🎰 South Africa's Sun International reviews Panama and Colombia operations - Reuters

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Hotel La Hacienda and Thunderbird Casino is in Santiago de Veraguas, Veraguas, Panama. The property has a hotel.


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The Company's Fiesta Casinos in Panama have been affected by heavy competition, primarily at the El Panama location. Management foresees increased and.


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Sun Casino in Panama and is planning to exit the Sun Nao Casino in is finalising a $27 million acquisition in Peru of Thunderbird Resorts.


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Also considering sale of casinos in Panama and Colombia It comes as Sun Dreams is finalising the acquisition of Thunderbird Resorts' four.


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The Company's Fiesta Casinos in Panama have been affected by heavy competition, primarily at the El Panama location. Management foresees increased and.


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Managed by Thunderbird Resorts, Inc. Slot Halls. Property Locations. Until the late s, Panama's casino industry was owned by the country's government.


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Gambling company Codere announced it will purchase 63% of Thunderbird, who operates six casinos in Panama. The acquisition was started back on March.


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The bidding process is expected to be highly competitive. The development costs in related primarily to the new Decameron Beach Hotel property in Panama, which opened in April There were also some costs related to the Company's development efforts in Costa Rica and Chile. The Company anticipates paying its obligations and working capital deficiency from cash flow generated from operations and collection of amounts receivable and recoverable. This is due primarily to the addition of Costa Rica and the costs associated with revenues generated by Guatemala's Fiesta Cafe, both of which were not factors in the results of the Company's Q3 performance.

U announces casino near victoria bc financial results for the third quarter ended September 30, All figures are in US dollars. In Guatemalathe operation has an average of 37 more machines compared to the third quarter of Local revenues grew a modest 1.

The Costa Rica operations did not impact cash flows in the comparable period. The Company reflects in the statement of operations its The results of September 30,included only 7 months of performance from the Nicaragua operation, as the merger was effective March In Venezuela, the operation continues to generate very strong revenues in its local currency.

However, other resources, such as commercial bank loans, will be used when and where available. Casino legislation is expected to be passed into law before year-end The Camino Real is a room luxury hotel with convention facilities, spa and extensive parking.

The operation currently generates revenue from 68 table positions and a collective total of slot positions. The Company has progressed well in maximizing market share in each of the countries where it operates.

Casino legislation in Chile is expected to be passed into law before year-end, The sector will also be regulated under a new Superintendent of Casinos. The new machines plus the presence of the Fiesta Cafe since July have had a positive impact on the operations. The development in Q3 is attributable exclusively to the Company's efforts in Chile, while Q3 included costs related to Chile and Costa Rica.

The Company completed the acquisition of certain shares owned by the majority shareholder of Buena Esperanza Limitada S. The Company is hopeful that a decision in the case will be made within the next 90 days.

The Q3 interim financial statements and the notes thereto have been prepared by management using generally accepted accounting principles in Canada. The Company's improving ability to finance new projects has allowed rapid expansion of revenue. The Company uses the equity method of accounting to record its investment in Nicaragua.

All statements, other than statements of historical fact, included herein, including click limitation, statements regarding potential revenue and future plans and objectives of the Company are forward-looking statements that involve risk and uncertainties.

Management is encouraged by the Company's ability to fund growth without shareholder dilution as the Company continues to strengthen its balance sheet.

Each project will contain a casino along with other tourism-related infrastructure, which the Company believes will be necessary to present competitive bids and to have competitive operations. The Company evaluates and assesses its investment on a regular basis.

The Salon now operates with a total of machines. However, there is no impact from Venezuela's performance in the Company's Q3 results. No dividends were paid during the periods reported above. The Company increased its total direct and indirect ownership interest in BEL from The operation has benefited from the addition of its Calypso Bar.

Effective January 1,the Company recognizes compensation expense for stock options granted in the consolidated statements of operations thunderbird casinos panama the fair value based method of accounting. The income for the comparative periods stem from ongoing continuing operations with impact from costs associated with project development.

A public bidding process for casino licenses is likely to take place during the second quarter of The Company is actively working to formulate up to eight bids with a goal of winning two to five new licenses. Guatemala revenues for the period were generated with an average of machines versus an average of machines in Q3 Also included in the Company's revenues are the sales associated with the Fiesta Cafe in Guatemala.

In addition, marketing and promotional costs during for Panama is more than thunderbird casinos panama the costs for the same period in While the Company maintains close watch on such expenses, the level remains high compared to the standards of Prior to March, the contract arrangement allowed a sharing of operating expenses with the Company's local partner.

It is approximately m 2 and is expected to be completed in February Planned gaming positions include machines and 56 table game positions.

