Silver Heritage Group said the cash had been raised for working capital purposes.
Australia: Australia-listed Silver Heritage Group has secured a loan of US$1 million to be used for working capital purposes, the company has revealed in a statement to the press.
Silver Heritage Group said its Nepal operations enjoyed a record month in December 2019, generating more than US$1.5 million in total revenues across The Millionaire’s Club, Casino Kathmandu and Tiger Palace Resort, Bhairahawa. Operating EBITDA was more than US$350,000.
The loan was first announced on December 27 2019 on the back of record-breaking monthly GGR for the company. It has a maturity date of December 31 2021, with an interest rate of 15 percent per annum payable upon maturity.
Silver Heritage also highlighted Nepal’s “Visit Nepal 2020” campaign, targeting more than two million international visitors to to the country and the scheduled opening of the country’s second international airport – located only 10km from Tiger Palace resort.