Thunderbird Resorts (“Thunderbird” or “Group”) and Merit Gaming are moving forward with Merit’s planned acquisition of the Group’s 63.63% ownership stake in International Thunderbird Gaming (Panama) Corporation which owns six casinos in Panama. The Group has accepted Merit’s exclusive Letter of Intent proposal and plan on entering into definitive agreements within the time frame of 60 to 90 days, allowing for additional due diligence to be conducted by Merit and subject to certain first rights of refusal, and additionally receiving the approval of the Gaming Control Board in Panama.
Merit engages in the development, financing and operation of hotel-casino properties across the United States and internationally. Two of their most successful operations in Panama are the Fiesta Casino, in Panama City and Gran Casino Mallorca in Colon. Thunderbird has had tremendous success in Panama for the last 11 years. During the third quarter of 2008, the Group acquired a controlling interest in the entity that holds the Fiesta.
If all parts of the agreement come together, then this would pave the road for the Group to repay certain Panamanian sources of debt, thus improving the balance sheet of the Group. The revenue report for November 2009 for the Panama market was $4,798,000.00.
For more information about Panama: PanamaQmagazine