GGRAsia – Silver Heritage sees ‘record’ revenues in December: firm

Silver Heritage sees ‘record’ revenues in December: firm

Jan 20, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck

Boutique Asian casino operator Silver Heritage Group Ltd says its operations achieved a “record month” in December, generating an aggregate of more than US$1.5 million in revenue. That is according to unaudited results published on Monday by the firm as part of a financial update.

The Australia-listed company owns and operates the casino property 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.

In Monday’s filing, Silver Heritage said its operating earnings before interest, taxation, depreciation and amortisation – before corporate costs – for the month of December stood above US$350,000. The company said that further details would be disclosed with the company’s full earnings results on January 31.

Silver Heritage said also on Monday that it has now executed the necessary legal documentation in relation to a secured loan worth US$1 million from its majority bond holders. The money – provided under a number of conditions – will be used for working capital, according to a December filing to the Australian Securities Exchange.

The cash will be utilised “in accordance with the budget agreed between the company and the lenders for all costs and expenses of the group outside Nepal over the next six months,” said Silver Heritage in December.

The freshly-announced loan for the casino group comes with significant conditions attached to it. Interest on the advance is 15 percent per year, payable upon maturity, with the latter date being December 31, 2021, according to the December filing.

In September the group had said it was continuing to negotiate a possible sale of its Nepal operations, but “on a non-exclusive basis”.

In Monday’s filing, Silver Heritage also provided some updates on tourism developments in Nepal. The company said the Nepal Tourism Board is launching the “Visit Nepal 2020” campaign, aiming to attract more than two million international visitors to the country this year.

Nepal’s second international airport is expected to open this year, according to the filing. “Gautam Buddha International Airport, located less than 10 kilometres [6.2 miles] from Tiger Palace Resort, is expected to run test flights in the second quarter of 2020 and to begin international charter flights in the third quarter of this year,” said Silver Heritage in its latest update.