After July saw it launch an initial public offering that raised approximately $18.8 million to help fund future projects, Asian casino operator Silver Heritage Group has now announced that its under-construction Tiger Palace Resort in Nepal will undergo a soft launch in February.
According to a report from GGRAsia, Sydney-listed Silver Heritage Group made the revelation as part of a construction update filed on Monday and additionally declared that its finished Bhairahawa-based venue will offer a 26,597 sq ft casino floor featuring 200 slots as well as 52 gaming tables.
Hong Kong-based Silver Heritage Group was established in 2003 and manages and operates the Phoenix International Club near Hanoi, which is one of only seven licensed casinos in Vietnam, as well as The Millionaire’s Club And Casino inside Kathmandu’s Shangri La Hotel And Resort. The firm also holds interests in gaming venues in Laos and Cambodia and moreover used the update to reiterate its intention to focus on developing casino resorts along the India-Nepal border where demand for high-quality gambling facilities from the emerging Indian middle-class is high.
Silver Heritage Group stated that it had already finished constructing the foundations for the $40 million first phase of the 100-room Tiger Palace Resort while stating that the five-star property’s interior walls, columns and roof were now “75% complete”. It went on to explain that it expected to finish all of the mechanical, electrical, plumbing and decorating work by February while subsequent development phases could take the venue’s eventual room count up to 400.
GGRAsia reported that the coming Tiger Palace Resort is also set to offer a pool and spa service as well as wedding, tennis and gym facilities alongside a conference hall, meeting rooms, shops and six food and beverage outlets. It detailed that the construction of the enterprise’s “auxiliary buildings” was now 98% complete while the interior fitting out of these areas was already half done.
Silver Heritage Group stated that the future will see it hold a significant advantage over its competitors in Nepal as the nation has only three licensed casinos, all of which are in Kathmandu, while there are a mere six licensed venues offering live table games India. The firm proclaimed that its Tiger Palace Resort is to serve as an alternative destination for Indian tourists when it opens in 2017 and will benefit from the fact that over 430 million people live within one day’s drive of the Nepalese border.