Tiger Palace Resort Bhairahawa is a intergrated resort located in Nepal.It is situated on a 10-hectare site, and will include rooms, villas, function rooms, F&B outlets and a casino. Phase 1a development, costing $40 million, will include amenities such as a pool, spa, tennis courts, gym, conference hall, meeting rooms, wedding facilities, six F&B outlets and retail, while a casino will feature 52 gaming tables and 200 EGMs.Additional phases are planned.
Silver Heritage Group has announced that the buyer of its Nepal operations has missed its September 10 deadline to pay a deposit of $3 million, due to circumstances outside of both parties. In July, Silver Heritage announced it had received a conditional binding offer from a Nepali businessman to buy its operations in Nepal for […]
Australia-listed Silver Heritage said legal action brought against its Nepalese units by a local consumer water group pose no immediate commercial threat or risk to its operations in the country.
Silver Heritage Group said it has not been formally served any court documents or evidence in relation to allegations that its Tiger Palace Resort in Nepal is encroaching public land. Last Friday, according to the Kathmandu Post, a court in Nepal reportedly issued a temporary order against Silver Heritage’s local units. Thaneshwor Ghimire, chairman of […]
Silver Heritage Group’s Tiger Palace Resort Bhairahawa saw its GGR improve by approximately 30 percent year-on-year in May, compared to the prior year period. According to a trading update from Silver Heritage over the weekend, the increase was due mainly to a series of personnel changes and marketing initiatives to drive footfall and revenue at […]
There are at least four Nepali companies looking to purchase the Tiger Palace Casino Resort in Bhairahawa after casino operator Silver Heritage Group put its Nepal operations up for partnership or sale at the end of April. According to sources, the business deal for the casino resort is worth $33 million, with four top companies […]
Silver Heritage say business improved substantially in the quarter to end-March at both its Tiger Palace Resort in Bhairahawa and at its operations in Kathmandu.
Silver Heritage Group, operator of the Tiger Palace Resort in Nepal posted strong revenue growth across its properties in 18Q2. The company operates the Phoenix International Club in Vietnam, The Millionaire’s Club in Kathmandu and Tiger Palace Resort in Nepal, the casino of which opened on December 28, 2017. In a trading update released on […]
Silver Heritage held the gala opening for its Tiger Palace Resort in March, though the IR has run into problems with a former partner and the country’s bureaucratic licensing regime. The two-day long opening gala celebrations included Bollywood and international artists, including Bollywood dance sensations, Natasa Stankovic and Poonam Pandey. Tiger Palace has its eye […]
Australia-listed Silver Heritage Group posted a total adjusted EBITDA loss of US$1.9 million for the first quarter of 2018, according to a 18Q1 trading update from the operator on Monday. Total revenue for the quarter reached US$4.7 million. Despite the loss, Silver Heritage says its Tiger Palace Resort in Nepal has been ramping up over […]
Silver Heritage Group said it’s engaging with the Nepal government to ensure it has all the requisite permits and licenses for its resorts in the country. The company said it has an excise license at its Tiger Palace IR for the entire hotel and resort, which it owns, operates and manages. It also has an […]
Australia-listed Silver Heritage Group said it’s confident that a consultancy agreement with a former partner at its Nepal IR was validly terminated. In a statement to the stock exchange, the company noted that a Nepal court has granted Rajendra Bajgain a temporary stay of the termination pending a substantive hearing. No date has yet been […]
Casino operator Silver Heritage Group has announced the grand opening for its Tiger Palace Resort will be taking place on March 16-17, 2018. The two-day long gala celebrations will include Bollywood and international artists. Guests will witness dance performances by famous Ukrainian troops and Thai Dancers along with performances by Bollywood dance sensations, Natasa Stankovic […]
Australia-listed Silver Heritage Group reported a widened loss for the year ended December 31, 2017, according to a preliminary annual report filed on Thursday. While revenues from ordinary activities increased 8 percent in the year to $18.3 million, its loss widened more than two fold from 2016, reaching $14.4 million, due to IPO expenses, a […]
Australia-listed Silver Heritage Group has terminated its consultancy agreement with one of its Nepal partners, Rajenda Bajgain, after he accused the company of illegally hiring foreign workers. Earlier this month, Bajgain told local outlet My Republica that he had been consistently lobbying for the recruitment of only Nepali citizens at the casino, which were rejected […]
Silver Heritage Group has announced the appointment of two general managers to its Nepal resort, Tiger Palace Resort Bhairahawa, covering the hotel and casino businesses. Brett Model has been appointed to General Manager – Hotel, effective March 1, 2018, while Kevin Wilcocks has been appointed General Manager – Casino. Wilcocks has been with the company […]
Australia-listed Silver Heritage Group recorded its strongest quarterly sales revenue since its IPO in August, in the fourth quarter of 2017. Total unaudited sales revenue was $5.4 million in 17Q4, compared to $4.8 million recorded in 17Q3. The company also noted that its Tiger Palace Resort in Bhairahawa, Nepal held its first major event last […]
Tiger Palace Resort Bhairahawa, operated by Silver Heritage Group, says it expects to commence VIP gaming in the fourth quarter of 2018, according to the latest property update from the group released on Wednesday. The fourth quarter will see a total of eight tables open in its private gaming area, along with the opening of […]
Australia’s Silver Heritage Group said its Tiger Palace resort in Nepal would host its first major event on New Year’s eve after receiving a license to operate a casino. The company announced it had been granted the permit on Dec. 29th in a filing to the Australian Stock Exchange. The hotel portion of the property, […]
