After announcing earlier this month that the opening of its new Tiger Palace Resort Bhairahawa in Nepal had been delayed, Asian casino operator Silver Heritage Group has now been granted an immediate suspension of its stock by the Australian Securities Exchange.
Sydney-listed Silver Heritage Group had initially intended to open the new 26,597 sq ft casino complete with 200 slots and 52 gaming tables in October but earlier declared that the $40 million project had run into “temporary unexpected delays” that included “a shortage of liquidity in the Nepal banking system”.
“Silver Heritage [Group] is encountering unexpected delays in the final completion of Tiger Palace Resort Bhairahawa,” read a Monday statement from the Hong Kong-based operator. “The board has been conducting a review of the impact of these delays and initial results of these investigations have suggested that the delays may have a material effect on the completion date and final project cost of the Tiger Palace Resort Bhairahawa.”
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 began trading on the Australian Securities Exchange in late-August following a $19.2 million initial public offering and additionally holds interests in gaming venues in Laos and Cambodia.
“Silver Heritage [Group] requests a voluntary suspension to enable the company to manage its continuous disclosure obligations so that the board may complete its investigations to determine the extent of the anticipated delay and increase in project cost in order to properly inform the market,” read the statement from Silver Heritage Group. “Silver Heritage [Group] requests that the voluntary suspension remain in place until the board is able to release an announcement on the updated completion date and final project cost of Tiger Palace Resort Bhairahawa, which it expects will take approximately two to three weeks. Silver Heritage [Group] is not aware of any reason why the voluntary suspension should not be granted or of any other information necessary to inform the market about the voluntary suspension.”