Thunderbird Resorts Inc. ("Thunderbird" or "Group")
(FRANKFURT:4TR)(EURONEXT:TBIRD) announces that on 3 June 2011, Thunderbird's
affiliates in the Philippines, Eastbay Resorts, Inc. ("ERI") and Thunderbird
Pilipinas Hotels and Resorts, Inc. ("TPHR"), filed lawsuits in the Regional
Trial Court, National Capital Judicial Region, City of Manila, Republic of the
Philippines, against the Philippine Amusement & Gaming Corporation ("PAGCOR").
The lawsuits assert that PAGCOR is in breach of its contracts with ERI and TPHR,
which are each in the form of an Authority to Operate ("ATO"). The lawsuits were
filed in response to notifications by PAGCOR that it "would initiate cessation
proceedings" unless by 3 June 2011 ERI and TPHR provided "written unconditional
acceptance" of onerous new terms proposed by PAGCOR. The ATOs do not grant the
right to PAGCOR to unilaterally impose new conditions and to threaten
termination on this basis. The lawsuits seek both monetary damages and to cause
PAGCOR to formally renew the ATOs to be co-terminus with the charter of PAGCOR,
or until 11 July 2033, as provided for in the existing ATOs and related letter
agreements. Upon presentation of the ERI and TPHR lawsuits, the Court granted
72-hour temporary restraining orders ("TROs") enjoining PAGCOR from initiating
the threatened cessation proceedings. The Court also scheduled hearings for 6
June 2011during which ERI and TPHR will seek preliminary injunctions to extend
the TROs for an additional 20 days. 


ABOUT THE COMPANY

We are an international provider of branded casino and hospitality services,
focused on markets in Central America, 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 website at
www.thunderbirdresorts.com. 


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
Group 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 NYSE Euronext Amsterdam and
other regulatory authorities.