GGRAsia – Asian casino op Silver Heritage 1Q revenue US$4mln

Asian casino op Silver Heritage 1Q revenue US$4mln

May 02, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck

Silver Heritage Group Ltd, a boutique operator of Asian casinos, generated first-quarter revenue of nearly US$3.97 million, according to a business update filed on Monday with the Australian Securities Exchange.

The filing did not provide a comparison with group performance in the equivalent quarter a year earlier.

The group – which runs casinos in Vietnam and Nepal, and is currently creating its first purpose-built, self-managed resort in Nepal – also reported quarterly adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) amounting to US$654,000.

The bulk of quarterly group revenue – 61.6 percent – came from gaming operations at Phoenix International Club (pictured) in Vietnam’s Bac Ninh province, not far from that country’s border with China’s Guangxi province.

A further 33.1 percent of quarterly group revenue came via operations at the Millionaire’s Club and Casino in Kathmandu, Nepal.

Group gross profit for the period was US$1.59 million.

The filing gave some other business indicators. The firm said that Phoenix International Club had a table hold percentage of 26.2 percent in first quarter 2017, versus 19.9 percent in full year 2016; and a first-quarter net win per table of US$3,606 versus US$3,087 in full year 2016.

Phoenix International Club’s first-quarter 2017 win per day per electronic gaming machine was US$179, versus US$129 per day in full-year 2016. The firm said it added 22 new electronic gaming machines at the property in March this year, and now manages a total of 94 such units there.

At the Millionaire’s Club and Casino in Kathmandu, the company had a first-quarter table hold percentage of 19.9 percent, versus 21.1 percent in full year 2016; and a quarterly net win per table of US$859, versus US$913 in full year 2016.

First-quarter electronic gaming machine win per day from Silver Heritage’s operations at the Kathmandu property was US$42 per unit, compared to US$39 per unit for full year 2016.

Monday’s filing added there were no further changes to the revised budget and completion date for the company’s new Nepal resort – Tiger Palace Resort Bhairahawa – that had been announced to the Australian Securities Exchange on March 23.

The document stated that Silver Heritage expected to announce to the market prior to the firm’s annual general meeting on May 25, the details of a proposed capital-raising exercise “to raise the balance of capital to enable it to complete and open Tiger Palace”.

On February 27, Silver Heritage announced it had voluntarily requested a suspension in the trading of its stock on the Australian Securities Exchange, due to “unexpected delays” in the completion of Tiger Palace Resort Bhairahawa. As of Tuesday, the stock trading suspension remained in place.