The Silver Heritage chairman said that the company made the right decision by focusing on Indian consumers.
India.- David Green, chairman of Silver Heritage Group Ltd, said that the decision to focus on Indian consumers instead of chasing Chinese VIP players was a good call. The official also said that the crackdown of Beijing has influenced Macau.
During an annual report filed with the Australian Securities Exchange earlier this week, Green said that “the detention of Crown Resorts employees in China in October 2016 has exposed the significant risks associated with China-facing VIP programmes, calculated to encourage high-value mainland [Chinese] players to visit casinos.” As they’re focusing on Indian consumers, the official believes that Silver Heritage has no exposure to gaming credit risk, or to the reputational and business risk presented by undercapitalised junket operators.
The chairman commented on the delay of the construction of Nepal’s upcoming casino Tiger Palace Resort, which was supposed to open in February. “While our full-year result for the 2016 financial year came in slightly better than was anticipated at the time of the progress report, it failed by some margin to meet our prospectus forecast. The board recognises that this is both an unacceptable and unsustainable result, and I assure you it is committed to implementing measures which will improve operational performance, see the completion and successful opening of Tiger Palace Resort Bhairahawa, and provide a platform for the pursuit of the future growth and value accretion opportunities available to your company.”