ATO

Thunderbird Resorts Inc. ("Thunderbird") (FRANKFURT:4TR)(EURONEXT:TBIRD) is
pleased to announce the following:


Philippines Gaming Licenses Renewed: The Philippine Amusement Gaming Authority
("PAGCOR") has recently granted each of the Company's two Philippine's
affiliates a 15-year authority to operate ("ATO"). All legal proceedings between
PAGCOR and the Company have been or are being dismissed. The two new licenses:




(i)   Are valid through June 2027;                                          
(ii)  Pay a gaming tax of 30%; and                                          
(iii) Have an investment requirement of $30 million in each property.       



The Group will now focus on obtaining approval from PAGCOR for the $52 million
equity funding from Solar Entertainment Corporation that was announced in August
2011, which includes significant allocations for debt pay down, funding of our
investment commitments, and funding of projects in our development pipeline.


Election of Directors: On June 22, 2012, at the Group's Annual General and
Special Meeting of shareholders held in Manila, Philippines, Salomon Guggenheim,
Douglas Vicari, Reto Stadelmann, Roberto de Ocampo, Albert W. Atallah, and Jack
Mitchell were elected as Directors for one year terms. 


Mr. Stadelmann is new to the board of directors and brings substantial
experience from the finance sector as former Co-Head of Global Foreign Exchange
& Money Market for UBS AG from 2003 to 2009 and Co-Head of Global Macro for UBS
AG from 2009 to 2010. Mr. Stadelmann currently manages his own capital.


Election of Officers: The persons listed below were elected and authorized by
the Board to the following positions for the ensuing year:




--  Peter LeSar, Interim Chief Executive Officer and President 
--  Albert Atallah, General Counsel and Corporate Secretary 
--  Peter LeSar, Chief Financial Officer 
--  Tino Monaldo, Vice President - Corporate Development 
--  Angel Sueiro, Vice President - Design and Construction 



At the Annual Meeting, the Company's audited financial statements for its fiscal
year ended December 31, 2011 were received. Shareholders also approved Grant
Thornton UK, LLP as auditors for the ensuing year and resolved to ratify and
approve all previous acts and deeds by the Directors since the last meeting of
shareholders. No other business was conducted at the Shareholder meeting. 


Other Management Changes: Jack Mitchell, now the former President and CEO of the
Company, is also no longer with the Company as an officer or a director. Peter
LeSar, current CFO of the Company, was named as interim CEO & President and will
retain his position as CFO during the interim period. Mr. LeSar joined the
Company in 1999 and has the held the positions of President of Thunderbird
Philippines, Vice President of Business Development and most recently as Chief
Financial Officer. He has broad and deep experience in areas that bring genuine
value to the management of the Group.


Mr. Guggenheim, a member of the Board since June 2002, was named Chairman of the
Board of Directors and will work closely with Mr. LeSar during this transition
period.


ABOUT THE COMPANY

We are an international provider of branded casino and hospitality services,
focused on markets in Asia and Latin America. Our mission is to "create
extraordinary experiences for our guests." Additional information about the
Group is available 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 AFM and other regulatory
authorities.

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