Regional casino operator Silver Heritage says it will launch casino operations at its new Tiger Palace Resort Bhairahawa on 30 November 2017, with hotel operations beginning 30 September.
The announcement formed part of the company’s results summary for the six months to 30 June 2017, which saw company-wide revenue rise 7% to US$8.06 million on the back of a strong performance at its Phoenix International Club in Vietnam.
But total losses more than doubled to US$3.52 million as the group ups the ante in Nepal.
Silver Heritage recently raised AU$10.3 million through its Institutional Tranche and AU$8.7 million through its Retail Tranche to be used for completion of Tiger Palace and announced last week that it had secured US$5 million in additional banking facilities through its wholly-owned Nepalese subsidiary, Tiger One Pvt Ltd.
“The group’s loss for the half-year increased by 114% to US$3.52 million,” it said in a filing to the Australian Securities Exchange.
“The growth in operating profitability in Vietnam was more than offset by an increase in costs following the group’s Initial Public Offering in August 2016, together with additional interest and option expenses associated with increasing the group’s borrowings from US$10 million to US$20 million at the same time as the IPO.”
Gross revenue at Phoenix International Club grew 41% to 30 June to US$11.08 million, with Silver Heritage also announcing that it had opened a new VIP direct play room at the Vietnam property last Friday boasting three live gaming tables.
