Silver Heritage posts $3.96 mln revenue in 17Q1

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 US$1.5 million integrated resort in Nepal, reported adjusted EBITDA of US$654,000. Gross profit in the quarter was US$1.6 million.

In the latest filing, Silver Heritage said that it is continuing to make “good progress” on the development of Tiger Palace Resort Bhairahawa, which is due for the completion in August 2017.

As previously advised, Silver Heritage is in discussions with its major shareholders to raise the balance of capital, allowing it to complete and open Tiger Palace.

The company says the discussions are ongoing and the company will announce to the market the details of its proposed capital raise sometime before the annual general meeting on May 25, 2017.