After announcing in October that it intended to open its new Tiger Palace Resort later this month, Asian casino operator Silver Heritage Group has now delayed the launch after encountering “temporary unexpected delays” that include “a shortage of liquidity in the Nepal banking system”.
Sydney-listed Silver Heritage Group made the revelation as part of a construction update filed on Wednesday while additionally declaring that it intends to provide a revised opening date for the Bhairahawa-based venue in the next “several weeks”.
“The revision to the opening schedule for Tiger Palace Resort Bhairahawa is due principally to both a shortage of liquidity in the Nepal banking system and unanticipated delays in the issuance of approval for Silver Heritage Group to increase the equity ceiling of its corporate investment vehicle in Nepal to allow remittance of capital into Nepal to fund Tiger Palace Resort Bhairahawa construction costs,” read the update from Hong Kong-based Silver Heritage Group. “This has resulted in a slowdown of on-site activity, which is currently ongoing.”
July saw Silver Heritage Group launch an initial public offering that raised approximately $18.8 million to help fund future projects with the firm stating at the time that its coming Nepal venue would offer a 26,597 sq ft casino floor complete with 200 slots and 52 gaming tables. Tiger Palace Resort is moreover set to feature 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.
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 the whole of 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 last week’s update to reveal that it expects to report higher-than-expected annual sales for 2016 of $16.9 million with adjusted earnings before interest, tax, depreciation and amortization above previous forecasts at $3.3 million.