ATO

Thunderbird Resorts Inc. ("Thunderbird" or "Group")
(FRANKFURT:4TR)(EURONEXT:TBIRD) reports the following revenues for May 2011:




----------------------------------------------------------------------------
Thunderbird Resorts Inc. - Group-wide                         Year-over-year
 sales results by country (unaudited, in                           increase/
 thousands)                                May 2011  May 2010     (decrease)
----------------------------------------------------------------------------
Costa Rica                                    1,635     1,643          -0.5%
Nicaragua                                     1,043       971           7.4%
Philippines                                   4,541     4,649          -2.3%
Peru Gaming (1)                               1,967     2,368         -16.9%
Peru Hotel (2)                                  830       767           8.2%
----------------------------------------------------------------------------
Total Consolidated Revenues                 $10,016   $10,397          -3.7%
----------------------------------------------------------------------------
(1)  Peru gaming revenues were impacted by implementation of a stricter     
     nationwide smoking ban. The Group's experience in other markets that   
     have implemented smoking bans is that the negative impacts on revenue  
     are short-term.                                                        
(2)  May 2011 revenues consist of revenue from the El Pueblo and Fiesta     
     hotels only plus managements fees for the Thunderbird Hotels-Pardo,    
     Thunderbird Hotels-Carrerra, Thunderbird Hotels-Bellavista, and        
     Thunderbird Hotels-Principal; May 2010 revenues consist of revenue from
     the Thunderbird Hotels-El Pueblo and Thunderbird Hotels-Fiesta only    
     plus management fees for the Pardo hotel.                              



PHILIPPINES UPDATE

On 3 June 2011, the Group announced that Thunderbird's affiliates in the
Philippines, Eastbay Resorts, Inc. ("ERI") and Thunderbird Pilipinas Hotels and
Resorts, Inc. ("TPHR"), filed lawsuits in the Philippines, against the
Philippine Amusement & Gaming Corporation ("PAGCOR"). 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 Authority to Operate ("ATO") 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. 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.
On 7 June 2011 and 8 June 2011, the Court granted extensions of the TROs to both
TPHR and ERI for an additional 17 days. The Court also consolidated the TPHR and
ERI cases and set hearings before the 17-day period lapses to rule on motions
for Temporary Injunctions enjoining PAGCOR from initiating the threatened
cessation proceedings during the entire trial proceedings.


INDIA UPDATE 

The Group is pleased to report that its India affiliate Daman Hospitality
Private Ltd. ("DHPL") has now received from Delta Corp Ltd the equity component
of the completion funding. The hotel construction shall resume within 2 weeks
and we anticipate completion in phases with a full opening in late 2011. As part
of the India transaction, Delta had the option to execute a subscription
agreement to purchase 840,000 shares of Thunderbird common stock. We now
announce that the parties did not execute the final share subscription agreement
by the required deadline and the option has now automatically expired. 


ABOUT THE COMPANY

We are an international provider of branded casino and hospitality services,
focused on markets in Central and, South America, Southeast Asia and India. 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 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.

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