• 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

VIP hurts Tiger Palace hold, owner mulls a land sale

Dec 03, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck  


VIP hurts Tiger Palace hold, owner mulls a land sale

Silver Heritage Group Ltd says the November performance of its purpose-built flagship casino property Tiger Palace Resort Bhairahawa (pictured), on Nepal’s border with India, had a “lower than typical hold rate” of 11 percent, compared to a six-month average of 26 percent.

That was “due to VIP play” said the Australia-listed firm, which had led to the casino “underperforming budget” for November.

The group had said that after an “expected seasonally quiet October due to the Indian Diwali holidays,” Tiger Palace’s November drop was “expected to be ahead of the last six month average of US$1.73 million, at [circa] US$1.86 million.”

The group further noted that – following a chief financial officer appointment to its ranks – a company review of business had “identified significant opportunity for improvement in the marketing and commercial aspects of its operations”.

The firm was also pursuing initiatives to “release capital out of its asset base,” it said, going on to refer to several parcels of land. One associated with Tiger Palace, and a second associated with a possible second casino resort project elsewhere on Nepal’s border with India.

Such efforts involved the “disposition of unutilised land in Bhairahawa (‘Tiger One’) and Jhapa (‘Tiger Two’), with a view to providing an additional capital buffer,” said the Friday filing to the Australian Securities Exchange.

At another Nepal property managed by Silver Heritage – the Millionaire’s Club and Casino in Kathmandu – the property was said to be “ahead of budget year to date” and had achieved a record month of gross gaming revenue (GGR) in October, amounting to approximately US$670,000. The company earns 100 percent of GGR at that venue.

In Vietnam, the group’s managed property the Phoenix International Club, at Bac Ninh, came in below budget expectations, said the company.

“A recent significant entry fee – levied separately by the owners of the resort – coupled with increased competition in the area, has resulted in GGR in October being approximately US$1.5 million, versus the year-to-date average of US$2.49 million per month.

“After discussions with the owners of the resort the entry fee has been removed and the company is undertaking a series of initiatives to entice the high value players to return,” stated Silver Heritage.

The company added that November results at the Phoenix International Club were showing “signs of recovery”. The company earns 43 percent of GGR at that venue, according to its latest filing.


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

    Jan 18, 2021  

  • Philippine firm okayed to recapitalise Silver Heritage
    Philippine firm okayed to recapitalise...

    Nov 05, 2020  

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