• 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 Vietnam casino biz still weak: firm

Jan 31, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck  


Silver Heritage Vietnam casino biz still weak: firm

Australian operator of Asian casinos Silver Heritage Group Ltd says it had a net cash outflow of more than US$1.47 million in its operations in the fourth quarter of last year, bringing such outflow in its operations for the whole of 2018 to nearly US$4.85 million.

The operational update filed on Thursday with the Australian Securities Exchange gave no comparative figures.

The company told the exchange that the weakness of the trading performance of its casino at the Phoenix International Club (pictured) near Hanoi in Vietnam had continued in the fourth quarter and was persisting this month.

Silver Heritage said: “The company entered into discussions with the owner of the property and has, as a result of these discussions, renegotiated and amended its agreement in respect of Phoenix and in light of increased competition and other factors.”

The company said it had reduced its share of gross gaming revenue (GGR) to 30 percent in return for a “significant reduction” in its fixed-cost contributions to the operation of the Phoenix International Club.

“The company now expects earnings to improve over the coming months, driven by this reduction in fixed costs, combined with focus on increasing footfall and drop at the property,” it said, referring to the number of customers at the property and latterly to money wagered.

Silver Heritage said an establishment it runs in Nepal, The Millionaire’s Club and Casino in Kathmandu, “continues to perform ahead of budget, and January to date is a record in terms of drop and GGR for the month of January since opening.”

The company said Tiger Palace Resort in Bhairahawa, on the border between Nepal and India – a property it developed and operates on its own initiative – had made a number of strategic changes to its marketing and operations.

“Drop continues to improve, with December and January being the second and third-highest months, respectively, since the casino opened on 28 December 2018. The board and management are focused on making further improvements to support growth, including new marketing initiatives and the opening of three VIP gaming rooms in February 2019 to further drive additional revenue at the property.”

Silver Heritage told the securities exchange: “The company continues to progress discussions with potential strategic and industry partners to release capital out of its asset base and enhance shareholder value.”

The firm had mentioned in a business update filed late last year that it was exploring the possibility of selling some land, among other things.


  • tweet
Related articles
  • 2023: maybe a reboot in Asia casino client profile
    2023: maybe a reboot in Asia casino...

    Dec 31, 2022  

  • Thailand, China pledge jointly to combat online gambling
    Thailand, China pledge jointly to...

    Nov 21, 2022  

More news
  • Available Macau casino tables busy at tail of CNY hols
    Available Macau casino tables busy at...

    Jan 27, 2023  

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

    Jan 27, 2023  


Latest News

Available Macau casino tables busy at tail of CNY hols

Available Macau casino tables busy at tail of CNY hols

Jan 27, 2023  

Some Macau casinos visited by GGRAsia on Thursday, actually had tables that were closed, notwithstanding strong consumer demand during Chinese New Year (CNY). The reasons for some tables being...
Read More
Macau economy to see double-digit growth in 2023: AMCM

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

Jan 27, 2023  

Macau, APAC early gainers in China tourist return says Fitch

Macau, APAC early gainers in China tourist return says

Jan 27, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


384,600

Aggregate number of visitors to Macau during the first six days of the Chinese New Year holiday break



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • G2E Asia in-person for Macau in 2023, first time since 2019G2E Asia in-person for Macau in 2023, first time since 2019 January 27, 2023
  • Nearly 70k visitors to Macau on 6th day of CNY breakNearly 70k visitors to Macau on 6th day of CNY break January 27, 2023
  • 71pct of Sands China licence spend for venues says parent71pct of Sands China licence spend for venues says parent January 26, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us