Regional gaming operator Silver Heritage Group says talks with shareholders and bondholders are “ongoing and constructive” as it looks to raise the balance of capital needed to complete its ambitious Tiger Palace Resort Bhairahawa in Nepal.
In the company’s 1Q 2017 earnings report, listed on the Australian Stock Exchange on Monday, Silver Heritage claimed the project’s total cost and completion date remained unchanged at US$53.8 million and November 2017 respectively, with an announcement on the results of the capital raising expected before the Annual General Meeting on 25 May.
It comes as the Group reported total revenue from its gaming operations of US$3.96 million for the three months through March. Gross profit came in at US$1.56 million and Adjusted EBITDA US$654,000.
It included revenues of US$2.44 million via its Phoenix International Club in Vietnam, which saw net win per table increase 16.8% to US$3,606 and win per day per EGM increase 27.9% to US$179. Silver Heritage recently added 22 new machines at Phoenix, taking the total of EGMs it manages at Phoenix to 94.