Boutique Asian casino operator and developer Silver Heritage Group Ltd saw total sales revenue reach nearly US$4.8 million in the third quarter of 2017. That represented an increase of 16.4 percent compared with the result for the previous quarter, the firm said in a Tuesday filing to the Australian Securities Exchange.
Silver Heritage said the three months ended September 30 were “the strongest operating quarter” since the firm’s initial public offering in August 2016.
The boutique casino operator runs the Millionaire’s Club and Casino in Kathmandu, Nepal’s capital, and the Phoenix International Club, near Hanoi, in Vietnam. Silver Heritage is currently in the process of launching Tiger Palace Resort Bhairahawa (pictured in a artist’s rendering), a new Nepal property near the country’s border with the Indian state of Uttar Pradesh. A soft opening of the hotel facilities, offering 100 rooms, was held on September 20.
“[Tiger Palace] remains on budget [for completion] at less than the revised budget amount of US$51.8 million, and for the casino to open by November 30,” Silver Heritage stated in its latest filing.
The firm reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$956,000 for the third quarter. That compared with adjusted EBITDA of US$533,000 in the previous quarter.
Tuesday’s filing only provided limited information about Silver Heritage’s business performance for the three months ended September 30. The firm said in planned to issue its complete results for the 12 months to December 31 by the end of February 2018.
Total sales revenue for the first nine months of 2017 stood at US$12.82 million and adjusted EBITDA at US$2.14 million. The firm reported gross profit from operations for the January to September period of nearly US$5.1 million, up 20 percent in year-on-year terms.
Cash on hand as of September 30 was US$13.3 million, Silver Heritage said.
The firm hinted in a September business update that it had identified another site in Nepal for a potential second new resort. According to that company update, the second site would be further east, near Nepal’s border with the Indian states of Bihar and Sikkim, and a relatively short distance from India’s contiguous border with Bangladesh.
