Silver Heritage posts 17H1 widened loss

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 IPO was to blame.

Total revenue increased 7 percent year-on-year to US$8.1 million, due mainly to strong performance of the group’s casino management business in Vietnam. This was however, partially offset by a reduction in revenue from the group’s electronic gaming equipment leasing business in Laos and the exiting of the Cambodian market.

Adjusted EBITDA was US$1.2 million, an increase of 4 percent year-on-year.

Silver Heritage said total GGR from Phoenix International Club, Vietnam increased 41 percent year-on-year to US$11.1 million – and recorded strong growth in visitation. Profit after income tax was up 82 percent year-on-year to $2.3 million.

Its operations at The Millionaire’s Club & Casino Kathmandu, in Nepal recorded a slight, 2 percent drop in total GGR, reaching $2.4 million, and a narrowed loss of $156,000 in the half year.

The operator says its newest development, Tiger Palace Resort Bhairahawa is on schedule to open September 30, 2017 for its hotel and hospitality, while its casino is on schedule to open November 30, 2017.  

Additional gaming tables

The company also announced that as of August 18, it has opened a VIP Direct Play Room inside the Phoenix casino in Vietnam, incorporating three live gaming tables.

The three live gaming tables will be managed by the company and subject to the same commercial terms as the existing 12 live gaming tables under the company’s management.