• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 1 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Silver Heritage targets Indian wedding market as Tiger Palace ramp-up continues

Ben Blaschke by Ben Blaschke
Wed 28 Feb 2018 at 20:22
in News
Print Friendly, PDF & Email

Silver Heritage Group says it will be heavily targeting the US$40 billion Indian wedding market at recently opened Tiger Palace Resort after its first hosted wedding event last week contributed to a record number of guests at the Nepal integrated resort.

The news formed part of Silver Heritage’s 2017 financial overview, with gross gaming revenue for the full year climbing slightly to US$32.4 million due primarily to a 60% increase in GGR at Phoenix International Club, near Hanoi in Vietnam, to US$27.2 million. Total revenue after taxes and commissions grew 8% to US$18.3 million.

The group reported total losses for the year after tax of US$14.4 million due primarily to construction costs at Tiger Palace, IPO expenses and one-off non-cash impairments. Tiger Palace began hotel operations in September and opened its casino on 28 December 2017.

In its 2017 earning announcement, Silver Heritage said Tiger Palace had contributed revenue of US$117,000 in its first three months of ramp-up – a segment loss of US$560,000 after costs – but that it had since seen visitation increase significantly.

“The ramp-up of the property has continued into 2018 and on Saturday 24 February 2018, Tiger Palace hosted 913 guests, including its first wedding event and the 25th wedding anniversary of a local Nepali businessman,” the company said.

“The Indian wedding market is worth an estimated US$40 billion annually and in addition to the MICE sector will form a significant part of the non-gaming offering at Tiger Palace.”

In Vietnam, profit grew 71% year-on-year to US$6.8 million thanks to increased table drop and higher hold in both VIP and mass market. Visitor numbers reached 172,000, up 18% from 146,000 in 2016, with total table drop rising 29% to US$88.2 million.

GGR at The Millionaire’s Club & Casino Kathmandu fell 7% to US$5.56 million due to increased competition, with one new casino having opened nearby in 2017 and another scheduled to launch in 2018.

Silver Heritage also announced that it will now hold two launches in the coming months – a Players Grand Opening on Friday and Saturday the 16 and 17 March, and a Resort Opening on Saturday 14 April.

RelatedPosts

Silver Heritage in “advanced discussions” over capital raising options

Nepal’s Tiger Palace Resort rebrands as Tiger Palace by Soaltee

Mon 25 Nov 2024 at 05:32
Silver Heritage in “advanced discussions” over capital raising options

Former Silver Heritage entity seeking clarity over unpaid Nepal casino taxes

Tue 18 Jan 2022 at 04:59
VIDEO: Mike Bolsover talks Silver Heritage and Nepal outlook

VIDEO: Mike Bolsover talks Silver Heritage and Nepal outlook

Fri 19 Mar 2021 at 06:13
Silver Heritage in “advanced discussions” over capital raising options

Hotel at Nepal’s Tiger Palace Resort Bhairahawa open again

Wed 10 Mar 2021 at 05:13
Load More
Tags: KathmanduMillionaire’s Club & CasinoPhoenix ClubSilver Heritage GroupTiger Palace Resort
Share2Share
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

10 Years Ago – Reimagining Sri Lanka

Sri Lanka gazettes draft bill to establish Gambling Regulatory Authority

by Newsdesk
Sat 31 May 2025 at 06:03

A draft bill that would establish an official regulator for the Sri Lankan gaming industry, to be known as the Gambling Regulatory Authority, has taken another step forward after being gazetted. According to the Sri Lanka Mirror, the official announcement...

RGB International signs agreement to distribute KL Saberi and Atlas gaming machines

After record-breaking sales in 2024, Malaysia’s RGB sees 1Q25 profit fall to

by Newsdesk
Sat 31 May 2025 at 05:53

Malaysian gaming product distributor RGB International Bhd has reported group-wide revenue of MYR73.6 million (US$17.3 million) for the three months to 31 March 2025, down 65% year-on-year due to a lower number of products sold. The figure was also 79%...

Robert Goldstein to step aside as LVS Chairman and CEO from March 2026, replaced by Patrick Dumont

Robert Goldstein: Macau gaming market challenged by increased competition, online gambling and US-Sino trade war

by Ben Blaschke
Fri 30 May 2025 at 06:42

Las Vegas Sands (LVS) Chairman and CEO Robert Goldstein has bemoaned the lingering impact of the US-China trade war, as well as increased domestic and regional competition and the rise of online gambling across Asia for sustained flatness in the...

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

by Ben Blaschke
Fri 30 May 2025 at 05:38

Industry figures taking part in the Thai Entertainment Complex Roundtable (TECR) next Thursday 5 June hope to find common ground with those who oppose Thailand’s Entertainment Complex Bill, citing the opportunity to use an evidence-based approach to achieve outcomes that...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English