Casino op Silver Heritage seeking clarity on govt royalties

Jan 17, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  

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A representative of casino operator Silver Heritage Group Ltd told GGRAsia that the company is in talks with the Nepal government over the issue of royalties for its gaming operations in that country.

Silver Heritage is the developer of a casino resort Tiger Palace Resort Bhairahawa (pictured), on Nepal’s border with India. The group also manages gaming at the Millionaire’s Club and Casino, in Kathmandu, the capital of Nepal. SHL Management Services (KTM) Pvt Ltd is the local unit that manages the casinos.

According to local media reports, Silver Heritage was said to owe royalties in the aggregate amount of NPR130 million (US$1.09 million) to the Nepalese authorities. Such payments should have been settled by December, said the reports.

A company representative however told GGRAsia that the issue of the royalties was “being discussed with the relevant ministry” in Nepal. Silver Heritage was “seeking clarity in the regulations” regarding under which situations are royalties due, as there was not yet a specific casino law in that country.

The person noted that the firm had not “operated any casino this year, nor last year,” as Silver Heritage had been ordered to suspend all its casino operations in March 2020 because of the Covid-19 pandemic.

Silver Heritage was delisted from the Australian Securities Exchange in July. In January last year, Hatch Australia Holdings Pty Ltd acquired control of 92 percent of the issued share capital of Silver Heritage, which had gone into administration on May 18, 2020.

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