Costa Rica. The income for the current period stems from ongoing continuing operations and was impacted by development efforts, NAFTA expenses and harrahs casino reno careers promotional costs in Panama.

The current period costs relate exclusively to the Company's ongoing development in Chile. The submittal was necessary but has caused a delay in the Arbitration tribunal's decision. This is attributable to the refinance of the MRG loan, as well as new loans to cover expansion efforts.

Revenues for the Decameron Beach Hotel property began in April During the last half ofthere was a steady introduction of an additional 27 machines to the facility. The Company's existing operations have grown dramatically from 97 gaming positions to gaming positions since the beginning of the year.

Such data is derived from the unaudited interim consolidated financial statements of the Company for the period ended September 30, The selected financial data should be read in conjunction with the unaudited interim Consolidated Financial Statements of the Company and the Notes thereto.

Costa Rica has a population of 3. 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.

Thunderbird casinos panama there is greater competition in Panama, management believes the moves to begin operations in the Philippines, increase operations in Costa Rica, acquire additional ownership in Nicaragua and pursue the Chilean business opportunities will advance the Company's business plan.

The tables set out below set forth selected consolidated financial data. International Thunderbird Gaming Corporation is an owner and manager of international gaming facilities. The Costa Rica operations began in Q4 and had no impact on the Company's revenue performance in Q3 The Company added an additional 20 machines to its operation during the third quarter.

Selected Consolidated Financial Information. The regulatory environment has improved in Guatemala and the Company foresees the potential for expansion of operations thunderbird casinos panama Guatemala in The Company currently uses the equity method of accounting to record its investment in Nicaragua.

The Company recorded at the end of its charges related to compensation expense for the year, and accordingly, there is no comparable amount through September The current period costs utan gratis insattning spel casino primarily to the Company's ongoing development in Chile.

Cautionary Notice: This release contains certain forward-looking statements within the meaning of section 21E of the United States Securities Exchange Act ofas amended.

The Company formed a subsidiary, Eastbay Resorts Inc. The Company's cash flow from operations consists primarily of cash flows from its joint venture interest in Panama and Costa Rica and its Guatemalan revenue sharing arrangements.

Importantly, the operations center in Manila will allow expansion into the exciting new gaming market of Southeast Asia.

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.

The growth in revenue from continuing operations is primarily the result of new operations in Costa Rica combined with stronger performance in the Guatemala operations driven by additional machines.

The Company intends to fund its development projects primarily via private investors. Earnings for the quarter in Panama decreased as a direct result of heavy competition, primarily at the operations flagship location, the El Panama hotel.

This is due primarily to the addition of Costa Rica and the costs associated with revenues generated by Guatemala's Fiesta Cafe, both of which were not factors in the results of the Company's nine month performance in In addition, Panama's costs were slightly elevated as a result of a full nine months experience in its Decameron facility, which opened in April Consequently, there are no comparable expenses for the period.

However, the operation is still subject to large foreign exchange exposure, as it continues to pay a premium to obtain sufficient US dollars to meet its obligations denominated in the currency.

The Company does not anticipate any significant additional cash requirements for this effort, pending the decision of the arbitrators. As a result of the new contract, there was an overall increase in expenses, which was offset by a similar increase in how the Company reported its Guatemala revenues.

The Company did not have its Costa Rica operations in Q2 There was no such expense for Q3 Management foresees increased and strong competition hollywood park shuttle this market due to heavy investment from competing operators.

The ten year lease includes the option to purchase the entire hotel property.

The operation continues to meet its local obligations The Company will begin to recognize its share of the net income from the entity when the book value exceeds the amount of outstanding receivables due from the operation. In addition, the Company has a participation interest in a slot route with machines. The Company currently does not plan to raise capital by the issuance of shares in the near future. The Company will likely resume recording its share of the operating results once the historical performance overcomes the devastation created by the devaluation during the first 2 years of operations. Significant new projects have been developed and will be coming on-line in the first and second quarters in the Philippines and Costa Rica. Additional information about the Company is available on its World Wide Web site at www. The Company expects that its reported revenue by year-end will be significantly higher than year-end , which will contribute to earnings growth and overall shareholder value. Manila has a population of 11 million. However, the Company has not recorded in its or results any amounts related to Fiesta Casino's operating performance, as management believes the carrying value of its investment is appropriate, if not conservative. The increase was the result of new financing to repay the MRG debt and for the expansion of the Chitre property in Panama. The Company has completed its agreement with a Philippine group for the joint ownership of a casino and hotel located in the Rizal district of the Philippines near Manila. The Company will begin to recognize its share of the net income from the entity when the book value exceeds the amount of outstanding receivables due from the operation.