Australia-listed Silver Heritage Group has secured a loan of US$1m that will be used for working capital purposes of the company.
Silver Heritage Casino Nepal Limited
- Silver Heritage Group has run into some serious problems in Nepal. They have been accused of building their Tiger Palace Resort on protected land and this recent event severely harmed their reputation in that country. The company has been hit with another injunction, sent by Rupandehi District Court. Although the nature of this second injunction.
- The Silver Heritage Group currently has invested in the Tiger Palace Resort in Bhairahawa. Similarly, the group has invested in the Millionaire Club and Casino.
- Silver Heritage also shared that the casino will be primarily intended for Indian and Chinese players, as well as for the “the growing expatriate community living in Nepal.” The casino at the Shangri-La was previously operated by Malaysia-listed company Star Management.
Nepal – Silver Heritage To Spend Extra $14.8m On Tiger Palace Nepal – silver heritage to spend extra $14.8m on tiger palace silver heritage group has said it will need to spend an extra us$14.8m to. G3newswire.com landbased casinos 17 Sep 2020. General Manager Casino at Silver Heritage Group LTD Nepal 374 connections. Join to Connect. Silver Heritage Group LTD. University of Adelaide. Company Website.
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.
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.
Source: Asia Gaming Brief
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Silver Heritage Group has run into some serious problems in Nepal. They have been accused of building their Tiger Palace Resort on protected land and this recent event severely harmed their reputation in that country.
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The company has been hit with another injunction, sent by Rupandehi District Court.
Although the nature of this second injunction isn’t disclosed, Siver Heritage spokesmen stated that company is currently considering legal advice on this matter and that they will keep the market informed about further developments in this regard.
Just as the second injunction, first one prevented the company from selling Tiger Palace too. Although five different offers were presented (including one for $34 million that would see the company selling everything they possess in Nepal) there is no chance, at least for now, for this deal to be realized.
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Although the offer still stands officially, the buyers have been delayed on making any transactions because of the ongoing legal issues with Nepal.
A spokesperson in Silver Heritage explains:
“The company has yet to receive the deposit of U.S. $3 million … due to factors outside the control of both the buyer and the company and has, as a result, granted an extension for the payment of the deposit to 10 September 2019.”
This is not the only strange situation currently going on in Silver Heritage. Current chief financial officer, Ben Watiwat is leaving the company and he will abandon his position on September 6. It looks like that Martin Wright, who served as company CFO from 2006 to 2017 is going to be appointed as a consultant in the next few days.
The next few months will be an interesting period for Silver Heritage, especially with so many new events unfolding so fast.
Source:https://calvinayre.com/2019/08/27/casino/silver-heritage-hit-with-another-injunction-in-nepal/