Australian-listed casino operator Silver Heritage Group says it has moved to positive Adjusted EBITDA and Property Level EBITDA in August after both suffered significant declines in the first six months of the year, impacted by start-up costs at its Nepal IR Tiger Palace Resort.
Releasing its 1H18 results on Monday, Silver Heritage reported a 259% fall in Adjusted EBITDA to the negative at –US$1.88 million and 88% dip in Property Level EBITDA to –US$250,000.
Group Adjusted EBITDA was hit particularly hard during the company’s primary Nepal launch months of February, when Adjusted EBITDA was –US$895,382, and March when Adjusted EBITDA was –US$744,462.
That trend has reversed since June with three consecutive months of positive Adjusted EBITDA including a US$364,795 result in August.
Notably, Tiger Palace has reported revenue of US$1.3 million in the first two months of Q3, representing 97% of its US$1.34 million in GGR through all of Q2.
Group-wide revenue in the first six months of the year grew 40% following the opening of Tiger Palace Resort to US$11.3 million, boosted by its new casino operations and strong growth at its Vietnam casino Phoenix International Club where 1H18 gaming revenue grew 16.5% to US$5.8 million.