Silver Heritage invests in Nepal
The international casino company has acquired land in Nepal to build a new casino resort.
Nepal.- Silver Heritage Group Ltd, the international casino resort operator, announced they have acquired new land in Nepal in order to construct a touristic gaming and entertainment venue. The company made the investment alongside a local partner, which would take a minority equity interest in the arrangement.
Silver Heritage sent yesterday morning a filing to the Australian Securities Exchange revealing the company’s plans. According to the report, the company acquired a US$3.2 million plot of 74,500 square metres (802,000 sq feet) in Jhapa, in eastern Nepal.
Silver Heritage stated: “Given the company’s focus on cash management… [it] has agreed to sell a circa 20 per cent interest in the Jhapa land-owning entity to its local partner Mr Sanchit Shrestha, a transaction which both generates the required capital to complete the purchase while also reducing its outstanding supplier payables.”
The casino resort company revealed that the Tiger Palace casino, its first casino in Nepal, is “approaching monthly break-even,” which is “expected during the third quarter” in its business update statement that followed its annual general meeting. During the first quarter of the year, the company also reached an agreement with Rajendra Bajgain, formerly a minority local partner for Tiger Palace Resort Bhairahawa.
