• 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
  • South Korea extends travel restrictions on China arrivals
    South Korea extends travel restrictions...

    Jan 30, 2023  

  • Macau economy to see double-digit growth in 2023: AMCM
    Macau economy to see double-digit...

    Jan 27, 2023  

More news
  • Alvin Chau and prosecution appeal court sentence
    Alvin Chau and prosecution appeal court...

    Feb 08, 2023  

  • LVS ranked by S&P as most sustainable casino sector firm
    LVS ranked by S&P as most...

    Feb 08, 2023  


Latest News

Alvin Chau and prosecution appeal court sentence

Alvin Chau and prosecution appeal court sentence

Feb 08, 2023  

The defence and the prosecution have respectively appealed against a Macau court’s sentencing decision that encompassed Alvin Chau Cheok Wa, former boss of now-defunct Macau casino junket...
Read More
LVS ranked by S&P as most sustainable casino sector firm

LVS ranked by S&P as most sustainable casino sector...

Feb 08, 2023  

Crane aims to complete split into 2 listed entities by April 3

Crane aims to complete split into 2 listed entities by...

Feb 08, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

"The company will scrutinise the [26 Capital] lawsuit and properly deal with it"

Universal Entertainment

Japanese firm that controls the Okada Manila casino resort in the Philippines



Most Popular

  • Macau mulls subsidy of up to US$62 per overseas visitorMacau mulls subsidy of up to US$62 per overseas visitor February 7, 2023
  • Macau early Feb average daily GGR higher than Jan: JPMMacau early Feb average daily GGR higher than Jan: JPM February 6, 2023
  • Ex-junket boss Levo Chan aimed to go to Taiwan: policeEx-junket boss Levo Chan aimed to go to Taiwan: police February 7, 2023
  • SPAC partner in Okada Manila listing sues Universal Ent sideSPAC partner in Okada Manila listing sues Universal Ent side February 7, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us