Silver Heritage announces growth plans

Gaming operator Silver Heritage revealed its plans for casino growth in Nepal.

Nepal.- Australian gaming operator Silver Heritage shared this week the results and future plans of its recently opened casino in Nepal – Tiger Palace Resort Bhairahawa. Although the company obtained gaming permission for the Nepal venue last December, operations started at the end of the third quarter last year.

The company revealed that the Tiger Palace casino is “approaching monthly break-even,” which is “expected during the third quarter” in its business update statement that followed its annual general meeting last Friday. 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.

According to Silver Heritage’s statement, the company also set an agreement with a Nepal consortium for co-ownership of land for a possible additional Nepal resort referred to as “Tiger Palace Resort Jhapa”.

Meanwhile, Silver Heritage’s chief executive Mike Bolsover told shareholders in prepared remarks on Friday: “The first seven weeks of trading in the second quarter 2018 have been much stronger than the first quarter 2018, following a challenging first 90 days in the year at the mature properties of Phoenix [International Club] in Vietnam and The Millionaires Club [and Casino] in Kathmandu, Nepal, and during the initial ramp up at Tiger Palace.”