Silver Heritage casino closed in Vietnam

The Phoenix International Club decided to shut down Silver Heritage Group's venue. (Credits: silverheritage.com.au)
The Phoenix International Club decided to shut down Silver Heritage Group's venue. (Credits: silverheritage.com.au)

The Australian operator’s venue within Phoenix International Club near Hanoi was shut down last Friday.

Vietnam.- A casino operated by Silver Heritage Group in Phoenix International Club, by Hanoi, Vietnam, ceased operations last Friday. The Australian operator reported the news after the club’s management decided to exclude its operations, which represented nearly 45% of the group’s revenue in 2018.

“The company received notice from the general manager of Phoenix that table games are no longer included in its revised investment certificate and hence not permitted to be operated on the property, and that the casino will close for an indefinite period,” Silver Heritage said in a filing to the Australian Securities Exchange.

“The board is conducting a review of the legal basis on which the notice was issued, the company’s rights and obligations under the entertainment services agreement between the company and the owner of Phoenix, and the impact… on the company,” said Silver Heritage.

The company recently reported it had “discovered accounting irregularities” in its operations in Nepal. “Limited investigations to date indicate the issue relates to the accounting treatment and specifically the method used to change the treatment of a previously written off amount in an attempt to re-classify the expense at a local subsidiary level,” they said.

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