1 May 2019 Jonas Lemberg

Silver Heritage Group improves Nepal casino revenues; looks for strategic partners

Tiger Palace Resort Nepal

Hong Kong based and Australian stock exchange listed casino operator Silver Heritage Group has disclosed that business has substantially improved at both its integrated Tiger Palace Resort in Bhairahawa on the India-Nepal border and at its Millionaire’s Club Casino at Shangri-La Hotel in Kathmandu.

The company, in a regulatory filing to the Australian stock exchange, noted that the feedback at the VIP gaming rooms in Tiger Palace have been overwhelmingly positive and that it continues to see good traction from Indian and Chinese players at its Kathmandu casino.

While Silver Heritage did not provide exact figures about its revenues, bar charts shared by it, showed the drop at Tiger Palace at roughly double the prior-year period for each month of the quarter, with March approaching 300 million Nepali rupees (approximately US$2.69 million).

The gross gaming revenues generated by the company in March 2019 was in the range of around US$700,000, which was almost double of the revenues generated during the same period in 2018.

The company said it is continuing to work on its 2018 accounts after the discovery of irregularities, which were disclosed in March 2019.

The casino operator has been undergoing some troubles over the past few months, including closure of its Vietnam casino operations, multiple resignations from its board of directors, accounting irregularities, dispute with its local Nepalese partner and suspension of trading on the Australian stock exchange.

To tide over the setbacks, the company has recently appointed boutique investment banking firm Union Gaming as its exclusive advisor to help locate strategic partners, or buyers for its Nepal operations.

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