HackMDSilver Heritage Looking For Nepal Operations Buyers
Australia-listed gaming operator Silver Heritage Group said it was looking for "potential strategic partners or buyers" for its Nepalese business.
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The company runs Tiger Palace Resort Byrawa (pictured), a Nepalese property near the border with India's Uttar Pradesh, and manages game operations at a hotel in Nepal's capital, Kathmandu.
Tiger Palace, which only received a gaming licence at the end of December 2017, held a casino "grand opening" in mid-March 2018. The soft opening of the hotel facility, which offers 100 rooms, took place in September 2017. India is the main target market in terms of casino players.
Silver Heritage said in a filing on Tuesday that it had hired boutique investment banks and advisory firm Union Gaming to find potential investors.
"The Company has undertaken a number of initiatives to unleash capital from its asset base, including appointing Union Gaming as its exclusive advisor, regarding the search for potential strategic partners or buyers of its Nepalese business," Silver Heritage said in a recent filing.
Silver Heritage told the stock exchange at the end of January that it was conducting "discussions with potential strategies and industry partners to release capital from the asset base and increase shareholder value."
The company noted in a business update filed late last year that it was exploring the possibility of selling some land and others.
In a filing on Tuesday, Silver Heritage also noted that all casino operations at Phoenix International Club near Hanoi, Vietnam, were closed on March 1 after local partners were unable to retain relevant licenses.
The company said in mid-March it had agreed to receive US$5.25 million in compensation for alleged violations by the owner of Phoenix for Silver Heritage and a local partner in both entertainment services contracts. The compensation was to be paid in two tranches.
"The first installment was paid on March 23, and the second installment must be paid on April 11," Silver Heritage said in a recent filing. "The owner of Phoenix has not paid this second installment, and the company intends to use all available methods to ensure that this money is paid," the company added.
Silver Heritage provided information on the company's operational performance in the first quarter of 2019 in a filing on Tuesday. For most casino-related metrics, the company provided only the underlying chart without exact figures.
"Tiger Palace's trading has improved and is trading well compared to the previous year," the company said.
In March, Silver Heritage opened a VIP gaming room at Tiger Palace. "The feedback from VIP visitors is overwhelmingly positive," the company said in a filing.
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