San Diego, CA
November 19th, 2001

    International Thunderbird Gaming Corporation (TSE - INB) announces its financial results for the third quarter ended September 30, 2001.  All figures are in US dollars.  

    Consolidated Revenues for the three months ended September 30 were $4,424,000 compared with $4,239,000 in the third quarter of 2000. Revenues from the company’s 50% interest in five casinos in Panama were $3,448,000 compared with revenues of $3,737,000 from Panama casinos in the year earlier period. Thunderbird’s market share in Panama has held constant in the past year, but the gaming industry has suffered in the face of a deep recession. Revenues from non-Panama operations totalled $976,000, reflecting strength in Guatemala and in Nicaragua where Thunderbird opened a casino in February 2001 compared to $503,000 in the year earlier period. 

    Consolidated Revenues for the nine months were $12,160,000 compared with $11,959,000 in the year earlier period.

    Thunderbird reports a consolidated profit of $94,000 for the third quarter of 2001 of ($0.00 per share), and a loss of $1,409,000 for the year to date ($0.06 per share). This compares with a loss of $340,000 ($0.01 per share) and a loss of $443,000 ($0.02 per share) for the year earlier periods. 

    Thunderbird’s non-consolidated skill machine locations in Matamoros, Nuevo Laredo, and Reynosa, Mexico, in which Thunderbird is a 36.67%, 33% and 40% equity investor respectively, achieved revenues of $1,249,000 in the third quarter and $2,444,000 in the year to date compared to $50,000 in the third quarter and $50,000 for the year to date a year ago. Including pre-opening development expenses in Reynosa, Thunderbird’s interest in its Mexican properties contributed an equity loss to Thunderbird of $22,000 in the third quarter of 2001 and $134,000 year to date, compared to $233,000 in the third quarter and year to date a year ago. Thunderbird is currently engaged in litigation with the Mexican Ministry of the Interior (Gobernacion) with respect to its skill machine locations. Thunderbird is confident it will prevail in the litigation and that its Mexican locations will be contributive to Thunderbird’s earnings in the first quarter of 2002.

    Thunderbird’s non-consolidated casino in Puerto Ordaz, Venezuela, which opened August 16th and in which Thunderbird is a 36% equity investor, achieved revenues of $941,000 in the third quarter and year to date compared to $nil a year ago. Including pre-opening development expenses, Thunderbird’s interest in its Venezuelan property contributed an equity loss to Thunderbird of $89,000 in the third quarter and $490,000 in the year to date. At rates of revenue achieved in October and November to date, Thunderbird expects its Venezuelan location will be contributive to Thunderbird’s earnings in the fourth quarter.

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

On behalf of the Board of Directors

Jack R. Mitchell
President and CEO

Cautionary Notice: This release contains certain forward-looking statements within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential revenue and future plans and objectives of the Company 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 Company'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 Company's documents filed from time-to-time with the TSE and other regulatory authorities.