Thunderbird Resorts restructure continues apace

An annual report filed by Thunderbird Resorts has shown that the South American casino operator managed to increase its profit whilst simultaneously reducing its level of debt throughout 2015.

An accompanying statement from Thunderbird president and chief executive Salomon Guggenheim claimed that the company had made progress “across all fronts” last year, with year-on-year EBITDA gain of 31 per cent. The result was a direct consequence of modest profit growth across its assets in both Peru (3.7 per cent) and Nicaragua (5.9 per cent).

Meanwhile, the company made a concerted effort to minimise its losses and settle outstanding debts: most notably through the $6.7m (E6m) sale of its Costa Rican operating assets. Panama-based

Thunderbird raised additional funds with the sale of its corporate office in Panama. By December 31, the company owed $32.1m (E28.6m) to its creditors, down from $46.2m (E41.2m) a year earlier. Thunderbird now plans to sell off its Fiesta hotel – located in the Miraflores district of Lima, Peru. The sale of this property is expected to raise sufficient funds to pay off a substantial portion – if not nearly all – of the company’s remaining debt.

In a forward-looking statement, Guggenheim suggested that Thunderbird would continue to restructure itself in the months ahead.

“The Group continues efforts to sell its remaining non-strategic real estate in Costa Rica and Nicaragua,” he said. “Assuming a successful sale of all of the assets described above, the Group will be left with its gaming operating assets in Nicaragua and Peru and possibly its hotel operating assets in Peru.”