Australia-listed Silver Heritage Group says it has recorded gross profit if US$5.1 million for the nine months year-to-date, up 20 percent over the same period in FY16. The company reported its strongest operating quarter since its initial public offering in August 2016, with sales revenue reaching US$4.8 million in 17Q3. Adjusted EBITDA was US$956,000, an […]
Silver Heritage Group’s Tiger Palace Bhairahawa is set for a soft opening by month’s end, with final works on the Nepal resort to be completed over the next ten days. “Co-founders Mike Bolsover and Tim Shepherd, together with local partners, members of the development, operations and pre-opening teams, and contractors were officially the first guests […]
Australia-listed Silver Heritage Group posted a widened loss of US$3.5 million for the first half of 2017, compared to US$1.6 million in the prior year period. Silver Heritage said an increase in costs following the group’s IPO in August 2016, together with additional interest an option expenses associated with increasing the group’s borrowings during the […]
Australian-listed Silver Heritage Group says it has been successful in raising funds needed to complete its Tiger Palace Resort Bhairahawa in Nepal. The company launched an entitlement offer in June – raising A$19 million in total through an Institutional Tranche of A$10.3 million and a Retail Tranche of A$8.7 million. Completion dates for Tiger Palace […]
In a filing to the Australian Stock Exchange on Friday, Silver Heritage Group Ltd. announced the launch of a fully underwritten accelerated renounceable entitlement offer. The proceeds of the offer, expected to be around US$14.4 million, will be used to “fund completion and construction and fit out of Tiger Palace, to provide working capital, and […]
Silver Heritage chairman David Green says the company is close to completing negotiations which would bridge the financing gap for its Nepal-located Tiger Palace resort. Mr. Green made the comments during an address at the company’s annual general meeting held this week. In February, the ASX-listed casino operator announced the opening of the resort had […]
Asian casino operator Silver Heritage Group Ltd has posted first quarter revenue of US$3.96 million, according to the company’s latest filing to the Australian Stock Exchange. Its operations from Phoenix International Club in Bac Ninh, Vietnam generated most of the revenue in the quarter at US$2.4 million. The group, which is also currently developing a […]
Australia-listed Silver Heritage Group said talks are continuing with potential investors to raise funding to finalize its integrated resort project in Nepal. In a filing with the Australian Stock Exchange, the group said it expected the process to take about a further three weeks. It requested that its shares remain suspended from trading in the […]
Australia-listed Silver Heritage Group has appointed a new team to manage the development of its delayed integrated resort project in Nepal. In a filing with the Australian Stock Exchange, the company said Hugh Holmes, executive director of special projects has resigned from the board effective March 9 and ceased to be involved in the Tiger […]
ASX-listed Silver Heritage Group Ltd. has been granted a temporary trading suspension of its stocks from February 27, 2017. The company said unexpected delays in the completion of its Nepal resort led to the request, as it requires time to review the impact of the delays. “The board has been conducting a review of the […]
Silver Heritage Group says the opening of its Tiger Palace Resort Bhairahawa in Nepal will be pushed back as a result of “temporary unexpected delays”. The ASX announcement sent February 1, says a “shortage of liquidity in the Nepal Banking System” and “unanticipated delays in the issuance of approval for Silver Heritage to increase the […]
Australia-listed Silver Heritage Group has advised the market that it may likely fall short of its 2016 total revenue and adjusted EBITDA forecasts that were previously noted in its IPO prospectus. “For the year to date, total revenue has been lower than expected at the Phoenix International Club (PIC) in Vietnam due primarily to additional […]
Tiger Palace Resort, Bhairahawa, a beautiful casino resort being constructed in Nepal on the border with India, is due to have its soft opening in February 2017. 430 million people live in India’s capital Delhi and three Indian states that border Nepal; and 15.5 million “middle class” Indians live within a six-hour drive of Tiger […]
Silver Heritage Group’s Tiger Palace Resort Bhairahawa is set for a soft opening in February 2017. The operator posted a “construction update” to the ASX on Monday, which gave more details into the resort’s features and its current progress. The resort, situated on a 10-hectare site, will include rooms, villas, function rooms, F&B outlets and […]
Silver Heritage has assigned its revenue sharing agreements to manage electronic gaming machines at Dansavanh Nam Ngum Resort and Casino in Laos to Pan Asia Leaders. Under the accord, Silver Heritage provided electronic gaming machines and services to the resort under a revenue sharing agreement. Pan Asia Leaders agreed to take on those accords for […]
Nepal is expecting further expansion of its casino industry as five-star hotels spring up across the country ahead of a major tourism initiative next year.
Nepal’s casino sector appears finally to be poised for expansion, with new properties opening and foreign investors entering the market, drawn by the lure of untapped demand in neighboring India and increased business traffic. The industry is one of the oldest in Asia, but has been through a transitional period, with new international standard gaming regulations introduced in 2013 and with the country hit by an earthquake and temporary border issues in 2015. However, the picture is brightening and will soon have its first international standard IR.
Nepal’s economy is forecast to grow at the fastest pace in 20 years in 2017, with tourism arrivals also recovering, helping to attract foreign investment into its casino sector. Foreign investors are now moving back into the country and the casino sector. During the Nepal Investment Summit in March a total of $13.7 billion was pledged in foreign direct investment, with the bulk from China. About $10 million was earmarked for tourism and casinos are reopening.