Australian-listed Silver Heritage Group has announced gross gaming revenue of US$911,000 at its Nepal IR, Tiger Palace Resort, for the first three months of operation to 31 March 2018. But the company expects those numbers to surge through the remainder of 2018 following a significant uptick in revenue through March and April.
Announcing its 1Q18 results in a Monday morning filing, Silver Heritage also revealed that April has already set a new monthly revenue record through its first 28 days with around US$460,000 in GGR compared with US$410,000 in March. January and February contributed a combined GGR of around US$500,000 after the casino opened on 28 December 2017.
“Resort revenues and casino revenues have both been growing steadily over the first quarter 2018 and that growth continues in April,” Silver Heritage said.
“To date the casino has registered over 7,500 unique members and has experienced total footfall of more than 22,000 casino patrons.”
Total drop in 1Q18 amounted to US$3.2 million with a hold percentage of 23.9%, while hotel revenue for the period was US$89,000. F&B and events revenue came in at US$135,000.
Company-wide revenue for the quarter was US$4.7 million of which US$2.7 million was from its Phoenix Club in Vietnam.
Silver Heritage announced a loss of US$1.1 million in 1Q18 with an Adjusted EBITDA loss of US$1.9 million.
