Silver Heritage rings in New Year with Nepal casino opening

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, which will be the first large-scale integrated resort in the country, held a soft opening in September.

The A$70.3 million property in Bhairahawa opened with 100 five-star rooms, which will increase to 400 in later stages.

Silver Heritage is counting on demand from neighbouring India to fuel growth and has already bought land to build another IR along the border in eastern Nepal.

 

The Indian province of Uttar Pradesh, just across the border, has a population of more than 215 million, and a burgeoning middle class and Indians are able to travel freely to Nepal across a porous border. India is forecast to have the world’s largest middle class consumption of about $12.8 trillion annually by 2030, compared with $10 trillion in China.