Silver Heritage posts 18Q1 loss, GGR ramp up in Nepal

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 the last two months.

“To date the casino has registered over 7,500 (unique) members and has experienced total footfall of more than 22,000 casino patrons since opening its doors on December 28, 2018 immediately upon receiving its license.

Monthly gross gaming revenue reached a little over $400,000 in March, and has already reached over $450,000 in the first 28 days of April, according to a performance chart.

Silver Heritage said it has also seen a strengthening in forward bookings, securing hotel bookings as far out as November 2018 as well as several wedding bookings in June.