• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Casino op Silver Heritage gets US$1mln working capital loan

Dec 30, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck  


Casino op Silver Heritage gets US$1mln working capital loan

Asian casino operator Silver Heritage Group Ltd says it has obtained a secured loan worth US$1 million from its majority bond holders. The money – provided under a number of conditions – will be used for working capital, according to a Friday filing to the Australian Securities Exchange.

The cash will be utilised “in accordance with the budget agreed between the company and the lenders for all costs and expenses of the group outside Nepal over the next six months,” the document added.

In September the group has said it was continuing to negotiate a possible sale of its Nepal operations, but “on a non-exclusive basis”.

Silver Heritage owns and operates the casino property Tiger Palace Resort Bhairahawa on Nepal’s border with India. The group also manages gaming at the Millionaire’s Club and Casino, in Kathmandu, the capital of Nepal.

Silver Heritage lost what had been a key gaming revenue generator for the group – management of a casino at the Phoenix International Club near Hanoi in Vietnam – at the start of March, after that venue’s general manager said the local authorities were no longer permitting table games there.

Later that month, Silver Heritage announced it was to receive US$5.25 million in compensation from its former partner in that Vietnam business.

The freshly-announced loan for the casino group comes with significant conditions attached to it. Interest on the advance is 15 percent per year, payable upon maturity, with the latter date being December 31, 2021.

The loan providers are: OL Master (Singapore Fund 1) Pte Ltd; Orchard Landmark II (Singapore Fund 1) Pte Ltd; and OL Master Ltd, being jointly the majority bondholders of the company under a bond instrument dated August 26, 2016. They also hold collectively 9.46 percent of Silver Heritage’s issued share capital.

The lenders are also being granted options on just over 189 million shares of the company, at a strike price of AUD0.0078 (US$0.00545) per ordinary share, “for which shareholder approval is not required,” according to Friday’s filing.

Friday’s announcement outlined that there would be an extension on the maturity of the existing bonds, from April 2, 2021, to December 31, 2021. It also said interest due under the existing bonds on the next two interest payment dates – February 26, 2020 and August 26, 2020 would be “capitalised”.

Existing financial covenants were also to be replaced with a number of specific milestones, according to Friday’s filing.

By September 2020, the last nine months of group adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) should be “at least US$500,000”.

By December 2020, the last 12 months of group adjusted EBITDA must be “at least US$1.2 million”. As of March 2021 , the last 12 months of such EBITDA must be a minimum of US$2 million; by June 2021 it must be US$2.5 million; and by September 2021 the last 12 months of group adjusted EBITDA must be at least US$3 million, according to the filing.


  • tweet
Related articles
  • Casino op Silver Heritage to issue 53mln new shares
    Casino op Silver Heritage to issue...

    Jan 18, 2021  

  • Suncity Macau VIP roll 20pct of pre-Covid level: GS
    Suncity Macau VIP roll 20pct of...

    Jan 12, 2021  

More news
  • Sands China sixth Macau op to pledge staff extra payment
    Sands China sixth Macau op to pledge...

    Jan 21, 2021  

  • RWG shut Jan 22 to Feb 4 amid Malaysia lockdown
    RWG shut Jan 22 to Feb 4 amid Malaysia...

    Jan 21, 2021  


Latest News

Sands China sixth Macau op to pledge staff extra payment

Sands China sixth Macau op to pledge staff extra payment

Jan 21, 2021  

Sands China Ltd said in a Thursday press release that it would give on February 8 a “discretionary allowance” to more than “26,000 eligible” workers. That meant all six licensed Macau casino...
Read More
RWG shut Jan 22 to Feb 4 amid Malaysia lockdown

RWG shut Jan 22 to Feb 4 amid Malaysia lockdown

Jan 21, 2021  

Galaxy Ent fifth Macau op to flag extra payment for staff

Galaxy Ent fifth Macau op to flag extra payment for staff

Jan 21, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"Our expansion from 2021 and beyond will create tremendous opportunities to team members”

Francis Lui Yiu Tung

Vice chairman of Macau-based casino operator Galaxy Entertainment



Most Popular

  • CNY 2021 unlikely to boost Macau casinos, say observersCNY 2021 unlikely to boost Macau casinos, say observers January 15, 2021
  • Wynn and Melco also flag bonus for Macau staffWynn and Melco also flag bonus for Macau staff January 19, 2021
  • Casino op MGM China to pay most staff discretionary bonusCasino op MGM China to pay most staff discretionary bonus January 18, 2021
  • Investors see 2H Macau gain, rebound 2022: BernsteinInvestors see 2H Macau gain, rebound 2022: Bernstein January 19, 2021
  • Wakayama casino RFP deadline affirms still 2 suitorsWakayama casino RFP deadline affirms still 2 suitors January 18, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us