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September 19, 2020

36-month non-competitive agreement in Costa Rica

Thunderbird Resorts: Costa Rica operations sold and January 2015 revenue report

Thunderbird Resorts: Costa Rica operations sold and January 2015 revenue report
(Costa Rica).- Thunderbird Resorts Inc. has announced the sale of its entire economic interest and management rights in its seven casinos in Costa Rica to CIRSA International Gaming Corporation, S.A.
Costa Rica | 03/02/2015

(Costa Rica).- Thunderbird Resorts Inc. has announced the sale of its entire economic interest and management rights in its seven casinos in Costa Rica to CIRSA International Gaming Corporation, S.A.

T

he enterprise valuation for the operations sold was $33.5 million and, after adjusting for cash, debt assumption / pay down, and other working capital adjustments, the net cash received for the Group's approximate 50% share was approximately $8.1 million.

The Group continues its efforts to sell its interest in both the Tres Rios and Escazu real estate properties, which are now debt free.
January 2015 Revenue Report: Thunderbird reports the following revenues for January 2015. For a more detailed analysis, please visit www.thunderbirdresorts.com and click on "January 2015 Revenue Report - Analysis" located on the home page under "News and Releases."
Group revenue on an as reported basis for January 2015 vs. January 2014.
 
Group-wide sales by country - as       January  January      Year-over-year  reported (unaudited, in millions)(1)     2015     2014 increase/(decrease)

Peru(2)                                  $2.61    $2.55                2.35%
Costa Rica(3)                             1.13     1.13                0.00%
Nicaragua                                 1.06     1.21              -12.40%

Total Consolidated Operating Revenues    $4.80    $4.89               -1.84%
 
Group revenue on a currency neutral basis for December 2014 vs. December 2013. In this analysis, we apply the average exchange rate for December 2014 to the 2013 revenues in order to compare the two periods as if there was no impact from foreign exchange whatsoever.
 
Group-wide sales by country -  currency neutral (unaudited, in       January  January      Year-over-year
 millions)(1)                             2015     2014 increase/(decrease)

Peru(2)                                  $2.61    $2.38                9.66%
Costa Rica(3)                             1.13     1.06                6.60%
Nicaragua                                 1.06     1.15               -7.83%

Total Consolidated Operating Revenues    $4.80    $4.59                4.58%

 1 Revenues reported are based on monthly average exchange rates, report same store revenues and are in USD millions. From month to month, exchange rate fluctuations could cause an impact on revenues as compared to the previous year.
 
2 2015 and 2014 revenues consist of all gaming revenue in the country plus revenue from our fully-owned Fiesta Hotel and management fees for the Thunderbird Hotel - Pardo, Thunderbird Hotel - Carrera and Thunderbird Hotel - El Pueblo, which are owned by third parties.
 
3 Effective January 1, 2013, IFRS 11 changed the way that joint ventures are accounted for whereby proportional consolidation is no longer allowed and equity accounting should be applied to joint ventures. Until further notice and for the convenience of the reader and for the illustrative purposes of this monthly revenue report, the Group has elected to continue to show the Costa Rican joint venture proportional revenues, which vary from the way that the Group accounts for these revenues in our Interim and Annual Financial Statements.

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