Silver Heritage publishes reports

Australian gaming company, Silver Heritage, publishes its financial reports.

Australia.- Silver Heritage Group shared this week its financial reports, showing “a widened loss for the year ended December 31, 2017.” Although the company revealed positive results during the fourth quarter of last year’s operations, adjusted EBITDA fell 10 per cent to US$3 million and “its loss widened more than two-fold from 2016, reaching US$14.4 million, due to IPO expenses.”

Furthermore, Silver Heritage also revealed it has generated a total unaudited sales revenue of US$5.44 million during the fourth quarter of 2017, improving on the previous quarter’s US$4.6 million. “It is the strongest quarterly sales revenue since the company’s initial public offering in August 2016,” the company stated.

However, revenues from ordinary activities increased eight per cent in the year to US$18.3 million. The major gain came from the Phoenix International Club in Vietnam, which achieved US$12.2 million during last year’s operations, representing a raise of 57 per cent year-on-year. Still, its Kathmandu casino business, The Millionaire’s Club & Casino Kathmandu (TMCCK), reached only US$5.2 million, which represents a decrease of seven per cent year-on-year.

Meanwhile, Silver Heritage’s Tiger Palace’s first three months of operations recorded a revenue of US$117,000 in total since its opening. “However, opening expenses of US$677,000 brought it to a segment loss of US$560,000 in the period.”