GGRAsia – Silver Heritage interim loss doubles on Nepal costs

Silver Heritage interim loss doubles on Nepal costs

Aug 23, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck

Boutique Asian casino operator and developer Silver Heritage Group Ltd saw its loss for the six months to June 30 more than double year-on-year, to US$3.52 million.

The firm is currently building its own US$51.8-million casino property in Nepal – Tiger Palace Resort in Bhairahawa, due to have a phased opening starting next month. On Wednesday, the company said the hotel will open on September 30, with casino operations due to begin on November 30.

The group also runs casinos in Vietnam and Nepal, and leases electronic gaming equipment to casino operators in Laos.

The company said in a Wednesday filing to the Australian Securities Exchange: “The growth in operating profitability in Vietnam was more than offset by an increase in costs following the group’s initial public offering (IPO) in August 2016, together with additional interest and option expenses associated with increasing the group’s borrowings from US$10 million to US$20 million at the same time as the IPO”.

Revenue from ordinary activities rose 7.2 percent year-on-year, to nearly U$8.06 million during the reporting period. The firm said this was “mainly due to the strong performance of the group’s casino management business in Vietnam, partially offset by a reduction in revenue from the group’s electronic gaming equipment leasing business in Laos and exiting the Cambodian market.”

In a separate filing the same day, Silver Heritage said it had added three live-dealer gaming tables for the purposes of house-managed VIP play at its Phoenix International Club casino facility (pictured) near Hanoi in Vietnam. The company added they would complement 12 gaming tables at the venue that were managed by the group on the same commercial terms.