Thunderbird entered the Philippines market in 2005 and we now own interests in, and operate, two casinos with over 500 slots and 372 table positions, as well as two hotels and a nine-hole golf course. In addition to these projects, we believe that the Philippines will provide additional opportunities for expansion in the future, as well as serving as our “hub” for further expansion into Asia. Key properties include:
Thunderbird Resorts—Rizal. This hotel and Fiesta casino, our first in the Philippines, is located on a tropical hillside overlooking the country’s largest lake. The luxury boutique 43 room suite hotel has three restaurants and a meeting area and is adjacent to a private 18-hole golf course to which hotel guests have access. The property is located on the eastern side of Manila, while all other significant casino developments are on the western side. This property is being expanded to include an event center, spa, and additional food and beverage areas, as well as an expanded casino and we anticipate completion of the expansion by the first quarter of 2009.
Thunderbird Resorts—Poro Point. This Fiesta casino is located in San Fernando, on Poro Point, a peninsula that extends into the South China Sea and was previously the site of a U.S. air force base. We have a 20-year lease on this 130 acre-tract. San Fernando, in the province of La Union, is a six-hour drive, or a one-hour flight, from Manila. In April 2008, we opened a 36 room hotel and a nine-hole golf course, which completed Phase I of our expansion. At a later date, we intend to expand the facilities to include an 18-hole golf course, 115-room beachside hotel, and additional food and beverage areas, as well as a casino expansion. We expect to offer 10 of the hotel units as “vacation club” units. The “vacation club” units will not be available to hotel guests, but rather will be paid in advance by the “vacation club” members. We expect to market the remaining rooms to the local and regional vacation, weekend, event and business markets. We intend to sell long-term leases on this surrounding area for seaside and golf side villas, as well as for condo units, as part of a planned golf course-centered residential community. Our Poro Point property also includes 2.5 acres of waterfront or near waterfront property that would be attractive for the development of high-end homes and condominiums. We expect the casino expansion to be completed during the first quarter of 2009.
For more precise property statistics please see the property stat page.
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