The executive director for special projects at Asian casino operator and developer Silver Heritage Group Ltd has resigned from the board and “ceased involvement in the development of the company’s Nepal resort project, Tiger Palace Resort Bhairahawa,” the firm said in a Friday filing to the Australian Securities Exchange.
The departure of Hugh Holmes from the post was with effect from Thursday, added the document.
In a February 27 filing, Silver Heritage said the Nepal casino project (pictured in an artist’s rendering) had faced “unanticipated delays” that could mean a later opening date and higher costs. The company had previously mentioned the possibility of a soft opening in February for the first stage of the resort.
On February 27 the firm was granted by the Australian Securities Exchange a suspension in the trading of its stock. At the time this story went online, no filing had been issued to indicate an end to such suspension.
Friday’s filing said what it termed a “dedicated project management team” for the new Nepal resort would be put in place, led by casino industry veteran Adam Titus, who had been appointed Bhairahawa project director.
He will report to Mike Bolsover, managing director and chief executive of Silver Heritage, and to the company board.
The Silver Heritage stock exchange announcement stated that Mr Titus had a “demonstrated track record in ensuring the successful completion and opening of quality resorts”.
The filing added that Mr Titus had more than 30 years of experience in the “design, development, and construction, and opening of more than 10 gaming and hotel developments in Asia and globally, most recently working with MGM Macau and Okada Resorts in Manila, Philippines”.
Friday’s regulatory announcement said Mr Holmes had agreed to continue assisting the company during the transition to Mr Titus’ leadership of the development project.
Mr Bolsover thanked Mr Holmes for his efforts to date as a board member and in directing the Bhairahawa project.
Mr Titus will be supported in “pre-opening planning and execution and the handover to operations” by resort manager Enrico Dovadola. The firm said Mr Dovadola had been involved in “more than six casino resort openings in Asia Pacific, most recently with Galaxy Macau and MGM Macau,” the latter a reference to properties in the Cotai district of the Chinese casino gaming hub of Macau.
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”Continued negative coverage of the Abe administration, coupled with political losses for the Liberal Democratic Party ... may reduce support for the gaming agenda, which already has only limited public support”
Analyst at brokerage Sanford C. Bernstein