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Silver Heritage Group seals short-term future with US$1 million loan as December GGR reaches monthly record

Newsdesk by Newsdesk
Mon 20 Jan 2020 at 07:16
Silver Heritage says Tiger Palace sale on hold after potential buyer misses deposit deadline
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Australian-listed Silver Heritage Group has secured a short-term US$1 million loan from shareholders of the company which it says will be used for the working capital purposes of the company outside of Nepal for the next six months.

In an ASX filing early Monday, Silver Heritage – which owns and operates Tiger Palace Resort Bhairahawa in southern Nepal and the Millionaire’s Club & Casino Kathmandu – revealed it has executed all necessary legal documentation with OL Master Pte Ltd, OL Master Ltd and Orchard Landmark II. The trio of companies are the majority of bondholders in Silver Heritage under a 2016 bond instrument and also hold a combined 9.46% stake in the Nepal casino operator.

Under the terms of the loan, which includes an interest rate of 15% per annum, the lenders will provide Silver Heritage with US$500,000 immediately, US$250,000 no later than 29 February 2020 and the final US$250,000 no later than 31 March 2020. The loan also includes an extension of the maturity date of existing bonds to 31 December 2021.

As previously reported by Inside Asian Gaming, Silver Heritage has been actively looking for either a buyer of its Nepal assets or other forms of funding following the loss of one of its primary sources of revenue, Phoenix International Club in Vietnam, last May.

While the company’s long-term future remains in limbo, Silver Heritage added in Monday’s filing that it had achieved record monthly revenue from its Nepal operations in December of more than US$1.5 million, with Operating EBITDA of over US$350,000.

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Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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