INTERNATIONAL THUNDERBIRD GAMING CORPORATION

Consolidated Balance Sheets
September 30, 2000 and 1999
[Unaudited -  Prepared by Management]

                                                    2000         1999
Assets
Current assets
Cash                                          $1,013,000   $1,015,000
Cash, restricted                                 629,000      360,000
Accounts receivable                            2,945,000      650,000
Inventories and prepaid expenses               1,606,000    2,226,000
Current portion of loans receivable              542,000      119,000
                                            -------------------------
                                               6,735,000    4,370,000

Loans receivable                                 247,000      889,000
Capital assets                                 4,242,000    4,121,000
Panama gaming license, project development     1,553,000    1,653,000
Goodwill, net of accumulated amortization         46,000       50,000
Investment in unconsolidated subsidiary          463,000           --
Other assets                                     924,000    4,034,000
                                            -------------------------
                                             $14,210,000  $15,117,000
                                            -------------------------


Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities      $3,552,000   $3,754,000
Current portion of capital lease obligations     223,000       71,000
Loans payable                                  2,947,000    4,171,000
Convertible debentures                                --      199,000
Income taxes payable                             911,000      253,000
                                            -------------------------
                                               7,633,000    8,448,000

Capital lease obligations                        179,000      180,000
Loans payable                                  1,447,000    1,625,000
Deferred income taxes payable                     94,000           --
                                            -------------------------
                                               9,353,000   10,253,000

Shareholders' equity
Share capital                                 20,997,000   20,822,000
Retained earnings                            (15,717,000)(15,503,000)
Foreign exchange adjustment                     (423,000)   (455,000)
                                            -------------------------
                                               4,857,000    4,864,000
                                            -------------------------
                                             $14,210,000  $15,117,000



INTERNATIONAL THUNDERBIRD GAMING CORPORATION

Consolidated Statements of Operations and Retained Earnings
Nine months ended September 30, 2000 and 1999
[Unaudited - Prepared by Management]

                                                    2000         1999
Revenue
Gaming operations                            $11,952,000  $10,240,000
Product sales                                  1,016,000    1,877,000
                                            -------------------------
                                              12,968,000   12,117,000

Costs and expenses
Gaming operations                              4,443,000    4,471,000
Product sales                                    717,000    1,075,000
                                            -------------------------
                                               5,160,000    5,546,000

Gross profit                                   7,808,000    6,571,000

Expenses
General and administrative                     4,920,000    4,144,000
Depreciation and amortization                    879,000      859,000
                                            -------------------------
                                               5,799,000    5,003,000

Earnings from operations                       2,009,000    1,568,000
Financing costs                                  774,000      754,000
Equity loss in unconsolidated subsidiary         653,000           --
                                            -------------------------
Earnings before income taxes                     582,000      814,000

Income taxes
Current                                        1,025,000      231,000
                                            -------------------------
                                               1,025,000      231,000

Net income                                      (443,000)     583,000
Retained earnings, beginning of period       (15,274,000)(16,086,000)
                                            -------------------------
Retained earnings, end of period            $(15,717,000)(15,503,000)
                                            -------------------------
Basic earnings per share                          $(0.02)       $0.03



INTERNATIONAL THUNDERBIRD GAMING CORPORATION

Consolidated Statements of Cash Flows
Nine months ended September 30, 2000 and 1999
[Unaudited - Prepared by Management]

                                                    2000         1999
Cash provided by (applied to):

Operations
Net income for the period                      $(443,000)    $583,000
Items not involving cash:
Depreciation and amortization                    879,000      859,000
Write-off of fixed assets                         (6,000)          --
Loss on disposal                                               49,000
Net change in non-cash working capital items
Accounts receivable                             (768,000)       9,000
Inventories and prepaid expenses                 374,000    (360,000)
Accounts payable and accrued liabilities        (582,000) (2,093,000)
Income taxes payable                             349,000    1,098,000
                                            -------------------------
                                                (197,000)     145,000
Financing
Net proceeds from issuance of common shares       16,000           --
Loans payable                                  1,123,000    1,454,000
Repayment of convertible debentures             (202,000)          --
Repayment of loans and leases payable         (1,537,000) (1,388,000)
                                            -------------------------
                                                (600,000)      66,000

Investments
Loans receivable, net                            294,000      734,000
Expenditures on capital assets                  (342,000)   (723,000)
Proceeds on disposal of assets                        --       14,000
Shuffler distribution rights                     131,000           --
Expenditure on internet gaming license          (250,000)          --
Assets held for disposal                         274,000           --
Investment in unconsolidated subsidiary         (464,000)          --
                                            -------------------------
                                                (357,000)      25,000

Increase in cash                              (1,154,000)     236,000
Effect of foreign exchange adjustment                 --       14,000
Cash, beginning of period                      2,796,000    1,125,000
                                            -------------------------
Cash, end of period                           $1,642,000   $1,375,000
                                            -------------------------
Supplementary information:
Interest paid                                   $784,000     $867,000
Income taxes paid (recovery)                     676,000    (866,000)



INTERNATIONAL THUNDERBIRD GAMING CORPORATION

Nine months ended September 30, 2000 and 1999
[Unaudited - Prepared by Management]

Segmented information:
As of September 30, 2000

Califo- Internet Shuffler       Guatem- Panama      Corp-       Total
rnia    Gaming          Signage ala     gaming      orate
gaming                          video               and
                                lottery             other
---------------------------------------------------------------------
External revenue
286,000  7,000  48,000 956,000 1,105,000 10,562,000 $--   $12,964,000

Inter-group revenue
     --     --      --   4,000        --         --  --         4,000

Depreciation and amortization
  6,000 13,000  15,000   6,000   114,000    614,000 111,000   879,000

Interest
     --     --      --      --     2,000    447,000 325,000   774,000

Income tax expense
     --  3,000      --      --   229,000    793,000      --  1,025,000

Profit (loss)
280,000(151,000)(270,000)(90,000)675,000 1,856,000(2,743,000)(443,000)

Segment assets
688,000 260,000  665,000 214,000 1,914,000 7,003,000 3,466,000
                                                            14,210,000
----------------------------------------------------------------------


As of September 30, 1999

Califo- Internet Shuffler       Guatem- Panama      Corp-       Total
rnia    Gaming          Signage ala     gaming      orate
gaming                          video               and
                                lottery             other
---------------------------------------------------------------------

External revenue
291,000      --       --       1,067,000 8,882,000     --  12,072,000
                        1,832,000
Inter-group revenue
     --      --       --  45,000      --        --     --      45,000

Depreciation and amortization
53,000       --       --  61,000  185,000   530,000 30,000    859,000

Interest
    --       --       --  16,000    1,000  428,000 309,000    754,000

Income tax expense
    --       --       --      --   16,000       -- 215,000    231,000

Profit (loss)
230,000      --       --(229,000) 816,000 1,597,000(1,831,000)583,000

Segment assets
4,071,000    --       -- 756,000 1,841,000
                                       5,884,000 2,565,000 15,117,000
---------------------------------------------------------------------