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Silver Heritage Group, a leading operator of casinos in Asia, has been told that a legal action has been started by a local water consumer committee in Rupandehi against two of the company’s Nepal subsidiaries.
- Casino operator Silver Heritage Group has had some difficulty the past couple of years. It entered administration this past May and brought in receivers to help sort out the mess and hoped there would be some way to stay afloat.
- Silver Heritage Group Asian casino operator Silver Heritage Group has announced it has entered into voluntary administration. The company has appointed Ryan Eagle and Amanda Coneyworth of KPMG as voluntary administrators of the group.
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About us Welcome to Silver Heritage Group Silver Heritage is an experienced regional gaming operator that is transforming the world’s largest gaming market – Asia.
Silver Heritage reports that it has not been formally served with any court documents, but understands that there is an allegation that construction has taken place on a small area of land near the Tiger Palace Resort, owned by the Nepalese government and managed by the committee.
Silver Heritage says that it will defend any action taken against it.
Australia-listed Silver Heritage Group has secured a loan of US$1m that will be used for working capital purposes of the company.
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The loan was first announced on December 27 on the back of record-breaking monthly GGR for the company. The loan has a maturity date of December 31, 2021, with an interest rate of 15 per cent per annum payable upon maturity.
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Silver Heritage Group noted that the company’s Nepal casino operations enjoyed a record month in December, generating more than US$1.5m in total revenues across The Millionaire’s Club and Casino Kathmandu and Tiger Palace Resort, Bhairahawa.
The resulting operating EBITDA was more than US$350,000.
Silver Heritage also made note of Nepal’s “Visit Nepal 2020” campaign, targeting more than two million international visitors to Nepal, and the scheduled opening of the country’s second international airport, located only 10km from Tiger Palace Resort.
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Source: Asia Gaming Brief