| **List of Subsidiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
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| Name of Subsidiary 
Percentage of       Voting Shares       Beneficially Owned       or Controlled       by the Company 
Date of       Incorporation 
Jurisdiction of       IncorporationThunderbird Carolina Inc. 
100% 
Dec. 22, 1989 
North CarolinaThunderbird Gaming Inc. 
100% 
March 30, 1992 
British ColumbiaThunderbird Greeley, Inc. 100% Jan. 14, 1994 ColoradoInternational Thunderbird Gaming SRL 100% March 7, 1996 BarbadosThunderbird Development, Inc. 100% March 19, 1996 CaliforniaIntrnl. Thunderbird Gaming (Panama) Corp. 50% Nov. 25, 1996 PanamaThunderbird (Barbados) Inc. 100% Jan. 27, 1997 Barbados537481 British Columbia Ltd. 100% Feb. 27, 1997 British ColumbiaInternational Thunderbird Gaming - Nova      Scotia 100% June 23, 1997 Nova ScotiaThunderwatch Partnership 100% July 2, 1997 British ColumbiaCamino Real (BVI) Investments Ltd. 100% August 29, 1997 British Virgin IslandsInternational Thunderbird Brazil (BVI) Ltd. 100% Oct. 2, 1997 British Virgin IslandsThunderbird de Guatemala, S.A.      ("Thunderbird Guatemala") 100% Oct. 15, 1997 GuatemalaThunderwatch (Barbados) Inc. 100% Oct. 16, 1997 BarbadosThunderbird do Brazil, S.A. 100% Oct. 30, 1997 BrazilThunderbird Panama (BVI) I Ltd. 100% April 22, 1998 British Virgin IslandsThunderbird Panama (BVI) II Ltd. 100% April 22, 1998 British Virgin IslandsJuegos De Mexico Inc. 100% June 23, 2000 British Virgin IslandsSkill Game Equipment (BVI) Ltd. 100% July 14, 2000 British Virgin IslandsServicios De Destraza S.A. 100% July 31, 2000 MexicoCasinos Pajaro Trueno, S.A. 100% August 9, 2000 Costa RicaThunderbird De Nicaragua 79% Oct. 28, 2000 NicaraguaSouth American Entertainment Investment 100% Jan. 11, 2000 British Virgin IslandsImmobiliaria Bilbao 50% Jan. 8, 2000 Panama |