GGRAsia – Tiger Palace Nepal record gaming numbers for June

Tiger Palace Nepal record gaming numbers for June

Jul 20, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck

Tiger Palace Resort at Bhairahawa in Nepal (pictured), the first purpose-built, self-managed property of boutique Asian casino operator Silver Heritage Group Ltd, produced record gaming floor numbers in June, the firm said in a Thursday filing to the Australian Securities Exchange.

In a second-quarter business update – the casino at Tiger Palace only opened in late December – the firm said June saw record property gross gaming revenue (GGR) of US$571,000, on casino drop that month totalling nearly US$2.23 million.

“Gaming and non-gaming results continue to ramp up significantly,” said the firm in one of its two update filings on Thursday, referring to group-wide business. Silver Heritage also manages another gaming hall in Kathmandu, Nepal’s capital, and one on Vietnam.

The firm did not say in the update how many tables and slots it was currently operating at Tiger Palace.

But it said in a footnote to the unaudited figures given in the trading update: “Due to the inherent volatility of results in casinos that incorporate a relatively small number of tables, these figures should not be relied on as an indication of performance for the remainder of the year.”

Nonetheless June also saw record non-gaming revenue of US$240,000 at Tiger Palace, and record hotel occupancy at 79 percent, according to the business review.

Total revenue at Tiger Palace was up 73 percent quarter-on-quarter in the three months to June 30. Total drop – i.e., cash exchanged for chips – was up 33 percent sequentially, at US$4.75 million.

Tiger Palace’s second-quarter GGR rose 50 percent sequentially, to US$1.35 million, while total quarterly non-gaming revenue was up 145 percent quarter-on-quarter, to US$548,000, the firm said.

Silver Heritage runs gaming on a management basis at the Millionaire’s Club and Casino, Kathmandu. The facility has 15 main-floor gaming tables, 38 electronic gaming machines and three VIP tables, according to the business update.

There, second-quarter GGR was US$1.52 million, up 80 percent on the first quarter, and up 38 percent year-on-year.

At the Phoenix International Club, Bac Ninh, in Vietnam, Silver Heritage operates 12 main-floor tables, 94 electronic gaming machines and three VIP tables for directly-managed clients.

At the Vietnam property second-quarter GGR was US$8.52 million, up 33 percent on the prior quarter, and up 44 percent year-on-year.

On a group-wide basis, second-quarter GGR was up 39 percent sequentially, to US$11.39 million. Group net gaming revenue rose 36 percent quarter-on-quarter, to US$5.88 million; while second-quarter total sales revenue was up 38 percent sequentially, to US$6.60 million.