company is proceeding with construction and renovation of a 1,000m2 casino, restaurants and resort facility in Poro Point north of Manila and expects to open in late December 2005. The Company has also entered into an agreement to jointly supply and operate the first "Racino" in the Philippines. Under the grant of authority issued by PAGCOR, New Victor Corporation, along with its new joint venture partner, Thunderbird will supply slot machines and add its operating expertise to this PAGCOR facility. The project is expected to open in December 2006.


There was a fire at the Crowne Plaza Hotel in Nicaragua where the company's Fiesta Casino is located. The fire was contained to the basement of the hotel but the Fiesta Casino will remain closed until the hotel can repair its mechanical equipment. Fortunately, there were no injuries to employees or patrons. We have picked up approximately 75% of the gaming play at our other locations. The Company is constructing a new Fiesta Casino brand facility in Nicaragua with 120 slots, a sports bar and a sports book.


The Company continues to advance in opening 3 video gaming parlors in Guatemala, the first of which is planned to open in mid-November. The specific sites under consideration are yet to be determined. The 3 locations will include between 150 and 200 video gaming machines and will house our signature Fiesta Cafe as the eatery and cocktail outlet. The Company has a target date of February 2006 for the operation of the second property and April 2006 for the third property.

International Thunderbird Gaming Corporation is an owner and manager of international gaming facilities. Additional information about the Company is available on its World Wide Web site at

On behalf of the Board of Directors,

Jack R. Mitchell, President and CEO

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 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 Company'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 Company's documents filed from time-to-time with the CNQ and other regulatory authorities.

International Thunderbird Gaming Corporation (CNQ:ITGC.U) (FRANKFURT:OSJ)
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Publication:Business Wire
Date:Sep 26, 2005
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