Silver Heritage Group enters administration

Gaming investors had been looking into alternatives but Covid-19 scuppered plans to sell assets.

Australia.- The Australian-listed gaming investor Silver Heritage Group has entered voluntary administration with liquidity problems due to the Covid-19 pandemic.

In an announcement on Monday, the company said that it has appointed KPMG as administrators due to its Nepal casinos being forced to suspend operations because of the outbreak.

Silver Heritage had been looking at alternatives to administration, including potentially selling the Tiger Palace Resort Bhairahawa and The Millionaire’s Club in Kathmandu, both of which are in Nepal.

In a press statement, they said: “The company had been exploring options to generate liquidity and prior to the emergence of Covid-19 had received expressions of interest from several parties in respect of possible transactions.

“However, as a result of the emergence of Covid-19 and the forced temporary closure of the company’s facilities in Nepal, the timing in relation to consummating one of the transactions has become uncertain.”