ASX-listed Silver Heritage Group says it was tracking well ahead of 2019 revenue and EBITDA levels at its Nepal casinos before COVID-19 forced the closure of all operations.
In a business update for the March 2020 quarter filed on Friday, Silver Heritage – which operates Tiger Palace Resort Bhairahawa in southern Nepal and The Millionaire’s Club in Kathmandu – revealed a 6.5% year-on-year increase in revenue to the end of February with EBITDA loss falling from US$73,000 to US$2,000.
However, having been forced to close operations from 20 March, the company said it expects the shutdown to have a “significant adverse impact on the group’s results in the medium to short term.”
The closure of its casinos comes after Silver Heritage secured a short-term US$1 million loan from shareholders of the company in January which it said at the time would be used for the working capital purposes of the company outside of Nepal for the next six months.
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