• 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
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Silver Heritage insolvent, appoints administrators: filing

May 18, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  


Silver Heritage insolvent, appoints administrators: filing

Australia-listed boutique casino operator Silver Heritage Group Ltd announced on Monday that the company was “insolvent” or “likely to become insolvent at some time in the future”.

Silver Heritage’s board of directors has appointed Ryan Eagle and Amanda Coneyworth of professional services firm KPMG to be its administrators. They now “control the company’s operations” and are also assessing its financial position, according to Silver Heritage’s Monday filing to the Australia Securities Exchange.

Silver Heritage owns and operates the casino property Tiger Palace Resort Bhairahawa (pictured in file photo) on Nepal’s border with India. The group also manages gaming at the Millionaire’s Club and Casino, in Kathmandu, the capital of Nepal.

“As previously announced, the company has been exploring options to generate liquidity, and prior to the emergence of Covid-19, the company had received expressions of interest from several parties in respect of possible transactions,” Silver Heritage told the Australia bourse, referring first to the illness associated with the novel coronavirus pandemic, and second to a number of efforts to raise cash via disposal of group assets.

“However, as a result of the emergence of Covid-19 and the forced temporary closure of the company’s facilities in Nepal, the timing in relation to the consummating one of the transactions has become uncertain,” the company noted.

Silver Heritage had on March 23 suspended its casino operations in Nepal and its hotel operations the following day. Such measures were part of efforts in that country to contain the spread of Covid-19. In a filing on April 30, the company said it had started “cost reduction strategies” – without mentioning details – as its Nepal casino and hotel operations remained closed.

In its Monday filing, Silver Heritage noted its main lender – referred to as OCP – had provided additional funds to the company in January to support its “short-term” funding needs. However, OCP was “unwilling” to provide further support to the company. According to a January 20 filing of Silver Heritage, a secured loan of US$1 million had been provided by OL Master (Singapore Fund 1) Pte Ltd, Orchard Landmark II (Singapore Fund 1) Ptd Ltd and OL Master Ltd – together known as “OCP”.

“The board of directors regret that these events have come to pass and acknowledge all the group’s employees for their hard work and contribution,” Silver Heritage stated in its Monday filing.

“The administrators will be in contact with creditors and stakeholders of the group and will make further announcement in due course,” the company said.

Early last year, Silver Heritage lost one of its key revenue sources with the cessation of casino operations at the Phoenix International Club near Hanoi in Vietnam.


  • tweet
Related articles
  • Nepal casinos vulnerable to money laundering, says APG
    Nepal casinos vulnerable to money...

    Sep 08, 2023  

  • Macau Aug GGR up 3pct on July, new high since Covid-19
    Macau Aug GGR up 3pct on July, new high...

    Sep 01, 2023  

More news
  • Mohegan Inspire 97pct completed, on target for 4Q launch
    Mohegan Inspire 97pct completed, on...

    Sep 22, 2023  

  • IGSA creates committee for cyber risk management
    IGSA creates committee for cyber...

    Sep 22, 2023  


Latest News

Mohegan Inspire 97pct completed, on target for 4Q launch

Mohegan Inspire 97pct completed, on target for 4Q launch

Sep 22, 2023  

Construction of the Inspire Entertainment Resort, a complex at Incheon, South Korea, was “approximately 97 percent” completed at the end of August, according to its promoter, Mohegan Tribal...
Read More
IGSA creates committee for cyber risk management

IGSA creates committee for cyber risk management

Sep 22, 2023  

Grand Hyatt MICE revamp before year end: Melco CEO

Grand Hyatt MICE revamp before year end: Melco CEO

Sep 21, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Genting Malaysia’s revenue rebound has been slower than our expectations, and the impact on leverage has been compounded by Empire’s weak metrics”

Akash Gupta, Shiv Kapoor and Hasira De Silva

Analysts at Fitch Ratings



Most Popular

  • Macau logs 3.2mln visitors in Aug, only 4pct from overseasMacau logs 3.2mln visitors in Aug, only 4pct from… September 20, 2023
  • Golden Week Macau GGR to be 17pct up on rest of Oct: MSGolden Week Macau GGR to be 17pct up on rest of Oct: MS September 21, 2023
  • No swift resumption of dividends for most Macau ops: GSNo swift resumption of dividends for most Macau ops: GS September 19, 2023
  • LT Game readies new LMG product as Macau recovers: ChunLT Game readies new LMG product as Macau recovers: Chun September 20, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us