Fiesta Casino Sale a Done Deal

August 20, 2010
By pa.di.

The sale of Thunderbird Resorts Inc.’s 63.63% stakes in six Panama casinos to Spanish gaming company CODERE is now complete.

The shares sold for about $38 million, a recorded gain on the sale of stock of approximately $14.5 million and an additional gain of $4.2 million ratably over the next two years, according to the Thunderbird release.

With this sale, Thunderbird wraps up 12 years in Panama.  The company ran Fiesta Casinos in the Panama City El Panama and Soloy hotels, the Decameron Hotel in Farallon, the Guayacanes Hotel in Chitre, the National Hotel in David and the Washington Hotel in Colon.

Fiesta Casino at the Decameron beach hotel