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Thunderbird Updates Operating Results

In Panama, revenues totalled $2,427,000 for July and $2,233,000 for August. As of September 16th, revenues were $1,206,000. These revenue levels are significantly ahead of second quarter levels, when revenues averaged $2,029,000 per month. Thunderbird reduced salary expenses in Panama by $50,000 per month in July. Thunderbird owns and reports 50% of these revenues.

Thunderbird's share of Guatemala revenues totaled $140,000 for July, and are projected to be $158,000 for August. As of September 14, revenues are projected to be $68,000. These revenue levels are ahead of second quarter levels, when revenues averaged $118,000 per month.

In Venezuela, Thunderbird's new property in Puerto Ordaz opened August 16th and achieved revenues of $328,000 in August. As of September 16, revenues totaled $384,000. Thunderbird owns 36% of the casino in Venezuela, and consequently will not be consolidating these revenues or EBITDA.

In Mexico, our operations are continuing to ramp. In July, revenues in Matamoros and Nuevo Laredo totaled $309,000. In August, with the addition of the property in Reynosa for four days, revenues increased to $339,000. As of September 16, revenues for all three operations totaled $299,000 with 14 days remaining in the month. Thunderbird owns 33% to 40% of the Mexican properties, and consequently will not be consolidating these revenues or EBITDA, rather net income will be reflected in the income statement line ``Equity Gain (Loss) in Associated Companies''.

In Nicaragua, revenues totaled $189,000 for July and $186,000 for August. As of September 16, revenues totaled $56,000 these revenue levels are significantly ahead of second quarter levels, when revenues averaged $118,000 per month. Thunderbird owns 76.5% of the Nicaragua casino.

The sale of our ownership interest in the El Presidente casino in Costa Rica has closed on the same terms as previously described, reducing our development expenses in Costa Rica.

In July, the Company redirected its mid-term focus towards the operation and profitability of current facilities as opposed to the development of new facilities, allowing the Company to reduce development and support staff, resulting in annual savings of $650,000. These staff reductions were initiated in July and continued in August. No material severance or one-time expenses have been incurred from these reductions. In addition, this change in focus should serve to reduce the Company's annual travel expense by as much as $300,000 as previously announced, much of which was incurred to support development.

Including the development expenses of Puerto Ordaz, Venezuela and Reynosa, Mexico, Thunderbird incurred a loss in July of $128,000. Profitability for August should be improved with expense reductions and revenue increases, though it is premature to say whether August will be profitable or unprofitable.

At run rates of revenue and expense achieved in the first half of September, Thunderbird is profitable.

International Thunderbird Gaming Corporation is an owner and manager of international gaming facilities. Additional information about the Company is available on its web site at www.thunderbirdgaming.com

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