• 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 Vietnam casino biz closes: firm

Mar 01, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck  


Silver Heritage Vietnam casino biz closes: firm

Australia-listed gaming operator Silver Heritage Group Ltd says all casino operations at the Phoenix International Club (pictured) near Hanoi in Vietnam “have ceased” with effect from Friday morning.

“The company received notice from the general manager of Phoenix that table games are no longer included in its revised investment certificate and hence not permitted to be operated on the property, and that the casino will close for an indefinite period,” Silver Heritage said in a Friday filing to the Australian Securities Exchange.

According to the filing, the casino operations at Phoenix represented approximately 45 percent of Silver Heritage’s unaudited revenue for the year ended December 31, 2018.

“The board is conducting a review of the legal basis on which the notice was issued, the company’s rights and obligations under the entertainment services agreement between the company and the owner of Phoenix, and the impact … on the company,” said Silver Heritage.

The company had on Wednesday voluntarily requested, and been granted, a suspension in the trading of its stock.

Silver Heritage had previously flagged that revenue from its casino operations at Phoenix were “below budget expectations”. The firm told the exchange in January that the weakness of the trading performance of its casino at Phoenix had continued in the fourth quarter and was persisting in the first month of 2019.

The group said at the time that it had “renegotiated and amended” its agreement in respect of Phoenix, and that it expected “earnings to improve over the coming months”.

Silver Heritage also operates the purpose-built flagship casino property Tiger Palace Resort Bhairahawa and manages a gaming operation at a hotel in the Nepal capital Kathmandu.

In Friday’s filing, the company said also that it had recently “discovered accounting irregularities” in its operations in Nepal.

“Limited investigations to date indicate the issue relates to the accounting treatment and specifically the method used to change the treatment of a previously written off amount in an attempt to re-classify the expense at a local subsidiary level,” Silver Heritage explained.

“The irregularities are predominantly non-cash in nature and the cash cost to the business is approximately US$15,000,” it added.

The boutique casino operator reported in September a financial first-half loss – after providing for income tax and non-controlling interest – of just under US$9.94 million, compared to US$3.52 million in the prior-year period. Phoenix International’s first-half revenue amounted to just under US$5.93 million, the firm said at the time.


  • 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