• 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

Silver Heritage looking for buyers for Nepal ops: firm

May 02, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck  


Silver Heritage looking for buyers for Nepal ops: firm

Australia-listed gaming operator Silver Heritage Group Ltd says it is searching for “potential strategic partners or purchasers” for its Nepal operations.

The firm operates the purpose-built flagship casino property Tiger Palace Resort Bhairahawa (pictured) – a Nepal property near the country’s border with the Indian state of Uttar Pradesh – and manages a gaming operation at a hotel in the Nepalese capital Kathmandu.

Tiger Palace, which only received its gaming licence in late December 2017, held a casino “grand opening” in mid-March 2018. A soft opening of the hotel facilities, offering 100 rooms, was held in September 2017. India is a main target market in terms of casino players for the property.

Silver Heritage said in a filing on Tuesday it had hired boutique investment bank and advisory firm Union Gaming to provide support to the firm in a search for potential investors.

“The company has undertaken a number of initiatives to release capital out of its asset base, including the appointment of Union Gaming as its exclusive adviser in relation to locating potential strategic partners or purchasers of the company’s Nepal operations,” Silver Heritage stated in its latest filing.

Silver Heritage had told the securities exchange in late January it was progressing with “discussions with potential strategic and industry partners to release capital out of its asset base and enhance shareholder value.”

The firm mentioned in a business update filed late last year that it was exploring the possibility of selling some land, among other things.

In its Tuesday filing, Silver Heritage also made reference to the closure on March 1 of all casino operations at the Phoenix International Club near Hanoi, in Vietnam, after the local partner was unable to maintain the relevant licence.

The firm said in mid-March it had reached a settlement with the owner of Phoenix for Silver Heritage to receive US$5.25 million in compensation for the alleged breaches by the local partner of the entertainment services agreement between the two parties. The compensation was to be paid in two tranches.

“The first instalment was paid on March 23 and the second became due on April 11,” Silver Heritage said in its latest filing. “The owner of Phoenix has failed to make payment of this second instalment and the company intends to use all avenues available to it to ensure these monies are paid,” the firm added.

In the Tuesday filing, Silver Heritage provided some information on the firm’s operation performance in the first quarter of 2019. For most casino-related metrics, the company provided only basic charts, without exact figures.

“Trading at Tiger Palace has improved and continues to trade well ahead of the prior year,” the firm said.

In March, Silver Heritage opened some VIP gaming rooms at Tiger Palace. “Feedback from VIP visitors has been overwhelmingly positive,” stated the firm in its filing.

“The company continues to see stronger performance also at its operations in Kathmandu, with increasing contributions from Chinese players in addition to the usual Indian players,” added Silver Heritage.


  • tweet
Related articles
  • Phase 2 Resorts World Sentosa only starts 2022: analyst
    Phase 2 Resorts World Sentosa only...

    Feb 24, 2021  

  • Sci Games says ‘Singing Cats’ nodded in 9 APAC markets
    Sci Games says ‘Singing Cats’...

    Jan 27, 2021  

More news
  • Las Vegas Sands to sell off Nevada assets for US$6.25bln
    Las Vegas Sands to sell off Nevada...

    Mar 03, 2021  

  • Macau Jan gaming tax take US$402 mln, down 63 pct
    Macau Jan gaming tax take US$402 mln,...

    Mar 03, 2021  


Latest News

Las Vegas Sands to sell off Nevada assets for US$6.25bln

Las Vegas Sands to sell off Nevada assets for US$6.25bln

Mar 03, 2021  

United States-based casino operator Las Vegas Sands Corp said in a Wednesday filing that on Tuesday it had made an agreement to sell its Las Vegas, Nevada venues and operations for US$6.25 billion....
Read More
Macau Jan gaming tax take US$402 mln, down 63 pct

Macau Jan gaming tax take US$402 mln, down 63 pct

Mar 03, 2021  

Casino surveillance biz decline tips Synectics to year loss

Casino surveillance biz decline tips Synectics to year loss

Mar 03, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“As a leaner, stronger company, we expect leverage to return to pre-pandemic levels in the next 12-18 months”

Max Chiara

Chief financial officer at gaming product and lottery services provider International Game Technology



Most Popular

  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Macau casino GGR down 9pct m-o-m in February: govtMacau casino GGR down 9pct m-o-m in February: govt March 1, 2021
  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Suncity to open clubs at Londoner Macao, Lisboa PalaceSuncity to open clubs at Londoner Macao, Lisboa Palace February 26, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us